The earnings call reflects a strong performance by JD.com, with significant revenue and profit growth across major categories, successful expansion into new business areas such as food delivery, and positive user engagement metrics. However, increased operating losses in new business and a decline in free cash flow present areas for improvement. Overall, the highlights significantly outweigh the lowlights, suggesting a positive outlook.

Company Guidance -

Q2 2025

During JD.com's Q1 2025 earnings call, the company reported a strong start to the fiscal year, with total revenues increasing by 16% year-on-year. Notably, the electronics and home appliances category saw a 17% revenue growth, while general merchandise grew by 15%. JD.com achieved a non-GAAP net profit rise of 43% to RMB 12.8 billion, with the net margin expanding by 82 basis points to 4.2%. The company also highlighted its success in expanding the 3P ecosystem, with marketplace and marketing revenues up 16% year-on-year. Additionally, JD.com's food delivery business demonstrated rapid progress, reaching nearly 20 million orders, with significant synergies expected across its ecosystem. The company maintains a high single-digit long-term net margin target, with continued investment in user experience, supply chain, and logistics capabilities driving sustainable growth. JD.com also returned value to shareholders through US $1.5 billion in share buybacks and a US $1.44 billion cash dividend.

Strong Revenue Growth

Total revenues were up 16% year-on-year, with healthy growth across all major categories including electronics, home appliances, and general merchandise.

Robust Profit Growth

Non-GAAP net profit increased by 43% year-on-year to RMB 12.8 billion, with net margin expanding by 82 BPs to 4.2%.

Electronics and Home Appliances Performance

Revenue growth in electronics and home appliances accelerated to 17% year-over-year, driven by strong domestic consumption and government stimulus policies.

Expansion in General Merchandise

General merchandise revenue growth accelerated to 15% year-on-year, with supermarket category achieving double-digit growth for the fifth consecutive quarter.

User Growth and Engagement

Quarterly active customers grew by over 20% year-on-year, with increased average shopping frequency and ARPU.

Successful Food Delivery Launch

JD's food delivery business reached close to 20 million orders daily, showing strong user, merchant, and rider engagement.

AI and Automation Initiatives

Significant AI-driven enhancements across demand, supply, and fulfillment aspects, improving user experience and operational efficiency.

Shareholder Returns

Completed a new cash dividend payout of US $1.44 billion and repurchased 80.7 million Class A ordinary shares, equivalent to 40.4 million ADS.

JD.com, Inc. Class A (HK:9618) 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

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HK:9618 Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 25, 2025	2025 (Q2)	2.03 / -	5.095	―	―	―
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)	―	―
May 11, 2023	2023 (Q1)	2.01 / 2.69	1.472	82.54% (+1.21)	―	―

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
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%
Aug 15, 2024	HK$98.25	HK$96.84	-1.44%

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.