JDNasdaqRetail-Retail Stores, NECFiscal year ends December 31Also trades as JDCMF
JD.com, Inc.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 16, 2026
$26.78−0.23 (-0.85%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
16.0%+1.4 pts over 5 years
Operating margin
0.2%−1.4 pts over 5 years
Net margin
–
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +13.0% | +7.8% | +11.9% | +21.9% | |
| Gross profit | +14.2% | +12.6% | +14.0% | +25.3% | |
| Operating income | -92.8% | -48.0% | -25.8% | – | |
| EPS, diluted | -52.0% | +26.2% | -16.4% | – | |
| Free cash flow | -78.8% | -40.2% | -22.2% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Current ratio | 1.02 | 1.35 | 1.22 | |
| Interest coverage | -2.0× | 11.0× | 1.0× | |
| Inventory turnover | 9.0× | 10.9× | 11.9× | |
| Capex to revenue | – | 0.5% | 0.6% | |
| Diluted shares | 2.80B | 3.11B | 2.98B |
Where the cash went
Fiscal 2021 to 2025, five years combined
JD.com generated CN¥236.73B from operations and spent CN¥123.65B on capital expenditure, dividends and share buybacks. 23% of that went back into the business.
Generated
CN¥236.73B
Used
CN¥123.65B
Capital expenditureCN¥28.27B23%DividendsCN¥38.47B31%Share buybacksCN¥56.91B46%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-1.5%
×Asset turnover2.11×
×Equity multiplier3.81×
=Return on equity, FY2016-11.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2016 | -1.5% | 2.11× | 3.81× | -11.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 5 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero–
- Cash generatingOperating cash flow above zeroCN¥18.99B
- Return on assets improvedROA up on the prior year– → –
- Earnings backed by cashOperating cash flow above net incomeCN¥18.99B vs –
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.29 → 1.22
- No dilutionShare count did not rise3.08B → 2.98B
- Gross margin improvedGross margin up on the prior year15.87% → 16.04%
- More efficientAsset turnover rose1.84 → 1.87