- Operating costs rose as JD.com increased spending on logistics, promotions and technology.
- Marketing costs surged over 50% YoY as the company ramped up promotional campaigns tied to new business initiatives.
- The company bought back approximately 183.2 million Class A shares, equivalent to 91.6 million ADS, for roughly $3 billion in 2025.
JD.com Inc. (JD) on Thursday reported its financial results for the fourth quarter (Q4) and full year of 2025, revealing modest revenue growth but a sharp decline in profitability as the Chinese e-commerce giant increased spending on operations, technology, and marketing.
The company also announced a cash dividend for shareholders and provided updates on its ongoing share repurchase program.
JD.com: Revenue Grows But Profit Under Pressure
The Beijing-based company said its revenue for Q4 rose 1.5% year-on-year to $50.4 billion, while the company posted a net loss of roughly RMB2.7 billion ($0.4 billion) for the fourth quarter, compared with a profit of RMB9.9 billion during the same quarter in 2024.
Diluted net loss per American depository share (ADS) was RMB2.07 ($0.29) for Q4, compared to a net income of RMB6.47 last year. JD.com attributed the decline largely to heavier investment in new initiatives and infrastructure.
JD stock traded over 1% lower in Thursday’s premarket. However, on Stocktwits, retail sentiment around the stock remained in ‘bullish’ territory, while message volume shifted to ‘extremely high’ from ‘high’ levels in 24 hours.
Expenses Climb Across Key Areas
Operating costs rose as JD.com increased spending on logistics, promotions and technology. Fulfillment expenses, which include warehousing, delivery services and customer support operations, climbed more than 20% YoY in Q4.
Marketing costs surged even faster, jumping over 50% YoY as the company ramped up promotional campaigns tied to new business initiatives. Research and development spending rose more than 50% YoY during the quarter.
JD.com said its board approved a cash dividend of $1.0 per American depositary share for 2025. The company also bought back approximately 183.2 million Class A shares, equivalent to 91.6 million ADS, for roughly $3 billion in 2025.
Exchange Rate: 1RMB = 0.14USD
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