JD (013A) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

May 19, 2026

Before Open (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

0.4

Last Year’s EPS

1.05

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 8 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Mar 05, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call highlighted strong full-year execution with diversified growth: significant user acquisition and engagement gains, double-digit full-year revenue growth, JD Retail margin improvement, rapid scaling of new businesses and major AI and logistics investments. At the same time, near-term headwinds remain—Q4 weakness in electronics/home appliances, a sharp drop in free cash flow versus prior year, ongoing losses at scaled new business operations and JD Logistics' year-over-year profit decline. Management emphasized improving unit economics for new businesses, disciplined investment, and confidence in 2026 momentum.

Company Guidance

Management guided to sustained user and revenue momentum in 2026 with mix-driven, margin‑accretive growth: they expect JD Retail to rebound in H2 after a high base in electronics/Home Appliances in H1 and to deliver retail profit growth toward its long‑term high‑single‑digit operating‑margin target (JD Retail margin was 4.6% in 2025, +52 bps YoY), while marketplace & marketing (Q4 +15%, FY25 +18.9%) and service revenues (Q4 +20%, FY +24%) should maintain solid growth and advertising synergies (JD Food Delivery contributed ~2–3% to ad revenue in Q4) will continue; general merchandise (Q4 +12.1%, FY +15.3%), logistics (Q4 +22%, FY +19%) and new businesses (revenue +201% Q4, +157% FY) will be scaled with financial discipline — JD Food Delivery narrowed losses (new‑business non‑GAAP loss RMB14.8bn in Q4) and cut investment nearly 20% QoQ with management expecting further unit‑economics improvement and lower 2026 investment if competition normalizes — all while targeting continued group gross‑margin expansion (Q4 15.6%, FY25 16.0%), higher non‑GAAP profit beyond RMB1.1bn Q4 / RMB27bn FY25, strong liquidity (RMB225bn cash) and continued shareholder returns (USD1.4bn dividend; USD3bn share repurchases in 2025); AI investments (JoyAI token invocations ~100× YoY, Jingyan 150M AAC with an expected double in 2026) are cited as key enablers.

Full-Year Revenue Growth

Total net revenues for 2025 increased 13% year-on-year to RMB 1.3 trillion, driven by diversified growth streams across retail, services and new businesses.

Q4 Revenue Resilience and Profitability

Q4 total revenues grew 2% year-on-year to RMB 352 billion. Consolidated gross margin expanded by 32 basis points year-on-year to 15.6% in Q4. Non‑GAAP net income was RMB 1.1 billion in Q4 and RMB 27 billion for the full year (non‑GAAP net margin 0.3% Q4; 2.1% FY).

User Growth and Engagement Acceleration

Quarterly active customers grew ~30% year-on-year in Q4 and annual active customers exceeded 700 million. Annual user shopping frequency surged over 40% year-on-year, with strong cross-selling benefits from JD Food Delivery and other initiatives.

JD Retail Margin Expansion and Full-Year Strength

JD Retail delivered double-digit full-year revenue and operating profit growth; operating margin expanded by 52 basis points to 4.6% for 2025. JD Retail gross margin improved by 1.1 percentage points year-on-year in both Q4 and full year, indicating stronger supply chain-driven economics.

Robust General Merchandise and Services Growth

General merchandise revenues rose 12.1% in Q4 and 15.3% for the full year; supermarket delivered double-digit growth and mid-teens full-year growth. Service revenues grew 20% in Q4 and 24% for the full year; marketplace & marketing revenues increased 15% in Q4 and 19% for the full year.

New Businesses Scaling and Improving Unit Economics

New businesses revenue surged 201% year-on-year in Q4 and 157% for the full year, driven by rapid scaling of JD Food Delivery, Jingxi and international business. New business non‑GAAP operating loss narrowed to RMB 14.8 billion in Q4 with JD Food Delivery loss rate over GMV and total investment both improving (investment scale in Q4 down nearly 20% QoQ; Q4 loss reduced ~20% QoQ).

Strong Capital Returns and Liquidity

Board approved USD 1.4 billion annual cash dividend (USD 1 per ADS). Share buybacks of ~USD 3 billion in 2025 repurchased ~6.3% of outstanding shares (all canceled). Year-end cash, restricted cash and short-term investments totaled RMB 225 billion.

Meaningful AI and Logistics Advances

JoyAI token invocations surged nearly 100-fold from 2024 and supports over 1,000 applications. Jingyan reached 150 million annual AAC with >20% penetration. Logistics automation expanded (20+ LangzuTech warehouses deployed and first LangzuTech facility launched in the U.K.), and JoyInside-integrated product sales rose ~20x during 11.11 vs June 18.

JD (DE:013A) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

DE:013A Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 19, 2026	2026 (Q1)	0.40 / -	1.052	―	―	―
Mar 05, 2026	2025 (Q4)	0.09 / 0.07	0.928	-92.18% (-0.86)
Nov 13, 2025	2025 (Q3)	0.34 / 0.47	1.086	-56.91% (-0.62)
Aug 14, 2025	2025 (Q2)	0.46 / 0.62	1.171	-46.90% (-0.55)
May 13, 2025	2025 (Q1)	0.89 / 1.05	0.708	48.59% (+0.34)
Mar 06, 2025	2024 (Q4)	0.78 / 0.93	0.663	40.00% (+0.27)
Nov 14, 2024	2024 (Q3)	0.95 / 1.09	0.838	29.55% (+0.25)
Aug 15, 2024	2024 (Q2)	0.78 / 1.17	0.674	73.65% (+0.50)
May 16, 2024	2024 (Q1)	0.58 / 0.71	0.595	18.91% (+0.11)
Mar 06, 2024	2023 (Q4)	0.59 / 0.66	0.602	10.19% (+0.06)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

DE:013A Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Mar 05, 2026	€21.50	€21.40	-0.47%
Nov 13, 2025	€26.90	€26.00	-3.35%
Aug 14, 2025	€27.75	€27.30	-1.62%
May 13, 2025	€32.20	€33.40	+3.73%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.