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JD.com, Inc. Class A (HK:9618)
:9618
Earnings Data
Report Date
May 19, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
1.81Last Year’s EPS
4.55Same Quarter Last Year
Strong Buy
Based on 15 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a generally positive strategic and operational narrative: strong user growth, full-year revenue growth, gross margin expansion and diversified high-margin revenue streams (advertising, services) underscore solid execution and long-term positioning. Significant investments in AI, logistics automation, international expansion and food delivery show deliberate long-term focus. However, there are meaningful near-term challenges — Q4 product and electronics weakness, continued losses in new businesses (notably food delivery), a sharp decline in free cash flow versus prior year, and some segment-level profitability pressures (JD Logistics and quarterly retail income). On balance, the company demonstrated resilient top-line trends, margin expansion at retail, improving unit economics in new businesses, and continued shareholder returns, outweighing the short-term headwinds and cash flow compression.Company Guidance
Strong User Growth and Engagement
Quarterly active customers grew ~30% year-over-year in Q4 and annual active customers exceeded 700 million in 2025; user shopping frequency surged over 40% year-over-year for the full year, and active JD Plus membership sustained double-digit growth, indicating depth and quality of user expansion.
Revenue Growth — Full Year Strength
Total net revenues grew 13% year-over-year to RMB 1.3 trillion for full year 2025; Q4 total net revenues increased 2% year-over-year to RMB 352 billion.
Diversified High-Margin Revenue Streams
Marketplace and marketing revenues grew ~15% in Q4 and ~19% for the full year (advertising showed double-digit growth each quarter in 2025); advertising benefited from optimized traffic allocation and AI tools, and JD Food Delivery contributed an incremental 2–3% to ad revenue in Q4.
JD Retail Full-Year Margin and Profit Improvement
JD Retail delivered double-digit full-year revenue growth and non-GAAP operating income growth of 25% for 2025; JD Retail operating margin expanded by 52 basis points to 4.6% for the full year, and gross margin improved ~1.1 percentage points year-over-year.
General Merchandise Outperformance
General merchandise revenue grew ~12% in Q4 and ~15% for the full year; supermarket, fashion and health care categories delivered strong, broad-based gains and contributed to category diversification.
Logistics and New Businesses Scale
JD Logistics revenue rose 22% year-over-year in Q4 and 19% for the full year; new businesses revenue surged 201% in Q4 and 157% for the full year, driven by rapid scaling of food delivery, Jingxi and international initiatives.
AI and Automation Progress
JoyAI token invocations surged nearly 100-fold year-over-year in 2025 and supports over 1,000 real-world applications; Jingyan surpassed 150 million annual AAC with >20% user penetration; over 20 LangzuTech flagship warehouses deployed and first international LangzuTech facility launched in the U.K.; multimodal AI customer service handled 4.2 billion inquiries during 11.11.
Shareholder Returns and Liquidity
Board approved annual cash dividend of ~USD 1.4 billion (USD 1 per ADS) for 2025; repurchased ~USD 3 billion of shares in 2025 (~6.3% of outstanding shares) which were canceled; year-end cash & short-term investments totaled RMB 225 billion.
Operational Efficiency in Food Delivery
JD Food Delivery reduced total investment scale nearly 20% quarter-over-quarter in Q4 and recorded sequential loss reduction every quarter since inception; loss rate over GMV narrowed significantly in Q4 while maintaining scale momentum.
HK:9618 Earnings History
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 |
|---|---|---|---|
Mar 05, 2026 | HK$98.00 | HK$96.95 | -1.07% |
Nov 13, 2025 | HK$124.70 | HK$124.40 | -0.24% |
Aug 14, 2025 | HK$127.40 | HK$125.10 | -1.81% |
May 13, 2025 | HK$139.90 | HK$137.00 | -2.07% |
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.
FAQ
When does JD.com, Inc. Class A (HK:9618) report earnings?
JD.com, Inc. Class A (HK:9618) is schdueled to report earning on May 19, 2026, Before Open (Confirmed).
What is JD.com, Inc. Class A (HK:9618) earnings time?
JD.com, Inc. Class A (HK:9618) earnings time is at May 19, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is the P/E ratio of JD.com, Inc. Class A stock?
The P/E ratio of JD.com, Inc. Class A is N/A.
What is HK:9618 EPS forecast?
HK:9618 EPS forecast for the fiscal quarter 2026 (Q1) is 1.81.
