JD.com Q4 EPS Misses and Adjusted EBITDA Drops to Negative RMB0.8B
JD.com’s fourth-quarter EPS of RMB0.57 fell short of the RMB0.67 estimate while revenue rose 1.5% to RMB352.28 billion, roughly matching forecasts. Adjusted EBITDA swung to a negative RMB0.8 billion with a -0.2% margin, even as the board approved a $1.0 per ADS dividend totaling $1.4 billion.
1. Q4 EPS Miss and Revenue Performance
JD.com posted fourth-quarter earnings per share of RMB0.57, below the consensus estimate of RMB0.67, while revenue increased 1.5% year-over-year to RMB352.28 billion, roughly in line with forecast levels.
2. Adjusted EBITDA Turnaround
Adjusted EBITDA swung to a loss of RMB0.8 billion in Q4, compared with a gain of RMB12.5 billion in the same quarter last year, pushing the non-GAAP EBITDA margin down to -0.2% from 3.6%.
3. Retail Segment Resilience
The core JD Retail business delivered RMB9.8 billion in operating income during the quarter, maintaining a 3.2% operating margin, slightly below the 3.3% margin recorded a year earlier.
4. $1.0 ADS Dividend Declaration
The board approved an annual cash dividend of $1.0 per ADS for 2025, representing approximately $1.4 billion in total payout, payable to shareholders on record as of April 9, 2026.