JD.com Q4 EPS Miss by RMB0.10 as Revenue Rises 1.5% to RMB352.3B
JD's Q4 2025 EPS missed at RMB0.57 versus RMB0.67 estimate while revenue rose 1.5% year-over-year to RMB352.3B and adjusted EBITDA swung to a negative RMB0.8B from positive RMB12.5B in 2024. Full-year free cash flow plunged to RMB6B from RMB44B as JD readies AI investments for retail and overseas growth.
1. Q4 Financial Performance
JD.com reported Q4 2025 earnings per share of RMB0.57, missing the consensus by RMB0.10, while revenue increased 1.5% year-over-year to RMB352.3 billion. Adjusted EBITDA swung to a negative RMB0.8 billion from positive RMB12.5 billion in Q4 2024, with the non-GAAP EBITDA margin falling to negative 0.2%.
2. Free Cash Flow Decline
Free cash flow for full-year 2025 plunged to RMB6 billion from RMB44 billion in 2024, reflecting higher investment in new businesses and normalization in electronics and appliances. The sharp decline underscores pressures on JD's liquidity and highlights the need for improved cash conversion.
3. Strategic Growth Initiatives
JD plans to leverage AI and supply chain capabilities to drive growth in general merchandise and home appliances, expecting improvements in the second half of 2026. The company is also optimizing its food delivery operations with full-time riders and supply chain synergies to enhance profitability and user experience.
4. International Expansion and Joy Buy Launch
Joy Buy, JD's overseas platform, is set to launch in Europe in March, aiming to build local supply chain networks and differentiate through superior fulfillment services. JD will gradually increase investment in its international business and use logistics expertise to expand its global footprint.