JD.com, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data JD.com, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	37,465	55,689	67,198	82,865	114,299	149,326	151,690	152,771	158,758	187,197
Cost of revenue	31,787	47,879	57,605	70,739	97,578	129,072	130,366	130,277	133,568	157,163
Gross profit	5,678	7,810	9,593	12,126	16,722	20,254	21,324	22,494	25,190	30,034
Research and development				2,100	2,475	2,563	2,449	2,309	2,333	3,179
General and administrative	672	648	750	789	982	1,814	1,603	1,368	1,218	1,713
Operating income	-309	-128	-381	1,292	1,892	650	2,860	3,665	5,307	397
Interest expense	37.4	148	124	104	172	190	305	406	397	401
Interest income	69.4	389	308	256	422
Other non-operating income	212	202	13.8	772	4,989	-93	-225	1,056	1,832	2,478
Pre-tax income	-466	18.6	-345	1,967	7,788	-405	2,012	4,457	7,061	3,621
Income tax	25.9	21.5	62.1	259	227	296	605	1,182	943	312
Net income to minority interests					-11.4	-145	-101	-128	452	502
Net income	-548	-23.4	-362	1,750	7,572	-559	1,507	3,403	5,666	2,807
EBITDA	214	516	428	2,129	2,822	1,628	3,909	4,833	6,527	1,791
EPS, basic	-0.20	-0.01	-0.13	0.60	2.51	-0.18	0.48	1.08	1.90	0.99
EPS, diluted	-0.20	-0.01	-0.13	0.59	2.43	-0.18	0.47	1.07	1.84	0.92
Shares, basic (weighted)	2,805	2,845	2,878	2,913	3,022	3,107	3,126	3,144	2,990	2,847
Shares, diluted (weighted)	2,805	2,911	2,878	2,967	3,109	3,107	3,181	3,171	3,076	2,978

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,848	3,948	4,983	5,311	13,193	11,105	11,434	10,126	14,844	19,660
Short-term investments	1,033	1,320	296	3,534	9,284	17,978	20,457	16,656	17,213	10,831
Receivables	2,515	2,514	1,616	889	1,090	1,867	2,983	2,859	3,507	3,909
Inventory	4,164	6,409	6,404	8,321	9,032	11,863	11,302	9,586	12,238	13,646
Other current assets	317	347	560	586	980	1,797	2,197	2,202	2,185	2,559
Total current assets	15,401	17,680	15,251	19,980	35,985	47,024	50,901	43,354	52,977	53,541
Property, plant and equipment	1,065	1,933	3,066	2,967	3,463	5,170	7,986	9,864	11,335	13,063
Lease right-of-use assets				1,242	2,373	3,136	3,228	2,938	3,361	4,451
Goodwill	942	1,022	966	954	1,671	1,951	3,353	2,814	3,522	3,760
Intangible assets	1,218	1,029	729	590	990	916	1,325	977	1,068	1,104
Long-term investments				3,076	5,990	2,995	1,683	11,386	8,134	7,413
Other non-current assets	478	342	769	978	2,041	3,423	2,722	2,045	1,245	1,695
Total assets	23,099	28,289	30,422	37,307	64,718	77,912	86,303	88,586	95,658	99,412
Accounts payable	6,336	11,425	11,633	12,989	16,371	22,045	23,286	23,404	26,422	26,938
Deferred revenue	176	245	288	478	524	543	486	295	287	384
Short-term debt	1,200	30.7	21.4			685	1,761	709	1,039	1,146
Total current liabilities	15,086	18,175	17,579	20,112	26,669	34,779	38,648	37,415	41,034	43,768
Long-term debt	984	991	449	993	1,470	1,473	1,482	1,466	3,393	2,974
Lease liabilities				793	1,571	2,153	2,172	1,926	2,481	3,390
Other non-current liabilities	63.5	51.8	44.9	32.4	50.8	280	251	150	114	164
Total liabilities	17,162	20,237	19,248	22,853	30,754	39,187	46,558	46,842	52,736	57,402
Total debt			449
Paid-in capital	8,535	11,720	12,048	13,025	23,503	28,650	26,683	25,945	24,989	20,236
Retained earnings	-3,149	-3,417	-3,496	-1,711	5,735	5,305	4,249	6,205	10,491	12,149
Treasury stock	-746	-685	-550	-363	-187	-466	-361	-480	-3,800	-1,126
Other comprehensive income	222	283	489	598	-544	-956	-139	127	195	-168
Shareholders' equity	4,882	7,999	8,693	11,758	28,742	32,782	30,936	32,657	32,791	32,180
Minority interests	38.9	53.5	159	403	2,597	5,753	8,723	9,001	10,065	9,830
Total equity	4,920	8,052	8,853	12,161	31,339	38,535	39,659	41,658	42,856	42,010
Total liabilities and equity	23,099	28,289	30,422	37,307	64,718	77,912	86,303	88,586	95,658	99,412

