JD.com Q4 Revenue Rises 2% to RMB 352B; Approves $1.4B Dividend, $3B Buybacks
JD.com reported Q4 net revenues of RMB 352 billion, up 2% year-over-year, and full-year revenues rose 13% to RMB 1.3 trillion with non-GAAP net income of RMB 27 billion. The board approved $1.4 billion in dividends and canceled $3 billion of share repurchases as free cash flow fell from RMB 44 billion to RMB 6 billion in 2025.
1. Q4 and Full-Year Results
JD.com reported Q4 net revenues of RMB 352 billion, up 2% year-over-year, with non-GAAP profit of RMB 1.1 billion. For full year 2025, revenues rose 13% to RMB 1.3 trillion and non-GAAP net income reached RMB 27 billion, yielding a 2.1% margin.
2. Category Trends
Electronics and home appliances declined 12% in Q4 after a 7% full-year gain, while general merchandise grew 12.1% in Q4 and 15.3% for the year, driven by supermarkets, healthcare and fashion. Service revenues—including marketplace, marketing and logistics—rose 20% in Q4 and 24% for the full year.
3. Shareholder Returns and Cash Flow
The board approved $1.4 billion in dividends and canceled $3 billion of share repurchases, even as free cash flow plunged from RMB 44 billion in 2024 to RMB 6 billion in 2025. Year-end cash and short-term investments stood at RMB 225 billion.
4. New Business Expansion
New business revenues surged 201% in Q4 and 157% for the full year, led by JD Food Delivery’s narrowing losses and preparation for a Europe launch with same/next-day delivery. Management reduced delivery losses by 20% quarter-on-quarter and grew active merchants by 270%.