NASDAQ : JD
JD.com, Inc. — Financial statements
Consumer Discretionary · Internet Retail · China
Last price 25.68 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 34.51B
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Financial statements
JD.com, Inc. (JD) reported revenue of 1.31T CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.31T | 1.31T | 1.16T | 1.08T | 1.05T | 951.59B |
| Cost of Revenue | 1.19T | 1.19T | 1.05T | 989.52B | 962.17B | 881.58B |
| Gross Profit | 123.74B | 121.85B | 113.44B | 95.15B | 84.06B | 70.01B |
| Selling, General & Admin | 95.07B | 95.93B | 56.84B | 49.84B | 48.83B | 50.30B |
| Research & Development | 26.47B | 22.23B | 17.03B | 16.39B | 16.89B | 16.33B |
| Operating Expenses | 121.55B | 118.16B | 73.87B | 66.24B | 65.72B | 66.64B |
| Operating Income | 2.19B | 3.69B | 39.57B | 28.91B | 18.34B | 3.37B |
| Interest Expense | -2.95B | -2.80B | -2.90B | -2.88B | -2.11B | -1.21B |
| Interest & Investment Income | 9.06B | 9.06B | 9.35B | 9.58B | 5.74B | 4.21B |
| Earnings From Equity Investments | 8.81B | 8.03B | 2.33B | 1.01B | -2.19B | -4.92B |
| Currency Exchange Gain (Loss) | 309.00M | 309.00M | -111.00M | -28.00M | 114.00M | 42.00M |
| Other Non Operating Income (Expenses) | 8.16B | 8.34B | 5.42B | 1.76B | 2.21B | 2.84B |
| EBT Excluding Unusual Items | 25.57B | 26.61B | 53.66B | 38.34B | 22.11B | 4.34B |
| Impairment of Goodwill | -1.30B | -1.30B | -799.00M | -3.14B | ||
| Gain (Loss) on Sale of Investments | -2.35B | -430.00M | -1.94B | -3.90B | -6.07B | -7.83B |
| Gain (Loss) on Sale of Assets | 757.00M | 442.00M | 2.18B | 2.37B | -2.18B | 907.00M |
| Asset Writedown | -1.56B | -2.02B | ||||
| Pretax Income | 23.03B | 25.32B | 51.54B | 31.65B | 13.87B | -2.58B |
| Income Tax Expense | 3.36B | 2.18B | 6.88B | 8.39B | 4.18B | 1.89B |
| Earnings From Continuing Operations | 19.67B | 23.14B | 44.66B | 23.26B | 9.69B | -4.47B |
| Net Income to Company | 19.67B | 23.14B | 44.66B | 23.26B | 9.69B | -4.47B |
| Minority Interest in Earnings | -4.88B | -3.51B | -3.30B | 910.00M | 689.00M | 907.00M |
| Net Income | 14.79B | 19.63B | 41.36B | 24.17B | 10.38B | -3.56B |
| Net Income to Common | 14.79B | 19.63B | 41.36B | 24.17B | 10.38B | -3.56B |
| Shares Outstanding (Basic) | 1.39B | 1.42B | 1.49B | 1.57B | 1.56B | 1.55B |
| Shares Outstanding (Diluted) | 1.45B | 1.49B | 1.54B | 1.59B | 1.59B | 1.55B |
| EPS (Basic) | 10.68 | 13.79 | 27.67 | 15.37 | 6.64 | -2.29 |
| EPS (Diluted) | 9.86 | 12.90 | 26.86 | 15.23 | 6.42 | -2.29 |
| Free Cash Flow | 28.50B | 1.60B | 40.59B | 39.02B | 37.97B | 26.27B |
| Free Cash Flow Per Share | 19.67 | 1.07 | 26.39 | 24.61 | 23.88 | 16.91 |
| Dividend Per Share | 6.99 | 6.99 | 7.30 | 5.39 | 4.28 | |
