JD.com Reports 2.71 bn Yuan Q4 Loss as Revenue Grows 1.5%
JD.com posted a fourth-quarter net loss of 2.71 bn yuan, its first quarterly loss since early 2022, versus a 9.85 bn yuan profit a year earlier. Revenue grew 1.5% to 352.3 bn yuan, but shares fell 1.7% after earnings and declined further on China’s lowered 2026 growth target of 4.5–5%.
1. First Quarterly Loss Since 2022
JD.com recorded a fourth-quarter net loss of 2.71 bn yuan, marking its first quarterly deficit since early 2022. This compares with a net income of 9.85 bn yuan in the same period a year ago and missed analyst expectations for a modest loss.
2. Revenue and Retail Performance
Net revenues for Q4 reached 352.3 bn yuan, up 1.5% year over year, while full-year revenues rose 13% to 1,309.1 bn yuan. Core JD Retail delivered 9.8 bn yuan in operating income for the quarter, maintaining a 3.2% margin, and full-year retail operating income climbed to 51.4 bn yuan with a 4.6% margin.
3. Competitive Food-Delivery Impact
JD.com’s entry into food delivery in early 2025 triggered an aggressive subsidy war with Meituan and Alibaba, squeezing margins and contributing to the quarterly loss. Management noted that losses in this segment have narrowed each quarter since launch as scale expands.
4. Market Reaction and Outlook
US-listed JD.com shares slid 1.7% on the day of the earnings release. They fell further after Beijing set a lower 2026 GDP growth target of 4.5–5%, raising concerns about consumer spending and near-term growth prospects.