JD.com Q4 Revenue Falls 1.7% While Full-Year Retail Margin Expands to 4.6%
JD.com’s Q4 2025 revenue fell 1.7% year-on-year as electronics and appliances softened, but core retail margin expanded via supply-chain efficiencies and stronger marketplace and marketing services. For full-year 2025 JD Retail margin rose 52 basis points to 4.6%, active customers topped 700 million (+30%), and shopping frequency surged 40%.
1. Q4 Revenue Performance
JD.com’s fourth-quarter 2025 revenue slipped 1.7% year-on-year, weighed down by softness in electronics and home appliances. Resilient spending in general merchandise, alongside gains in marketplace and marketing services, helped cushion the decline.
2. Full-Year Retail Margin Expansion
For the full year 2025, JD Retail operating margin expanded by 52 basis points to 4.6%, marking its sixth consecutive year of margin growth. This improvement was driven by deepened supply-chain efficiencies that offset strategic investments in pricing and R&D.
3. Active Customer and Engagement Growth
Active customers surged 30% year-on-year to exceed 700 million, with shopping frequency jumping over 40%. This momentum was powered by organic retail growth and new initiatives like JD Food Delivery and a member base surpassing 40 million.
4. New Businesses and Efficiency Gains
JD.com’s newer business lines reported steady efficiency improvements and a sequential decline in total investments, highlighting the company’s strategy to diversify profit streams beyond its core retail operations.