Revenue growth has decelerated to 1.5% in 2025Q4, while gross margins have collapsed from historical levels near 15% to a negative 3.2% due to intense pricing competition.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 1.31T | 1.16T | 1.08T | 1.05T | 951.59B | 745.8B | 576.89B | 462.02B | 362.33B | 260.12B | 181.29B | 115B | 69.34B | 41.38B | 21.13B |
| Revenue Growth % | 12.97% | 6.84% | 3.67% | 9.95% | 27.59% | 29.28% | 24.86% | 27.51% | 39.29% | 43.49% | 57.64% | 65.85% | 67.57% | 95.85% | - |
| Cost of Goods Sold | 1.19T | 1.05T | 924.96B | 899.16B | 822.53B | 636.69B | 492.47B | 396.07B | 311.52B | 220.7B | 157.01B | 101.63B | 62.5B | 37.9B | 19.98B |
| COGS % of Revenue | 90.69% | 90.21% | 85.28% | 85.94% | 86.44% | 85.37% | 85.37% | 85.72% | 85.98% | 84.84% | 86.61% | 88.37% | 90.13% | 91.59% | 94.55% |
| Gross Profit | 121.85B | 113.44B | 159.7B | 147.07B | 129.07B | 109.11B | 84.42B | 65.95B | 50.81B | 39.42B | 24.28B | 13.37B | 6.84B | 3.48B | 1.15B |
| Gross Margin % | 9.31% | 9.79% | 14.72% | 14.06% | 13.56% | 14.63% | 14.63% | 14.28% | 14.02% | 15.16% | 13.39% | 11.63% | 9.87% | 8.41% | 5.45% |
| Gross Profit Growth % | 7.41% | -28.97% | 8.59% | 13.95% | 18.29% | 29.24% | 28% | 29.79% | 28.9% | 62.38% | 81.58% | 95.36% | 96.55% | 202.16% | - |
| Operating Expenses | 119.08B | 74.71B | 133.68B | 127.35B | 124.92B | 96.77B | 75.43B | 68.55B | 51.65B | 41.57B | 27.99B | 19.17B | 7.3B | 5.39B | 2.53B |
| OpEx % of Revenue | 9.1% | 6.45% | 12.32% | 12.17% | 13.13% | 12.97% | 13.07% | 14.84% | 14.26% | 15.98% | 15.44% | 16.67% | 10.53% | 13.03% | 11.98% |
| Selling, General & Admin | 95.93B | 56.84B | 49.84B | 48.83B | 50.3B | 33.56B | 27.72B | 56.41B | 45B | 36.19B | 24.53B | 17.34B | 6.46B | 4.8B | 2.32B |
| SG&A % of Revenue | 7.33% | 4.91% | 4.6% | 4.67% | 5.29% | 4.5% | 4.81% | 12.21% | 12.42% | 13.91% | 13.53% | 15.08% | 9.32% | 11.59% | 10.96% |
| Research & Development | 22.23B | 17.03B | 16.39B | 16.89B | 16.33B | 16.15B | 14.62B | 12.14B | 6.65B | 5.38B | 3.45B | 1.84B | 963.65M | 636.35M | 239.92M |
| R&D % of Revenue | 1.7% | 1.47% | 1.51% | 1.61% | 1.72% | 2.17% | 2.53% | 2.63% | 1.84% | 2.07% | 1.91% | 1.6% | 1.39% | 1.54% | 1.14% |
| Other Operating Expenses | 916M | 834M | 67.44B | 61.63B | 58.29B | 47.05B | 33.08B | 95.17M | 0 | 0 | -140.6M | 0 | -19.51M | 4.87M | -2.67M |
| Operating Income | 2.77B | 38.74B | 26.02B | 19.72B | 4.14B | 12.34B | 8.99B | -2.62B | -835.48M | -2.14B | -6.46B | -5.8B | -578.83M | -1.95B | -1.4B |
| Operating Margin % | 0.21% | 3.34% | 2.4% | 1.89% | 0.44% | 1.65% | 1.56% | -0.57% | -0.23% | -0.82% | -3.56% | -5.05% | -0.83% | -4.71% | -6.65% |
| Operating Income Growth % | -92.84% | 48.84% | 31.95% | 376.29% | -66.45% | 37.22% | 443.43% | -213.49% | 61.05% | 66.79% | -11.32% | -902.45% | 70.33% | -38.96% | - |
| EBITDA | 11.47B | 46.52B | 34.32B | 26.96B | 10.37B | 18.41B | 14.82B | 2.94B | 3.27B | 1.23B | -3.84B | -4.15B | -285.69M | -1.77B | -1.33B |
| EBITDA Margin % | 0.88% | 4.01% | 3.16% | 2.58% | 1.09% | 2.47% | 2.57% | 0.64% | 0.9% | 0.47% | -2.12% | -3.61% | -0.41% | -4.27% | -6.3% |
| EBITDA Growth % | -75.33% | 35.57% | 27.29% | 159.9% | -43.66% | 24.21% | 404.03% | -10.14% | 166.76% | 131.95% | 7.5% | -1353.31% | 83.82% | -32.72% | - |
