What is Jd.Com Inc's earnings per share (EPS)?

Jd.Com Inc (JD) reported diluted earnings per share of $0.92 for fiscal year 2025. This represents a -50.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Jd.Com Inc Financials

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Jd.Com Inc (JD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI JD FY2025 2026-04-22

JD.com's FY2025 story is a below-gross-profit squeeze: sales and merchandise margin improved, but operating and cash earnings thinned sharply.

Through FY2024, gross margin and cash generation had been improving together. FY2025 broke that linkage: gross margin still reached 16.0%, yet operating margin slipped to 0.2% and operating cash flow weakened, which suggests the pressure sat after the gross profit line—in operating costs or working-capital absorption—rather than in the underlying merchandise spread.

The free-cash-flow squeeze looks operational rather than investment-led. Free cash flow fell to $1.6B from $7.2B, even though capital spending stayed modest, so far less of each sales dollar was left over for buybacks, dividends, or balance-sheet flexibility than in the prior two years.

The balance sheet still provided room to absorb that softer year: cash and equivalents rose to $19.7B and the current ratio stayed above 1.0x. But leverage also moved up to 1.8x debt-to-equity, which fits a business that can carry significant obligations as long as its high-volume model keeps converting sales into cash with reasonable consistency.

Financial Health Signals

Financial Profile 39/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Jd.Com Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Jd.Com Inc has an operating margin of 0.2%, meaning the company retains $0 of operating profit per $100 of revenue. This below-average margin results in a low score of 26/100, suggesting thin profitability after operating expenses. This is down from 3.3% the prior year.

Growth

Jd.Com Inc's revenue surged 17.9% year-over-year to $187.2B, reflecting rapid business expansion. This strong growth earns a score of 51/100.

Leverage

Jd.Com Inc carries a low D/E ratio of 1.78, meaning only $1.78 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 66/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Jd.Com Inc's current ratio of 1.22 is below the typical benchmark, resulting in a score of 20/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Jd.Com Inc has a free cash flow margin of 0.9%, earning a moderate score of 32/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Jd.Com Inc's ROE of 10.3% shows moderate profitability relative to equity, earning a score of 39/100. This is down from 18.7% the prior year.

Altman Z-Score Grey Zone

2.63

Jd.Com Inc scores 2.63, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.

Piotroski F-Score Neutral

4/9

Jd.Com Inc passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Mixed

0.82x

For every $1 of reported earnings, Jd.Com Inc generates $0.82 in operating cash flow ($2.7B OCF vs $3.3B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

1.0x

Jd.Com Inc earns $1.0 in operating income for every $1 of interest expense ($397.0M vs $401.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$187.2B

YoY+17.9%

5Y CAGR+10.4%

10Y CAGR+20.9%

Jd.Com Inc generated $187.2B in revenue in fiscal year 2025. This represents an increase of 17.9% from the prior year.

EBITDA

$1.8B

YoY-72.6%

5Y CAGR-8.7%

Jd.Com Inc's EBITDA was $1.8B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 72.6% from the prior year.

Net Income

$3.3B

YoY-45.9%

5Y CAGR-15.2%

Jd.Com Inc reported $3.3B in net income in fiscal year 2025. This represents a decrease of 45.9% from the prior year.

EPS (Diluted)

$0.92

YoY-50.0%

5Y CAGR-17.7%

Jd.Com Inc earned $0.92 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 50.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$1.6B

YoY-77.9%

Jd.Com Inc generated $1.6B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 77.9% from the prior year.

Cash & Debt

$19.7B

YoY+32.4%

5Y CAGR+8.3%

10Y CAGR+22.6%

Jd.Com Inc held $19.7B in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

16.0%

YoY+0.2pp

5Y CAGR+1.4pp

10Y CAGR+2.6pp

Jd.Com Inc's gross margin was 16.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.2 percentage points from the prior year.

Operating Margin

0.2%

YoY-3.1pp

5Y CAGR-1.4pp

10Y CAGR+3.8pp

Jd.Com Inc's operating margin was 0.2% in fiscal year 2025, reflecting core business profitability. This is down 3.1 percentage points from the prior year.

