JD.com (NASDAQ: JD; HKEX: 9618 and 89618) reported unaudited results for the third quarter ended September 30, 2025. Net revenues rose 14.9% year-on-year (YoY) to RMB299.1 billion (US$42.0 billion). Of these, net product revenues grew 10.5%, while net service revenues increased 30.8%. JD Retail contributed RMB250.6 billion (US$35.2 billion), expanding 11.4% YoY. Total net income attributable to ordinary shareholders was RMB5.3 billion (US$0.7 billion); non-GAAP net income was RMB5.8 billion (US$0.8 billion).
Operating margin for the entire company stood at negative 0.4%, largely due to higher investments in new business initiatives. In contrast, JD Retail’s operating margin improved to 5.9% from 5.2% a year earlier. Expenses across fulfillment, marketing, and research and development increased YoY, with marketing expenses rising notably to RMB21.1 billion during the quarter. Meanwhile, JD Food Delivery scaled up further, boosting GMV and order volume, and generated improved unit economics.
Management highlighted strong user momentum, including over 700 million annual active customers in October 2025. JD Supermarket marked its 11th anniversary with strategic initiatives in products, brands, and efficiency. JD MALL continued its national expansion, with new stores in Taiyuan, Shenzhen, and Tianjin, and an upcoming launch in Hong Kong. Other segments such as JD Logistics added to international reach with a new warehouse in Dubai and expanded cargo routes in Asia. JD Health partnered with leading pharmaceutical and medical device companies for innovative drug launches and smart healthcare services.
Under the share repurchase program of up to US$5.0 billion effective through August 2027, JD.com had repurchased approximately US$1.5 billion of its Class A ordinary shares by September 30, 2025. The company ended the quarter with RMB210.5 billion (US$29.6 billion) in cash, cash equivalents, and short-term investments. Management stated that the company will continue efforts to enhance core offerings, improve synergies among businesses, and maintain sound financial discipline over the long term.