JD.com reported third‑quarter 2025 revenue of RMB 299.1 billion (US$42.0 billion), up 14.9% from RMB 264.5 billion in the same period last year. The figure surpassed the consensus estimate of RMB 294.1 billion, a beat of roughly RMB 5 billion, or 1.7% of revenue. Non‑GAAP diluted earnings per share rose to RMB 3.73 (US$0.52), exceeding the consensus of RMB 2.65 (US$0.37) by RMB 1.08, a 40.8% lift. The diluted EPS of RMB 3.39 (US$0.48) also outperformed expectations, reflecting stronger profitability in core retail and logistics segments.
JD Retail drove the majority of the top‑line growth, reporting net revenue of RMB 250.6 billion, an 11.4% year‑over‑year increase, and an operating margin that expanded to 5.9% from 5.2% in 2024. The improvement was driven by higher sales of electronics and home appliances, coupled with tighter cost controls in procurement and fulfillment. JD Logistics added RMB 55.1 billion in revenue, up 24.5% from RMB 44.4 billion a year earlier, while the new‑business segment—encompassing food delivery, cloud services, and other ventures—generated RMB 15.6 billion, a 214% jump from RMB 4.97 billion in 2024.
Despite the revenue surge, net income attributable to ordinary shareholders fell to RMB 5.3 billion (US$0.7 billion) from RMB 11.7 billion a year earlier, a 54% decline. The drop was largely attributable to heavy capital outlays in international expansion and the development of new business lines, which increased operating expenses and diluted earnings. Non‑GAAP net income also slipped to RMB 5.8 billion from RMB 13.2 billion, underscoring the impact of strategic investments on short‑term profitability.
The quarter also marked a milestone for JD’s customer base, as the company announced that it had surpassed 700 million annual active customers in October 2025. In addition, JD completed a share‑repurchase program that bought back approximately 80.9 million Class A ordinary shares, or 40.4 million ADSs, for roughly US$1.5 billion during the nine months ended September 30, a move that signals management’s confidence in the company’s valuation and long‑term prospects.
CEO Sandy Xu said the quarter “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.” She added that JD Retail’s “growth matrix” remains robust, with solid performance in electronics and home appliances and expanding opportunities in general merchandise and advertising services. CFO Ian Su Shan noted that “total revenues increased by 14.9% year‑on‑year, driven by healthy momentum across our business lines,” and that the “consolidated bottom‑line performance reflects investment in new businesses.”
The results illustrate a company that is balancing short‑term margin pressure against long‑term growth initiatives. JD’s core retail and logistics operations continue to generate strong revenue and margin expansion, while the rapid scaling of new businesses and international expansion is eroding profitability in the current quarter. Management’s focus on cost discipline in JD Retail, coupled with strategic investment in high‑potential verticals, suggests a deliberate trade‑off aimed at sustaining long‑term shareholder value.
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