JD.com vs MercadoLibre: Revenue, Profit and Business Model
JD.com had ~$182B of annual revenue in FY2025 and ~$3.2B of net income. MercadoLibre had $28.9B of annual revenue in FY2025 and $2B of net income.
Latest financial snapshot
JD.com
- Latest annual revenue
- ~$182B (FY2025)
- Net income
- ~$3.2B
- Net margin
- 1.8%
- Revenue growth
- +19.8% a year, FY2016–FY2025
MercadoLibre
- Latest annual revenue
- $28.9B (FY2025)
- Net income
- $2B
- Net margin
- 6.9%
- Revenue growth
- +48.1% a year, FY2016–FY2025
Financial summary
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. 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.
MercadoLibre
Revenue has compounded quickly: $10.8 billion in 2022, $15.1 billion in 2023, $20.8 billion in 2024 and $28.9 billion in 2025. Net income rose from $482 million in 2022 to about $2.0 billion in 2025, and 2025 operating cash flow was about $12.1 billion, boosted by fintech balances. Margins are now under pressure. In Q2 2026, revenue grew 50% to $10.2 billion, but operating income was $683 million (a 6.7% margin) and net income fell 11% to $466 million, or $9.19 per share. The drivers were credit-card expansion, free-shipping subsidies and first-party retail investment. MercadoLibre, Inc. is the absolute largest e-commerce and payments ecosystem in Latin America, commanding a monumental market valuation generally exceeding $80 billion.
Revenue and profit by year
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 |
MercadoLibre
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $28.9B | $2B | 6.9% | +39.1% | Source |
| FY2024 | $20.8B | $1.9B | 9.2% | +37.5% | Source |
| FY2023 | $15.1B | $987M | 6.5% | +40.1% | Source |
| FY2022 | $10.8B | $482M | 4.5% | +52.5% | Source |
| FY2021 | $7.1B | $83M | 1.2% | +77.9% | Source |
| FY2020 | $4B | -$1M | -0.0% | +73.1% | Source |
| FY2019 | $2.3B | -$172M | -7.5% | +59.5% | Source |
| FY2018 | $1.4B | -$36.6M | -2.5% | +18.3% | Source |
| FY2017 | $1.2B | $13.8M | 1.1% | +44.1% | Source |
| FY2016 | $844.4M | $136.4M | 16.1% | — | Source |
Where the revenue comes from
JD.com
- Net product revenue (1P retail)
Not formally reported
JD buys electronics, appliances, groceries and general merchandise, stores them in its own warehouses and sells at a retail margin. This is the bulk of revenue.
- Marketplace and marketing services
Not formally reported
Commissions and advertising paid by third-party merchants.
- Logistics services
Not formally reported
JD Logistics sells warehousing, express and freight services to outside companies. Its Q2 2026 revenue rose 24.3%.
- New businesses
Not formally reported
JD Food Delivery, launched in 2025, and international retail. Group revenue was ~$182 billion (RMB1,309.1 billion) in 2025.
MercadoLibre
- Commerce (Mercado Libre)
Not formally reported
Seller commissions on marketplace sales, shipping and fulfillment fees through Mercado Envios, advertising through Mercado Ads, and some first-party retail.
- Fintech (Mercado Pago)
Not formally reported
Merchant fees on online and in-store payments, plus interest on consumer loans, merchant loans and credit cards. Assets under management reached $23 billion in Q2 2026.
Business model and strategy
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.
MercadoLibre
How it makes money
MercadoLibre makes money in two ways. Commerce (Mercado Libre) charges sellers commissions on marketplace sales, collects shipping and fulfillment fees through Mercado Envios, sells advertising through Mercado Ads, and runs some first-party retail.
Growth strategy
Growth is coming from three places. First, buyer frequency: unique active buyers rose 26% to 89.3 million in Q2 2026 after Brazil's free-shipping threshold was lowered. Second, fintech depth: Mercado Pago monthly active users grew 30% to 88 million, quarterly payment volume topped $100 billion, and the credit book reached $16.4 billion. Third, higher-margin add-ons such as Mercado Ads and the Meli+ subscription.
Competitive advantage
MercadoLibre's main edge is that commerce, payments, credit and logistics all sit inside one company. It runs its own fulfillment centers, delivery fleet and Meli Air cargo flights, so it controls delivery speed in markets where postal services are unreliable.
Questions about JD.com vs MercadoLibre
Which company has higher revenue — JD.com or MercadoLibre, Inc.?
JD.com had ~$182B (FY2025), while MercadoLibre, Inc. had $28.9B (FY2025). By latest annual revenue, JD.com is the larger business, with MercadoLibre, Inc. showing a smaller revenue base.
What is the market cap of JD.com vs MercadoLibre, Inc.?
JD.com's market capitalisation stands at $35.0B, while MercadoLibre, Inc.'s is $89.0B. MercadoLibre, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to JD.com.
How does revenue per employee compare for JD.com and MercadoLibre, Inc.?
JD.com has $234k / employee in revenue per employee, while MercadoLibre, Inc. has $234k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do JD.com and MercadoLibre, Inc. make money?
JD.com and MercadoLibre, Inc. generate revenue in fundamentally different ways. JD.com: JD.com earns money in four main ways. MercadoLibre, Inc.: MercadoLibre makes money in two ways.
Which company is valued higher relative to revenue — JD.com or MercadoLibre, Inc.?
On a price-to-sales (P/S) basis, JD.com trades at 0.2x P/S and MercadoLibre, Inc. at 3.1x P/S. MercadoLibre, Inc. 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 JD.com bigger than MercadoLibre, Inc.?
By last reported revenue, JD.com (~$182B (FY2025)) is the larger company compared to MercadoLibre, Inc. ($28.9B (FY2025)). 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 JD.com vs MercadoLibre overview