| Gross Margin | 9.42% | 9.31% | 9.79% | 8.77% | 8.04% | 7.36% |
| Operating Margin | 0.17% | 0.28% | 3.42% | 2.67% | 1.75% | 0.36% |
| Profit Margin | 1.13% | 1.50% | 3.57% | 2.23% | 0.99% | -0.37% |
| Free Cash Flow Margin | 2.17% | 0.12% | 3.50% | 3.60% | 3.63% | 2.76% |
| EBITDA | 11.80B | 13.44B | 48.47B | 37.20B | 25.58B | 9.61B |
| EBITDA Margin | 0.90% | 1.03% | 4.18% | 3.43% | 2.44% | 1.01% |
| D&A For EBITDA | 9.61B | 9.75B | 8.90B | 8.29B | 7.24B | 6.23B |
| EBIT | 2.19B | 3.69B | 39.57B | 28.91B | 18.34B | 3.37B |
| EBIT Margin | 0.17% | 0.28% | 3.42% | 2.67% | 1.75% | 0.36% |
| Effective Tax Rate | 14.59% | 8.61% | 13.35% | 26.52% | 30.11% | |
| Revenue as Reported | 1.31T | 1.31T | 1.16T | 1.08T | 1.05T | 951.59B |
| Advertising Expenses | 72.24B | 38.17B | 31.76B | 29.90B | 32.70B |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 89.07B | 137.49B | 108.35B | 71.89B | 78.86B | 70.77B |
| Short-Term Investments | 132.59B | 75.74B | 125.64B | 118.25B | 141.09B | 114.56B |
| Cash & Short-Term Investments | 221.66B | 213.23B | 234.00B | 190.15B | 219.96B | 185.33B |
| Accounts Receivable | 29.84B | 29.48B | 30.40B | 22.42B | 26.72B | 17.40B |
| Receivables | 29.84B | 30.95B | 31.68B | 24.13B | 28.85B | 19.22B |
| Inventory | 114.58B | 95.43B | 89.33B | 68.06B | 77.95B | 75.60B |
| Restricted Cash | 13.40B | 12.14B | 7.37B | 7.51B | 6.25B | 5.93B |
| Other Current Assets | 25.12B | 22.67B | 24.33B | 17.97B | 18.07B | 13.60B |
| Total Current Assets | 404.60B | 374.42B | 386.70B | 307.81B | 351.07B | 299.67B |
| Property, Plant & Equipment | 134.56B | 128.98B | 113.43B | 100.82B | 88.51B | 58.75B |
| Long-Term Investments | 96.44B | 103.82B | 116.22B | 137.59B | 72.00B | 82.31B |
| Goodwill | 26.29B | 26.29B | 25.71B | 19.98B | 23.12B | 12.43B |
| Other Intangible Assets | 45.96B | 44.60B | 44.63B | 46.50B | 42.99B | 20.16B |
| Long-Term Accounts Receivable | 264.00M | |||||
| Long-Term Deferred Tax Assets | 6.16B | 5.24B | 2.46B | 1.74B | 1.54B | 1.11B |
| Other Long-Term Assets | 11.39B | 10.99B | 8.72B | 14.27B | 15.88B | 21.07B |
| Total Assets | 725.41B | 695.20B | 698.23B | 628.96B | 595.25B | 496.51B |
| Accounts Payable | 230.63B | 149.99B | 158.51B | 133.04B | 127.31B | 112.70B |
| Accrued Expenses | 47.83B | 63.07B | 56.30B | 52.13B | 52.08B | 41.18B |
| Short-Term Debt | 3.53B | 8.01B | 7.58B | 5.03B | 12.15B | 4.37B |
| Current Portion of Long-Term Debt | 13.55B | 3.51B | ||||
| Current Portion of Leases | 10.05B | 9.40B | 7.61B | 7.75B | 7.69B | 6.67B |
| Current Income Taxes Payable | 5.02B | 7.01B | 9.49B | 7.31B | 5.93B | 2.57B |
| Current Unearned Revenue | 44.13B | 39.09B | 34.53B | 33.72B | 37.06B | 32.56B |
| Other Current Liabilities | 25.98B | 25.50B | 26.66B | 24.34B | 21.59B | |
