JD.com Inc (NASDAQ:JD) has reported its first quarterly loss since early 2022, as the Beijing-based e-commerce giant faced continued pressure from an aggressive food-delivery subsidy war in China.
The company posted a fourth quarter net loss of 2.71 billion yuan (US$392.9 million), compared with net income of 9.85 billion yuan a year earlier. Analysts had expected a smaller loss of 203.6 million yuan.
On a non-GAAP basis, adjusted net profit fell to 1.08 billion yuan from 11.29 billion yuan in the same period of 2024.
JD.com attributed part of the decline to the highly competitive food-delivery sector, where it has been competing with Meituan and Alibaba Group since entering the market in early 2025. The subsidy-driven price war has raised concerns over thin margins and near-term profitability.
Despite the quarterly loss, JD.com’s revenue continued to grow. Net revenues for the fourth quarter reached 352.3 billion yuan (US$150.4 billion), up 1.5% from a year earlier, while full-year revenues rose 13% to 1,309.1 billion yuan (US$187.2 billion). Full-year net income attributable to shareholders declined to 19.6 billion yuan (US$2.8 billion) from 41.4 billion yuan the previous year.
JD Retail, the company’s core business, remained largely resilient, reporting operating income of 9.8 billion yuan (US$1.4 billion) for the quarter, with a margin of 3.2%, nearly unchanged from the previous year. Full-year operating income for JD Retail rose to 51.4 billion yuan (US$7.4 billion), with an improved margin of 4.6%.
“We were pleased to close out 2025 with fourth quarter results in line with expectations, capping another solid full-year performance,” JD.com CEO Sandy Xu said.
“Our core JD Retail business remained resilient, achieving double-digit growth in both revenues and operating profit for the full year despite a highly competitive industry landscape. Our new businesses progressed in line with our strategic roadmap, with food delivery steadily expanding in scale while narrowing sequential losses every quarter since its launch.”
US-listed shares of JD.com traded down 1.7% at about $25 post-earnings.