JD.com reports mixed Q3: Revenue up, net income down on strategic investments

JD.com announced its unaudited financial results for the third quarter ended September 30, 2025, with net revenues increasing by 14.9% year-over-year to 299.1 bn yuan from 260.4 bn yuan in Q3 2024. This growth was fueled by a 10.5% increase in net product revenues and a substantial 30.8% rise in net service revenues. However, the company reported a net income attributable to ordinary shareholders of 5.3 bn yuan, a decrease from 11.7 bn yuan in the same period last year.

The decline in profitability reflects increased strategic investments, particularly in new business initiatives. Marketing expenses surged by 110.5% to 21.1 bn yuan in Q3 2025, up from 10.0 bn yuan in Q3 2024. Consequently, operating income turned into a loss of 1.1 bn yuan for the quarter, compared to an income of 12.0 bn yuan in Q3 2024, resulting in a negative operating margin of 0.4%.

Despite the overall dip in profitability, JD Retail’s income from operations grew to 14.8 bn yuan in Q3 2025, up from 11.6 bn yuan in Q3 2024, with its operating margin improving to 5.9%. The company also continued its share repurchase program, buying back approximately 80.9m Class A ordinary shares for about $1.5 bn during the nine months ended September 30, 2025.