JD.com 2025 Revenue Reaches 1.3 Trillion Yuan as Food Delivery Share Passes 15%

Chinese e-commerce giant JD.com reported full-year 2025 revenue of 1.31 trillion yuan ($180 billion), representing a 13.0% year-on-year increase, according to financial results reported by state media outlet People's Daily. The expansion was propelled by a 23.6% jump in service revenue and the rapid growth of its on-demand food delivery arm, which captured over 15% market share in its first operational year. However, heightened strategic spending on new businesses compressed full-year operating profit to 2.8 billion yuan, down from 38.7 billion yuan in 2024.

JD.com's aggressive move into local on-demand retail and food delivery demonstrates a determined push to capture high-frequency consumer transactions beyond traditional core e-commerce. While this diversification has successfully generated new volume and engaged over 240 million delivery users, the steep drop in operating margins highlights the heavy capital costs of challenging entrenched incumbents in China's local lifestyle and delivery sectors.

Chinese retail and supply-chain group JD.com reported total revenue of 1.3091 trillion yuan for the full year 2025, marking a 13.0% increase compared to the prior year, according to earnings data reported by People's Daily. The group's growth was supported by gains across both core categories and services. Product revenue rose 10.3% year-on-year, while service revenue climbed 23.6%. A key driver of activity was JD's newly launched food delivery segment, which attracted over 240 million transacting users and achieved an estimated market share exceeding 15% within its first year of operation. However, aggressive expansion into new verticals took a visible toll on earnings. JD.com recorded a full-year operating profit of 2.8 billion yuan in 2025, down significantly from 38.7 billion yuan in 2024. The operating profit margin declined to 0.2% from 3.3% a year earlier. On a non-GAAP basis, operating profit stood at 9.6 billion yuan compared to 44.0 billion yuan in 2024, representing a non-GAAP operating margin of 0.7%. Company disclosures attributed the margin compression primarily to strategic investments in new business initiatives. For the fourth quarter of 2025, JD.com posted revenue of 352.3 billion yuan, up 1.5% year-on-year, while registering a net loss attributable to ordinary shareholders of 2.7 billion yuan. Looking ahead, JD.com outlined plans to deepen its presence in everyday retail and instant services. The company launched a dedicated supermarket channel with commitments to deploy over 20 billion yuan in merchandise subsidies over the next three years, aiming to generate 200 billion yuan in incremental sales for partner brands. In local services, the company plans to expand its 7FRESH Kitchen format across all first- and second-tier cities by the end of 2026, aiming to push JD Delivery's market share to 30%. JD.com also reported an acceleration in technology spending, with research and development expenditures in the fourth quarter rising 66% year-on-year. Since initiating its enterprise-wide technology transformation in 2017, cumulative R&D investment across the JD ecosystem approached 170 billion yuan by the close of 2025.