Third Quarter 2025 Highlights
Net revenues were RMB299.1 billion (US$142.0 billion) for the third quarter of 2025, an increase of 14.9% from the third quarter of 2024.
Net income attributable to the Company's ordinary shareholders was RMB5.3 billion (US$0.7 billion) for the third quarter of 2025, compared to RMB11.7 billion for the third quarter of 2024. Non-GAAP2 net income attributable to the Company's ordinary shareholders was RMB5.8 billion (US$0.8 billion) for the third quarter of 2025, compared to RMB13.2 billion for the third quarter of 2024.
Diluted net income per ADS was RMB3.39 (US$0.48) for the third quarter of 2025, compared to RMB7.73 for the third quarter of 2024. Non-GAAP diluted net income per ADS was RMB3.73 (US$0.52) for the third quarter of 2025, compared to RMB8.68 for the third quarter of 2024.
JD Retail reported net revenues of RMB250.6 billion (US$35.2 billion) for the third quarter of 2025, an increase of 11.4% from the third quarter of 2024. Income from operations of JD Retail was RMB14.8 billion (US$2.1 billion) for the third quarter of 2025, compared to RMB11.6 billion for the third quarter of 2024. Operating margin of JD Retail was 5.9% for the third quarter of 2025, compared to 5.2% for the third quarter of 2024.
"In the third quarter, we continued to see strong growth in both user base and shopping frequency, and the number of our annual active customers surpassed a new milestone of 700 million in October," said Sandy Xu, Chief Executive Officer of JD.com. "Our core JD Retail has built a growth matrix where multiple drivers complement each other. We are confident to further solidify our leading market position in electronics and home appliances despite the high trade-in base, and unlock vast growth potential in the general merchandise category and advertising services. In addition, as JD Food Delivery continued to scale up and generate deeper synergies with JD Retail, it also achieved sequential investment reduction in Q3, thanks to its improved unit economics performance. Overall, we have seen healthy progress across our business lines, and believe they will work in synergies to unlock the full potential of our broader business ecosystem for the long term."
"In the third quarter, our total revenues increased by 14.9% year-on-year, driven by healthy momentum across our business lines," said Ian Su Shan, Chief Financial Officer of JD.com. "JD Retail revenues were up 11.4% year-on-year in the quarter. In particular, growth of the general merchandise category and advertising revenues further accelerated in Q3 compared to a quarter ago, both of which will be our important growth drivers. During the quarter, JD Retail also made steady year-on-year margin expansion in both gross and operating margins. Our consolidated bottom-line performance at the group level mainly reflects our investment in the New Businesses, for which we will keep scaling with improving financial models over time."
Updates of Share Repurchase Program
Pursuant to the Company's share repurchase program of up to US$5.0 billion adopted in August 2024 and effective through August 2027, the Company repurchased a total of approximately 80.9 million Class A ordinary shares (equivalent to 40.4 million ADSs) for approximately US$1.5 billion during the nine months ended September 30, 2025. The remaining amount under the share repurchase program was US$3.5 billion as of the date of this announcement.
The total number of shares repurchased by the Company during the nine months ended September 30, 2025 amounted to approximately 2.8% of its ordinary shares outstanding as of December 31, 20243. All of these ordinary shares were repurchased from Nasdaq and the Hong Kong Stock Exchange pursuant to the share repurchase program.
Business Highlights
JD Retail:
On September 8, 2025, JD Supermarket held its 11th anniversary press conference, announcing five strategic initiatives focusing on products, brands, categories, channels and efficiency, with the goal of further expanding its user base over the next three years. To support product growth, JD Supermarket will continue to leverage its deep user insights and category planning capabilities to identify market gaps and growth opportunities. It will collaborate closely with brands on product features, packaging specifications, and pricing strategies to improve product differentiation. Through a combination of strategies such as traffic prioritization and targeted audience outreach, JD Supermarket will also help new products become bestsellers from day one. In addition, JD Supermarket will leverage its professional procurement and sales capabilities, technology, and supply chain advantages to enhance overall operational efficiency.
