JD.com, Inc
(NASDAQ:JD)

JD.com, Inc., through its subsidiaries, operates as an e-commerce company and retail infrastructure service provider in the People's Republic of China. It operates in two segments, JD Retail and New Businesses. The company offers home appliances; mobile handsets and other digital products; desktop, ...

Website: http://www.jd.com

Founded: 1998

Full Time Employees: 284,000

CEO: Liu Qiangdong

Sector: Consumer Cyclical

Industry: Internet Retail

E-Commerce Chinese

Share this website to your friends

• Market Cap:

• Exchange:

• Shs Outstanding:

• Employees:

• Beta:

• Return on Equity (ROE) ttm:

• Return on Assets (ROA) ttm:

• EPS ttm:

• Book value per Share:

• Cash per Share:

• Current ast per Share:

• P/E ttm:

• P/E forward:

• P/E ttm high:

• P/E ttm low:

• P/S ttm:

• P/B ttm:

• P/FCF ttm:

• PEG ratio:

• Cash Ratio ttm:

• Quick Ratio ttm:

• Current Ratio ttm:

• Gross Mgn ttm:

• EBITDA Mgn ttm:

• Operating Mgn ttm:

• Net Income Mgn ttm:

• Trailing Div yield:

• Forward Div yield:

• Payout Ratio ttm:

• Ex-Dividend date:

• Target Price High:

• Target Price Low:

• Target Price Mean:

• Number of Analysts:

• Debt Ratio ttm:

• Debt to Equity ttm:

• Total Net Debt:

At a glance:

Core Retail Scale Anchors the Business: JD.com’s first-party retail model and nationwide fulfillment network remain the company’s primary revenue engine and a key differentiator in delivery speed and reliability.
Margins Supported by Efficiency and Mix: Ongoing focus on logistics efficiency, automation, and higher-margin service revenue can support profitability, even amid competitive pricing pressure in China’s e-commerce market.
JD Logistics and Services Add Optionality: Logistics and other service-oriented segments provide diversification beyond retail, with potential to expand third-party merchant and enterprise fulfillment penetration over time.
Competitive Intensity Remains a Key Headwind: Aggressive promotions and rapid feature innovation from major peers continue to pressure take rates and customer acquisition costs, making sustained growth and margin expansion challenging.
China Macro and Regulation Drive Demand Sensitivity: Consumer sentiment, discretionary spending trends, and evolving regulatory expectations in China can materially influence GMV growth, category mix, and investment cadence.

Bull Thesis:

Robust Logistics Network and Supply Chain Advantage: JD's proprietary logistics network provides a significant competitive moat, ensuring fast and reliable delivery, which enhances customer satisfaction and allows for efficient inventory management. JD Logistics is also a growing external service provider, adding diversified revenue streams.
Strategic Shift Towards Profitability and Efficiency: Recent management focus indicates a clear pivot from aggressive top-line growth to improving operational efficiency, optimizing costs, and enhancing overall profitability. This strategic shift is aimed at sustainable margin expansion and better free cash flow generation.
Undervalued Asset Base and Diversified Ecosystem: Beyond its core e-commerce, JD possesses valuable assets like JD Health, JD Property, and JD Logistics, which are either publicly listed or have significant intrinsic value. These diversified segments could unlock shareholder value and provide resilience against core e-commerce fluctuations.
Strong Market Position in Direct Sales E-commerce: JD maintains a dominant position in China's direct sales e-commerce model, particularly for electronics, home appliances, and branded goods. This model is known for its authenticity, quality control, and superior customer service, appealing to a segment of consumers willing to pay for reliability.

Bear Thesis:

Intense Competition and Market Share Erosion: JD faces fierce competition from established players like Alibaba (Tmall, Taobao) and rapidly growing platforms like Pinduoduo and Douyin E-commerce. This intense rivalry leads to pricing pressure, increased marketing spend, and potential market share loss, especially in lower-tier cities.
Macroeconomic Headwinds and Weak Consumer Spending: The challenging macroeconomic environment in China, characterized by slowing GDP growth, property market issues, and cautious consumer sentiment, directly impacts discretionary spending and overall e-commerce growth, putting pressure on JD's revenue expansion.
Profitability Pressures and Margin Compression: Despite efforts to improve efficiency, the highly competitive nature of Chinese e-commerce, coupled with the capital-intensive logistics operations and ongoing promotional activities, continues to put pressure on JD's profit margins and overall profitability.
Regulatory Uncertainty and Geopolitical Risks: While regulatory scrutiny on the tech sector has eased, the potential for future government intervention remains a concern. Additionally, broader geopolitical tensions between the US and China could impact investor confidence, supply chains, and business operations.

