The earnings call highlighted strong revenue growth and profitability in JD Retail, as well as significant user growth and engagement. However, this was offset by a decline in net income and cash flow due to investments in new business initiatives, resulting in a balanced outlook.

Company Guidance -

Q3 2025

During JD.com's second quarter earnings call for 2025, the company reported a robust 22% year-on-year increase in total revenues, reaching RMB 357 billion. The core JD Retail business saw a significant 38% rise in non-GAAP operating profit, achieving RMB 13.9 billion with an operating margin expanding to 4.5% from 3.9% the previous year. JD's user growth was notable, with quarterly active customers increasing by over 40%, and JD Plus members' shopping frequency growing by more than 50% year-on-year. Despite a decrease in non-GAAP net income to RMB 7.4 billion due to strategic investments in new areas like food delivery, the company remains optimistic about long-term growth. JD's food delivery business showed rapid expansion, contributing to a 34% increase in logistics and other service revenues. Furthermore, JD's general merchandise category maintained strong performance with 16% revenue growth, driven by sustained double-digit growth across supermarkets, fashion, and home goods. The company's international expansion plans, particularly in Europe, are also progressing, with strategic investments aimed at enhancing global retail capabilities.

Strong Revenue Growth

JD.com reported a solid top-line growth of 22% year-on-year in Q2 2025, with total revenues reaching RMB 357 billion. This growth was driven by acceleration across most business lines, including electronics and home appliances, general merchandise, and service revenues.

JD Retail Profitability

JD Retail's non-GAAP operating profit increased by 38% year-on-year to RMB 13.9 billion in Q2, with an operating margin of 4.5%, up from 3.9% in the same period last year.

User Growth and Engagement

Quarterly active customers accelerated notably to over 40% year-on-year in Q2, with shopping frequency on JD's platform rising by over 40% and JD Plus members' frequency growing by over 50%.

General Merchandise Performance

The general merchandise business delivered strong performance with revenues up 16% year-on-year in Q2, marking consecutive quarters of double-digit growth.

JD Food Delivery Expansion

JD Food Delivery experienced rapid growth, with daily order volumes increasing exponentially in Q2. The business is generating clear synergies with the core retail business, particularly in cross-selling opportunities.

JD.com, Inc. Class A (HK:9618) Earnings, Revenues Date & History

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HK:9618 Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 13, 2025	2025 (Q3)	1.38 / -	4.664	―	―	―
Aug 14, 2025	2025 (Q2)	2.01 / 2.71	5.095	-46.75% (-2.38)	―	―
May 13, 2025	2025 (Q1)	3.83 / 4.55	3.058	48.86% (+1.49)	―	―
Mar 06, 2025	2024 (Q4)	3.25 / 3.98	2.88	38.19% (+1.10)	―	―
Nov 14, 2024	2024 (Q3)	4.14 / 4.66	3.612	29.13% (+1.05)	―	―
Aug 15, 2024	2024 (Q2)	3.37 / 5.09	2.895	75.99% (+2.20)	―	―
May 16, 2024	2024 (Q1)	2.54 / 3.06	2.687	13.81% (+0.37)	―	―
Mar 06, 2024	2023 (Q4)	2.58 / 2.88	2.709	6.31% (+0.17)	―	―
Nov 15, 2023	2023 (Q3)	3.15 / 3.61	3.44	5.00% (+0.17)	―	―
Aug 16, 2023	2023 (Q2)	2.71 / 2.90	2.325	24.52% (+0.57)	―	―

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

HK:9618 Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 14, 2025	HK$127.40	HK$125.10	-1.81%
May 13, 2025	HK$139.90	HK$137.00	-2.07%
Mar 06, 2025	HK$160.92	HK$174.47	+8.42%
Nov 14, 2024	HK$138.21	HK$131.68	-4.72%

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.