JD.com (JD) Stock: Q4 Revenue Misses Estimates as Net Loss Widens

TLDR

• JD.com Q4 revenue rose 1.5% year-over-year to RMB352.28 billion, missing analyst estimates of RMB352.89 billion.
• EPS came in at RMB0.57, below the consensus of RMB0.67.
• Adjusted EBITDA swung to negative RMB0.8 billion, down sharply from positive RMB12.5 billion a year earlier.
• The company posted a net loss of RMB2.7 billion for the quarter, compared to a RMB9.9 billion profit in Q4 2024.
• JD.com approved a $1.0 per ADS annual cash dividend for 2025, with a total payout of around $1.4 billion.

JD.com came up short on its fourth-quarter numbers, with both earnings and revenue falling below what analysts had penciled in.

Q4 revenue grew 1.5% year-over-year to RMB352.28 billion (approximately $51.12 billion). That missed the consensus estimate of RMB352.89 billion. It’s not a huge gap, but it’s a miss all the same.

On the earnings side, JD posted EPS of RMB0.57 for the quarter, against a consensus expectation of RMB0.67.

JD.com, Inc., JD

The net loss picture was harder to ignore. JD reported a net loss of RMB2.7 billion attributable to ordinary shareholders, a stark reversal from the RMB9.9 billion profit it posted in the same quarter a year earlier.

Adjusted EBITDA also took a hit — negative RMB0.8 billion in Q4 2025, compared to positive RMB12.5 billion in Q4 2024. The non-GAAP EBITDA margin dropped to negative 0.2%, down from 3.6%.

Retail Segment Holds Steady

JD Retail, the company’s core business, posted operating income of RMB9.8 billion for the quarter, down slightly from RMB10.0 billion a year ago. Its operating margin came in at 3.2%, compared with 3.3% in Q4 2024 — a small but real compression.

Full-year retail performance was stronger. The segment achieved double-digit growth in both revenues and operating profit for 2025, according to Xu.

JD.com has been leaning on diversification to offset pressure on its core business. Its advertising unit and instant retail operations are being positioned as higher-margin growth drivers.

CFO Ian Su Shan pointed to this shift: “Our revenue mix has become increasingly diversified, and as profitability strengthens… and higher-margin businesses such as advertising contribute a larger share, we are confident that our profit streams will become more diversified as well.”

Competition and Subsidy Headwinds

The competitive environment in Chinese e-commerce remains tough. Alibaba and PDD Holdings have both ramped up discounts on their platforms, putting pressure across the sector on pricing and margins.

Government subsidies, which had given JD a lift in previous quarters — particularly in home appliances — are fading as year-over-year comparisons get harder.

Consumer spending in China has been under pressure for some time, with the property sector slump and employment concerns weighing on discretionary purchases.

JD’s U.S.-listed stock edged marginally lower in premarket trading following the earnings release.

On the capital return side, the company’s board approved an annual cash dividend of $1.0 per ADS for 2025. The record date is April 9, 2026, with a total expected payout of approximately $1.4 billion.

The post JD.com (JD) Stock: Q4 Revenue Misses Estimates as Net Loss Widens appeared first on CoinCentral.