Main Competitors:

Alibaba Group Holding Ltd. ($BABA) (Tmall, Taobao, Cainiao Network, Freshippo), Alibaba is JD's most comprehensive and direct competitor in China's e-commerce market. Through Tmall, it competes directly with JD's B2C model for branded goods and premium products, while Taobao caters to a broader C2C and small business market. Alibaba's Cainiao Network competes in logistics, albeit with a different asset-light, partner-centric model. Its Freshippo (Hema) stores and Ele.me local services also compete in new retail and instant delivery segments, directly overlapping with JD's expansion into groceries and O2O services.
Pinduoduo Inc. ($PDD) (Pinduoduo e-commerce platform), Pinduoduo competes primarily on price and value, leveraging a social commerce and group buying model to offer highly competitive prices, especially in lower-tier cities and for agricultural products. While JD focuses on quality, authenticity, and a premium logistics experience, Pinduoduo's rapid growth has come from attracting price-sensitive consumers and expanding product categories, directly challenging JD's market share in everyday goods and value-oriented segments.
Meituan ($3690.HK) (Meituan Instashopping, Meituan Select, Meituan Waimai), Meituan, primarily known for local services and food delivery, increasingly competes with JD in the 'instant commerce' and 'new retail' sectors. Through Meituan Instashopping, it offers on-demand delivery of groceries, pharmacy items, and general merchandise from local stores, directly challenging JD's efforts in fresh produce and quick delivery. Meituan Select (community group buying) also competes for daily necessities, leveraging its extensive local merchant network and delivery infrastructure.
ByteDance (Douyin) (Douyin E-commerce (Live-streaming e-commerce)), ByteDance, through its short-video platform Douyin (known as TikTok internationally), has become a significant e-commerce player, particularly in live-streaming commerce. It competes by leveraging its massive user base and engaging content to drive product discovery and sales directly within the app, often through influencers and brand live streams. This model offers an alternative, entertainment-driven shopping experience that diverts consumer attention and spending from traditional e-commerce platforms like JD.

Moat:

JD.com operates in an intensely competitive and rapidly evolving e-commerce landscape in China. JD's primary moat lies in its proprietary, integrated, and highly efficient logistics network (JD Logistics), which ensures fast, reliable, and high-quality delivery, differentiating it from competitors who often rely on third-party logistics. This asset-heavy approach allows JD to maintain strict quality control and customer satisfaction, particularly for high-value goods and fresh produce. However, it faces strong challenges from Alibaba's vast ecosystem and marketplace dominance, Pinduoduo's disruptive social commerce and value-for-money strategy, and the rapid rise of content-driven e-commerce from platforms like Douyin. The increasing convergence of online and offline retail, coupled with the demand for instant delivery, further intensifies competition, pushing JD to continuously innovate its supply chain, expand into new retail formats, and enhance its user experience to maintain its market position and premium brand image.

Income Statements:

Quarterly

Annual

Unit: USD	2025-11-13	2025-08-14	2025-03-06	2024-12-31	2024-11-14	2024-08-15	2024-05-21	2024-05-16	2024-03-06	2023-12-31	2023-11-15	2023-08-16	2023-05-11	2023-03-09	2022-12-31	2022-11-18	2022-08-23	2022-05-17	2022-03-10	2021-12-31	2021-11-18	2021-08-23	2021-05-19	2021-03-11	2020-12-31	2020-11-16	2020-08-18	2020-06-05	2020-05-15	2020-03-02	2019-12-31	2019-11-18	2019-09-30	2019-08-14	2019-05-31	2019-03-31	2018-12-31	2018-11-30	2018-08-31	2018-05-31	2018-03-31	2017-12-31	2017-11-30	2017-08-31	2017-05-31	2017-03-31	2016-12-31	2016-11-30	2016-08-31	2016-05-31	2016-03-31	2015-12-31	2015-11-30	2015-08-31	2015-05-31	2015-03-31	2014-12-31	2014-11-30	2014-08-31