On September 5, 2025, JD officially launched the "JD FASHION" label for its apparel categories. All apparel products under this label have passed JD's rigorous procurement and selection process, meeting high standards for fabric quality and overall craftsmanship. The label currently covers key autumn and winter categories such as lightweight down jackets, wool and cashmere products, outdoor jackets, and underwear and loungewear, catering to consumers' diverse daily needs. The launch of "JD FASHION" label will provide consumers with a more reliable shopping experience.
In the third quarter, JD MALL officially launched new stores in Taiyuan, Shenzhen, and its second store in Tianjin. As of the end of the third quarter, JD MALL operates over 20 stores nationwide, and the number of JD Appliance City Flagship Stores exceeds 100. With the concept of providing "one-stop shopping for home appliances and home goods, and first-hand experience of tech-enabled lifestyles," JD is redefining the omni-channel retail experience. In addition, on September 19, 2025, JD officially entered into a strategic partnership with China Resources Longdation, announcing that the first JD MALL store in Hong Kong will be located in the central area in Wan Chai. Scheduled to open in 2026, the store will offer consumers in Hong Kong a brand-new, one-stop shopping experience for home appliances and digital products.
JD Logistics:
On August 8, 2025, JD Logistics' Dubai No.5 Warehouse officially launched operations in the Jebel Ali Free Zone, Dubai, UAE. This marks the opening of JD Logistics' ninth high-standard overseas warehouse in the Middle East. The warehouse primarily provides warehousing services for a leading Chinese electronics and technology enterprise. Covering an area of over 10,000 square meters, the warehouse stores nearly one million items of various sizes. With the support of the new warehouse, these high-quality products will be distributed to countries in the Middle Eastern markets, such as the UAE and Saudi Arabia.
On September 19, 2025, a JD Airlines Boeing 737-800BCF full-cargo aircraft, loaded with cross-border e-commerce parcels and high-end electronic products, took off from Shenzhen Bao'an International Airport and headed directly to Singapore Changi Airport. This marks that JD Logistics introduced a regular full-cargo route between Shenzhen and Singapore, further enhancing its air logistics network layout across the Asia-Pacific region. JD Logistics has launched multiple cross-border full-cargo routes, including those between Wuxi and Incheon, and Shenzhen and Bangkok, covering major countries in the Southeast Asian and East Asian markets.
JD Health:
During the third quarter of 2025, JD Health entered into strategic cooperation agreements with leading pharmaceutical companies, including Eli Lilly, Innovent Biologics, Eisai China, and Bayer China. JD Health also debuted a range of innovative drugs online, such as Eisai's originator drug DAYVIGO (達衛可®) (Lemborexant Tablets), Hengrui Pharma's dry eye treatment Heng Qin (恆沁®) (Perfluorohexyloctane Eye Drops), and Bayer's Talcid (達喜®) Lactulose, further solidifying JD Health's position as "the Leading Online Marketplace for New and Specialty Medicine Launches". Beyond pharmaceuticals, JD Health also hosted the initial launch for various nutrition and health supplement products, including Haleon's next-generation Centrum Silver (銀善存®) vitamins and Sainte's Teai Benjia (特愛本佳), China's first special medical purpose formula for phenylketonuria.
In September 2025, JD Health partnered with several medical device brands, including Yuwell, Sinocare, and MicroTech, to establish the intelligent interconnected ecosystem alliance. Leveraging JD Health's AI agents, the alliance aims to build an integrated, full-cycle smart blood glucose management system covering monitoring, analysis, intervention and tracking. Looking ahead, the collaboration will expand to blood pressure, electrocardiogram (ECG), respiratory oxygenation, and additional health areas, creating a comprehensive service ecosystem that spans disease prevention through chronic disease management to meet users' long-term health management needs.
In September 2025, JD Health and Union Hospital (Tongji Medical College, Huazhong University of Science and Technology) signed a strategic cooperation agreement, aiming to build a leading smart outpatient service platform in China. The two parties will jointly promote the application of JD Health's "JOY DOC" (京東卓醫) AI product in offline hospital outpatient services, with the goal of establishing a full-process AI companion system to provide patients with a more convenient medical experience. The two parties will also deepen cooperation in areas such as online healthcare services and education, jointly exploring new models of "Internet + Healthcare" services.
