Revenue’s still climbing
JD Group’s Q4 2025 net revenue came in at CNY 352.3 billion, up 1.5% year over year and a touch ahead of expectations. So the top line is holding up — not exactly moonshot stuff, but enough to keep the story moving in the right direction.
Profits met the investment blender
Here’s the catch: the company leaned hard into new business segments, and that showed up fast in the bottom line. JD posted a net loss attributable to shareholders of CNY 2.7 billion for the quarter, versus a CNY 9.9 billion profit a year earlier. Ouch. Full-year net profit halved to CNY 19.6 billion, while non-GAAP net profit fell 43.5% to CNY 27.0 billion.
The “future growth” bill came due
The new business segment logged an annual operating loss of CNY 46.6 billion, which basically tells you where the money went: food delivery, cross-border e-commerce, and other growth initiatives. In plain English, JD is betting that if it spends now, it can build a sturdier growth engine later. That’s the kind of move investors either applaud as “strategic” or side-eye as “please don’t burn the furniture.”
Shareholders did get a little candy
To soften the profit pain, JD kept returning cash to investors. In 2025, it repurchased about USD 3 billion of stock — roughly 6.3% of the float — and proposed an annual cash dividend of USD 1.0 per ADS, or about USD 1.4 billion total. So yes, the company is spending aggressively on growth, but it’s not ignoring shareholders entirely.
Big picture: JD is still growing sales, but it’s choosing speed over margins. If those new businesses scale, today’s pain could look smart later. If not, this starts to feel like a very expensive shopping spree.