JD.com's 2025 "Report Card" is out! Revenue increased by 13%, profits plummeted, and the total number of employees has exceeded 900k.

On March 5, JD Group released its 2025 fourth-quarter and full-year results.

In the fourth quarter of 2025, JD Group generated revenue of RMB 352.3 billion; full-year revenue was RMB 1,309.1 billion, up approximately 13.0% year over year from 2024. However, due to investments in new businesses, JD Group’s profit declined. The financial report shows that under Non-GAAP terms, JD Group’s net profit for full-year 2025 was RMB 27.0 billion, compared with RMB 47.8 billion for full-year 2024. Under Non-GAAP terms, operating profit for full-year 2025 was RMB 9.6 billion, compared with RMB 44.0 billion for full-year 2024. Under Non-GAAP terms, operating margin for full-year 2025 was 0.7%, compared with 3.8% for full-year 2024.

In terms of core business, JD Retail recorded revenue of RMB 1,126.4 billion in 2025, compared with RMB 1,015.9 billion in 2024. For full-year 2025, it posted operating profit of RMB 51.4 billion (USD 7.4 billion), compared with RMB 41.1 billion for full-year 2024. JD Retail’s operating margin for full-year 2025 was 4.6%, compared with 4.0% for full-year 2024.

“We closed out 2025 with fourth-quarter results in line with expectations, and our full-year performance remains steady.” Xu Ran, CEO of JD Group, said: “In both the fourth quarter and the full year, we have continued to see strong growth in the number of users and an increase in shopping frequency. Despite intense industry competition, our core retail business has demonstrated resilience, with both full-year revenue and operating profit achieving double-digit growth. New businesses are being advanced according to strategic plans. Since its establishment, while JD Food Delivery has steadily expanded in scale, losses have narrowed quarter by quarter. JD Joy and international businesses are also opening up new opportunities for long-term growth. In addition, we have applied AI across our internal operations and provided users with a more intelligent experience, fully unlocking its transformative potential. Backed by our strong operational capabilities and continuously improving AI technology, we enter 2026 with a more solid pace.”

Food delivery market share exceeds 15%

According to data, in the first year since JD Food Delivery went live, it has enabled more than 240 million users to place orders, and its food delivery market share has exceeded 15%. JD said that, in Beijing, Jixiang Xiaochu has achieved essentially full coverage within the Fifth Ring Road area in its operating stores. In multiple cities including Shanghai, Shenzhen, Guangzhou, Tianjin, and Harbin, new stores have been launched in clusters, and by the end of 2026 it will cover all first- and second-tier cities. JD said that as Jixiang Xiaochu accelerates expansion, JD Food Delivery’s market share will further increase, and it aims to reach 30% market share for JD Food Delivery in 2026.

In addition, in 2025, JD 3C digital self-operated leasing services were officially launched, allowing users to directly lease trendy new 3C digital products such as smart humanoid robots, quadruped robotic dogs, smartphones, drones, and cameras. Unitree Technology’s first global store opened at JD MALL Beijing Shuangjing. Through deep online-to-offline integration (300959), it builds a one-stop robot consumer experience. Data shows that during the Lunar New Year Gala broadcast, within 2 hours of the show’s start, the number of “robot” orders increased by 150% quarter over quarter.

In 2025, JD Joy’s self-operated business achieved 10x growth in transaction value, bringing 150 million new users. It deeply links 260 industrial belts nationwide, driving nearly 100 industrial belt factories to sell more than one million orders per year. In addition, with cross-border export-to-domestic sales, it helped nearly 2,000 foreign trade enterprises sell 180 million orders. JD Joy Farm helped more than 3,200 agricultural product enterprises sell 160 million orders. Focusing on the ecosystem of third-party merchants, JD Joy’s Xiaodian merchant count exceeded 1.35 million, with order volume up 50% year over year. The newly launched JD Index provides users with a simpler, extreme low-price shopping experience. Its repurchase rate is more than 1.35 times that of comparable products, and participation merchants’ inventory turnover has accelerated by 2.3 times.

The offline service network continues to expand. By the end of 2025, 3C digital stores represented by JD Home, JD Computer & Digital Specialty Stores, and JD Mobile & Digital Specialty Stores have exceeded 4,500 stores. JD MALL has 26 stores nationwide, JD Home Appliances city flagship stores have exceeded 110 stores, JD Auto Care stores have surpassed 4,000 stores, and JD Outlet (JD Outlet) has already been laid out with more than 50 stores across the country.

Increasing investment in technology research and development

Regarding R&D spending, according to data, in the fourth quarter of 2025 JD’s R&D expenses reached RMB 67.0 billion, up 52.0% from RMB 44.0 billion in the same period of 2024. As a percentage of revenue, R&D expenses were 1.9% in the fourth quarter of 2025 and 1.3% in the fourth quarter of 2024. Looking at the full year, JD’s R&D expenses increased from RMB 17.0 billion in 2024 (full-year) by 30.5% to RMB 22.2 billion in 2025 (full-year). As a percentage of revenue, R&D expenses were 1.7% for full-year 2025 and 1.5% for full-year 2024.