| Total Current Liabilities | 354.74B | 306.07B | 299.52B | 265.65B | 266.56B | 221.64B |
| Long-Term Debt | 52.80B | 62.47B | 56.48B | 41.97B | 30.23B | 9.39B |
| Long-Term Leases | 25.37B | 23.71B | 18.11B | 13.68B | 14.98B | 13.72B |
| Long-Term Unearned Revenue | 964.00M | 1.11B | 1.30B | |||
| Long-Term Deferred Tax Liabilities | 8.70B | 8.02B | 9.50B | 9.27B | 6.51B | 1.90B |
| Other Long-Term Liabilities | 1.42B | 1.15B | 1.34B | 1.05B | 1.74B | 1.79B |
| Total Liabilities | 443.03B | 401.42B | 384.94B | 332.58B | 321.13B | 249.72B |
| Common Stock | 219.12B | |||||
| Additional Paid-In Capital | 141.51B | 182.40B | 184.20B | 184.04B | 182.58B | |
| Retained Earnings | 92.57B | 83.26B | 50.16B | 32.78B | 35.39B | |
| Treasury Stock | -7.87B | -27.74B | -3.41B | -2.49B | -2.97B | |
| Comprehensive Income & Other | -1.18B | 1.42B | 903.00M | -959.00M | -6.09B | |
| Total Common Equity | 219.12B | 225.04B | 239.35B | 231.86B | 213.37B | 208.91B |
| Minority Interest | 63.26B | 68.74B | 73.95B | 64.52B | 60.76B | 37.87B |
| Shareholders' Equity | 282.38B | 293.78B | 313.30B | 296.38B | 274.12B | 246.78B |
| Total Liabilities & Equity | 725.41B | 695.20B | 698.23B | 628.96B | 595.25B | 496.51B |
| Total Debt | 105.31B | 107.11B | 89.77B | 68.43B | 65.05B | 34.14B |
| Net Cash (Debt) | 154.75B | 157.97B | 203.60B | 121.72B | 154.91B | 151.19B |
| Net Cash Per Share | 106.83 | 106.09 | 132.38 | 76.78 | 97.40 | 97.31 |
| Filing Date Shares Outstanding | 1.34B | 1.37B | 1.45B | 1.57B | 1.57B | 1.56B |
| Total Common Shares Outstanding | 1.34B | 1.37B | 1.45B | 1.57B | 1.57B | 1.56B |
| Working Capital | 49.87B | 68.35B | 87.18B | 42.16B | 84.51B | 78.04B |
| Book Value Per Share | 163.03 | 164.15 | 164.87 | 147.79 | 136.09 | 134.31 |
| Tangible Book Value | 146.87B | 154.15B | 169.01B | 165.38B | 147.26B | 176.31B |
| Tangible Book Value Per Share | 109.28 | 112.44 | 116.42 | 105.42 | 93.92 | 113.36 |
| Land | 78.72B | 70.98B | 56.45B | 40.64B | 21.07B | |
| Machinery | 36.28B | 30.75B | 27.26B | 23.14B | 24.52B | |
| Construction In Progress | 6.50B | 6.16B | 9.92B | 11.16B | 5.82B | |
| Leasehold Improvements | 7.66B | 5.89B | 5.12B | 4.55B | 3.77B |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 14.79B | 19.63B | 41.36B | 24.17B | 10.38B | -3.56B |
| Depreciation & Amortization | 9.61B | 9.75B | 8.90B | 8.29B | 7.24B | 6.23B |
| Other Amortization | 14.00M | |||||
| Loss (Gain) From Sale of Assets | -458.00M | -458.00M | -2.04B | -2.32B | 2.59B | -889.00M |
| Asset Writedown & Restructuring Costs | 1.30B | 1.30B | 2.36B | 5.17B | ||
| Loss (Gain) From Sale of Investments | 430.00M | 430.00M | 1.94B | 3.90B | 6.07B | 7.83B |
| Loss (Gain) on Equity Investments | -8.03B | -8.03B | -2.33B | -1.01B | 2.19B | 4.92B |
