JD.com reported net revenues of RMB 299.1 billion (about $42.0 billion) for the third quarter of 2025, a 14.9% year‑over‑year increase that surpassed consensus estimates of RMB 294.1 billion. The top‑line growth was driven by a 11.4% rise in JD Retail revenue to RMB 250.6 billion, a 30.8% jump in net service revenue, and a 199% surge in new‑business revenue, reflecting strong demand across its core e‑commerce, advertising, and logistics segments.
Net income attributable to ordinary shareholders fell 54.7% to RMB 5.3 billion (about $0.7 billion) from RMB 11.7 billion in the same quarter last year. The sharp decline was largely caused by higher marketing and investment costs in JD Food Delivery and other new ventures, which increased operating expenses and compressed the group’s overall margin. Non‑GAAP net income per ADS of $0.52 beat the consensus estimate of $0.46 by $0.06, a 13% upside, indicating that core retail operations maintained profitability even as new‑business spending weighed on the bottom line.
Segment analysis shows that JD Retail’s operating margin expanded to 5.9% from 5.2% YoY, driven by higher gross margins in general merchandise and advertising services. In contrast, the group’s operating income turned a loss of RMB 1.1 billion from an income of RMB 12.0 billion in Q3 2024, a result of significant capital outlays in food delivery and other growth initiatives that have yet to generate positive returns.
The market reacted positively, with JD’s shares rising nearly 5% in U.S. pre‑market trading. Investors rewarded the revenue and EPS beats and were encouraged by management’s indication that food‑delivery spending would ease in the coming quarters, signaling a potential shift toward a more balanced growth‑profitability profile.
CEO Sandy Xu highlighted the company’s continued expansion of its annual active customer base beyond 700 million and expressed confidence in JD Retail’s market position. CFO Ian Su Shan noted that the 14.9% revenue growth and 11.4% retail revenue increase were supported by strong demand, while attributing the consolidated bottom‑line pressure to ongoing investments in new businesses. No new guidance was issued for the next quarter or fiscal year.
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