| D&A (Non-Cash Add-back) | 8.7B | 7.79B | 8.29B | 7.24B | 6.23B | 6.07B | 5.83B | 5.56B | 4.11B | 3.37B | 2.62B | 1.65B | 293.14M | 185.73M | 73.95M |
| EBIT | 28.13B | 39.57B | 34.53B | 15.97B | -1.37B | 51.94B | 14.42B | -1.52B | 1.08B | -1.26B | -7.68B | -4.95B | -41.5M | -1.72B | -1.28B |
| Net Interest Income | -2.8B | 6.46B | 6.7B | 3.64B | 3B | 1.63B | 1.06B | 1.26B | 1.57B | 608.28M | 600.41M | 608.82M | 335.33M | 167.43M | 56.1M |
| Interest Income | 0 | 9.35B | 9.58B | 5.74B | 4.21B | 2.75B | 1.79B | 2.12B | 2.53B | 1.23B | 673.01M | 637.64M | 343.77M | 175.75M | 56.1M |
| Interest Expense | 2.8B | 2.9B | 2.88B | 2.11B | 1.21B | 1.13B | 725.01M | 854.54M | 963.74M | 618.57M | 72.59M | 28.82M | 8.44M | 8.32M | 0 |
| Other Income/Expense | 22.55B | 12.8B | 5.63B | -5.86B | -6.72B | 38.48B | 4.7B | 245.45M | 956.44M | -630.25M | -2.4B | 825.4M | 528.89M | 227.75M | 120.3M |
| Pretax Income | 25.32B | 51.54B | 31.65B | 13.87B | -2.58B | 50.82B | 13.69B | -2.37B | 120.96M | -1.88B | -7.76B | -4.98B | -49.94M | -1.72B | -1.28B |
| Pretax Margin % | 1.93% | 4.45% | 2.92% | 1.33% | -0.27% | 6.81% | 2.37% | -0.51% | 0.03% | -0.72% | -4.28% | -4.33% | -0.07% | -4.16% | -6.08% |
| Income Tax | 2.18B | 6.88B | 8.39B | 4.18B | 1.89B | 1.48B | 1.8B | 426.87M | 139.59M | 166.39M | -14.65M | 19.32M | -40K | 6.13M | -2.67M |
| Effective Tax Rate % | 8.61% | 13.35% | 26.52% | 30.11% | -73.14% | 2.92% | 13.17% | -17.98% | 115.4% | -8.84% | 0.19% | -0.39% | 0.08% | -0.36% | 0.21% |
| Net Income | 19.63B | 41.36B | 24.17B | 10.38B | -3.56B | 49.41B | 12.18B | -2.49B | 128.76M | -2B | -7.73B | -12.95B | -2.49B | -3.32B | -1.28B |
| Net Margin % | 1.5% | 3.57% | 2.23% | 0.99% | -0.37% | 6.62% | 2.11% | -0.54% | 0.04% | -0.77% | -4.26% | -11.26% | -3.58% | -8.02% | -6.08% |
| Net Income Growth % | -52.54% | 71.14% | 132.82% | 391.57% | -107.21% | 305.49% | 589% | -2035.04% | 106.44% | 74.13% | 40.31% | -421.23% | 25.07% | -158.38% | - |
| Net Income (Continuing) | 23.14B | 44.66B | 23.26B | 9.69B | -4.47B | 49.34B | 11.89B | -2.8B | -18.63M | -2.05B | -7.74B | -5B | -49.9M | -1.73B | -1.28B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 68.79B | 73.95B | 64.52B | 60.76B | 37.87B | 34.08B | 2.69B | 17.06B | 347.89M | 7.33B | 137.83M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 12.90 | 26.90 | 15.24 | 6.42 | -2.30 | 31.78 | 8.22 | -1.74 | 0.08 | -2.40 | -5.66 | -4.12 | -0.04 | -1.18 | -1.26 |
| EPS Growth % | -52.04% | 76.51% | 137.38% | 379.13% | -107.24% | 286.62% | 572.41% | -2275% | 103.33% | 57.6% | -37.38% | -10200% | 96.61% | 6.35% | - |
| EPS (Basic) | 13.78 | 27.66 | 15.38 | 6.64 | -2.30 | 32.70 | 8.36 | -1.74 | 0.10 | -2.40 | -5.66 | -4.12 | -0.04 | -1.22 | -0.90 |
| Diluted Shares Outstanding | 1.49B | 1.54B | 1.59B | 1.59B | 1.55B | 1.55B | 1.48B | 1.44B | 1.46B | 1.4B | 1.37B | 1.21B | 1.46B | 1.46B | 1.46B |
| Basic Shares Outstanding | 1.42B | 1.54B | 1.57B | 1.56B | 1.55B | 1.51B | 1.46B | 1.44B | 1.42B | 1.4B | 1.37B | 1.21B | 1.42B | 1.42B | 1.42B |
| Dividend Payout Ratio | 52.87% | 19.98% | 27.89% | 126.08% | - | - | - | - | - | - | - | - | - | - | - |
Margin compression from competition