net revenues
net product revenues	226,092,000,000	282,414,000,000	280,978,000,000	280,978,000,000	204,613,000,000	233,908,000,000	208,508,000,000	208,508,000,000	246,501,000,000	246,501,000,000	195,304,000,000	233,855,000,000	195,564,000,000	237,599,000,000	237,599,000,000	197,027,000,000	226,020,000,000	204,416,000,000	234,674,824,000	234,674,947,000	186,008,365,000	219,689,884,000	175,281,804,000					130,093,138,000					361,021,874,000		108,651,270,000	120,231,574,000	120,231,574,000	93,890,315,000	110,488,781,000	91,498,076,000
net service revenues	72,967,000,000	74,246,000,000	66,008,000,000	66,008,000,000	55,774,000,000	57,489,000,000	51,541,000,000	51,541,000,000	59,576,000,000	59,576,000,000	52,394,000,000	54,076,000,000	47,392,000,000	57,847,000,000	57,847,000,000	46,508,000,000	41,580,000,000	35,239,000,000	41,232,333,000	41,232,056,000	32,699,993,000	34,110,586,000	27,894,365,000					16,112,071,000					45,182,572,000		12,429,789,000	14,600,975,000	14,600,975,000	10,877,964,000	11,802,249,000	8,629,825,000
total net revenues	299,059,000,000	356,660,000,000	346,986,000,000	346,986,000,000	260,387,000,000	291,397,000,000	260,049,000,000	260,049,000,000	306,077,000,000	306,077,000,000	247,698,000,000	287,931,000,000	242,956,000,000	295,446,000,000	295,446,000,000	243,535,000,000	267,600,000,000	239,655,000,000	275,907,157,000	275,907,003,000	218,708,358,000	253,800,470,000	203,176,169,000					146,205,209,000					406,204,446,000		121,081,059,000	134,832,549,000	134,832,549,000	104,768,279,000	122,291,030,000	100,127,901,000	110,165,334,000	63,041,605,000	83,746,258,000	93,201,975,000	60,725,781,000	60,725,781,000		60,725,781,000	65,236,755,000	53,969,663,000	44,110,150,000		44,110,150,000	45,928,687,000	36,640,575,000	29,012,003,000		29,012,003,000	28,612,850,000
cost of revenues	-248,585,000,000	-300,020,000,000	-293,869,000,000	-293,869,000,000	-215,344,000,000	-245,459,000,000	-220,279,000,000	-220,279,000,000	-262,575,000,000	-262,575,000,000	-208,947,000,000	-246,498,000,000	-206,938,000,000	-253,909,000,000	-253,909,000,000	-207,339,000,000	-231,706,000,000	-206,209,000,000	-238,784,815,000	-238,785,353,000	-187,615,621,000	-222,070,876,000	-174,054,150,000	-32,550,000	-571,075,551	-31,120,000	-13,638,000	-123,669,699,000	-20,860,000	-24,556,000	-492,409,704,000	-23,615,000	-345,781,556,000	-21,043,000
fulfillment	-22,002,000,000	-22,145,000,000	-20,121,000,000	-20,121,000,000	-16,278,000,000	-17,221,000,000	-16,806,000,000	-16,806,000,000	-17,283,000,000	-17,283,000,000	-15,225,000,000	-16,679,000,000	-15,371,000,000	-16,863,000,000	-16,863,000,000	-14,354,000,000	-16,308,000,000	-15,486,000,000	-16,326,841,000	-16,326,634,000	-14,275,651,000	-14,649,314,000	-13,803,401,000	-296,175,000	301,455,789	-153,662,000	-64,616,000	-10,399,790,000	-131,878,000	-136,033,000	-36,663,907,000	-123,878,000	-25,973,275,000	-122,718,000
marketing	-21,050,000,000	-27,013,000,000	-16,832,000,000	-16,832,000,000	-10,000,000,000	-11,867,000,000	-9,254,000,000	-9,254,000,000	-13,110,000,000	-13,110,000,000	-7,955,000,000	-11,063,000,000	-8,005,000,000	-11,985,000,000	-11,985,000,000	-7,605,000,000	-9,477,000,000	-8,705,000,000	-13,362,697,000	-13,362,657,000	-7,769,166,000	-10,612,420,000	-6,998,757,000	-128,598,000	191,198,028	-87,099,000	-54,183,000	-4,468,316,000	-77,072,000	-78,419,000	-22,053,604,000	-69,850,000	-14,008,595,000	-71,408,000
research and development	-5,646,000,000	-5,299,000,000	-4,384,000,000	-4,384,000,000	-4,396,000,000	-4,217,000,000	-4,034,000,000	-4,034,000,000	-4,341,000,000	-4,341,000,000	-3,794,000,000	-4,072,000,000	-4,186,000,000	-4,366,000,000	-4,366,000,000	-4,116,000,000	-4,027,000,000	-4,384,000,000	-4,105,119,000	-4,105,083,000	-4,004,001,000	-3,693,410,000	-4,529,506,000	-464,941,000	918,977,052	-384,400,000	-190,127,000	-3,935,159,000	-360,599,000	-376,212,000
