JD.com, Inc. (JD) Cash Flow Statement
Where JD’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- CN¥18.99B −67.3% vs 2024
- Capital expenditures
- CN¥14.18B 1.1% of revenue
- Free cash flow
- CN¥4.81B 0.4% margin
- Returned to shareholders
- CN¥31.81B 662% of free cash flow
- Change in cash
- CN¥33.91B cash at year-end CN¥149.62B
Cash from operations
CN¥18.99B
Capital expenditures
−CN¥14.18B
Investments (net)
+CN¥56.27B
Acquisitions & other
−CN¥252.0M
Dividends
−CN¥10.38B
Share buybacks (net)
−CN¥21.43B
Net borrowing (repayment)
+CN¥10.27B
Other financing
−CN¥5.19B
Currency & other
−CN¥186.0M
Change in cash
CN¥33.91B
Drawn to scale: where the cash came from and how it was used. Hover for values.
JD operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
JD cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | CN¥8.77B2016 | CN¥18.99B2025 | +9.0%/yr | |
| Capital expenditures | CN¥4.46B2016 | CN¥14.18B2025 | +13.7%/yr | |
| Free cash flow | CN¥4.31B2016 | CN¥4.81B2025 | +1.2%/yr | |
| Free cash flow margin | 1.7%2016 | 0.4%2025 | −1.3 pts | |
| Operating cash flow / net income | 2.082019 | 0.822025 | −1.26 | |
| Stock-based compensation | CN¥2.34B2016 | CN¥4.73B2025 | +8.1%/yr | |
| Dividends paid | CN¥02016 | CN¥10.38B2025 | — | |
| Share buybacks (net) | CN¥5.34B2016 | CN¥21.43B2025 | +16.7%/yr | |
| Capex / revenue | 1.7%2016 | 1.1%2025 | −0.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
JD cash flow by activity
OperatingInvestingFinancingChange in cash
JD net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
JD cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | CN¥23.14B | CN¥44.66B | CN¥24.17B | CN¥9.69B | −CN¥4.47B | CN¥49.34B | CN¥11.89B | −CN¥2.80B | −CN¥18.6M | −CN¥3.41B |
| Depreciation & amortization | CN¥9.75B | CN¥8.90B | CN¥8.29B | CN¥7.24B | CN¥6.23B | CN¥6.07B | CN¥5.83B | CN¥5.56B | CN¥4.19B | CN¥3.42B |
| Stock-based compensation | CN¥4.73B | CN¥3.00B | CN¥4.80B | CN¥7.55B | CN¥9.13B | CN¥4.16B | CN¥3.69B | CN¥3.66B | CN¥2.78B | CN¥2.34B |
| Change in working capital | −CN¥7.04B | CN¥5.15B | CN¥15.88B | CN¥22.23B | CN¥19.52B | CN¥18.68B | CN¥7.77B | CN¥12.36B | CN¥18.77B | CN¥3.01B |
| Other non-cash items | −CN¥11.58B | −CN¥3.62B | CN¥6.38B | CN¥11.12B | CN¥11.88B | −CN¥35.69B | −CN¥4.40B | CN¥2.11B | −CN¥903.6M | CN¥3.41B |
| Cash from operating activities | CN¥18.99B | CN¥58.09B | CN¥59.52B | CN¥57.82B | CN¥42.30B | CN¥42.54B | CN¥24.78B | CN¥20.88B | CN¥24.82B | CN¥8.77B |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥14.18B | −CN¥13.82B | −CN¥20.02B | −CN¥21.98B | −CN¥18.57B | −CN¥7.67B | −CN¥3.51B | −CN¥21.37B | −CN¥11.36B | −CN¥4.46B |
| Investments (net) | CN¥56.27B | −CN¥871.0M | −CN¥14.38B | −CN¥54.03B | −CN¥74.25B | −CN¥57.81B | −CN¥29.15B | −CN¥26.08B | −CN¥37.50B | −CN¥48.27B |
| Acquisitions & other investing | −CN¥252.0M | CN¥13.82B | −CN¥25.15B | CN¥21.98B | CN¥18.57B | CN¥7.67B | CN¥7.31B | CN¥21.37B | CN¥11.36B | CN¥4.46B |
| Cash from investing activities | CN¥41.83B | −CN¥871.0M | −CN¥59.54B | −CN¥54.03B | −CN¥74.25B | −CN¥57.81B | −CN¥25.35B | −CN¥26.08B | −CN¥37.50B | −CN¥48.27B |