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-492	-1.8	-407	1,708	7,561	-701	1,407	3,275	6,118	3,309
Depreciation and amortization	523	644	809	837	930	978	1,049	1,168	1,220	1,394
Stock-based compensation	338	427	532	531	637	1,433	1,095	677	411	676
Deferred income tax	-5.01	-34	-1.52	76.6	-110	-102	-80	122	-157	-678
Change in receivables	-1,397	-83.9	624	565	-63.2	-884	-1,043	-44	-623	-361
Change in inventory	-1,206	-1,966	-341	-1,999	123	-2,620	-330	1,393	-2,761	-827
Change in payables	1,972	4,012	795	1,493	1,700	5,113	2,560	650	3,815	-702
Cash from operations	1,263	3,815	3,037	3,560	6,520	6,638	8,383	8,383	7,959	2,716
Capital expenditures	-196	-502	-1,070	-764		-873	-797	-567	-733	-1,118
Acquisitions	-88.7	-24.7	-2.85	-5.94	103	-50	-2,274		-380	-158
Purchases of investments	-2,444	-1,274	-366	-3,519	-9,310	-26,313	-26,140	-27,269
Cash from investing	-6,952	-5,763	-3,793	-3,641	-8,860	-11,651	-7,833	-8,386	-119	5,982
Debt issued	915		420		1,043		2,044	1,853	1,867	4,900
Debt repaid					-18.9	-5	-527	-1,577	-1,816	-3,432
Stock issued			514		4,803
Share buybacks	-769		-29.9	-18.8	-47.8	-823	-264	-352	-3,550	-3,064
Dividends paid							-1,897	-949	-1,132	-1,484
Cash from financing	5,862	2,956	1,632	370	10,892	3,060	171	-818	-2,877	-3,822
Exchange rate effect		-98.6
Net change in cash	275	909	1,120	346	7,774	-2,188	1,227	-804	4,976	4,849
Free cash flow	1,067	3,313	1,967	2,795		5,765	7,586	7,816	7,226	1,598
Interest paid	105	88.7	61.2	97.6	156	192	347	395	380	384
Income taxes paid	16.3	37	96.9	116	182	398	370	769	1,207	1,244

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $26.61 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	16.0%	Gross profit / revenue.
Operating margin	0.2%	Operating income / revenue.
EBITDA margin	1.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.9%	Pre-tax income / revenue.
Net margin	1.5%	Net income / revenue.
FCF margin	0.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	1.5%	Cash from operations / revenue.
Effective tax rate	8.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.9%	Net income / average total assets.
Return on invested capital (ROIC)	2.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	1.7%	Research and development expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.6%	Capital expenditures / revenue.
D&A / revenue	0.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	17.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	19.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	12.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-92.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-48.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-26.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-72.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-22.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-8.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-50.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	23.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-18.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-50.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	25.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-17.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-65.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-31.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-16.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-77.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-40.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-1.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.22x	Current assets / current liabilities.
Quick ratio	0.79x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.70x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	57.7%	Total liabilities / total assets.
Interest coverage	0.99x	Operating income / interest expense.
Working capital	$9.77B	Current assets - current liabilities.
Goodwill and intangibles / assets	4.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$27.32B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.92x	Revenue / average total assets.
Fixed asset turnover	15.3x	Revenue / average property, plant and equipment.
Inventory turnover	12.1x	Cost of revenue / average inventory.
Days inventory	30 days	365 x average inventory / cost of revenue.
Receivables turnover	50.5x	Revenue / average receivables.
Days sales outstanding	7 days	365 x average receivables / revenue.
Days payables	62 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-25 days	Days inventory + days sales outstanding - days payables.
FCF conversion	56.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	41.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.92	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.99	Net income per basic share, as reported (split-adjusted).
Revenue per share	$62.86	Revenue / diluted weighted shares.
FCF per share	$0.54	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.91	Cash from operations / diluted weighted shares.
Book value per share	$10.81	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$9.17	Tangible book value / shares outstanding.
Cash per share	$10.24	(Cash + short-term investments) / shares outstanding.
Payout ratio	52.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	92.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	191.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$35.76B	Share price x shares outstanding.
Enterprise value	$5.27B	Market cap + total debt - cash - short-term investments.
P/E	12.7x	Market cap / net income. Only when net income is positive.
P/S	0.19x	Market cap / revenue.
P/B	1.11x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.31x	Market cap / tangible book value, when positive.
P/FCF	22.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.2x	Market cap / cash from operations, when positive.
EV/Sales	0.03x	Enterprise value / revenue.
EV/EBIT	13.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	2.94x	Enterprise value / EBITDA, when both are positive.
EV/FCF	3.30x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.5%	Free cash flow / market cap.
Earnings yield	7.8%	Net income / market cap (the inverse of P/E).
Dividend yield	4.1%	Dividends paid over the period / market cap.
Shareholder yield	12.7%	(Dividends paid + share buybacks) / market cap.
PEG	0.51x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was JD.com, Inc.'s revenue in fiscal 2025?

JD.com, Inc. reported revenue of $187.20B for fiscal 2025, 17.9% higher than the year before.

Was JD.com, Inc. profitable in fiscal 2025?

Yes. Net income was $2.81B, a net margin of 1.5%.

How much free cash flow did JD.com, Inc. generate in fiscal 2025?

Cash from operations of $2.72B minus capital expenditures of $1.12B left free cash flow of $1.60B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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