general and administrative	-2,990,000,000	-3,266,000,000	-2,455,000,000	-2,455,000,000	-2,325,000,000	-2,132,000,000	-1,976,000,000	-1,976,000,000	-2,377,000,000	-2,377,000,000	-2,474,000,000	-2,358,000,000	-2,501,000,000	-3,645,000,000	-3,645,000,000	-2,622,000,000	-2,324,000,000	-2,462,000,000	-3,737,864,000	-3,737,413,000	-3,050,183,000	-2,561,031,000	-2,213,373,000	-572,387,000	1,085,618,869	-395,263,000	-310,660,000	-1,411,796,000	-386,105,000	-416,145,000	-4,332,936,000	-435,623,000	-4,018,365,000	-440,259,000
gain on sale of development properties	163,000,000	224,000,000	1,527,000,000						802,000,000	802,000,000		1,009,000,000	472,000,000	150,000,000	150,000,000	1,229,000,000			18,192,000	18,200,000	578,701,000	87,337,000	82,762,000
income from operations	-1,051,000,000		8,491,000,000	8,491,000,000	12,044,000,000	10,501,000,000	7,700,000,000	7,700,000,000	2,025,000,000	2,025,000,000	9,303,000,000		6,427,000,000		4,828,000,000	8,728,000,000	3,758,000,000	2,409,000,000		-391,937,000	2,572,437,000	300,756,000	1,659,744,000					2,320,449,000					8,465,333,000		1,225,574,000					4,431,000		190,181,250	502,386,000
yoy	-108.73%		10.27%	10.27%	494.77%	418.57%	-17.23%		-68.49%		92.69%		71.02%			-2326.89%	46.09%	700.98%
qoq			0.00%	-29.50%	14.69%	36.38%	0.00%	280.25%	0.00%	-78.23%					-44.68%	132.25%	56.00%			-115.24%	755.32%	-81.88%																				-62.14%
other income/
share of results of equity investees	2,740,000,000	2,072,000,000	556,000,000	556,000,000	1,359,000,000	1,142,000,000	-730,000,000	-730,000,000	497,000,000	497,000,000	427,000,000	907,000,000	-821,000,000	113,000,000	113,000,000	377,000,000	-1,604,000,000	-1,081,000,000	-4,272,346,000	-4,272,323,000	-1,850,787,000	522,781,000	682,329,000					-1,120,220,000					-1,220,008,000
interest expense	-730,000,000	-643,000,000	-926,000,000	-926,000,000	-681,000,000	-688,000,000			-927,000,000	-927,000,000	-710,000,000	-654,000,000	-590,000,000	-698,000,000	-698,000,000	-579,000,000	-484,000,000	-345,000,000	-447,170,000	-446,715,000	-276,139,000	-232,325,000	-257,821,000					-207,100,000					-505,238,000
others	5,674,000,000	6,129,000,000	3,493,000,000	3,493,000,000	2,521,000,000	4,661,000,000	2,696,000,000	2,696,000,000	1,711,000,000	1,711,000,000	1,782,000,000	1,211,000,000	2,792,000,000	-427,000,000	-427,000,000	-816,000,000	3,586,000,000	-3,898,000,000	-21,994,000	-21,772,000	-3,061,899,000	455,936,000	2,037,735,000					-132,556,000					1,728,325,000		6,886,036,000		-3,951,371,000	3,428,978,000		1,803,369,000	672,540,000	160,967,000	484,711,000		12,812,000	12,812,000		12,812,000	1,337,550,000	148,239,000	148,290,000		148,290,000	115,661,000		58,928,000		58,928,000	59,169,000
income before tax	6,633,000,000	6,699,000,000	11,614,000,000	11,614,000,000	15,243,000,000	15,616,000,000	9,065,000,000	9,065,000,000	3,306,000,000	7,086,000,000	10,802,000,000	9,734,000,000					5,256,000,000					1,047,148,000	4,121,987,000					1,383,627,000					9,659,557,000		7,519,318,000		-4,816,519,000	2,928,418,000		1,628,264,000		268,052,750	1,031,337,000
income tax expenses	-252,000,000		-750,000,000	-750,000,000	-2,406,000,000	-2,022,000,000	-1,700,000,000	-1,700,000,000	-1,394,000,000	-1,394,000,000	-2,579,000,000	-2,811,000,000	-1,609,000,000	-595,000,000	-595,000,000	-1,751,000,000	-1,227,000,000	-603,000,000		-185,688,000	-652,199,000	-569,624,000	-479,489,000					-326,444,000					-1,323,303,000																					2,069,000	2,977,000
net income	6,381,000,000	6,709,000,000	10,864,000,000	10,864,000,000	12,837,000,000	13,594,000,000	7,365,000,000	7,365,000,000	1,912,000,000	5,336,250,000	8,223,000,000	6,923,000,000					4,029,000,000					477,524,000	3,642,498,000					1,057,183,000					8,336,254,000		7,239,678,000		-4,877,486,000	2,876,865,000		1,477,246,000		-964,251,000	978,160,000