Net Margin

1.8%

YoY-2.1pp

5Y CAGR-4.8pp

10Y CAGR+6.9pp

Jd.Com Inc's net profit margin was 1.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.1 percentage points from the prior year.

Return on Equity

10.3%

YoY-8.4pp

5Y CAGR-16.0pp

10Y CAGR+41.0pp

Jd.Com Inc's ROE was 10.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 8.4 percentage points from the prior year.

Capital Allocation

R&D Spending

$3.2B

YoY+36.3%

5Y CAGR+5.1%

Jd.Com Inc invested $3.2B in research and development in fiscal year 2025. This represents an increase of 36.3% from the prior year.

Share Buybacks

$3.1B

YoY-13.7%

5Y CAGR+129.8%

Jd.Com Inc spent $3.1B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 13.7% from the prior year.

Capital Expenditures

$1.1B

YoY+52.5%

Jd.Com Inc invested $1.1B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 52.5% from the prior year.

JD Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$187.2B+17.9%	$158.8B+3.9%	$152.8B+0.7%	$151.7B+1.6%	$149.3B+30.6%	$114.3B
Cost of Revenue	$157.2B+17.7%	$133.6B+2.5%	$130.3B-0.1%	$130.4B+1.0%	$129.1B+32.3%	$97.6B
Gross Profit	$30.0B+19.2%	$25.2B+12.0%	$22.5B+5.5%	$21.3B+5.3%	$20.3B+21.1%	$16.7B
R&D Expenses	$3.2B+36.3%	$2.3B+1.0%	$2.3B-5.7%	$2.4B-4.4%	$2.6B+3.6%	$2.5B
SG&A Expenses	$1.7B+40.6%	$1.2B-11.0%	$1.4B-14.7%	$1.6B-11.6%	$1.8B+84.7%	$982.2M
Operating Income	$397.0M-92.5%	$5.3B+44.8%	$3.7B+28.1%	$2.9B+340.0%	$650.0M-65.6%	$1.9B
Interest Expense	$401.0M+1.0%	$397.0M-2.2%	$406.0M+33.1%	$305.0M+60.5%	$190.0M+10.2%	$172.4M
Income Tax	$312.0M-66.9%	$943.0M-20.2%	$1.2B+95.4%	$605.0M+104.4%	$296.0M+30.4%	$227.1M
Net Income	$3.3B-45.9%	$6.1B+86.8%	$3.3B+132.8%	$1.4B+300.7%	-$701.0M-109.3%	$7.6B
EPS (Diluted)	$0.92-50.0%	$1.84+72.0%	$1.07+127.7%	$0.47+361.1%	$-0.18-107.4%	$2.43

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q3'19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

JD Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$99.4B+3.9%	$95.7B+8.0%	$88.6B+2.6%	$86.3B+10.8%	$77.9B+20.4%	$64.7B
Current Assets	$53.5B+1.1%	$53.0B+22.2%	$43.4B-14.8%	$50.9B+8.2%	$47.0B+30.7%	$36.0B
Cash & Equivalents	$19.7B+32.4%	$14.8B+46.6%	$10.1B-11.4%	$11.4B+3.0%	$11.1B-15.8%	$13.2B
Inventory	$13.6B+11.5%	$12.2B+27.7%	$9.6B-15.2%	$11.3B-4.7%	$11.9B+31.3%	$9.0B
Accounts Receivable	$3.9B+11.5%	$3.5B+22.7%	$2.9B-4.2%	$3.0B+59.8%	$1.9B+71.3%	$1.1B
Goodwill	$3.8B+6.8%	$3.5B+25.2%	$2.8B-16.1%	$3.4B+71.9%	$2.0B+16.7%	$1.7B
Total Liabilities	$57.4B+8.8%	$52.7B+12.6%	$46.8B+0.6%	$46.6B+18.8%	$39.2B+27.4%	$30.8B
Current Liabilities	$43.8B+6.7%	$41.0B+9.7%	$37.4B-3.2%	$38.6B+11.1%	$34.8B+30.4%	$26.7B
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$32.2B-1.9%	$32.8B+0.4%	$32.7B+5.6%	$30.9B-5.6%	$32.8B+14.1%	$28.7B
Retained Earnings	$12.1B+15.8%	$10.5B+69.1%	$6.2B+46.0%	$4.2B-19.9%	$5.3B-7.5%	$5.7B