| Financing activities | ||||||||||
| Dividends paid | −CN¥10.38B | −CN¥8.26B | −CN¥6.74B | −CN¥13.09B | −CN¥62.0M | −CN¥22.25B | −CN¥112.2M | −CN¥9.83B | CN¥0 | CN¥0 |
| Share repurchases & issuance (net) | −CN¥21.43B | −CN¥25.91B | −CN¥2.50B | −CN¥1.82B | −CN¥5.25B | −CN¥311.8M | −CN¥131.0M | −CN¥205.9M | CN¥0 | −CN¥5.34B |
| Net borrowing (repayment) | CN¥10.27B | CN¥14.37B | CN¥3.11B | CN¥11.84B | −CN¥2.12B | CN¥6.80B | −CN¥4.05B | −CN¥9.09B | CN¥3.95B | CN¥14.28B |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥31.78B | CN¥0 | CN¥19.49B | CN¥0 | CN¥0 |
| Other financing | −CN¥5.19B | −CN¥1.20B | CN¥317.0M | CN¥4.25B | CN¥26.93B | CN¥55.05B | CN¥6.87B | CN¥10.86B | CN¥15.28B | CN¥31.76B |
| Cash from financing activities | −CN¥26.73B | −CN¥21.00B | −CN¥5.81B | CN¥1.18B | CN¥19.50B | CN¥71.07B | CN¥2.57B | CN¥11.22B | CN¥19.23B | CN¥40.70B |
| Summary | ||||||||||
| Net change in cash | CN¥33.91B | CN¥36.32B | −CN¥5.72B | CN¥8.42B | −CN¥13.94B | CN¥50.72B | CN¥2.41B | CN¥7.70B | CN¥5.92B | CN¥1.91B |
| Cash at end of period | CN¥149.62B | CN¥115.72B | CN¥79.40B | CN¥85.11B | CN¥76.69B | CN¥90.64B | CN¥39.91B | CN¥37.50B | CN¥25.69B | CN¥19.77B |
| Free cash flow | CN¥4.81B | CN¥44.28B | CN¥39.51B | CN¥35.84B | CN¥23.74B | CN¥34.87B | CN¥21.27B | −CN¥488.1M | CN¥13.47B | CN¥4.31B |
| Free cash flow margin | 0.4% | 3.8% | 3.6% | 3.4% | 2.5% | 4.7% | 3.7% | −0.1% | 3.7% | 1.7% |
| Capex / revenue | 1.1% | 1.2% | 1.8% | 2.1% | 2.0% | 1.0% | 0.6% | 4.6% | 3.1% | 1.7% |
| Operating cash flow / net income | 0.82 | 1.30 | 2.46 | 5.97 | — | 0.86 | 2.08 | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | CN¥7.11B | CN¥5.10B | −CN¥2.71B | CN¥5.28B | CN¥6.18B | CN¥10.89B | CN¥9.85B | CN¥11.73B | CN¥12.64B | CN¥7.37B | CN¥3.39B | CN¥7.94B |
| Depreciation & amortization | CN¥2.85B | CN¥2.65B | — | CN¥2.25B | CN¥2.10B | CN¥2.28B | — | CN¥2.00B | CN¥1.93B | CN¥2.22B | CN¥2.18B | CN¥2.11B |
| Stock-based compensation | — | CN¥913.0M | — | CN¥1.16B | CN¥1.66B | CN¥767.0M | CN¥796.0M | CN¥778.0M | CN¥666.0M | CN¥759.0M | CN¥980.0M | CN¥1.37B |
| Change in working capital | — | −CN¥7.04B | — | — | — | −CN¥24.85B | — | — | — | −CN¥22.39B | CN¥13.44B | CN¥13.44B |
| Other non-cash items | CN¥27.37B | −CN¥1.07B | CN¥23.59B | −CN¥16.72B | CN¥14.47B | −CN¥7.35B | CN¥14.24B | −CN¥20.73B | CN¥35.49B | CN¥732.0M | −CN¥297.7M | −CN¥9.86B |
| Cash from operating activities | CN¥37.32B | CN¥555.0M | CN¥20.88B | −CN¥8.04B | CN¥24.41B | −CN¥18.26B | CN¥24.89B | −CN¥6.22B | CN¥50.74B | −CN¥11.31B | CN¥19.69B | CN¥15.00B |
| Investing activities | ||||||||||||
| Capital expenditures | −CN¥5.51B | −CN¥5.06B | CN¥0 | −CN¥2.60B | −CN¥3.03B | −CN¥2.32B | CN¥0 | −CN¥5.36B | −CN¥3.32B | −CN¥2.88B | −CN¥5.09B | −CN¥4.99B |
| Investments (net) | — | — | — | −CN¥154.0M | CN¥8.22B | CN¥16.24B | −CN¥12.48B | CN¥21.73B | −CN¥38.53B | CN¥28.41B | −CN¥63.07B | CN¥14.96B |
| Acquisitions & other investing | −CN¥23.96B | −CN¥22.79B | — | CN¥2.60B | CN¥3.03B | CN¥2.32B | — | CN¥5.36B | CN¥3.32B | CN¥2.88B | CN¥4.74B | CN¥4.99B |
