JD JD.com, Inc.

Overview and Growth

In fiscal 2025, JD.com, Inc. recorded $187.20B of revenue, net income of $2.81B, and an operating cash inflow of $2.72B. At $187.20B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $158.76B in fiscal 2024, revenue recorded a 17.9% year-over-year increase. The company reported diluted EPS of $0.92, adding a shareholder-level measure to the absolute income figures considered below. Diluted EPS decreased by 50.0% from $1.84 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. Asset turnover was 1.88x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The first profit layer was $30.03B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross profit represented 16.0% of revenue, showing how much of the top line remained after direct costs. Operating income was $397.00M, the earnings remaining from reported operations after the company’s recognized operating cost structure. Relative to revenue, operating income represented 0.2%, showing how efficiently sales converted into operating profit. After all reported below-operating-line items, the company recorded net income of $2.81B for the fiscal year. Measured against reported revenue, net income produced a 1.5% margin after operating costs and the remaining recognized items. Pretax income was $3.62B, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. The pretax margin was 1.9%, relating income before taxes directly to revenue. The company recognized $312.00M of income tax for the period, completing the transition from pretax income to net income. The income-tax provision equaled 8.6% of pretax income, showing the tax burden absorbed by the year’s earnings. Net income equaled 6.7% of period-end equity, showing the earnings generated on shareholders’ book capital. Net income represented 2.8% of period-end assets, placing the company’s bottom-line result against the total resource base employed.

Liquidity and Capital Structure

At period end, the $99.41B asset base was financed through $57.40B of liabilities and $42.01B of equity. Current assets were $53.54B against $43.77B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 1.22x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Cash and equivalents totaled $19.66B, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 44.9%, excluding receivables and other current assets. Liabilities represented 57.7% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 19.8%, comparing reported cash and equivalents with the full positive asset balance. Total assets were 3.9% higher than fiscal 2024 assets of $95.66B, measuring the company’s own balance-sheet change. Against $42.86B of equity in fiscal 2024, the current book-equity balance moved 2.0% and ended lower.

Cash Flow and Earnings Quality

Cash flow from operations was $2.72B, a reported cash inflow that can be compared directly with net income and capital spending. Operating cash flow equaled 0.97x of net income, showing how strongly accounting earnings converted into cash from operations. Capital spending was $1.12B, absorbing part of the cash generated from operations before free cash flow. Capital expenditures represented 41.2% of operating cash flow, leaving the remainder available as free cash flow. The combination of operating cash flow and capital spending produced $1.60B of positive free cash flow for the period. Relative to revenue, free cash flow equaled 0.9%, showing how much sales converted into cash after investment. The free-cash-flow-to-assets relationship was 1.6%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.