JD.com
Financial Performance
JD.com Revenue & Financials
Revenue
~$182B (FY2025)
Market Cap
$35B
Net Income
~$3.2B
Employees
776,682
What is JD.com's revenue?
JD.com had ~$182B in revenue for fiscal year 2025, up 13% from 2024. Net income was ~$3.2B.
- Latest revenue
- ~$182B (FY2025)
- Year-over-year
- +13%
- Growth rate (CAGR)
- 19.8% over 9 years
- Peak revenue
- ~$182B (FY2025)
- Years of data
- 10
- Employees
- 776,682
- How much profit does JD.com make?
- JD.com reported net income of ~$3.2B for fiscal year 2025. sec.gov
- How many employees does JD.com have?
- JD.com has about 776,682 employees.
Financial Analysis
JD's revenue grew from ~$35.9 billion (RMB258.3 billion) in 2016 to ~$182 billion (RMB1,309.1 billion) in 2025. Profitability has been thin but improving in core retail: JD Retail's 2025 operating margin rose to 4.6%, the sixth straight year of expansion. Group profit fell in 2025, however, because of food-delivery spending: net income attributable to shareholders was ~$2.72 billion (RMB19.6 billion) versus ~$5.75 billion (RMB41.4 billion) in 2024, and non-GAAP net income was ~$3.75 billion (RMB27.0 billion) versus ~$6.64 billion (RMB47.8 billion). In 2026 the picture shifted toward margin over growth. Q1 2026 revenue rose 4.9% to ~$43.9 billion (RMB315.7 billion), while Q2 2026 revenue fell 2.9% to ~$48.1 billion (RMB346.4 billion) on a high base from 2025 trade-in subsidies, yet non-GAAP net income climbed 20.8% to ~$1.24 billion (RMB8.9 billion) as food-delivery losses narrowed by more than half. JD also repurchased about US$3.0 billion of shares in 2025, roughly 6.3% of shares outstanding. JD.com, Inc. (also known as Jingdong) is a colossal Chinese e-commerce company and massive retailer, maintaining a market valuation typically over $35 billion.
Revenue Trend Analysis
YoY Change
+13%
9-Year CAGR
+19.8%
Peak Year
2025
Trend
Consistent Growth
JD.com has 10 full fiscal year figures on this page, compounding at +19.8% annually over 9 years. The most recent year saw a 13% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at ~$182B. Of 9 comparable year-over-year steps, 9 showed growth and 0 showed a decline.
Annual revenue history
Click any row to see year details.
JD.com balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 20-F, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest. In some years total assets exceed liabilities plus shareholders' equity because the company reported redeemable preferred stock or non-controlling interests outside both.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | ~$2.6B | — | ~$96.6B | ~$55.8B | ~$31.3B | — | Form 20-F |
| FY2024ended Dec 31, 2024 | ~$8.1B | — | ~$97.1B | ~$53.5B | ~$33.3B | — | Form 20-F |
| FY2023ended Dec 31, 2023 | ~$8.3B | ~$559.5M | ~$87.4B | ~$46.2B | ~$32.2B | ~$7.7B | Form 20-F |
| FY2022ended Dec 31, 2022 | ~$8B | ~$763.8M | ~$82.7B | ~$44.6B | ~$29.7B | ~$7.3B | Form 20-F |
| FY2021ended Dec 31, 2021 | ~$5.9B | ~$773.1M | ~$69B | ~$34.7B | ~$29B | ~$5.1B | Form 20-F |
| FY2020ended Dec 31, 2020 | ~$5.9B | ~$468.4M | ~$58.7B | ~$27.9B | ~$26.1B | ~$5.4B | Form 20-F |
| FY2019ended Dec 31, 2019 | ~$3.4B | ~$361M | ~$36.1B | ~$22.1B | ~$11.4B | ~$3.1B | Form 20-F |
| FY2018ended Dec 31, 2018 | ~$2.9B | — | ~$29.1B | ~$18.4B | ~$8.3B | — | Form 20-F |
| FY2017ended Dec 31, 2017 | ~$3.7B | — | ~$25.6B | ~$18.3B | ~$7.2B | — | Form 20-F |
| FY2016ended Dec 31, 2016 | ~$1.1B | — | ~$22.3B | ~$16.6B | ~$4.7B | — | Form 20-F |
Keep researching JD.com
JD.com Revenue and Financial FAQ
What is JD.com's typical annual net revenue milestone?
JD.com reported net revenues of RMB1,309.1 billion (about US$187.2 billion) for 2025, up 13.0% from ~$161 billion (RMB1,158.8 billion) in 2024. In 2026, Q1 revenue was ~$43.9 billion (RMB315.7 billion) (+4.9%) and Q2 revenue was ~$48.1 billion (RMB346.4 billion) (-2.9%).
What are JD.com's non-GAAP net income and operating margin metrics?
Non-GAAP net income attributable to shareholders was ~$3.75 billion (RMB27.0 billion) in 2025, down from ~$6.64 billion (RMB47.8 billion) in 2024 because of food-delivery investment. JD Retail's 2025 operating margin was 4.6%. In Q2 2026, non-GAAP net income rose 20.8% to ~$1.24 billion (RMB8.9 billion).
How do Electronics and General Merchandise contribute to JD's direct sales revenue?
Electronics and home appliances are JD's largest product category, with general merchandise (groceries, health products, household goods) second. Service revenue from marketplace, advertising and logistics makes up the rest and has been growing faster than product sales.
What is JD.com's annual shareholder dividend and share repurchase program?
JD pays an annual cash dividend and declared one for 2025 alongside its full-year results. In 2025 it repurchased about 91.6 million ADSs for about US$3.0 billion, roughly 6.3% of shares outstanding.
What is JD.com's cash reserves and balance sheet liquidity?
JD holds a large cash and short-term investment balance relative to its debt; the exact figure changes each quarter and is reported in its earnings releases on ir.jd.com.
What is the annual free cash flow generation of JD.com?
JD's free cash flow is driven by fast inventory turnover and supplier payment terms, but it varies from year to year with capital spending and new-business investment. Check its latest 20-F for current figures.
What is the market valuation and listing structure of JD.com?
JD.com is listed on NASDAQ (JD) and the Hong Kong Stock Exchange (9618), with a market value of roughly $34-36 billion in September 2026. Its subsidiaries JD Logistics (2618) and JD Health (6618) are separately listed in Hong Kong.
How does JD's inventory turnover days compare to global retail peers?
JD's inventory turnover of roughly a month is fast for a retailer with a large electronics and appliance mix, helped by automated warehouses and demand forecasting.
Is JD.com profitable?
Yes, but it took years of massive cash burn to build their moat. Because JD.com spent staggering billions building out physical warehouses and delivery networks across China, they lost money for years. To survive the brutal competition from Alibaba, JD.com secured a massive, historic financial partnership with Tencent (creators of WeChat), guaranteeing them massive digital traffic and allowing them to achieve massive profitability.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "JD.com Revenue & Financials." CorpDigest, https://corpdigest.com/company/jd-com/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>JD.com reported ~$182B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/jd-com/financials" target="_blank" rel="noopener">CorpDigest — JD.com financials</a></div>Related Financial Audits
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