Alibaba vs JD.com: Revenue, Profit and Business Model
Alibaba reported ~$142.3B of revenue in FY2026 and ~$14.4B of net income. JD.com reported ~$182B of revenue in FY2025 and ~$3.2B of net income.
Latest financial snapshot
Financial summary
Alibaba
Revenue rose from ~$22 billion (RMB158.3 billion) in FY2017 to ~$142 billion (RMB1.024 trillion) in FY2026. Net income was ~$14.4 billion (RMB103.6 billion) in FY2026, down from ~$17.5 billion (RMB126.0 billion) in FY2025. Alibaba reports on a March 31 fiscal year and invests heavily in commerce, cloud and AI infrastructure.
JD.com
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.
Revenue and profit by year
Alibaba
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$142.3B | ~$14.4B | 10.1% | +2.7% | Source |
| FY2025 | ~$138.5B | ~$17.5B | 12.6% | +5.9% | Source |
| FY2024 | ~$130.8B | ~$9.9B | 7.6% | +8.3% | Source |
| FY2023 | ~$120.7B | ~$9.1B | 7.5% | +1.8% | Source |
| FY2022 | ~$118.6B | ~$6.5B | 5.5% | +18.9% | Source |
| FY2021 | ~$99.7B | ~$19.9B | 20.0% | +40.7% | Source |
| FY2020 | ~$70.8B | ~$19.5B | 27.5% | +35.3% | Source |
| FY2019 | ~$52.4B | ~$11.2B | 21.3% | +50.6% | Source |
| FY2018 | ~$34.8B | ~$8.5B | 24.5% | +58.1% | Source |
| FY2017 | ~$22B | ~$6.1B | 27.6% | — | Source |
JD.com
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$182B | ~$3.2B | 1.8% | +13.0% | Source |
| FY2024 | ~$161.1B | ~$6.2B | 3.9% | +6.8% | Source |
| FY2023 | ~$150.8B | ~$3.2B | 2.1% | +3.7% | Source |
| FY2022 | ~$145.4B | ~$1.3B | 0.9% | +9.9% | Source |
| FY2021 | ~$132.3B | ~-$620.9M | -0.5% | +27.6% | Source |
| FY2020 | ~$103.7B | ~$6.9B | 6.6% | +29.3% | Source |
| FY2019 | ~$80.2B | ~$1.7B | 2.1% | +24.9% | Source |
| FY2018 | ~$64.2B | ~-$389.3M | -0.6% | +27.5% | Source |
| FY2017 | ~$50.4B | ~-$1.6M | -0.0% | +40.3% | Source |
| FY2016 | ~$35.9B | ~-$529.1M | -1.5% | — | Source |
Where the revenue comes from
Alibaba
- China commerce
Alibaba earns revenue through China commerce.
- international digital commerce
Alibaba earns revenue through international digital commerce.
- cloud intelligence
Alibaba earns revenue through cloud intelligence.
- logistics services
Alibaba earns revenue through logistics services.
- local services and digital media
Alibaba earns revenue through local services and digital media.
JD.com
No segment breakdown is published.
Business model and strategy
Alibaba
How it makes money
Alibaba earns revenue from customer-management services and commissions on its China commerce marketplaces, direct sales and logistics services in international commerce, cloud products and services, Cainiao logistics, local services, and digital media. Taobao and Tmall primarily connect merchants with consumers rather than operating only as first-party retailers.
Growth strategy
Facing intense regulatory scrutiny and fierce domestic competition, Alibaba's growth strategy recently underwent a large structural overhaul. They announced a plan to split the empire into six separate, independent business groups (like Cloud, E-commerce, and Logistics), allowing each to operate faster and potentially seek their own IPOs.
Competitive advantage
Alibaba's primary moat was its large network effect within China; virtually every merchant had to be on Taobao because that's where all the consumers were, and vice versa. their proprietary logistics network (Cainiao) and deep integration with Alipay created a frictionless ecosystem for Chinese consumers.
JD.com
How it makes money
JD.com earns money in four main ways. 1) Net product revenue (1P retail): JD buys electronics, home appliances, groceries and general merchandise from brands, stores them in its own warehouses and sells at a retail margin. This is the bulk of group revenue. 2) Marketplace and marketing services: third-party (3P) merchants pay commissions and buy advertising on JD's app.
Growth strategy
JD is pushing beyond online retail into instant commerce and food delivery (launched February 2025), offline electronics stores (26 JD MALL stores by end-2025), external logistics customers through JD Logistics and its LangzuTech automated warehouses (20+ sites in nearly 20 cities by end-2025), and Europe, where it replaced its Ochama brand with Joybuy in 2025, launched the Joybuy marketplace in the UK, Germany, Fran…
Competitive advantage
JD's main edge is its owned supply chain. Because it holds its own inventory and runs its own warehouses and couriers through JD Logistics, it can promise authentic goods and same-day or next-day delivery in much of China, which matters most for high-value electronics and appliances. Its scale with brands like Apple, Haier and Midea also gives it purchasing power that marketplace-only rivals do not have.
Questions about Alibaba vs JD.com
Which company has higher revenue — Alibaba Group Holding Limited or JD.com?
Alibaba Group Holding Limited reported ~$142.3B (FY2026), while JD.com reported ~$182B (FY2025). By last reported revenue, JD.com is the larger business, with Alibaba Group Holding Limited reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Alibaba Group Holding Limited vs JD.com?
Alibaba Group Holding Limited's market capitalisation stands at $266.6B, while JD.com's is $35.0B. Alibaba Group Holding Limited carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to JD.com.
Which is more financially efficient — Alibaba Group Holding Limited or JD.com?
Alibaba Group Holding Limited generates $1.08M / employee in revenue per employee, while JD.com generates $234k / employee. Alibaba Group Holding Limited shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Alibaba Group Holding Limited and JD.com make money?
Alibaba Group Holding Limited and JD.com generate revenue in fundamentally different ways. Alibaba Group Holding Limited: Alibaba earns revenue from customer-management services and commissions on its China commerce marketplaces, direct sales and logistics services in international commerce, cloud products and services, Cainiao logistics, local services, and digital media. JD.com: JD.
Which company is valued higher relative to revenue — Alibaba Group Holding Limited or JD.com?
On a price-to-sales (P/S) basis, Alibaba Group Holding Limited trades at 1.9x P/S and JD.com at 0.2x P/S. Alibaba Group Holding Limited commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to JD.com. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Alibaba Group Holding Limited bigger than JD.com?
By last reported revenue, JD.com (~$182B (FY2025)) is the larger company compared to Alibaba Group Holding Limited (~$142.3B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Alibaba vs JD.com overview