New Businesses:
In the third quarter of 2025, JD Food Delivery continued to drive healthy progress. As its merchant supplies further expanded, JD Food Delivery recorded steady growth in GMV and order volume, while overall quarterly investment narrowed on a sequential basis. This was mainly attributable to its enhanced operational efficiency and financial discipline amid a competitive industry, resulting in a gradual improvement in the unit economics. During the third quarter, JD Food Delivery also continued to generate synergies with JD's core retail business, particularly in driving user growth, user shopping frequency and cross-category purchases. In addition, 7Fresh Kitchen has gained wide recognition from consumers since its launch, with average daily order volume remaining at a high level. 7Fresh Kitchen represents a significant innovation in the supply chain model of the food delivery industry and is expected to contribute to the industry's high-quality development.
Environment, Social and Governance
On July 29, 2025, Fortune released the Fortune Global 500 list for 2025. JD has made the list for ten consecutive years, rising from No.366 a decade ago to No.44 this year. This achievement reflects JD's continuously enhanced global competitiveness through high-quality growth, as well as its consistent efforts to build a benchmark enterprise through its commitment to social responsibility and innovation.
As a testament to JD.com's unwavering commitment to creating more jobs and making contribution to the society, the total personnel under the JD Ecosystem4 was approximately 900,000 as of September 30, 2025, including the Company's employees, part-time staff and interns, as well as the personnel of the Company's affiliates in the JD Ecosystem. The total expenditure for such human resources, together with the expenditure for external personnel who work for the JD Ecosystem, amounted to RMB148.5 billion for the twelve months ended September 30, 2025.
Third Quarter 2025 Financial Results
Net Revenues. Net revenues increased by 14.9% to RMB299.1 billion (US$42.0 billion) for the third quarter of 2025 from RMB260.4 billion for the third quarter of 2024. Net product revenues increased by 10.5%, while net service revenues increased by 30.8% for the third quarter of 2025, compared to the third quarter of 2024.
Cost of Revenues. Cost of revenues increased by 15.4% to RMB248.6 billion (US$34.9 billion) for the third quarter of 2025 from RMB215.3 billion for the third quarter of 2024.
Fulfillment Expenses. Fulfillment expenses, which primarily include procurement, warehousing, delivery, customer service and payment processing expenses, increased by 35.2% to RMB22.0 billion (US$3.1 billion) for the third quarter of 2025 from RMB16.3 billion for the third quarter of 2024. Fulfillment expenses as a percentage of net revenues was 7.4% for the third quarter of 2025, compared to 6.3% for the third quarter of 2024, as the Company continues to upgrade fulfillment capabilities and invest in human capital to enhance user experience.
Marketing Expenses. Marketing expenses increased by 110.5% to RMB21.1 billion (US$3.0 billion) for the third quarter of 2025 from RMB10.0 billion for the third quarter of 2024. Marketing expenses as a percentage of net revenues was 7.0% for the third quarter of 2025, compared to 3.8% for the third quarter of 2024, primarily due to the increased spending in promotional efforts for new business initiatives.
Research and Development Expenses. Research and development expenses increased by 28.4% to RMB5.6 billion (US$0.8 billion) for the third quarter of 2025 from RMB4.4 billion for the third quarter of 2024. Research and development expenses as a percentage of net revenues was 1.9% for the third quarter of 2025, compared to 1.7% for the third quarter of 2024.
General and Administrative Expenses. General and administrative expenses increased by 28.6% to RMB3.0 billion (US$0.4 billion) for the third quarter of 2025 from RMB2.3 billion for the third quarter of 2024. General and administrative expenses as a percentage of net revenues was 1.0% for the third quarter of 2025, compared to 0.9% for the third quarter of 2024.
