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Sep 30
JD.com Q3 2025 Earnings Report
JD.com reported its Q3 2025 earnings with revenue growth and solid performance in core retail, despite lower net income year-over-year.
Key Takeaways
JD.com posted $42B in revenue for Q3 2025 with $0.7B in net income. While operating income turned negative due to investment in new initiatives, JD Retail showed strong growth. EPS came in at $0.48 with non-GAAP EPS at $0.52.
Revenue reached $42 billion, up from $36.6 billion a year earlier
Net income was $700 million, less than the $1.6 billion from Q3 2024
JD Retail segment delivered over $35 billion in revenue
Operating income turned negative due to strategic investments in new businesses
JD.com
JD.com
JD.com Revenue by Segment
JD.com Revenue by Geographic Location
Revenue by Segment
Electronics & Appliances Revenue
CapyFin.comGeneral Merchandise Revenue
CapyFin.comMarketplace & Marketing Revenue
CapyFin.comLogistics & Other Svcs Revenue
CapyFin.comJD Retail Revenue
CapyFin.comJD Logistics Revenue
CapyFin.comRevenue by Geographic Location
China Revenue
CapyFin.com Forward Guidance
JD.com expects continued growth in its retail and advertising businesses, with ongoing investment in new initiatives to scale over time.
Positive Outlook
- Strong user base growth surpassing 700 million customers
- Advertising and general merchandise revenues accelerating
- Improved operational efficiency in JD Food Delivery
- Strategic expansion of JD Mall footprint and JD Fashion label
- Stable margin growth in core JD Retail business
Challenges Ahead
- Operating income turned negative due to new business investments
- Increased fulfillment and marketing expenses impacted profitability
- Net income declined year-over-year
- Free cash flow remained negative for the quarter
- New businesses reported significant operating losses