| Stock-Based Compensation | 4.73B | 4.73B | 3.00B | 4.80B | 7.55B | 9.13B |
| Provision & Write-off of Bad Debts | 340.00M | 340.00M | 333.00M | 641.00M | 926.00M | 708.00M |
| Other Operating Activities | 35.44B | -1.66B | -587.00M | -212.00M | -2.48B | -1.60B |
| Change in Accounts Receivable | -2.53B | -2.53B | -4.55B | -310.00M | -7.20B | -5.63B |
| Change in Inventory | -3.96B | -3.96B | -21.83B | 10.97B | -2.27B | -16.80B |
| Change in Accounts Payable | -4.91B | -4.91B | 27.84B | 4.61B | 17.66B | 32.59B |
| Change in Unearned Revenue | 3.78B | 3.78B | 242.00M | -3.48B | 4.21B | 8.46B |
| Change in Income Taxes | -2.27B | -2.27B | 1.91B | 1.31B | 3.21B | -468.00M |
| Change in Other Net Operating Assets | 2.85B | 2.85B | 1.52B | 2.99B | 7.75B | 1.38B |
| Operating Cash Flow | 51.12B | 18.99B | 58.09B | 59.52B | 57.82B | 42.30B |
| Capital Expenditures | -22.62B | -17.39B | -17.51B | -20.50B | -19.85B | -16.03B |
| Sale of Property, Plant & Equipment | 5.06B | 5.06B | 3.90B | 7.11B | 3.10B | 5.31B |
| Cash Acquisitions | -1.10B | -1.10B | -2.78B | -15.68B | -321.00M | |
| Sale (Purchase) of Intangibles | -397.00M | -397.00M | -618.00M | -4.98B | -5.24B | -7.85B |
| Investment in Securities | 58.21B | 58.21B | 16.87B | -44.02B | -15.93B | -55.14B |
| Other Investing Activities | -78.45B | -1.84B | -1.01B | 2.63B | -590.00M | 1.42B |
| Investing Cash Flow | -40.01B | 41.83B | -871.00M | -59.54B | -54.03B | -74.25B |
| Short-Term Debt Issued | 7.13B | |||||
| Long-Term Debt Issued | 34.27B | 27.63B | 30.50B | 47.31B | ||
| Total Debt Issued | 34.27B | 34.27B | 27.63B | 30.50B | 47.31B | 7.13B |
| Short-Term Debt Repaid | -5.98B | |||||
| Long-Term Debt Repaid | -24.00B | -13.25B | -27.39B | -35.47B | -3.27B | |
| Total Debt Repaid | -24.00B | -24.00B | -13.25B | -27.39B | -35.47B | -9.26B |
| Net Debt Issued (Repaid) | 10.27B | 10.27B | 14.37B | 3.11B | 11.84B | -2.12B |
| Issuance of Common Stock | 33.00M | 33.00M | 27.00M | 33.00M | 1.04B | 62.00M |
| Repurchase of Common Stock | -21.43B | -21.43B | -25.91B | -2.50B | -1.82B | -5.25B |
| Common Dividends Paid | -10.38B | -10.38B | -8.26B | -6.74B | -11.09B | |
| Other Financing Activities | -10.82B | -5.22B | -1.23B | 284.00M | 3.21B | 26.81B |
| Financing Cash Flow | -32.33B | -26.73B | -21.00B | -5.81B | 1.18B | 19.50B |
| Foreign Exchange Rate Adjustments | -2.47B | -186.00M | 98.00M | 125.00M | 3.49B | -1.50B |
| Net Cash Flow | -23.69B | 33.91B | 36.32B | -5.71B | 8.46B | -13.94B |
| Free Cash Flow | 28.50B | 1.60B | 40.59B | 39.02B | 37.97B | 26.27B |
| Free Cash Flow Margin | 2.17% | 0.12% | 3.50% | 3.60% | 3.63% | 2.76% |
| Free Cash Flow Per Share | 19.67 | 1.07 | 26.39 | 24.61 | 23.88 | 16.91 |
