JD.com Q3 revenue increased by 15% year-on-year, adjusted EBITDA decreased by 83%, new business revenue grew by more than double, and marketing expenses increased by 110% | Financial Report Insights

JD.com Group's net revenue for the third quarter reached RMB 299.06 billion, a year-on-year increase of 15%, exceeding market expectations of RMB 294.4 billion. Despite a robust performance on the revenue side, the company's profit margins saw a significant decline, reflecting the pressure on profitability from increased expansion investments.

JD.com's Chief Financial Officer Dan Su stated that total revenue grew by 14.9% year-on-year in the third quarter, benefiting from the healthy development momentum of various business lines. The company remains confident in consolidating its leading market position in the electronics and home appliances sectors, even against the high baseline of its trade-in policy.

Key Financial Metrics

Net revenue: RMB 299.06 billion, +15% year-on-year, estimated RMB 294.4 billion;

Operating expenses: RMB 22 billion, +35% year-on-year, estimated RMB 19.68 billion;

Adjusted EBITDA: RMB 2.5 billion, -83% year-on-year, estimated RMB 3.41 billion;

Adjusted operating margin: 0.1%, compared to 5% in the same period last year, estimated 0.45%;

Adjusted EBITDA margin: 0.8%, compared to 5.8% in the same period last year, estimated 1.21%;

Adjusted earnings per ADS: RMB 3.73, estimated RMB 2.70.

The company stated that as JD.com’s food delivery continues to scale up and generate deeper synergies with JD Retail, it achieved a quarter-on-quarter decline in investments in the third quarter, benefiting from improved unit economics.

JD.com’s management emphasized that despite the high baseline for the trade-in policy, the company is confident in further consolidating its leading market position in the electronics and home appliances sectors and unlocking significant growth potential in the daily necessities category and advertising services. This indicates that the company is seeking new growth momentum through business diversification.

Significant Shrinkage in Profit Margins

JD.com’s adjusted EBITDA for the third quarter was RMB 2.5 billion, a year-on-year decline of 83%, far below the market estimate of RMB 3.41 billion.

The adjusted operating margin was only 0.1%, significantly down from 5% in the same period last year, indicating that the company is facing considerable cost pressures during its business expansion.

Operating expenses increased by 35% year-on-year to RMB 22 billion, with the growth rate significantly outpacing revenue growth, becoming the main reason for the pressure on profit margins.

Marketing Expenses Increased by 110.5% Year-on-Year in Q3

JD.com Group's financial report shows that in the third quarter of 2025, marketing expenses increased by 110.5% from RMB 10 billion in the third quarter of 2024 to RMB 21.1 billion (USD 3 billion) in the third quarter of 2025.

The percentage of marketing expenses to revenue in the third quarter of 2025 was 7.0%, compared to 3.8% in the third quarter of 2024. This increase was mainly due to higher spending on promotional activities for new businesses.

Overall Investment in Food Delivery Narrowed Quarter-on-Quarter

The financial report shows that in the third quarter of 2025, JD.com’s food delivery maintained healthy development, with a richer supply and steady growth in both GMV and order volume. Additionally, overall investment narrowed on a month-on-month basis, mainly due to the improvement in JD.com’s food delivery operational efficiency, while maintaining rationality in industry competition, resulting in a gradual improvement in per-order profit and loss levels