JD.com, Inc. (JD) Income Statement
JD 2025 at a glance
Fiscal year ended December 31, 2025 · Chinese yuanJD revenue and net income
Where JD's revenue goes
2025Each bar shows an amount and its share of revenue. JD kept 1.5% of revenue as net income.
JD profit margins
JD growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +13.0% | +7.8% | +11.9% | +21.9% |
| Gross profit | +7.4% | −6.1% | +2.2% | +17.5% |
| Operating income | −92.8% | −48.0% | −25.8% | — |
| Net income | −52.5% | +23.7% | −16.9% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
JD income statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.31T | CN¥1.16T | CN¥1.08T | CN¥1.05T | CN¥951.59B | CN¥745.80B | CN¥576.89B | CN¥462.02B | CN¥362.33B | CN¥260.12B |
| Cost of revenue | CN¥1.19T | CN¥104.54B | CN¥924.96B | CN¥899.16B | CN¥822.53B | CN¥636.69B | CN¥492.47B | CN¥396.07B | CN¥311.52B | CN¥220.70B |
| Gross profit | CN¥121.85B | CN¥113.44B | CN¥159.70B | CN¥147.07B | CN¥129.07B | CN¥109.11B | CN¥84.42B | CN¥65.95B | CN¥50.81B | CN¥39.42B |
| Research & development | CN¥22.23B | CN¥17.03B | CN¥16.39B | CN¥16.89B | CN¥16.33B | CN¥16.15B | CN¥14.62B | CN¥12.14B | CN¥6.65B | CN¥5.38B |
| Sales, general & admin | CN¥95.93B | CN¥56.84B | CN¥49.84B | CN¥48.83B | CN¥50.30B | CN¥33.56B | CN¥27.72B | CN¥56.41B | CN¥45.00B | CN¥36.19B |
| Total operating expenses | CN¥119.08B | CN¥74.71B | CN¥133.68B | CN¥127.35B | CN¥124.92B | CN¥96.77B | CN¥75.43B | CN¥68.55B | CN¥51.65B | CN¥41.57B |
| Operating income | CN¥2.77B | CN¥38.74B | CN¥26.02B | CN¥19.72B | CN¥4.14B | CN¥12.34B | CN¥8.99B | −CN¥2.62B | −CN¥835.5M | −CN¥2.14B |
| Interest income | CN¥9.06B | CN¥9.35B | CN¥9.58B | CN¥5.74B | CN¥4.21B | CN¥2.75B | CN¥1.79B | CN¥2.12B | CN¥2.53B | CN¥481.6M |
| Interest expense | CN¥2.80B | CN¥2.90B | CN¥2.88B | CN¥2.11B | CN¥1.21B | CN¥1.13B | CN¥725.0M | CN¥854.5M | CN¥963.7M | CN¥618.6M |
| Income before taxes | CN¥25.32B | CN¥51.54B | CN¥31.65B | CN¥13.87B | −CN¥2.58B | CN¥50.82B | CN¥13.69B | −CN¥2.37B | CN¥121.0M | −CN¥1.88B |
| Income taxes | CN¥2.18B | CN¥6.88B | CN¥8.39B | CN¥4.18B | CN¥1.89B | CN¥1.48B | CN¥1.80B | CN¥426.9M | CN¥139.6M | CN¥166.4M |
| Net income | CN¥19.63B | CN¥41.36B | CN¥24.17B | CN¥10.38B | −CN¥3.56B | CN¥49.41B | CN¥12.18B | −CN¥2.49B | CN¥128.8M | −CN¥2.00B |
| EBITDA | CN¥37.87B | CN¥47.36B | CN¥42.82B | CN¥23.21B | CN¥4.87B | CN¥58.01B | CN¥20.25B | CN¥4.04B | CN¥5.28B | CN¥2.16B |
| Gross margin | 9.3% | 9.8% | 14.7% | 14.1% | 13.6% | 14.6% | 14.6% | 14.3% | 14.0% | 15.2% |
| Operating margin | 0.2% | 3.3% | 2.4% | 1.9% | 0.4% | 1.7% | 1.6% | −0.6% | −0.2% | −0.8% |
| Net margin | 1.5% | 3.6% | 2.2% | 1.0% | −0.4% | 6.6% | 2.1% | −0.5% | 0.0% | −0.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥345.42B | CN¥313.78B | CN¥352.28B | CN¥299.06B | CN¥356.66B | CN¥301.08B | CN¥346.99B | CN¥260.39B | CN¥291.40B | CN¥260.05B | CN¥306.08B | CN¥247.70B |
| Cost of revenue | CN¥286.56B | CN¥261.35B | CN¥363.39B | CN¥270.59B | CN¥300.02B | CN¥253.23B | CN¥313.99B | CN¥231.62B | CN¥245.46B | CN¥220.70B | CN¥263.00B | CN¥208.95B |
| Gross profit | CN¥58.87B | CN¥52.43B | −CN¥11.11B | CN¥28.47B | CN¥56.64B | CN¥47.85B | CN¥33.00B | CN¥28.77B | CN¥45.94B | CN¥39.35B | CN¥43.08B | CN¥38.75B |
| Research & development | CN¥7.24B | CN¥6.79B | CN¥6.66B | CN¥5.65B | CN¥5.30B | CN¥4.62B | CN¥4.38B | CN¥4.40B | CN¥4.22B | CN¥4.03B | CN¥4.28B | CN¥3.79B |
