JD

MKT CAP:$43B

JD.com, Inc.

Market Cap

$43B

Consumer Cyclical·Specialty Retail·🇨🇳 China·NASDAQ

Consumer Cyc.·Specialty Retail·🇨🇳·NASDAQ

Stock Price

$30.30+$0.77 (+2.61%)

Apr 24, 2026

Company Details

JD.com, Inc. operates as a supply chain-based technology and service provider in the People's Republic of China. The company offers computers, communication, and consumer electronics products, as well as home appliances; and general merchan...

CEO

Qiangdong Liu

IPO Date

May 22, 2014

Website

www.jd.com

Key Metrics TTM

Revenue

$190.5B

+17.9% YoY

Net Income

$4.7B

EPS (Diluted)

$3.09

Free Cash Flow

$1.3B

Revenue / Share

$128.37

Gross Margin

12.7%

Operating Margin

1.3%

Net Margin

2.5%

FCF Margin

0.7%

P/S

0.2x

P/E

9.2x

Earnings Reports

Q4 2025

May 12, 2026

PENDING

Q3 2025

Nov 13, 2025

$43.7B+14.9%EPS $0.49

Q2 2025

Aug 14, 2025

$52.1B+22.4%EPS $0.60

Q1 2025

May 13, 2025

$44.0BEPS $1.05

Q4 2024

Apr 17, 2025

$50.7B+13.4%EPS $0.95

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$29.7B	$4.3B	$243M
Q4 21	$40.3B	$5.4B	-$57M
Q1 22	$35.0B	$4.9B	$352M
Q2 22	$39.1B	$5.2B	$549M
Q3 22	$35.6B	$3.2B	$1.3B
Q4 22	$43.2B	$3.6B	$705M
Q1 23	$35.5B	$3.0B	$939M
Q2 23	$42.1B	$3.6B	$1.2B
Q3 23	$36.2B	$5.7B	$1.4B
Q4 23	$44.7B	$6.4B	$296M
Q2 24	$42.6B	$6.7B	$1.5B
Q3 24	$38.0B	$4.2B	$1.8B
Q4 24	$50.7B	$4.8B	$1.2B
Q1 25	$44.0B	$7.0B	$1.5B
Q2 25	$52.1B	$8.3B	-$126M
Q3 25	$43.7B	$4.2B	-$154M

Valuation

Quarter	P/S	P/E
Q1 21	1.1x	16.7x
Q4 21	0.8x	24.0x
Q1 22	0.7x	32.2x
Q2 22	0.7x	—
Q3 22	0.5x	244.4x
Q4 22	0.6x	65.3x
Q1 23	0.4x	23.2x
Q2 23	0.4x	17.3x
Q3 23	0.3x	13.1x
Q4 23	0.3x	11.5x
Q2 24	0.2x	8.4x
Q3 24	0.4x	11.2x
Q4 24	0.3x	9.5x
Q1 25	0.3x	9.0x
Q2 25	0.3x	8.2x
Q3 25	0.3x	11.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 21	-$1.1B	-$1.6B
Q4 21	$946M	$515M
Q1 22	-$509M	-$1.0B
Q2 22	$4.9B	$4.1B
Q3 22	$1.3B	$562M
Q4 22	$2.7B	$1.9B
Q1 23	-$3.2B	-$3.6B
Q2 23	$6.8B	$6.3B
Q3 23	$2.2B	$1.5B
Q4 23	$2.9B	$1.6B
Q2 24	$7.4B	$6.9B
Q3 24	-$909M	-$1.7B
Q4 24	$3.6B	$2.8B
Q1 25	-$2.7B	-$3.0B
Q2 25	$3.6B	$3.1B
Q3 25	-$1.2B	-$1.6B