yoy	-50.29%	-50.65%	47.51%	47.51%	571.39%	154.75%	-10.43%	6.38%																									-270.91%					-398.35%
qoq	-4.89%	-38.25%	0.00%	-15.37%	-5.57%	84.58%	0.00%	285.20%	-64.17%	-35.11%	18.78%											-86.89%															-269.54%					-198.58%
net income attributable to non-controlling interests shareholders	1,105,000,000	531,000,000		572,750,000	1,106,000,000	950,000,000				-1,477,000,000	287,000,000	342,000,000	-62,000,000		189,000,000	-4,000,000	-350,000,000		-158,840,000			-320,368,000
net income attributable to the company’s ordinary shareholders	5,276,000,000	6,178,000,000	9,854,000,000	9,854,000,000	11,731,000,000	12,644,000,000	7,130,000,000	7,130,000,000	3,389,000,000	5,194,500,000	7,936,000,000	6,581,000,000
net income per share																																					-1.68	1.04		0.53		-0.32	0.36
basic	1.86	2.17	3.39	2.61	4.02	4.2		2.28	1.08	1.653	2.52	2.09					1.4					0.26	1.16	7.84	2.093	2.44	5.55	0.37	0.37	1.24	0.735	0.21	2.94	0.21	2.53
diluted	1.69	2.07	3.23	2.548	3.86	4.09		2.27	1.07	1.635	2.5	2.08					1.37					0.25	1.13	7.59	2.005	2.35	5.23	0.36	0.36	1.22	0.723	0.21	2.89	0.18	2.48
net income per ads:
income/(loss) from operations		-859,000,000												4,828,000,000					-391,987,000
income tax (expenses)/benefits		10,000,000																																										16,267,000
impairment of goodwill			-799,000,000						-3,143,000,000
impairment of long-lived assets			-1,562,000,000						-2,025,000,000
net income/(loss) attributable to non-controlling interests shareholders			1,010,000,000				235,000,000	235,000,000	-1,477,000,000					189,000,000				-532,000,000		-191,214,000	-466,736,000		22,248,000
interest expenses							-601,000,000	-601,000,000
net income attributable to mezzanine equity classified as non-controlling interests shareholders																	3,000,000	5,000,000	4,688,000	4,723,000	4,687,000	3,625,000	2,965,000					782,000
income from operation												8,270,000,000
income/(loss) before tax													7,808,000,000	3,816,000,000	3,816,000,000	7,710,000,000		-2,915,000,000	-5,133,497,000	-5,132,747,000	-2,616,388,000
net income/													6,199,000,000	3,221,000,000	3,221,000,000	5,959,000,000		-3,518,000,000	-5,318,720,000	-5,318,435,000	-3,268,587,000
net income/(loss) attributable to the company’s ordinary shareholders													6,261,000,000
net income/(loss) per share:
basic													1.99	0.97	0.588	1.91		-0.96	-1.66	0.13	-0.9
diluted													1.96	0.95	0.555	1.78		-0.96	-1.66	0.125	-0.9
net income/(loss) per ads:
net income/(loss) attributable to ordinary shareholders														3,032,000,000	3,032,000,000	5,963,000,000		-2,991,000,000	-5,164,568,000	-5,165,014,000	-2,806,538,000
net income attributable to ordinary shareholders																	4,376,000,000					794,267,000	3,617,285,000					1,072,821,000					8,550,201,000		7,319,133,000		578,273,250	3,000,623,000		1,524,940,000		189,244,000	1,014,290,000
income tax benefits/																			-185,223,000
includes share-based compensation expenses as follows:
includes amortization of business cooperation arrangement and intangible assets resulting from assets and business acquisitions as follows:
other income
interest income																												523,054,000					1,191,145,000		312,575,000	389,887,000	389,887,000	576,287,000	606,022,000	545,725,000	811,839,000	259,346,000	521,317,000		139,417,000	139,417,000		139,417,000	105,462,000	66,553,000	70,055,000		70,055,000	98,261,000	154,760,000	197,908,000		197,908,000	154,912,000
net loss attributable to non-controlling interests shareholders																												-16,420,000					-216,250,000
other comprehensive income:
foreign currency translation adjustments																												778,641,000					1,566,201,000
net change in unrealized gains on available-for-sale securities:
