JD.com vs Rakuten: Revenue, Profit and Business Model
JD.com had ~$182B of annual revenue in FY2025 and ~$3.2B of net income. Rakuten had ~$16.7B of annual revenue in FY2025 and a net loss of ~$1.2B.
Latest financial snapshot
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.
Rakuten
Rakuten's results for most of the 2020s were shaped by one decision: building Japan's fourth mobile network from 2018 onward. Net losses reached ~$2.5 billion (¥372.9 billion) in FY2022 and ~$2.27 billion (¥339.5 billion) in FY2023 while revenue kept growing. Losses narrowed to ~$1.09 billion (¥162.4 billion) in FY2024 and about $1.19 billion (¥177.9 billion) in FY2025 on revenue of ~$16.8 billion (¥2.50 trillion). The turn came in Q2 2026: revenue of ~$4.46 billion (¥665.5 billion) (+11.6%), EBITDA of ~$773 million (¥115.3 billion) and net income of ~$182 million (¥27.2 billion), the first quarterly profit since Q2 2020, with management targeting a full-year profit for 2026. Rakuten Group, Inc. is a massive Japanese electronic commerce and online retailing company, operating a highly diverse global ecosystem with a market valuation generally exceeding $10 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 |
Rakuten
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$16.7B | ~-$1.2B | -7.1% | +9.5% | Source |
| FY2024 | ~$15.3B | ~-$1.1B | -7.1% | +10.0% | Source |
| FY2023 | ~$13.9B | ~-$2.3B | -16.4% | +7.4% | Source |
| FY2022 | ~$12.9B | ~-$2.5B | -19.3% | +14.6% | Source |
| FY2021 | ~$11.3B | ~-$896.6M | -8.0% | — | 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.
Rakuten
- Internet Services (Rakuten Ichiba, Travel, Rewards)Segment
Merchant fees and commissions, advertising, travel bookings and affiliate cash-back commissions.
- FinTech (Rakuten Card, Bank, Securities, Payment)
Segment (~$1.98B (¥295.4B) revenue in Q2 2026)
Card interchange and revolving interest, deposit spreads, brokerage commissions and payment fees.
- Mobile (Rakuten Mobile, Rakuten Symphony)Segment
Monthly mobile subscriptions and Open RAN telecom software and services sold to other operators.
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.
Rakuten
How it makes money
Rakuten makes money from three segments tied together by one Rakuten ID and Rakuten Points. Internet Services (Rakuten Ichiba, Rakuten Travel, Rakuten Rewards, Kobo) earns merchant fees, commissions and advertising, since Ichiba is a marketplace where independent shops run their own storefronts rather than a first-party retailer.
Growth strategy
Rakuten's growth strategy rests on three moves: push Rakuten Mobile toward sustained profitability by adding subscribers who also use other Rakuten services; deepen FinTech by consolidating card, bank and securities under Rakuten Bank to cut funding costs and cross-sell deposits in a rising-rate Japan; and apply AI across Ichiba search, recommendations and merchant tools to lift gross merchandise sales.
Competitive advantage
Rakuten's main edge is cross-use. A single Rakuten ID links shopping, card, bank, brokerage and mobile accounts, and the SPU program raises point rewards for customers who use several services. That base is large: Rakuten Bank had 18.46 million accounts and Rakuten Securities 14.39 million accounts in Q2 2026, and Rakuten Card shopping volume reached ~$186 billion (¥27.7 trillion) over the trailing twelve months.
Questions about JD.com vs Rakuten
Which company has higher revenue — JD.com or Rakuten?
JD.com had ~$182B (FY2025), while Rakuten had ~$16.7B (FY2025). By latest annual revenue, JD.com is the larger business, with Rakuten showing a smaller revenue base.
What is the market cap of JD.com vs Rakuten?
JD.com's market capitalisation stands at $35.0B, while Rakuten's is $9.8B. JD.com carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Rakuten.
How does revenue per employee compare for JD.com and Rakuten?
JD.com has $234k / employee in revenue per employee, while Rakuten has $507k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do JD.com and Rakuten make money?
JD.com and Rakuten generate revenue in fundamentally different ways. JD.com: JD.com earns money in four main ways. Rakuten: Rakuten makes money from three segments tied together by one Rakuten ID and Rakuten Points.
Which company is valued higher relative to revenue — JD.com or Rakuten?
On a price-to-sales (P/S) basis, JD.com trades at 0.2x P/S and Rakuten at 0.6x P/S. Rakuten 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 Rakuten?
By last reported revenue, JD.com (~$182B (FY2025)) is the larger company compared to Rakuten (~$16.7B (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 Rakuten overview