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q3'19
Total Assets	$99.4B+3.9%	$95.7B+8.0%	$88.6B+2.6%	$86.3B+10.8%	$77.9B+20.4%	$64.7B+73.5%	$37.3B+8.5%	$34.4B
Current Assets	$53.5B+1.1%	$53.0B+22.2%	$43.4B-14.8%	$50.9B+8.2%	$47.0B+30.7%	$36.0B+80.1%	$20.0B+10.2%	$18.1B
Cash & Equivalents	$19.7B+32.4%	$14.8B+46.6%	$10.1B-11.4%	$11.4B+3.0%	$11.1B-15.8%	$13.2B+148.4%	$5.3B+18.2%	$4.5B
Inventory	$13.6B+11.5%	$12.2B+27.7%	$9.6B-15.2%	$11.3B-4.7%	$11.9B+31.3%	$9.0B+8.5%	$8.3B+23.2%	$6.8B
Accounts Receivable	$3.9B+11.5%	$3.5B+22.7%	$2.9B-4.2%	$3.0B+59.8%	$1.9B+71.3%	$1.1B+22.6%	$889.2M+5.7%	$841.4M
Goodwill	$3.8B+6.8%	$3.5B+25.2%	$2.8B-16.1%	$3.4B+71.9%	$2.0B+16.7%	$1.7B+75.1%	$954.3M+2.7%	$929.5M
Total Liabilities	$57.4B+8.8%	$52.7B+12.6%	$46.8B+0.6%	$46.6B+18.8%	$39.2B+27.4%	$30.8B+34.6%	$22.9B+7.4%	$21.3B
Current Liabilities	$43.8B+6.7%	$41.0B+9.7%	$37.4B-3.2%	$38.6B+11.1%	$34.8B+30.4%	$26.7B+32.6%	$20.1B+8.3%	$18.6B
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$32.2B-1.9%	$32.8B+0.4%	$32.7B+5.6%	$30.9B-5.6%	$32.8B+14.1%	$28.7B+144.5%	$11.8B+10.7%	$10.6B
Retained Earnings	$12.1B+15.8%	$10.5B+69.1%	$6.2B+46.0%	$4.2B-19.9%	$5.3B-7.5%	$5.7B+435.1%	-$1.7B+21.0%	-$2.2B

JD Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$2.7B-65.9%	$8.0B-5.1%	$8.4B0.0%	$8.4B+26.3%	$6.6B+1.8%	$6.5B
Capital Expenditures	$1.1B+52.5%	$733.0M+29.3%	$567.0M-28.9%	$797.0M-8.7%	$873.0M	N/A
Free Cash Flow	$1.6B-77.9%	$7.2B-7.5%	$7.8B+3.0%	$7.6B+31.6%	$5.8B	N/A
Investing Cash Flow	$6.0B+5126.9%	-$119.0M+98.6%	-$8.4B-7.1%	-$7.8B+32.8%	-$11.7B-31.5%	-$8.9B
Financing Cash Flow	-$3.8B-32.8%	-$2.9B-251.7%	-$818.0M-578.4%	$171.0M-94.4%	$3.1B-71.9%	$10.9B
Dividends Paid	$1.5B+31.1%	$1.1B+19.3%	$949.0M-50.0%	$1.9B	N/A	N/A
Share Buybacks	$3.1B-13.7%	$3.5B+908.5%	$352.0M+33.3%	$264.0M-67.9%	$823.0M+1622.4%	$47.8M

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q3'19
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	$93.1M	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	$248.4M	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	$441.6M	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	$489K	N/A