unrealized gains, net of tax																												109,145,000
reclassification adjustment for gains recorded in net income, net of tax																												-97,776,000
net unrealized gains on available-for-sale securities																												11,369,000					37,583,000
total other comprehensive income																												790,010,000					1,603,784,000
total comprehensive income																												1,847,193,000					9,940,038,000
total comprehensive income attributable to non-controlling interests shareholders																												34,304,000
total comprehensive income attributable to mezzanine equity classified as non-controlling interests shareholders																												782,000
total comprehensive income attributable to ordinary shareholders																												1,812,107,000					10,111,568,000
weighted-average number of shares
basic																												2,926,684,966			2,912,637,241		2,909,097,086													2,879,201					2,735,737						2,419,668,247
diluted																												2,998,786,445			2,967,321,803		2,963,008,845													2,879,201					2,735,737						2,419,668,247
technology and content																															-241,026,250	-371,720,000	-11,027,619,000	-365,430,000
includes amortization of intangible assets resulting from assets and business acquisitions as follows:
impairment of goodwill and intangible assets
gain on disposals of long-lived assets																																	3,070,297,000		83,218,000
net income attributable to mezzanine equity classified non-controlling interests shareholders																																	2,303,000
unrealized gains, nil of tax																																	144,999,000
reclassification adjustment for losses recorded in net income, nil of tax																																	-107,416,000
total comprehensive loss attributable to non-controlling interests shareholders																																	-173,833,000
total comprehensive income attributable to mezzanine equity classified non-controlling interests shareholders																																	2,303,000
operating expenses
net income attributable to mezzanine classified non-controlling interests shareholders																																			748,000										133,810,000	133,810,000		133,810,000	131,223,000	43,175,000
total operating expenses
net income from continuing operations																																					-4,877,486,000	2,876,865,000		1,477,246,000		236,404,500	978,160,000
net income from discontinued operations, net of tax																																										1,728,750
net loss from continuing operations attributable to non-controlling interests shareholders
net loss from discontinued operations attributable to non-controlling interests shareholders
net income from continuing operations attributable to mezzanine classified non-controlling interests shareholders																																				839,000	839,000	746,000	729,000	178,000
net income from discontinued operations attributable to mezzanine classified non-controlling interests shareholders																																										70,255,250		141,882,000
net loss attributable to ordinary shareholders
including: net loss from discontinued operations attributable to ordinary shareholders
net income from continuing operations attributable to ordinary shareholders																																					-4,804,726,000	3,000,623,000		1,524,940,000		256,513,000	1,014,290,000
net income per share																																					-1.68	1.04		0.53		-0.32	0.36
basic	1.86	2.17	3.39	2.61	4.02	4.2		2.28	1.08	1.653	2.52	2.09					1.4					0.26	1.16	7.84	2.093	2.44	5.55	0.37	0.37	1.24	0.735	0.21	2.94	0.21	2.53
continuing operations																																					-1.68	1.04		0.53		-0.32	0.36
discontinued operations
diluted