JD said that in the fourth quarter of 2025, R&D investment across the JD system grew 66% year over year. Since 2017, when JD fully transitioned to technology, as of 2025, cumulative R&D investment across the JD system has reached nearly RMB 170.0 billion.

The JoyAI large model has been deeply implemented across more than 2,000 business scenarios at JD, enabling end-to-end intelligence.

In terms of AI platforms and tools, JD’s embedded intelligent brand JoyInside has partnered with more than 40 hardware brands and launched multiple AI products. During JD 11.11, the sales of ecosystem products powered by JoyInside grew by more than 20 times compared with the period of JD “618.” By the end of 2025, the JoyAgent intelligent agent platform has been deployed in more than 50,000 production-grade intelligent agents within JD, helping achieve improvements in both business insights and operational efficiency. The JoyCode intelligent coding platform generates more than 1 billion lines of code per year. Code generated by internal AI at JD accounts for 40%, greatly improving R&D efficiency. Leveraging the JoyStreamer digital human platform, it has been opened free of charge to all merchants for digital human livestreaming, serving more than 50,000 merchants.

In terms of scenarios and applications, the shopping assistant for intelligent living services, JD AI Go (JD AI Go), launched by JD Retail, not only has shopping functions, but can also engage in natural chat with users. JD Logistics’ “Super Brain + Wolf Tribe” was applied at large scale for the first time, supporting end-to-end intelligent fulfillment. JD Health has built an AI doctor, “Dawei,” for consumer users and has completed hundreds of millions of interactions. Its hospital AI product “JD Zhuoyi” has been deployed in multiple hospitals. JD Industrial’s large model, JoyIndustrial + 40 dedicated intelligent agents, has been applied in high-value scenarios across the entire industrial supply chain, achieving an organic combination of massive vertical “data” and segmented industry “scenarios.”

Super supply chain capabilities achieve international competitiveness

In the fourth quarter of 2025, JD Europe’s online retail business Joybuy started trial operations in the UK, Germany, the Netherlands, France, Belgium, and Luxembourg, and will be officially launched in March 2026.

By the end of 2025, JD Logistics’ overseas warehouses, bonded warehouses, and direct-mail warehouses totaled nearly 200, with a total managed area of nearly 2.0 million square meters, covering 25 countries worldwide. JD Logistics’ first overseas Intelligent Wolf warehouse has been put into operation in the UK. JD Express, the JD courier brand, has also been officially launched across multiple European countries and Saudi Arabia. It has achieved delivery on the same day and next day in major cities in countries including the UK, Germany, the Netherlands, and France, and can also offer a variety of services to European consumers such as doorstep delivery, fresh cold-chain distribution, “big items delivery and installation as one” service, and returns and exchanges. JD Logistics has launched an integrated big-items delivery-and-installation service in Malaysia and Singapore.

JD Industrial and Development continues to expand its business into overseas markets such as Asia-Pacific, Europe, and the Middle East. In the fourth quarter of 2025, JD Industrial and Development completed the layout of nine high-spec warehouse clusters in the UK logistics “Golden Triangle” region. It started cooperation with Saudi MODON on the Jeddah smart logistics hub, and completed a joint acquisition with international partners of Singapore’s logistics warehousing infrastructure facilities.

Recently, JD Group and the UK-China Trade Association (CBBC) signed a strategic cooperation agreement to build a bridge for brand collaboration between China and the UK. JD also signed a Memorandum of Understanding (MOU) with the DHL Group, which will help German brands deepen their focus on the China-Europe market.

Total spending on human resources in 2025 increased by 33.7 billion yuan

It is said that JD is one of the private enterprises with the largest number of employees. By the end of 2025, the total headcount across the JD system exceeded 900,000. In 2025, JD system’s total spending on human resources reached RMB 157.2 billion, an increase of RMB 33.7 billion compared with 2024.

In the fourth quarter of 2025, as the latest batch of JD full-time couriers moved into “JD Xiao Ge Home” in Tongzhou District, Beijing, JD has provided 28,000 sets of housing to frontline employees. In the next five years, JD will also invest RMB 22.0 billion to provide 150,000 sets of “JD Xiao Ge Home” through ways including leasing, self-construction, and housing security funds, further improving living conditions for food delivery couriers and express couriers. Guangdong Province and JD jointly initiated the establishment of the country’s first “Modern Courier College,” exploring a government–enterprise–school collaboration benchmark for building “high-level skilled couriers’ role transitions and career advancement.”

During the Spring Festival holiday in 2026, JD will invest more than RMB 1.3 billion over 9 days to provide frontline employees with benefits and various protections exceeding national statutory standards. In early 2026, JD Group was recognized as a “National Advanced Private Enterprise for Employment and Social Security,” honoring JD Group’s outstanding performance in stabilizing employment, safeguarding employees’ rights and interests, and building harmonious labor relations. In 2025, JD also ranked on the Forbes Global Best Employers list for the ninth consecutive year, becoming the only China-based company in the global retail industry to appear on the list.