Total revenue: Q4 +2% YoY to RMB 352 billion; full year 2025 +13% to RMB 1.3 trillion (CFO).
Product revenue: Q4 –3% YoY (electronics & home appliances –12%); full year +10% (electronics +7%) (CFO).
General merchandise: Q4 +12% YoY, full year +15%; supermarket mid-teens growth with margin expansion; fashion categories showed broad-based gains (CEO).
Service revenue: Q4 +20%, full year +24%; marketplace & marketing revenue Q4 +15%, full year +19%; advertising double-digit growth every quarter (CFO).
JD Retail: Q4 revenue –2% YoY; gross margin +1.1 pp YoY in both Q4 and FY; operating margin 3.2% in Q4 (flat YoY), FY margin 4.6% (+52 bps) – sixth consecutive year of expansion (CEO, CFO).
JD Logistics: Q4 revenue +22%, FY +19%; non-GAAP operating income Q4 +3%, FY –17% due to investment in customer experience and technology (CFO).
New business (incl. food delivery, Jingxi, international): Q4 revenue +201%, FY +157%; non-GAAP operating loss narrowed to RMB 14.8 billion in Q4; JD Food Delivery loss down ~20% QoQ and loss rate over GMV narrowed significantly (CFO, CEO).
Non-GAAP net income: Q4 RMB 1.1 billion, FY RMB 27 billion; net margin 0.3% and 2.1% respectively (CFO).
Free cash flow: FY 2025 RMB 6 billion vs. RMB 44 billion in 2024, reflecting cash outflows from trade-in program (CFO).
User metrics: Quarterly active customers +30% YoY; annual active customers exceeded 700 million; user shopping frequency +40% YoY for full year; JD Plus user base double-digit growth (CEO).
AI / technology: JoyAI token invocations surged ~100x vs. 2024; Jingyan AI agent >150 million annual active customers in 2025; multimodal AI handled 4.2 billion inquiries during 11.11 (CEO).
Official Guidance
No specific numeric guidance provided for Q1 2026 or full year 2026. Management noted “consistent upward trend” year-to-date in 2026 and confidence in “sustainable, profitable growth.” Expectations: marketplace & marketing revenue to maintain solid growth momentum; investment in food delivery has peaked in 2025 and will trend downward in 2026 if competition rationalizes (CEO, CFO).
Management Quotes
Sandy Xu (CEO): "We closed Q4 with results in line with expectations as we navigated short-term challenges while delivering on solid overall full year performance for 2025."
Sandy Xu (CEO): "User shopping frequency surged by over 40% year-on-year for the full year with broad-based gains across all user groups."
Ian Su Shan (CFO): "JD Retail's gross margin increased by 1.1 percentage points year-on-year in both Q4 and full year 2025."
Ian Su Shan (CFO): "Our free cash flow for the full year of 2025 was RMB 6 billion compared to RMB 44 billion last year."
Sandy Xu (CEO): "Since its inception, JD Food Delivery has sustained sequential loss reduction every single quarter."