JD Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	16.0%+0.2pp	15.9%+1.2pp	14.7%+0.7pp	14.1%+0.5pp	13.6%-1.1pp	14.6%
Operating Margin	0.2%-3.1pp	3.3%+0.9pp	2.4%+0.5pp	1.9%+1.4pp	0.4%-1.2pp	1.7%
Net Margin	1.8%-2.1pp	3.9%+1.7pp	2.1%+1.2pp	0.9%+1.4pp	-0.5%-7.1pp	6.6%
Return on Equity	10.3%-8.4pp	18.7%+8.6pp	10.0%+5.5pp	4.5%+6.7pp	-2.1%-28.4pp	26.3%
Return on Assets	3.3%-3.1pp	6.4%+2.7pp	3.7%+2.1pp	1.6%+2.5pp	-0.9%-12.6pp	11.7%
Current Ratio	1.22-0.1	1.29+0.1	1.16-0.2	1.32-0.0	1.350.0	1.35
Debt-to-Equity	1.78+0.2	1.61+0.2	1.43-0.1	1.50+0.3	1.20+0.1	1.07
FCF Margin	0.9%-3.7pp	4.5%-0.6pp	5.1%+0.1pp	5.0%+1.1pp	3.9%	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q3'19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	1.22-0.1	1.29+0.1	1.16-0.2	1.32-0.0	1.350.0	1.35+0.4	0.99+0.0	0.98
Debt-to-Equity	1.78+0.2	1.61+0.2	1.43-0.1	1.50+0.3	1.20+0.1	1.07-0.9	1.94-0.1	2.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Jd.Com Inc's annual revenue?

Jd.Com Inc (JD) reported $187.2B in total revenue for fiscal year 2025. This represents a 17.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Jd.Com Inc's revenue growing?

Jd.Com Inc (JD) revenue grew by 17.9% year-over-year, from $158.8B to $187.2B in fiscal year 2025.

Is Jd.Com Inc profitable?

Yes, Jd.Com Inc (JD) reported a net income of $3.3B in fiscal year 2025, with a net profit margin of 1.8%.

What is Jd.Com Inc's EBITDA?

Jd.Com Inc (JD) had EBITDA of $1.8B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Jd.Com Inc's gross margin?

Jd.Com Inc (JD) had a gross margin of 16.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Jd.Com Inc's operating margin?

Jd.Com Inc (JD) had an operating margin of 0.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Jd.Com Inc's net profit margin?

Jd.Com Inc (JD) had a net profit margin of 1.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Jd.Com Inc's return on equity (ROE)?

Jd.Com Inc (JD) has a return on equity of 10.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Jd.Com Inc's free cash flow?

Jd.Com Inc (JD) generated $1.6B in free cash flow during fiscal year 2025. This represents a -77.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Jd.Com Inc's operating cash flow?

Jd.Com Inc (JD) generated $2.7B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Jd.Com Inc's total assets?

Jd.Com Inc (JD) had $99.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Jd.Com Inc's capital expenditures?

Jd.Com Inc (JD) invested $1.1B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Jd.Com Inc spend on research and development?

Jd.Com Inc (JD) invested $3.2B in research and development during fiscal year 2025.

Does Jd.Com Inc buy back shares?

Yes, Jd.Com Inc (JD) spent $3.1B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is Jd.Com Inc's current ratio?

Jd.Com Inc (JD) had a current ratio of 1.22 as of fiscal year 2025, which is considered adequate.

What is Jd.Com Inc's debt-to-equity ratio?

Jd.Com Inc (JD) had a debt-to-equity ratio of 1.78 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Jd.Com Inc's return on assets (ROA)?

Jd.Com Inc (JD) had a return on assets of 3.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Jd.Com Inc's Altman Z-Score?

Jd.Com Inc (JD) has an Altman Z-Score of 2.63, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Jd.Com Inc's Piotroski F-Score?

Jd.Com Inc (JD) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Jd.Com Inc's earnings high quality?

Jd.Com Inc (JD) has an earnings quality ratio of 0.82x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Jd.Com Inc cover its interest payments?

Jd.Com Inc (JD) has an interest coverage ratio of 1.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Jd.Com Inc?

Jd.Com Inc (JD) scores 39 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.