net loss per ads
net income per ads																																					0.403	2.07		1.07		0.133	0.71
online direct sales																																									100,146,682,000	57,919,432,000	76,466,266,000	85,386,013,000	55,172,944,000	55,172,944,000		55,172,944,000	59,705,701,000	49,975,605,000	40,641,371,000		40,641,371,000	42,616,447,000	34,548,516,000	27,368,870,000		27,368,870,000	27,018,303,000
services and others																																									10,018,652,000	5,122,173,000	7,279,992,000	7,815,962,000	5,552,837,000	5,552,837,000		5,552,837,000	5,531,054,000	3,994,058,000	3,468,779,000		3,468,779,000	3,312,240,000	2,092,059,000	1,643,133,000		1,643,133,000	1,594,547,000
net loss from discontinued operations attributable to ordinary shareholders
interest and others																																												448,241,000
net loss from discontinued operations, net of tax
impairment of goodwill and intangible assets related to paipai.com
loss before tax
income tax benefits /																																																			17,000
non-gaap net income																																													268,996,000	268,996,000		268,996,000	391,360,000		22,956,000		22,956,000			370,782,000		370,782,000
non-gaap net income attributable to ordinary shareholders																																													289,157,000	289,157,000		289,157,000			27,036,000		27,036,000
net loss per ads:
basic
diluted
non-gaap net income per ads:
basic																																													0.2	0.2		0.2	0.29		0.02		0.02			0.27		0.27
diluted																																													0.2	0.2		0.2	0.29		0.02		0.02			0.27		0.27
weighted average number of shares:
basic																																					2,877,902,678					2,844,826,014			2,879,201		2,804,767,889	2,879,201	2,763,103	2,742,495		2,735,034,034	2,735,737
diluted																																					2,877,902,678					2,911,461,817			2,879,201		2,804,767,889	2,879,201	2,763,103	2,742,495		2,735,034,034	2,735,737
diluted																																													2,914,658	2,914,658		2,914,658
weighted-average number of shares:
basic																												2,926,684,966			2,912,637,241		2,909,097,086													2,879,201					2,735,737						2,419,668,247
diluted																												2,998,786,445			2,967,321,803		2,963,008,845													2,879,201					2,735,737						2,419,668,247
diluted																																													2,914,658	2,914,658		2,914,658
weighted average number of shares:
basic																																					2,877,902,678					2,844,826,014			2,879,201		2,804,767,889	2,879,201	2,763,103	2,742,495		2,735,034,034	2,735,737
diluted																																					2,877,902,678					2,911,461,817			2,879,201		2,804,767,889	2,879,201	2,763,103	2,742,495		2,735,034,034	2,735,737
non-gaap net loss
non-gaap net loss attributable to ordinary shareholders
non-gaap net loss per ads:
basic
diluted
net loss attributable to non-controlling interests
net loss attributable to jd.com, inc.
preferred shares redemption value accretion
weighted-average shares:
basic																												2,926,684,966			2,912,637,241		2,909,097,086													2,879,201					2,735,737						2,419,668,247
diluted																												2,998,786,445			2,967,321,803		2,963,008,845													2,879,201					2,735,737						2,419,668,247
income tax benefit/																																																					17,000
weighted average shares:
basic																																					2,877,902,678					2,844,826,014			2,879,201		2,804,767,889	2,879,201	2,763,103	2,742,495		2,735,034,034	2,735,737
diluted																																					2,877,902,678					2,911,461,817			2,879,201		2,804,767,889	2,879,201	2,763,103	2,742,495		2,735,034,034	2,735,737
net loss attributable to holders of permanent equity securities