Income/(Loss) from Operations and Non-GAAP Income from Operations. Loss from operations for the third quarter of 2025 was RMB1.1 billion (US$0.1 billion), compared to an income of RMB12.0 billion for the third quarter of 2024. Operating margin was negative 0.4% for the third quarter of 2025, compared to 4.6% for the third quarter of 2024. Non-GAAP income from operations was RMB211 million (US$30 million) for the third quarter of 2025, compared to RMB13.1 billion for the third quarter of 2024. Non-GAAP operating margin was 0.1% for the third quarter of 2025, compared to 5.0% for the third quarter of 2024. The declines were primarily attributable to increased strategic investment in new business initiatives.
Income from operations of JD Retail was RMB14.8 billion (US$2.1 billion) for the third quarter of 2025, compared to RMB11.6 billion for the third quarter of 2024. Operating margin of JD Retail for the third quarter of 2025 was 5.9%, compared to 5.2% for the third quarter of 2024.
Non-GAAP EBITDA. Non-GAAP EBITDA was RMB2.5 billion (US$0.3 billion) for the third quarter of 2025, compared to RMB15.1 billion for the third quarter of 2024. Non-GAAP EBITDA margin was 0.8% for the third quarter of 2025, compared to 5.8% for the third quarter of 2024.
Net Income Attributable to the Company's Ordinary Shareholders and Non-GAAP Net Income Attributable to the Company's Ordinary Shareholders. Net income attributable to the Company's ordinary shareholders was RMB5.3 billion (US$0.7 billion) for the third quarter of 2025, compared to RMB11.7 billion for the third quarter of 2024. Net margin attributable to the Company's ordinary shareholders was 1.8% for the third quarter of 2025, compared to 4.5% for the third quarter of 2024. Non-GAAP net income attributable to the Company's ordinary shareholders was RMB5.8 billion (US$0.8 billion) for the third quarter of 2025, compared to RMB13.2 billion for the third quarter of 2024. Non-GAAP net margin attributable to the Company's ordinary shareholders was 1.9% for the third quarter of 2025, compared to 5.1% for the third quarter of 2024.
Diluted EPS and Non-GAAP Diluted EPS. Diluted net income per ADS was RMB3.39 (US$0.48) for the third quarter of 2025, compared to RMB7.73 for the third quarter of 2024. Non-GAAP diluted net income per ADS was RMB3.73 (US$0.52) for the third quarter of 2025, compared to RMB8.68 for the third quarter of 2024.
Cash Flow and Working Capital
As of September 30, 2025, the Company's cash and cash equivalents, restricted cash and short-term investments totaled RMB210.5 billion (US$29.6 billion), compared to RMB241.4 billion as of December 31, 2024. For the third quarter of 2025, free cash flow of the Company was as follows:
For the three months ended
September 30,2024
September 30,2025
September 30,2025
RMB
RMB
US$
(In millions)
Net cash used in operating activities
(6,219)
(8,035)
(1,129)
Less: Impact from consumer financing receivables included in the operating cash flow
(2,232)
(618)
(87)
Less: Capital expenditures, net of related sales proceeds
(5,358)
(2,596)
(364)
Capital expenditures for development properties
(3,461)
(78)
(11)
Other capital expenditures*
(1,897)
(2,518)
(353)
Free cash flow
(13,809)
(11,249)
(1,580)
*Including capital expenditures related to the Company's headquarters in Beijing and all other CAPEX.
Net cash used in investing activities was RMB154 million (US$21 million) for the third quarter of 2025, consisting primarily of cash paid for capital expenditures and business combinations, partially offset by net cash received from maturity of time deposits and wealth management products and disposal of equity investments.
Net cash provided by financing activities was RMB8.0 billion (US$1.1 billion) for the third quarter of 2025, consisting primarily of net cash provided by proceeds from borrowings.
For the twelve months ended September 30, 2025, free cash flow of the Company was as follows:
For the twelve months ended
September 30,2024
September 30,2025
September 30,2025
RMB
RMB
US$
(In millions)
Net cash provided by operating activities
52,817
23,003
3,231
(Less)/Add: Impact from consumer financing receivables included in the operating cash flow
(1,124)
248
35
Less: Capital expenditures, net of related sales proceeds
(18,124)
(10,615)
(1,491)
Capital expenditures for development properties
(11,007)
(2,944)
(414)
Other capital expenditures
(7,117)
(7,671)
(1,077)
Free cash flow
33,569
12,636
1,775
Supplemental Information
The Company reports three reportable segments, JD Retail, JD Logistics, and New Businesses. JD Retail, including JD Health and JD Industrials, among other operating segments, mainly engages in online retail, online marketplace and marketing services in China. JD Logistics includes both internal and external logistics businesses. New Businesses mainly include JD Food Delivery, JD Property, Jingxi and overseas businesses.
