JD.com FY2025: Revenue Hits New Record, Building a New Moat

At the start of 2026, amid an increasingly intense competitive landscape in the e-commerce industry and widespread pressure on market growth, Chinese e-commerce giant JD.com (Nasdaq ticker: JD; Hong Kong Stock Exchange codes: 9618 and 89618) has delivered an impressive set of results. Recently, JD.com released its 2025 Q4 and full-year financial reports showing that its full-year total revenue reached RMB 13,091 billion, up 13% year over year. The growth rate accelerated compared with 2024, and its annual active user count surpassed 700 million for the first time in history.

However, behind the striking scale figures are profit pressure stemming from JD.com’s continued investment in new businesses, as well as a deep strategic push aimed at securing future market leadership.

Revenue Structure Optimization Highlights Consumer Resilience

In 2025, JD.com demonstrated strong resilience in its core retail business amid a complex economic environment. Full-year revenue, for the first time, climbed above the RMB 1.3 trillion threshold, and Q4 single-quarter revenue also reached RMB 352.3 billion, with double-digit growth in both cases. Breaking down its revenue composition makes it clear that its “full-category” strategy has been successful.

In the category of goods with its traditional advantage—specifically categories with 3C home appliances as the main focus—despite the higher base, full-year revenue still grew 7.1% year over year, consolidating its market leadership position. More importantly, the key growth engine came from the daily-use department store category. This category delivered double-digit growth for five consecutive quarters, surged 15.3% year over year for the full year, accounted for more than 40% of the proportion of merchandise revenue, and set a new annual record. This structural shift signals that JD.com is successfully extending users’ purchase mindsets from low-frequency, high-ticket electronic consumption to high-frequency, necessity-driven daily life consumption—thereby significantly improving user stickiness and platform activity.

In addition, the services revenue segment—represented by platform advertising and logistics services—performed especially strongly. Full-year revenue grew 23.6% year over year, and its share of total revenue increased to 21.8%, setting a new historical high. The high growth in services revenue validates the business logic behind JD.com’s heavy investment over many years in supply chain, logistics, and technology infrastructure, and its profit model is becoming more diversified and healthier.

Strong User Growth “Loss-to-Gain” for New Businesses

Users are the lifeline of internet companies. JD.com’s most eye-catching achievement in 2025 was undoubtedly the step-change growth in user scale and the significant improvement in engagement. The financial reports show that JD.com’s annual active user count has exceeded 700 million, while both quarterly active users and the frequency of users’ shopping on the platform grew by more than 30% year over year.

Behind this “user performance report” lies JD.com’s strategic investment across multiple new business areas. Among them, as the vanguard of competing in the local life services market, “JD.com Food” has, during its first year online, enabled more than 240 million users to place orders, with a market share exceeding 15%. At the earnings conference, Xu Ran, CEO of JD Group, said that although the food delivery business is still in the investment stage, while its scale is expanding steadily, losses are narrowing quarter by quarter. The company plans to raise the food delivery market share to 30% by the end of 2026. In addition, focusing on the lower-tier market business “JD Joy” and the business targeting international markets is also opening up new opportunities for JD.com’s long-term growth.

A common feature of these new businesses is that the initial investment is huge, resulting in operational losses of RMB 46.6 billion for JD.com’s new business segments in 2025, expanding by 46.6 billion year over year. This clearly shows that JD.com is actively building new “moats” in the existing market pool through a strategy of “strategic losses in exchange for user scale and market share.”

“Super Supply Chain” Empowers Full-Scale Penetration of AI Technology

Against the backdrop of “low prices” becoming a common competitive strategy across the industry, JD.com did not fall into simple price-cutting price wars. Financial reports and business progress indicate that JD.com is leveraging its “super supply chain” capabilities and continued technology investment to explore a differentiated path that balances “good and affordable” with industrial upgrading.

From tulip bulb sets sourced directly from the Netherlands, to cultivation in Yunnan, and ultimately delivered to consumers at a price lower than that of offline wholesale markets by four tenths—this case is a snapshot of JD.com’s supply chain effectiveness. In 2025, JD.com’s supermarket category exceeded 10,000 types of private-label customized products under contract, with transaction value growing by more than 80% year over year. The “Billion-Yuan Supermarket” channel launched this year will invest more than RMB 20 billion in subsidies over the next three years, aiming to create additional sales increment of RMB 200 billion for brands. Offline, JD.com’s stores across multiple formats—including 3C electronics, appliances, car services, and outlet stores—have already exceeded 10,000 locations, achieving deep integration between online and offline (300959).

Technology is the underlying engine driving all of this. In Q4 2025, R&D spending within the JD.com system increased 66% year over year. Since it transformed in 2017, its cumulative R&D spending has nearly reached RMB 170 billion. AI has become the “brain” of JD.com’s end-to-end operations: the JoyAI large model is applied across more than 2,000 business scenarios; the JoyCode intelligent coding platform generates more than 1 billion lines of code per year, with an internal contribution ratio of 40%; and the AI doctor “Dawa” has completed hundreds of millions of interactions. AI not only improves internal efficiency, but also reaches households through products such as intelligent hardware and digital humans.

Internationalization and Responsible Investing Sketch the Future

Facing fierce competition in the domestic market, internationalization is an important direction for JD.com to seek incremental growth. In Q4 2025, JD.com’s European online retail business Joybuy has already begun trial operations in multiple countries, and it plans to officially launch in March 2026. JD.com Logistics’ overseas network is also expanding rapidly. By the end of 2025, its overseas warehouses, bonded warehouses, and so on had covered 25 countries worldwide. Its first overseas “Wise Wolf” warehouse began operations in the UK, and JD.com has reached cooperation agreements with international partners such as DHL.

While pursuing commercial success, JD.com’s 2025 investment in “investing in people” and social responsibility has also drawn attention. In 2025, JD.com’s total human resources expenditure reached RMB 157.2 billion, an increase of RMB 33.7 billion year over year. The company continues to provide housing security for frontline employees through “Ggege (delivery rider) Home,” and has been recognized as a “National Advanced Private Enterprise in Employment and Social Security.”

Overall, JD.com’s 2025 financial reports present the profile of a giant in a critical transformation period: on one hand, its core retail business remains steady, its revenue structure continues to optimize, and its user base is more solid than ever; on the other hand, large-scale investment in emerging businesses brings profit pressure, but it also lays groundwork for future growth. JD.com is trying to find a balance between consolidating existing advantages and investing in the future. In the second half of the e-commerce industry, JD.com has chosen a heavy-asset, long-cycle path that drives supply chain efficiency through technology and creates value through services. Whether this path can continue to run smoothly amid intense market competition will be a crucial test in 2026.