JD.com announced its unaudited financial results for the fourth quarter and full year of 2025, along with its annual cash dividend plan. The report indicated double-digit revenue growth for the full year, with core retail operations demonstrating resilience. However, due to increased strategic investments in new initiatives, the company incurred a net loss in the fourth quarter, leading to a year-on-year decline in annual profit. Across its business segments, JD.com achieved multiple breakthroughs in offline expansion, technology R&D, and global outreach, while also implementing shareholder return measures such as dividend distributions and share repurchases.
Full-year revenue increased, but fourth-quarter profits were under pressure. Regarding revenue, JD.com recorded Q4 2025 revenue of RMB 352.3 billion (approximately USD 50.4 billion), a 1.5% increase compared to the same period in 2024. Full-year 2025 revenue reached RMB 1.3091 trillion (approximately USD 187.2 billion), up 13.0% year-on-year, with continued optimization of the revenue structure. Service revenue became a primary growth driver, increasing 20.1% in Q4 and 23.6% for the full year. Product revenue saw a slight decline of 2.8% in Q4, influenced by a high base from 2024, but still achieved a 10.3% growth for the full year.
By category, revenue from daily necessities and general merchandise grew 12.1% in Q4 and 15.3% for the full year. Platform and advertising services, along with logistics and other service revenues, also posted double-digit growth. Conversely, revenue from electronics and home appliance products decreased 12.0% year-on-year in Q4, while full-year growth was 7.1%.
Profitability was pressured by rising costs and expenses. In Q4 2025, net loss attributable to ordinary shareholders was RMB 2.7 billion (approximately USD 400 million), compared to a net profit of RMB 9.9 billion in the same period of 2024. Under non-GAAP measures, net income attributable to ordinary shareholders was RMB 1.1 billion for the quarter, a significant decrease from RMB 11.3 billion a year earlier.
For the full year, net profit attributable to ordinary shareholders was RMB 19.6 billion (approximately USD 2.8 billion), down from RMB 41.4 billion in 2024. Non-GAAP net profit for the year was RMB 27.0 billion, a 43.5% decline from RMB 47.8 billion in the prior year.
Costs and expenses saw significant increases in the fourth quarter. Fulfillment, marketing, and research and development expenses rose by 20.7%, 50.6%, and 52.0% year-on-year, respectively, primarily due to enhanced fulfillment capabilities, promotion of new businesses, and increased investment in technical talent. Although the core retail segment experienced some profit volatility, it remained stable. JD Retail's operating profit for Q4 2025 was RMB 9.8 billion, a slight 2% decrease year-on-year, with an operating margin of 3.2%. For the full year, retail operating profit was RMB 51.4 billion, up 25.1%, and the operating margin improved to 4.6%.
Technology and globalization emerged as key development themes. The financial report highlighted that JD.com's core and emerging business segments achieved significant progress in 2025. AI technology was deeply integrated across the supply chain, offline presence continued to expand, and globalization efforts advanced steadily.
JD Retail accelerated its offline channel expansion. In the fourth quarter, the first JD MALL in Fujian opened in Xiamen, and JD Electronics city flagship stores launched in 15 new cities. By the end of the quarter, JD MALL operated 26 stores nationwide, JD Electronics city flagship stores exceeded 110, and over 4,500 offline 3C product stores were in operation.
Simultaneously, JD Fashion Instant Delivery attracted over a thousand merchants, including major brands such as Topsports and Anta. The number of operating stores saw triple-digit growth in 2025. AI applications within retail were fully implemented: the digital streamer service JoyStreamer served over 50,000 merchants, and smart customer service handled more than 4.2 billion inquiries during the 11.11 shopping festival. The number of internal AI agents exceeded 50,000. The AI brand JoyInside collaborated with over 40 hardware brands to launch multiple products, with related ecosystem product sales during 11.11 growing more than 20-fold compared to the 618 festival.
The logistics and health sectors continued to upgrade their technological and service capabilities. JD Logistics' self-developed "Zhilang" automated warehousing solution entered a phase of nationwide replication. By the end of 2025, over 20 Zhilang warehouses were operational in nearly 20 cities across China, with the first overseas facility launched in the UK, significantly improving local fulfillment efficiency. JD Health introduced several innovative and rare disease drugs, including Norita® and Ansida®, in the fourth quarter, and established strategic partnerships with 21 pharmaceutical brands from 11 countries during the China International Import Expo. AI medical products were continuously optimized; the AI doctor agent "Dawei" integrated authoritative clinical guidelines, and "JD Premier Medicine" was implemented in multiple hospitals, serving over 5 million patients cumulatively.
JD Industry was listed on the Main Board of the Hong Kong Stock Exchange on December 11, 2025 (Stock Code: 7618). After partially exercising the over-allotment option, net proceeds amounted to approximately RMB 2.6 billion, which will be used to enhance industrial supply chain capabilities and support cross-regional expansion. New business segments showed steady development: JD Daojia (food delivery) recorded stable order growth in Q4, with total investment narrowing sequentially, and synergies with JD Retail continued to strengthen. By the end of the quarter, 7Fresh Kitchen had 30 stores operating in Beijing, with continuous upgrades to food safety management standards. On the globalization front, JD.com's European online retail business, Joybuy, commenced trial operations in six countries including the UK, Germany, and the Netherlands, with a planned official launch in March 2026, offering same-day or next-day delivery.
Additionally, JD.com maintained its commitment to environmental, social, and governance initiatives. As of December 31, 2025, the JD ecosystem employed over 900,000 individuals, with total human resource expenditures for 2025 reaching RMB 157.2 billion.
Annual cash dividend introduced; share repurchase program advances. Regarding shareholder returns, JD.com's board approved a 2025 annual cash dividend of USD 0.50 per ordinary share or USD 1.00 per American Depositary Share (ADS), with total dividends expected to be approximately USD 1.4 billion. The dividend payment date for ordinary shareholders is anticipated around April 23, 2026, and for ADS holders around April 29, 2026, with a record date of April 9, 2026.
The share repurchase program is progressing smoothly. Under the USD 5 billion repurchase plan adopted in August 2024, effective until August 2027, the company repurchased approximately 183.2 million Class A ordinary shares (equivalent to 91.6 million ADSs) in 2025, totaling about USD 3 billion. All repurchased shares were canceled, representing 6.3% of the outstanding ordinary shares as of the end of 2024. As of December 31, 2025, approximately USD 2 billion remained available under the repurchase program.
Financially, JD.com maintained a robust position. As of year-end, the company held cash and cash equivalents, restricted cash, and short-term investments totaling RMB 225.4 billion (approximately USD 32.2 billion). Net cash provided by operating activities was RMB 20.879 billion in Q4, with free cash flow of RMB 17.310 billion. For the full year, net cash from operating activities was RMB 18.991 billion, and free cash flow was RMB 6.476 billion.
JD.com CEO Sandy Xu stated that the company concluded 2025 with Q4 results meeting expectations, demonstrating stable full-year performance. User numbers and shopping frequency continued to rise, core retail operations showed resilience, losses from new businesses narrowed each quarter, and the comprehensive application of AI technology injected new momentum. CFO Ian Shan noted that the revenue structure is becoming increasingly diversified, with high-margin businesses like advertising accounting for a larger share. Despite short-term fluctuations in Q4, the company achieved its full-year targets and will continue to create shareholder value through steady business development and a commitment to shareholder returns.
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