The company's gross margin plummeted to a negligible 0.2% in 2025Q4, reflecting limited pricing power and an inability to scale profitability despite a 113.3% increase in quarterly revenue.
| Sales/Revenue | 584.41M | 565.27M | 497.87M | 651.99M | 545.59M | 290.33M |
| Revenue Growth % | 3.38% | 13.54% | -23.64% | 19.5% | 87.92% | - |
| Cost of Goods Sold | 564.83M | 576.44M | 513.74M | 614.61M | 511.09M | 269.31M |
| COGS % of Revenue | 96.65% | 101.98% | 103.19% | 94.27% | 93.68% | 92.76% |
| Gross Profit | 19.58M | -11.17M | -15.87M | 37.39M | 34.5M | 21.03M |
| Gross Margin % | 3.35% | -1.98% | -3.19% | 5.73% | 6.32% | 7.24% |
| Gross Profit Growth % | 275.3% | 29.63% | -142.45% | 8.36% | 64.08% | - |
| Operating Expenses | 53.72M | 40.95M | 63.88M | 36.68M | 21.69M | 14.69M |
| OpEx % of Revenue | 9.19% | 7.24% | 12.83% | 5.63% | 3.98% | 5.06% |
| Selling, General & Admin | 52.9M | 32.36M | 38.15M | 34.59M | 20.23M | 13.32M |
| SG&A % of Revenue | 9.05% | 5.73% | 7.66% | 5.3% | 3.71% | 4.59% |
| Research & Development | 823K | 1.08M | 1.39M | 2.1M | 1.46M | 1.38M |
| R&D % of Revenue | 0.14% | 0.19% | 0.28% | 0.32% | 0.27% | 0.47% |
| Other Operating Expenses | 0 | 7.5M | 24.34M | 0 | 0 | 0 |
| Operating Income | -34.14M | -52.12M | -79.75M | 702.21K | 12.81M | 6.33M |
| Operating Margin % | -5.84% | -9.22% | -16.02% | 0.11% | 2.35% | 2.18% |
| Operating Income Growth % | 34.48% | 34.65% | -11457.69% | -94.52% | 102.22% | - |
| EBITDA | -32.28M | -47.76M | -69.22M | 1.39M | 13.35M | 10.42M |
| EBITDA Margin % | -5.52% | -8.45% | -13.9% | 0.21% | 2.45% | 3.59% |
| EBITDA Growth % | 32.4% | 31.01% | -5087.09% | -89.61% | 28.17% | - |
| D&A (Non-Cash Add-back) | 1.86M | 4.36M | 10.54M | 685.71K | 545.05K | 4.08M |
| EBIT | -34.14M | -53.86M | -82.09M | 702.21K | 12.81M | 5.33M |
| Net Interest Income | -214.33K | -2.61M | -995.25K | -943.32K | -1.36M | -651.13K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 214.33K | 2.61M | 995.25K | 943.32K | 1.36M | 651.13K |
| Other Income/Expense | -3.1M | -3.93M | -3.33M | 3.26M | -880.92K | -1.65M |
| Pretax Income | -37.24M | -56.05M | -83.08M | 3.96M | 11.93M | 4.68M |
| Pretax Margin % | -6.37% | -9.91% | -16.69% | 0.61% | 2.19% | 1.61% |
| Income Tax | -434.62K | -536.23K | -2.81M | 2.58M | 1.7M | 1.63M |
| Effective Tax Rate % | 1.17% | 0.96% | 3.38% | 65.21% | 14.28% | 34.92% |
| Net Income | -34.63M | -49.57M | -72.58M | 3.89M | 10.31M | 3.06M |
| Net Margin % | -5.93% | -8.77% | -14.58% | 0.6% | 1.89% | 1.05% |
| Net Income Growth % | 30.14% | 31.7% | -1966.34% | -62.26% | 236.51% | - |
| Net Income (Continuing) | -36.81M | -55.51M | -80.28M | 1.38M | 10.22M | 3.05M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -11.36M | -10.89M | -7.68M | -2.43M | -117.24K | -77.34K |
| EPS (Diluted) | -15.17 | -2.32 | -3.42 | 0.18 | 0.48 | 0.14 |
| EPS Growth % | -553.88% | 32.16% | -2000% | -62.5% | 242.86% | - |
| EPS (Basic) | -15.17 | -2.32 | -3.42 | 0.18 | 0.48 | 0.14 |
| Diluted Shares Outstanding | 2.29M | 21.35M | 21.25M | 21.25M | 21.25M | 21.25M |
| Basic Shares Outstanding | 2.29M | 21.35M | 21.25M | 21.25M | 21.25M | 21.25M |
| Dividend Payout Ratio | - | - | - | 159.27% | 59.98% | 44.08% |
Structural margin compression risk
As indicated by the most recent quarterly filings, JYD experienced a 113.3% revenue surge to $314.2 million, yet this top-line expansion appears disconnected from operational health, as the company continues to struggle with extreme volatility in its core freight forwarding volumes across the Shenzhen-Hong Kong corridor.
The dramatic revenue spike in 2025Q4 highlights the transactional nature of the business, where top-line figures are heavily influenced by pass-through carrier costs rather than sustainable service growth. Investors should interpret this growth with caution, as the lack of recurring contract revenue suggests that JYD remains highly susceptible to the unpredictable ebb and flow of global trade cycles.
Based on reported financial statements, JYD’s gross margin plummeted to a negligible 0.2% in 2025Q4, underscoring the company's limited pricing power and its role as a price-taker within the hyper-competitive, low-barrier logistics brokerage market serving small-to-medium enterprise shippers in the Pearl River Delta.
The inability to maintain consistent gross margins suggests that the company lacks a meaningful moat, leaving it vulnerable to even minor fluctuations in carrier rates. Without a shift toward higher-margin value-added services, the current cost structure appears insufficient to support long-term profitability, as the thin margins are easily eroded by operational overhead.
According to historical income statement data, JYD’s operating leverage is currently non-existent, with SG&A expenses of $37.0 million in 2025Q4 far outpacing the meager $471.8 thousand in gross profit, resulting in a significant operating loss that highlights a fundamental misalignment between overhead and revenue generation.
The company’s inability to scale operating income alongside revenue suggests that the current administrative and IT infrastructure is too costly for the volume of business being processed. This persistent negative operating leverage warrants further investigation into whether management can effectively rationalize the cost base or if the business model is inherently incapable of achieving economies of scale.
As reported in recent financial disclosures, JYD’s SG&A expenses have remained stubbornly high, reaching $37.0 million in the most recent quarter, which effectively consumes all gross profit and forces the company into a deep operating deficit that threatens its long-term financial sustainability without immediate cost discipline.
The high fixed-cost nature of the SG&A line item relative to the company's thin gross profit margins suggests a lack of expense discipline or an over-investment in administrative capacity. Investors should monitor whether management can successfully pivot toward a leaner operating model, as the current cost structure appears to be a primary driver of the company's ongoing net losses.
Quick answers to the most common questions about buying JYD stock.
For fiscal year 2025, Jayud Global Logistics Limited (JYD) reported total revenue of $584.4M. This represents a 101.3% increase compared to $290.3M in 2020.
Jayud Global Logistics Limited (JYD) reported a net loss of $34.6M for the fiscal year ending 2025.
Jayud Global Logistics Limited (JYD) reported an operating income of $-34.1M, resulting in an operating profit margin of -5.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Jayud Global Logistics Limited (JYD) generated $19.6M in gross profit for the year, representing a gross profit margin of 3.4%. This demonstrates the company's core pricing power and production efficiency.