| Cash from investing activities | −CN¥29.47B | −CN¥27.86B | — | −CN¥154.0M | CN¥8.22B | CN¥16.24B | — | CN¥21.73B | −CN¥38.53B | CN¥28.41B | −CN¥63.42B | CN¥14.96B |
| Financing activities | ||||||||||||
| Dividends paid | — | −CN¥10.38B | — | — | — | −CN¥8.26B | — | — | — | −CN¥6.74B | −CN¥6.74B | −CN¥6.74B |
| Share repurchases & issuance (net) | — | −CN¥21.43B | — | — | — | −CN¥25.91B | — | — | CN¥1.16B | −CN¥8.36B | −CN¥2.50B | −CN¥2.50B |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | −CN¥19.72B | CN¥26.36B | — | CN¥8.00B | −CN¥12.44B | CN¥26.89B | — | −CN¥1.81B | −CN¥10.13B | CN¥7.66B | CN¥7.44B | CN¥4.75B |
| Cash from financing activities | −CN¥19.72B | −CN¥5.45B | — | CN¥8.00B | −CN¥12.44B | −CN¥7.29B | — | −CN¥1.81B | −CN¥8.97B | −CN¥7.45B | −CN¥1.80B | −CN¥4.49B |
| Summary | ||||||||||||
| Net change in cash | −CN¥10.86B | −CN¥34.26B | CN¥24.29B | −CN¥822.0M | CN¥20.10B | −CN¥9.66B | −CN¥104.96B | CN¥12.91B | CN¥3.12B | CN¥9.52B | −CN¥44.47B | CN¥24.72B |
| Cash at end of period | CN¥102.50B | CN¥115.37B | CN¥149.62B | CN¥125.33B | CN¥126.16B | CN¥106.06B | CN¥115.72B | CN¥104.96B | CN¥92.05B | CN¥88.92B | CN¥79.40B | CN¥123.87B |
| Free cash flow | CN¥31.82B | −CN¥4.51B | CN¥6.70B | −CN¥10.63B | CN¥21.38B | −CN¥20.59B | CN¥11.07B | −CN¥11.58B | CN¥47.42B | −CN¥14.20B | CN¥14.60B | CN¥10.01B |
| Free cash flow margin | 9.2% | −1.4% | 1.9% | −3.6% | 6.0% | −6.8% | 3.2% | −4.4% | 16.3% | −5.5% | 4.8% | 4.0% |
| Capex / revenue | 1.6% | 1.6% | 0.0% | 0.9% | 0.9% | 0.8% | 0.0% | 2.1% | 1.1% | 1.1% | 1.7% | 2.0% |
| Operating cash flow / net income | 5.25 | 0.11 | — | −1.52 | 3.95 | −1.68 | 2.53 | −0.53 | 4.01 | −1.54 | 5.81 | 1.89 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
JD cash generation
In fiscal 2025 (ended December 31, 2025), JD.com generated CN¥19.0 billion of cash from operations (down 67.3%) and spent CN¥14.2 billion on capital expenditures, leaving free cash flow of CN¥4.8 billion, 0.4% of revenue. It returned CN¥31.8 billion to shareholders through dividends (CN¥10.4 billion) and net share buybacks (CN¥21.4 billion). Cash and equivalents rose by CN¥33.9 billion over the year.
Related: JD income statement, JD balance sheet, JD dividend history. See the JD stock overview for the latest quote and news.
JD cash flow FAQ
What is JD.com's free cash flow?
JD.com's free cash flow was CN¥4.8 billion in fiscal 2025: CN¥19.0 billion of operating cash flow minus CN¥14.2 billion of capital expenditures It was CN¥44.3 billion a year earlier..
How much cash does JD.com generate from operations?
JD.com generated CN¥19.0 billion of cash from operating activities in fiscal 2025, 0.82 times its net income of CN¥23.1 billion.
How much does JD.com spend on capital expenditures?
JD.com spent CN¥14.2 billion on capital expenditures in fiscal 2025, 1.1% of revenue, compared with CN¥13.8 billion the year before.
How much stock does JD.com buy back?
JD.com spent CN¥21.4 billion on net share repurchases in fiscal 2025.
How much does JD.com pay in dividends?
JD.com paid CN¥10.4 billion in dividends in fiscal 2025, 215.9% of free cash flow.