| Levered Free Cash Flow | 16.13B | -10.44B | 13.13B | 23.47B | 19.20B | 12.01B |
| Unlevered Free Cash Flow | 17.98B | -8.68B | 14.94B | 25.27B | 20.51B | 12.75B |
| Cash Interest Paid | 2.68B | 2.68B | 2.77B | 2.81B | 2.39B | 1.22B |
| Cash Income Tax Paid | 8.70B | 8.70B | 8.81B | 5.46B | 2.56B | 2.54B |
| Change in Working Capital | -7.04B | -7.04B | 5.15B | 16.09B | 23.36B | 19.52B |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 35.35B | 40.70B | 50.25B | 45.46B | 87.87B | 107.64B |
| Enterprise Value | 12.57B | 28.85B | 45.30B | 30.89B | 76.09B | 89.19B |
| Last Close Price | 26.30 | 27.73 | 32.56 | 26.40 | 50.55 | 61.58 |
| PE Ratio | 18.13 | 14.50 | 8.87 | 13.34 | 58.39 | |
| Forward PE | 7.22 | 8.89 | 8.11 | 8.84 | 19.61 | 39.59 |
| PS Ratio | 0.18 | 0.22 | 0.32 | 0.30 | 0.58 | 0.72 |
| PB Ratio | 1.10 | 0.97 | 1.17 | 1.09 | 2.21 | 2.77 |
| P/TBV Ratio | 1.63 | 1.85 | 2.17 | 1.95 | 4.12 | 3.88 |
| P/FCF Ratio | 8.25 | 178.24 | 9.04 | 8.26 | 15.96 | 26.03 |
| P/OCF Ratio | 4.60 | 14.99 | 6.31 | 5.42 | 10.48 | 16.16 |
| PEG Ratio | 0.26 | 2.50 | 0.58 | 0.45 | 0.71 | 1.70 |
| EV/Sales Ratio | 0.06 | 0.15 | 0.28 | 0.20 | 0.50 | 0.59 |
| EV/EBITDA Ratio | 7.23 | 15.02 | 6.82 | 5.89 | 20.52 | 58.98 |
| EV/EBIT Ratio | 38.98 | 54.69 | 8.36 | 7.58 | 28.61 | 167.92 |
| EV/FCF Ratio | 2.93 | 126.37 | 8.15 | 5.61 | 13.82 | 21.57 |
| Debt / Equity Ratio | 0.37 | 0.36 | 0.29 | 0.23 | 0.24 | 0.14 |
| Debt / EBITDA Ratio | 4.11 | 3.96 | 1.46 | 1.36 | 1.74 | 1.76 |
| Debt / FCF Ratio | 3.70 | 67.07 | 2.21 | 1.75 | 1.71 | 1.30 |
| Net Debt / Equity Ratio | -0.55 | -0.54 | -0.65 | -0.41 | -0.56 | -0.61 |
| Net Debt / EBITDA Ratio | -13.12 | -11.76 | -4.20 | -3.27 | -6.06 | -15.74 |
| Net Debt / FCF Ratio | -5.43 | -98.92 | -5.02 | -3.12 | -4.08 | -5.76 |
| Asset Turnover | 1.83 | 1.88 | 1.75 | 1.77 | 1.92 | 2.07 |
| Inventory Turnover | 10.91 | 12.85 | 13.28 | 13.55 | 12.53 | 13.11 |
| Quick Ratio | 0.71 | 0.79 | 0.88 | 0.80 | 0.93 | 0.92 |
| Current Ratio | 1.14 | 1.22 | 1.29 | 1.16 | 1.32 | 1.35 |
| Return on Equity (ROE) | 6.79% | 7.62% | 14.65% | 8.15% | 3.72% | -1.91% |
| Return on Assets (ROA) | 0.19% | 0.33% | 3.73% | 2.95% | 2.10% | 0.46% |
| Return on Invested Capital (ROIC) | 1.06% | 1.89% | 19.95% | 14.46% | 11.94% | 3.34% |
| Return on Capital Employed (ROCE) | 0.60% | 0.90% | 9.90% | 8.00% | 5.60% | 1.20% |
| Earnings Yield | 5.52% | 6.90% | 11.28% | 7.50% | 1.71% | -0.52% |
| FCF Yield | 12.13% | 0.56% | 11.06% | 12.11% | 6.26% | 3.84% |
| Dividend Yield | 3.80% | 3.37% | 2.89% | 2.62% | 1.11% | |
| Payout Ratio | 68.91% | 52.87% | 19.98% | 27.89% | 106.81% | |
| Buyback Yield / Dilution | 4.09% | 3.19% | 2.98% | 0.33% | -2.36% | 0.05% |
| Total Shareholder Return | 7.89% | 6.56% | 5.87% | 2.95% | -1.26% | 0.05% |