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JD.com vs Ulta Beauty: revenue, profit, margins and growth compared

JD.com brought in $187.2B of revenue in fiscal 2025, Ulta Beauty $12.4B in fiscal 2025. Revenue changed by +17.9% at JD.com and +9.7% at Ulta Beauty on the year before, so JD.com grew faster. JD.com kept 1.5% of its revenue as net profit, Ulta Beauty 9.3%. Free cash flow was $1.6B at JD.com and $1.1B at Ulta Beauty.

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Side by side, latest fiscal year

JDULTA
Fiscal year endedFY2025 (December 31, 2025)FY2025 (January 31, 2026)
Revenue$187.2B$12.4B
Revenue growth+17.9%+9.7%
Net income$2.8B$1.2B
Net margin1.5%9.3%
Free cash flow$1.6B$1.1B
Free cash flow margin0.9%8.6%
Earnings per share (diluted)$0.92$25.64
Cash$19.7B$424.2M
Debtn/an/a
Price to earningsn/a21.4
Market value$35.8B$23.6B
Dividend yieldn/an/a
Rank by revenue in sector#4 of 1065 · Consumer discretionary#108 of 1065 · Consumer discretionary

Over the years

Revenue
JD FY2018: $67.2BJD FY2019: $82.9BJD FY2020: $114.3BJD FY2021: $149.3BJD FY2022: $151.7BJD FY2023: $152.8BJD FY2024: $158.8BJD FY2025: $187.2BULTA FY2018: $6.7BULTA FY2019: $7.4BULTA FY2020: $6.2BULTA FY2021: $8.6BULTA FY2022: $10.2BULTA FY2023: $11.2BULTA FY2024: $11.3BULTA FY2025: $12.4BFY18FY19FY20FY21FY22FY23FY24FY25
JD $187.2BULTA $12.4B
Net income
JD FY2018: -$362.4MJD FY2019: $1.8BJD FY2020: $7.6BJD FY2021: -$559MJD FY2022: $1.5BJD FY2023: $3.4BJD FY2024: $5.7BJD FY2025: $2.8BULTA FY2018: $658.6MULTA FY2019: $705.9MULTA FY2020: $175.8MULTA FY2021: $985.8MULTA FY2022: $1.2BULTA FY2023: $1.3BULTA FY2024: $1.2BULTA FY2025: $1.2BFY18FY19FY20FY21FY22FY23FY24FY25
JD $2.8BULTA $1.2B
Net margin
JD FY2018: -0.5%JD FY2019: 2.1%JD FY2020: 6.6%JD FY2021: -0.4%JD FY2022: 1.0%JD FY2023: 2.2%JD FY2024: 3.6%JD FY2025: 1.5%ULTA FY2018: 9.8%ULTA FY2019: 9.5%ULTA FY2020: 2.9%ULTA FY2021: 11.4%ULTA FY2022: 12.2%ULTA FY2023: 11.5%ULTA FY2024: 10.6%ULTA FY2025: 9.3%FY18FY19FY20FY21FY22FY23FY24FY25
JD 1.5%ULTA 9.3%
Revenue growth
JD FY2019: +23.3%JD FY2020: +37.9%JD FY2021: +30.6%JD FY2022: +1.6%JD FY2023: +0.7%JD FY2024: +3.9%JD FY2025: +17.9%ULTA FY2019: +10.1%ULTA FY2020: -16.8%ULTA FY2021: +40.3%ULTA FY2022: +18.3%ULTA FY2023: +9.8%ULTA FY2024: +0.8%ULTA FY2025: +9.7%FY19FY20FY21FY22FY23FY24FY25
JD +17.9%ULTA +9.7%
Free cash flow
JD FY2018: $2BJD FY2019: $2.8BJD FY2021: $5.8BJD FY2022: $7.6BJD FY2023: $7.8BJD FY2024: $7.2BJD FY2025: $1.6BULTA FY2018: $636.7MULTA FY2019: $802.8MULTA FY2020: $658.5MULTA FY2021: $887.1MULTA FY2022: $1.2BULTA FY2023: $1BULTA FY2024: $964.1MULTA FY2025: $1.1BFY18FY19FY20FY21FY22FY23FY24FY25
JD $1.6BULTA $1.1B

Fiscal years as each company reports them; the two may end in different months.

Questions about JD.com and Ulta Beauty

Which is bigger by revenue, JD.com or Ulta Beauty?

JD.com is bigger by revenue: $187.2B in fiscal 2025, against $12.4B for Ulta Beauty in fiscal 2025.

Which keeps more of its revenue as profit, JD.com or Ulta Beauty?

JD.com had a net margin of 1.5% in fiscal 2025; Ulta Beauty had 9.3% in fiscal 2025.

Which grew revenue faster, JD.com or Ulta Beauty?

In their latest fiscal years revenue changed by +17.9% at JD.com and +9.7% at Ulta Beauty.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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