Capital Expenditures

Quarter	CapEx
Q1 21	$505M
Q4 21	$431M
Q1 22	$523M
Q2 22	$798M
Q3 22	$775M
Q4 22	$803M
Q1 23	$469M
Q2 23	$527M
Q3 23	$730M
Q4 23	$1.3B
Q2 24	$485M
Q3 24	$783M
Q4 24	$869M
Q1 25	$339M
Q2 25	$443M
Q3 25	$379M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 21	+39.0%	+40.1%
Q4 21	+37.2%	+41.0%
Q1 22	+37.6%	+39.7%
Q2 22	+19.3%	+17.9%
Q3 22	+19.9%	+16.5%
Q4 22	+7.1%	+5.2%
Q1 23	+1.4%	-0.3%
Q2 23	+7.6%	+6.0%
Q3 23	+1.7%	+1.5%
Q4 23	+3.6%	+4.6%
Q2 24	+19.9%	+18.8%
Q3 24	-9.6%	-11.2%
Q4 24	+40.1%	+42.0%
Q1 25	-1.6%	-4.4%
Q2 25	+22.4%	+27.3%
Q3 25	+14.9%	+20.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 21	$248M	0.8%
Q4 21	$441M	1.1%
Q1 22	$270M	0.8%
Q2 22	$230M	0.6%
Q3 22	$290M	0.8%
Q4 22	$312M	0.7%
Q1 23	$215M	0.6%
Q2 23	$143M	0.3%
Q3 23	$201M	0.6%
Q4 23	$143M	0.3%
Q2 24	$97M	0.2%
Q3 24	$114M	0.3%
Q4 24	$0	0.0%
Q1 25	$112M	0.3%
Q2 25	$242M	0.5%
Q3 25	$169M	0.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 21	$662M	$323M	$1.0B
Q4 21	$600M	$546M	$2.0B
Q1 22	$641M	$2.6B	$1.3B
Q2 22	$588M	$2.7B	$1.4B
Q3 22	$601M	$383M	$1.1B
Q4 22	$638M	$533M	$1.8B
Q1 23	$612M	$365M	$1.2B
Q2 23	$595M	$345M	$1.6B
Q3 23	$554M	$2.6B	$1.2B
Q4 23	$634M	$347M	$1.9B
Q2 24	$616M	$312M	$1.7B
Q3 24	$642M	$340M	$1.5B
Q4 24	$641M	$359M	$2.5B
Q1 25	$675M	$372M	$1.5B
Q2 25	$774M	$477M	$3.9B
Q3 25	$825M	$437M	$3.1B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$2.1B	$2.2B	$4.3B
Q2 22	$1.8B	$2.7B	$4.5B
Q3 22	$1.9B	$2.6B	$4.5B
Q4 22	$11.5B	$20.6B	$32.1B
Q1 23	$1.7B	$2.6B	$4.3B
Q2 23	$2.0B	$2.9B	$4.9B
Q3 23	$16.9B	$18.5B	$35.4B
Q4 23	$10.5B	$17.3B	$27.8B
Q1 24	$11.9B	$13.2B	$25.1B
Q2 24	$12.3B	$17.2B	$29.5B
Q3 24	$14.5B	$13.4B	$27.9B
Q4 24	$15.8B	$18.4B	$34.2B
Q1 25	$14.1B	$14.2B	$28.4B
Q2 25	$17.0B	$14.2B	$31.2B
Q3 25	$16.5B	$12.4B	$29.0B
Q4 25	$21.9B	$11.1B	$33.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	1.60B	+0.1%	+7.0%
Q4 21	1.56B	-3.0%	+2.3%
Q1 22	1.56B	+0.2%	-2.4%
Q2 22	1.59B	+1.9%	-0.9%
Q3 22	1.59B	+0.2%	-0.8%
Q4 22	1.59B	-0.1%	+2.2%
Q1 23	1.59B	+0.1%	+2.1%
Q2 23	1.58B	-0.4%	-0.3%
Q3 23	1.58B	+0.1%	-0.3%
Q4 23	1.58B	-0.1%	-0.4%
Q2 24	1.54B	-2.6%	-3.0%
Q3 24	1.52B	-1.6%	-4.1%
Q4 24	1.52B	+0.2%	-4.1%
Q1 25	1.52B	-0.2%	-4.1%
Q2 25	1.49B	-2.1%	-3.7%
Q3 25	1.48B	-0.1%	-2.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	$122.4K	242K
Q4 21	$135.0K	299K
Q1 22	$117.2K	299K
Q2 22	$130.9K	299K
Q3 22	$119.1K	299K
Q4 22	$95.8K	451K
Q1 23	$78.8K	451K
Q2 23	$93.4K	451K
Q3 23	$80.3K	451K
Q4 23	$86.5K	517K
Q2 24	$82.3K	517K
Q3 24	$73.6K	517K
Q4 24	$88.8K	571K
Q1 25	$77.1K	571K
Q2 25	$91.3K	571K
Q3 25	$76.5K	571K

Revenue / Employee