JD.com completed a share repurchase and cancellation of 183.2 million Class A ordinary shares, equivalent to 91.6 million American Depositary Shares, spending about US$3.0 billion in 2025. The repurchases represent 6.3 % of the company’s ordinary shares outstanding as of December 31 2024.
The buyback is part of a US$5.0 billion program approved in August 2024, effective through August 2027. As of December 31 2025, US$2.0 billion of the authorized amount remains available, indicating that JD.com plans to continue returning capital to shareholders over the next two years.
Management has framed the repurchase as a signal of confidence in JD.com’s valuation and long‑term growth prospects. By reducing the share count, the company aims to lift earnings per share and demonstrate a commitment to delivering value to investors, while also signaling that it has sufficient liquidity to fund future initiatives.
Investor sentiment has been tempered by a broader pattern of downside or profit‑taking following JD.com’s recent announcements. Analysts and market participants are weighing the share buyback against the company’s earnings trends and ongoing investments in new businesses, which have put pressure on profitability in some quarters.
The cancellation of the repurchased shares permanently lowers the outstanding share base, potentially improving EPS and shareholder returns. The remaining authorization suggests that JD.com will continue to use capital returns as a key component of its capital allocation strategy, while still pursuing growth opportunities across its retail, logistics, and new business segments.
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