JD.com's Food-Delivery Losses to Limit Profit Growth -- Market Talk

Dow Jones03-11

0956 GMT - JD.com's expanding general merchandise and logistics businesses are boosting the group's performance, S&P Global Ratings analysts Jay Lau and Sandy Lim say in a note. They forecast 8% revenue growth for the general merchandise unit and improving profitability at JD Logistics in 2026. JD.com's proposed acquisition of German retailer Ceconomy would also give it a sizable retail footprint in Europe. However, losses in newer businesses, including food delivery, remain significant, limiting profit growth. S&P Ratings expects JD.com's Ebitda margin to rise to 2.8% this year after falling to 2.2% in 2025, as the company works to narrow food-delivery losses. However, a turnaround might not be easy, and it remains unclear whether merchants will remain on the platform without promotions amid intense competition from Meituan and Alibaba. Still, S&P maintains its positive rating outlook on JD.com. (jason.chau@wsj.com)

(END) Dow Jones Newswires

March 11, 2026 05:56 ET (09:56 GMT)

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