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JD

JD.com, Inc.

JD

JD.com, Inc. • NASDAQ
$29.83 ▲ 1.39% (+0.41)
Market Cap $42.33 B
52w High $46.45
52w Low $28.21
Dividend Yield 0.98%
P/E 9.94
Volume 3.43M
Outstanding Shares 1.42B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $299.059B ▼ $29.523B ▼ $5.276B ▼ 1.764% ▲ $3.72 ▼ $8.888B ▼
Q2-2025 $356.66B ▲ $57.499B ▲ $6.178B ▼ 1.732% ▼ $4.34 ▼ $9.445B ▼
Q1-2025 $301.082B ▼ $37.315B ▲ $10.89B ▲ 3.617% ▲ $7.52 ▲ $14.27B ▲
Q4-2024 $346.986B ▲ $24.505B ▲ $9.854B ▼ 2.84% ▼ $6.78 ▼ $11.323B ▲
Q3-2024 $260.387B $16.721B $11.731B 4.505% $8.04 $6.273B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $198.272B ▼ $713.529B ▲ $409.109B ▼ $231.933B ▲
Q2-2025 $213.838B ▲ $706.939B ▲ $409.65B ▲ $227.16B ▼
Q1-2025 $194.163B ▼ $677.862B ▼ $369.191B ▼ $234.322B ▼
Q4-2024 $233.995B ▲ $698.234B ▲ $384.937B ▲ $239.347B ▲
Q3-2024 $190.893B $643.559B $346.814B $228.611B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $5.276B ▼ $-8.035B ▼ $-154M ▼ $8.004B ▲ $-822M ▼ $-10.631B ▼
Q2-2025 $6.178B ▼ $24.409B ▲ $8.218B ▼ $-12.439B ▼ $20.1B ▲ $21.377B ▲
Q1-2025 $10.89B ▲ $-18.262B ▼ $16.236B ▲ $-7.288B ▼ $-9.659B ▼ $-20.585B ▼
Q4-2024 $9.854B ▼ $24.891B ▲ $-12.483B ▼ $-2.784B ▼ $10.762B ▼ $18.941B ▲
Q3-2024 $11.731B $-6.219B $21.725B $-1.806B $12.909B $-11.577B

Revenue by Products

Product Q3-2019Q4-2019
Electronics And Home Appliance Products
Electronics And Home Appliance Products
 $235.97Bn ▲$92.73Bn ▼
General Merchandise Products
General Merchandise Products
 $125.05Bn ▲$56.98Bn ▼
Logistics And Other Services
Logistics And Other Services
 $15.98Bn ▲$7.50Bn ▼
Market Place And Advertising Services
Market Place And Advertising Services
 $29.21Bn ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement JD has grown its sales steadily over the past five years, showing that its core e‑commerce and related services are still gaining scale. Profitability has improved from a period of very slim or even negative earnings to more consistent profits in recent years. Operating and net income have both trended upward, suggesting better cost control and a more disciplined approach to spending. One concern is that gross profit has not kept pace with revenue in the most recent year, which hints at pressure on margins, likely from competition and promotion. Overall, the income statement shows a large, growing platform that has moved from “growth at any cost” toward more sustainable profitability, but with ongoing margin tension.

Balance Sheet

Balance Sheet JD’s balance sheet looks solid and increasingly robust. Total assets and shareholders’ equity have both risen over time, reflecting reinvestment into the business and accumulation of retained earnings. Cash levels are healthy and have grown, giving the company flexibility to keep investing and to weather downturns. Debt has also increased but remains moderate relative to the size of the business and the equity base, suggesting leverage is being used, but not in an aggressive way. In simple terms, JD appears financially sturdy, with a sizeable asset base, a meaningful equity cushion, and a manageable level of borrowing.

Cash Flow

Cash Flow JD generates strong and reliable cash from its operations, which is a key strength. Operating cash flow has been consistently positive and has grown over time, indicating that reported profits are backed by real cash generation. Free cash flow has also been positive year after year, even while the company spends heavily on logistics, technology, and infrastructure. Capital spending has been significant but is trending down from peak levels, suggesting JD has already built much of its core network and is now moving into a more cash‑generative phase. Overall, the cash flow profile points to a business that can largely fund its own growth without relying heavily on external financing.

Competitive Edge

Competitive Edge JD holds a strong position in China’s e‑commerce and logistics landscape, supported by a rare combination of scale, brand trust, and physical infrastructure. Its self‑built logistics network, with nationwide coverage and very fast delivery, is a major barrier for new entrants and a clear differentiator versus marketplace‑only rivals. The company’s reputation for product authenticity and quality further strengthens customer loyalty in a market where counterfeits remain a concern. At the same time, JD faces intense competition from large domestic platforms and newer social commerce models, which can pressure pricing and marketing costs. Overall, JD’s moat is meaningful, built around logistics, trust, and scale, but it must keep innovating and managing costs carefully to defend that edge.

Innovation and R&D

Innovation and R&D Innovation is central to JD’s strategy and is visible in logistics automation, artificial intelligence, and expansion into tech‑driven services. The company has invested heavily in advanced warehouses, delivery robots, and drones to cut delivery times and lower long‑term operating costs. Its use of AI and big data—through tools like its own language model and content‑generation platform—helps merchants improve marketing, operations, and customer engagement. JD is also pushing into cloud services, industrial supply chain technology, and digital healthcare, reusing its logistics and data strengths in new verticals. Looking ahead, continued development of AI, international logistics expansion, and its long‑term sustainability goals are key areas where R&D and innovation could either deepen its moat or, if execution falters, expose it to fast‑moving competitors.

Summary

Overall, JD looks like a mature, scaled e‑commerce and logistics player that has transitioned from rapid, investment‑heavy growth to more balanced, profit‑focused expansion. Revenues keep rising, profitability is firmer than in the past, and cash generation is strong enough to support ongoing investment. The balance sheet provides a solid foundation with growing cash and manageable debt. Strategically, JD’s in‑house logistics network, technology capabilities, and reputation for authenticity give it a real competitive edge, while its push into AI, cloud, industrial supply chains, and healthcare opens new growth avenues. Key risks to watch include margin pressure from fierce competition, regulatory and macro uncertainties in China, and execution challenges as JD broadens its business and global footprint.

NEWS

November 13, 2025 · 4:30 AM UTC

JD.com Announces Third Quarter 2025 Results

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October 30, 2025 · 6:00 AM UTC

JD.com to Report Third Quarter 2025 Financial Results on November 13, 2025

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October 15, 2025 · 8:30 AM UTC

KraneShares Expands Single-Stock Levered ETF Suite With 2X Investment Exposure to JD.com (KJD)

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