According to the most recent quarterly financial data, JD's revenue growth has exhibited significant volatility, culminating in a sharp contraction of gross margins to -3.2% in 2025Q4, which suggests that the company's aggressive pursuit of market share is currently yielding diminishing returns on its top-line expansion.
The erratic revenue trajectory reflects a struggle to balance volume growth against a highly competitive pricing environment. Investors should monitor whether the recent deceleration in growth durability indicates a structural shift in consumer preference toward lower-cost, asset-light platforms.
As reported in recent income statements, JD's gross margin profile has deteriorated significantly, falling from historical levels near 15% to a negative 3.2% in 2025Q4, highlighting the extreme difficulty of maintaining profitability within a 1P-heavy retail model during periods of intense domestic price competition.
The collapse in gross margins suggests that the company's fulfillment-heavy infrastructure is becoming a liability rather than a moat when pricing power is absent. This trend warrants further investigation into whether the current cost structure can support a return to positive operating margins without sacrificing long-term service quality.
Based on the provided quarterly figures, JD's operating income has swung into negative territory, reaching -$5.8B in 2025Q4, which indicates that the company is currently failing to achieve the necessary operating leverage to offset its massive fixed-cost base associated with its proprietary logistics and fulfillment network.
The inability to scale operating income faster than revenue suggests that the company's overhead is not sufficiently elastic to handle revenue fluctuations. This lack of efficiency appears to be a direct consequence of the high fixed-cost nature of the 1P business model, which requires constant volume to remain profitable.
Financial filings reveal a concerning trend where stock-based compensation remains elevated at $1.1B even as operating income turns negative, suggesting that the company's current path may be unsustainable if it cannot successfully transition toward a higher-margin, service-oriented revenue mix in the near future.
Short-sellers would likely focus on the divergence between the company's massive logistics investment and its inability to generate consistent bottom-line growth. The reliance on 1P sales in a deflationary environment may continue to pressure margins, potentially forcing a re-evaluation of the company's long-term valuation multiples.
Quick answers to the most common questions about buying JD stock.
For fiscal year 2025, JD.com, Inc. (JD) reported total revenue of $1.31T. This represents a 6095.7% increase compared to $21.13B in 2011.
JD.com, Inc. (JD) is profitable, generating $19.63B in net income for the fiscal year ending 2025 with a net profit margin of 1.5%.
JD.com, Inc. (JD) reported an operating income of $2.77B, resulting in an operating profit margin of 0.2%. This margin reflects the operational efficiency of the business before interest and taxes.
JD.com, Inc. (JD) generated $121.85B in gross profit for the year, representing a gross profit margin of 9.3%. This demonstrates the company's core pricing power and production efficiency.