| Sales, general & admin | CN¥23.41B | CN¥18.96B | CN¥3.18B | CN¥24.04B | CN¥30.28B | CN¥12.75B | CN¥19.29B | CN¥12.32B | CN¥14.00B | CN¥11.09B | CN¥15.49B | CN¥10.43B |
| Total operating expenses | CN¥54.74B | CN¥48.65B | −CN¥5.26B | CN¥29.52B | CN¥57.50B | CN¥37.31B | CN¥24.50B | CN¥16.72B | CN¥35.44B | CN¥31.65B | CN¥36.69B | CN¥29.45B |
| Operating income | CN¥4.13B | CN¥3.78B | −CN¥5.85B | −CN¥1.05B | −CN¥859.0M | CN¥10.53B | CN¥8.49B | CN¥12.04B | CN¥10.50B | CN¥7.70B | CN¥6.39B | CN¥9.30B |
| Interest income | — | — | — | — | — | — | — | — | — | CN¥2.59B | — | — |
| Interest expense | CN¥706.0M | CN¥681.9M | CN¥830.0M | CN¥730.0M | CN¥643.0M | CN¥600.0M | CN¥926.0M | CN¥681.0M | CN¥688.0M | CN¥601.0M | CN¥927.0M | CN¥710.0M |
| Income before taxes | CN¥10.63B | CN¥7.05B | −CN¥1.35B | CN¥6.63B | CN¥6.70B | CN¥13.34B | CN¥11.61B | CN¥15.24B | CN¥15.62B | CN¥9.06B | CN¥3.31B | CN¥10.80B |
| Income taxes | CN¥1.97B | CN¥1.25B | −CN¥124.0M | CN¥252.0M | −CN¥10.0M | CN¥2.06B | CN¥750.0M | CN¥2.41B | CN¥2.02B | CN¥1.70B | CN¥1.39B | CN¥2.58B |
| Net income | CN¥7.11B | CN¥5.07B | −CN¥2.71B | CN¥5.28B | CN¥6.18B | CN¥10.89B | CN¥9.85B | CN¥11.73B | CN¥12.64B | CN¥7.13B | CN¥3.39B | CN¥7.94B |
| EBITDA | CN¥6.98B | CN¥10.38B | CN¥2.26B | CN¥8.89B | CN¥9.45B | CN¥16.22B | CN¥11.32B | CN¥6.27B | CN¥18.24B | CN¥11.88B | CN¥4.23B | CN¥13.62B |
| Gross margin | 17.0% | 16.7% | −3.2% | 9.5% | 15.9% | 15.9% | 9.5% | 11.0% | 15.8% | 15.1% | 14.1% | 15.6% |
| Operating margin | 1.2% | 1.2% | −1.7% | −0.4% | −0.2% | 3.5% | 2.4% | 4.6% | 3.6% | 3.0% | 2.1% | 3.8% |
| Net margin | 2.1% | 1.6% | −0.8% | 1.8% | 1.7% | 3.6% | 2.8% | 4.5% | 4.3% | 2.7% | 1.1% | 3.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported in JD's financial statements (latest annual report filed April 16, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
JD financial results
In fiscal year 2025 (ended December 31, 2025), JD.com reported revenue of CN¥1.31 trillion, up 13.0% from the year before. It had net income of CN¥19.6 billion (down 52.5%), a net profit margin of 1.5%. Over five years revenue grew at an average rate of 11.9% a year. Figures are in Chinese yuan, the currency of its financial statements.
See the JD stock overview for the latest quote and news, or the JD chart for price history and technical indicators.
JD income statement FAQ
What is JD.com's annual revenue?
JD.com reported total revenue of CN¥1.31 trillion for fiscal year 2025, which ended on December 31, 2025. That was up 13.0% from CN¥1.16 trillion the previous year.
Is JD.com profitable?
Yes. JD.com reported net income of CN¥19.6 billion in fiscal 2025, a net profit margin of 1.5%; its operating margin was 0.2%.
What is JD.com's gross margin?
JD.com's gross margin was 9.3% in fiscal 2025: for every $100 of revenue, JD.com kept $9 after the direct cost of its products and services.
How much does JD.com spend on research and development?
JD.com spent CN¥22.2 billion on research and development in fiscal 2025, 1.7% of revenue.
How fast is JD.com growing?
Revenue grew 11.9% a year on average over the last five fiscal years, from CN¥745.8 billion to CN¥1.31 trillion.
When will JD.com report its next earnings?
JD.com is expected to report results for the quarter ending September 30, 2026 on November 12, 2026 before the market opens.
When does JD.com's fiscal year end?
JD.com's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 16, 2026.