JD.com

JD · Nasdaq

Retail-Retail Stores, NEC · Fiscal year ends Dec 31 · Reports in CNY

JD.com reported revenue of CNY 1,309B in the fiscal year ended Dec 2025, up 13.0% from the year before. Operating income was CNY 2.8B, an operating margin of 0.2%, and net income was CNY 23.1B. Operating cash flow of CNY 19B less capital expenditure of CNY 7.8B left free cash flow of CNY 11.2B. It held more cash than debt (net cash CNY 92.6B).

Last 5 fiscal years

Revenue and net income

RevenueNet income

Income statement

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	CNY 952B	CNY 1,046B	CNY 1,085B	CNY 1,159B	CNY 1,309B
Cost of revenue	CNY 823B	CNY 899B	CNY 925B	CNY 975B	CNY 1,099B
Gross profit	CNY 129B	CNY 147B	CNY 160B	CNY 184B	CNY 210B
Research & development	CNY 16.3B	CNY 16.9B	CNY 16.4B	CNY 17B	CNY 22.2B
Operating income	CNY 4.1B	CNY 19.7B	CNY 26B	CNY 38.7B	CNY 2.8B
Interest expense	CNY 1.2B	CNY 2.1B	CNY 2.9B	CNY 2.9B	CNY 2.8B
Pre-tax income	−CNY 2.6B	CNY 13.9B	CNY 31.7B	CNY 51.5B	CNY 25.3B
Income tax	CNY 1.9B	CNY 4.2B	CNY 8.4B	CNY 6.9B	CNY 2.2B
Net income	−CNY 4.5B	CNY 9.7B	CNY 23.3B	CNY 44.7B	CNY 23.1B
Diluted EPS	−1.15	3.21	7.61	13.43	6.45
Diluted shares	3,107M	3,181M	3,171M	3,076M	2,978M

Balance sheet

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash & equivalents	CNY 70.8B	CNY 78.9B	CNY 71.9B	CNY 108B	CNY 137B
Receivables	CNY 11.9B	CNY 20.6B	CNY 20.3B	CNY 25.6B	CNY 27.3B
Inventory	CNY 75.6B	CNY 77.9B	CNY 68.1B	CNY 89.3B	CNY 95.4B
Current assets	CNY 300B	CNY 351B	CNY 308B	CNY 387B	CNY 374B
Net PP&E	CNY 32.9B	CNY 55.1B	CNY 70B	CNY 82.7B	CNY 91.3B
Goodwill	CNY 12.4B	CNY 23.1B	CNY 20B	CNY 25.7B	CNY 26.3B
Total assets	CNY 497B	CNY 595B	CNY 629B	CNY 698B	CNY 695B
Payables	CNY 140B	CNY 161B	CNY 166B	CNY 193B	CNY 188B
Deferred revenue	CNY 3.5B	CNY 3.4B	CNY 2.1B	CNY 2.1B	CNY 2.7B
Current liabilities	CNY 222B	CNY 267B	CNY 266B	CNY 300B	CNY 306B
Short-term debt	CNY 4.4B	CNY 12.1B	CNY 5B	CNY 3.7B	CNY 3.2B
Long-term debt	CNY 9.5B	CNY 10.2B	CNY 10.4B	CNY 31.7B	CNY 41.7B
Total liabilities	CNY 250B	CNY 321B	CNY 333B	CNY 385B	CNY 401B
Shareholders' equity	CNY 209B	CNY 213B	CNY 232B	CNY 239B	CNY 225B

Cash flow

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating cash flow	CNY 42.3B	CNY 57.8B	CNY 59.5B	CNY 58.1B	CNY 19B
Capital expenditure	CNY 5.6B	CNY 5.5B	CNY 4B	CNY 5.4B	CNY 7.8B
Free cash flow	CNY 36.7B	CNY 52.3B	CNY 55.5B	CNY 52.7B	CNY 11.2B
Depreciation & amortisation	CNY 6.2B	CNY 7.2B	CNY 8.3B	CNY 8.9B	CNY 9.7B
Stock-based compensation	CNY 9.1B	CNY 7.5B	CNY 4.8B	CNY 3B	CNY 4.7B
Acquisitions	CNY 321M	CNY 15.7B	CNY 0	CNY 2.8B	CNY 1.1B
Share buybacks	CNY 5.2B	CNY 1.8B	CNY 2.5B	CNY 25.9B	CNY 21.4B
Dividends paid	CNY 0	CNY 13.1B	CNY 6.7B	CNY 8.3B	CNY 10.4B

Key ratios

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue growth (YoY)	–	9.9%	3.7%	6.8%	13.0%
Operating income growth (YoY)	–	376.3%	32.0%	48.8%	−92.8%
EPS growth (YoY)	–	–	137.1%	76.5%	−52.0%
Gross margin	13.6%	14.1%	14.7%	15.9%	16.0%
Operating margin	0.4%	1.9%	2.4%	3.3%	0.2%
Net margin	−0.5%	0.9%	2.1%	3.9%	1.8%
Return on equityBlank when equity is negative	−2.1%	4.5%	10.0%	18.7%	10.3%
ROCEEBIT ÷ (assets − current liabilities)	1.5%	6.0%	7.2%	9.7%	0.7%
Free cash flow margin	3.9%	5.0%	5.1%	4.6%	0.9%
Cash conversion (CFO ÷ net income)	−9.47x	5.97x	2.56x	1.30x	0.82x
Receivable days	5	7	7	8	8
Inventory days	34	32	27	33	32
Payable days	62	65	66	72	63
Interest cover	3.41x	9.37x	9.03x	13.4x	0.99x
Debt ÷ equity	0.07x	0.10x	0.07x	0.15x	0.20x
Net debtDebt − cash & equivalents; excludes investments; negative = net cash	−CNY 56.9B	−CNY 56.5B	−CNY 56.4B	−CNY 73B	−CNY 92.6B
Current ratio	1.35x	1.32x	1.16x	1.29x	1.22x

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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.