For the three months ended
For the nine months ended
September 30,2024
September 30,2025
September 30,2025
September 30,2024
September 30,2025
September 30,2025
RMB
RMB
US$
RMB
RMB
US$
(In millions, except percentage data)
Net revenues:
JD Retail
224,986
250,577
35,198
708,893
824,497
115,816
JD Logistics
44,396
55,084
7,737
130,740
153,615
21,578
New Businesses
4,970
15,592
2,191
14,476
35,197
4,944
Inter-segment eliminations*
(13,965)
(22,194)
(3,117)
(42,276)
(56,508)
(7,937)
Total consolidated net revenues
260,387
299,059
42,009
811,833
956,801
134,401
Less: cost of revenues:
JD Retail
(184,448)
(202,168)
(28,398)
(590,030)
(678,090)
(95,251)
JD Logistics
(39,318)
(50,255)
(7,059)
(117,493)
(140,274)
(19,704)
New Businesses
(3,783)
(16,592)
(2,331)
(11,457)
(35,583)
(4,998)
Inter-segment eliminations*
12,223
20,452
2,872
37,952
52,162
7,327
Less: operating expenses:
JD Retail
(28,930)
(33,581)
(4,717)
(87,822)
(104,794)
(14,720)
JD Logistics
(2,992)
(3,547)
(498)
(8,754)
(9,956)
(1,398)
New Businesses
(1,802)
(14,899)
(2,093)
(4,999)
(31,841)
(4,473)
Inter-segment eliminations*
1,742
1,742
245
4,324
4,346
610
Income/(Loss) from operations:
JD Retail
11,608
14,828
2,083
31,041
41,613
5,845
JD Logistics
2,086
1,282
180
4,493
3,385
476
New Businesses
(615)
(15,736)
(2,210)
(1,980)
(31,840)
(4,473)
Including: gain on sale of development properties
—
163
23
—
387
54
Total segment income from operations
13,079
374
53
33,554
13,158
1,848
Unallocated items**
(1,035)
(1,425)
(201)
(3,309)
(4,535)
(637)
Total consolidated income/(loss) from operations
12,044
(1,051)
(148)
30,245
8,623
1,211
Share of results of equity investees
1,359
2,740
385
1,771
6,142
863
Interest expense
(681)
(730)
(102)
(1,970)
(1,973)
(277)
Others, net
2,521
5,674
797
9,878
13,882
1,950
Total consolidated income before tax
15,243
6,633
932
39,924
26,674
3,747
YoY% change of net revenues:
JD Retail
6.1%
11.4%
4.6%
16.3%
JD Logistics
6.6%
24.1%
9.5%
17.5%
New Businesses
(25.7)%
213.7%
(27.0)%
143.1%
Operating margin:
JD Retail
5.2%
5.9%
4.4%
5.0%
JD Logistics
4.7%
2.3%
3.4%
2.2%
New Businesses
(12.4)%
(100.9)%
(13.7)%
(90.5)%
* The inter-segment eliminations mainly consist of revenues from supply chain solutions and logistics services provided by JD Logistics to JD Retail and New Businesses, and property leasing services provided by JD Property to JD Logistics.
** Unallocated items include share-based compensation and amortization of intangible assets resulting from assets and business acquisitions.
The tables below set forth the revenue information:
For the three months ended
September 30,2024
September 30,2025
September 30,2025
YoY%Change
RMB
RMB
US$
(In millions, except percentage data)
Electronics and home appliances revenues
122,560
128,587
18,063
4.9
%
General merchandise revenues
82,053
97,505
13,696
18.8
%
Net product revenues
204,613