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-11-13	2025-08-14	2024-11-14	2023-11-15	2023-08-16	2022-12-31	2021-03-11	2020-12-31	2020-11-16	2020-08-18	2020-06-05	2020-05-15	2020-03-31	2020-03-02	2019-12-31	2019-11-18	2019-09-30	2019-08-14	2019-05-31	2019-03-31	2018-12-31	2018-11-30	2018-08-31	2018-05-31	2018-03-31	2017-12-31	2017-11-30	2017-08-31	2017-05-31	2017-03-31	2016-12-31	2016-11-30	2016-08-31	2016-05-31	2016-03-31	2015-12-31	2015-11-30	2015-08-31	2015-05-31	2015-03-31	2014-12-31	2014-11-30	2014-08-31	2013-12-31	2012-12-31

assets
current assets
cash and cash equivalents	113,069,000,000		99,092,000,000	115,971,000,000	91,020,000,000	5,029,000,000	86,084,857,000	86,085,000,000	73,112,971,000	71,571,976,000	43,529,407,000	43,529,407,000	43,529,000,000	36,971,420,000	36,971,420,000	32,124,639,000	32,124,639,000	32,778,459,000	34,053,757,000	34,262,445,000	34,262,445,000	33,997,437,000	35,233,948,000	35,203,966,000	25,688,327,000	25,688,327,000	21,610,621,000	27,854,975,000	19,771,695,000	19,771,695,000	19,771,695,000	24,834,595,000	36,381,637,000	31,054,994,000	17,863,868,000	17,863,868,000	21,321,581,000	17,536,783,000	14,680,367,000	16,914,651,000	16,914,651,000	20,717,889,000	27,535,976,000		7,177,000,000
restricted cash	12,266,000,000		5,862,000,000	7,897,000,000	8,129,000,000		4,434,448,000	4,434,000,000	5,163,987,000	5,742,904,000	2,246,361,000	2,246,361,000	2,246,000,000	2,940,859,000	2,940,859,000	2,634,589,000	2,634,589,000	2,823,258,000	2,588,340,000	3,239,613,000	3,239,613,000	3,716,025,000	4,790,145,000	2,733,080,000	4,110,210,000	4,110,210,000	4,120,373,000	5,458,119,000	4,391,955,000	4,391,955,000	4,391,955,000	3,829,218,000	3,665,741,000	3,425,025,000	2,114,913,000	2,114,913,000	1,809,527,000	1,376,508,000	392,699,000	3,038,286,000	3,038,286,000	4,614,340,000	3,709,251,000	577,743,000	1,920,000,000
short-term investments	85,203,000,000		91,801,000,000	126,382,000,000	144,101,000,000		60,577,110,000	60,577,000,000	48,402,228,000	48,730,308,000	29,364,492,000	29,364,492,000	29,364,000,000	24,602,777,000	24,602,777,000	24,466,018,000	24,466,018,000	24,562,246,000	4,221,321,000	2,035,575,000	2,035,575,000	5,172,369,000	12,752,469,000	11,944,140,000	8,587,852,000	8,587,852,000	16,058,826,000	12,739,796,000	7,173,626,000	7,173,626,000	7,173,626,000	6,737,059,000	3,350,110,000	52,157,000	2,780,482,000	2,780,482,000	249,772,000	6,272,108,000	11,679,556,000	12,161,643,000	12,161,643,000	10,936,316,000	3,947,134,000		1,080,000,000
accounts receivable	39,735,000,000		19,714,000,000	20,705,000,000	20,003,000,000		7,111,947,000	7,112,000,000	6,691,873,000	9,674,251,000	8,264,122,000	8,264,122,000	8,264,000,000	6,190,588,000	6,190,588,000	6,014,257,000	6,014,257,000	8,414,552,000	8,315,613,000	11,109,988,000	11,109,988,000	15,742,233,000	17,190,336,000	16,053,145,000	16,359,147,000	16,359,147,000	18,307,832,000	19,790,932,000	17,464,408,000	17,464,408,000	17,464,408,000	14,763,482,000	14,166,681,000	10,990,484,000	9,508,284,000	9,508,284,000	6,672,702,000	5,405,337,000	3,028,142,000	2,436,256,000	2,436,256,000	1,570,291,000	1,511,809,000
advance to suppliers	8,111,000,000		3,382,000,000	3,388,000,000	2,584,000,000		3,767,933,000		5,134,067,000	2,319,717,000	1,565,622,000	1,565,622,000		593,130,000	593,130,000	661,310,000	661,310,000	800,011,000	406,268,000	477,109,000	477,109,000	446,717,000	330,997,000	524,649,000	394,574,000	394,574,000	675,949,000	613,413,000	1,423,736,000	1,423,736,000	1,423,736,000	1,718,411,000	1,342,337,000	906,969,000	927,177,000	927,177,000	2,067,543,000	1,366,695,000	976,674,000	930,026,000	930,026,000	591,391,000	709,118,000
inventories	100,999,000,000		72,883,000,000	64,638,000,000	63,562,000,000		58,932,519,000	58,933,000,000	55,345,624,000	54,476,745,000	50,584,695,000	50,584,695,000	50,585,000,000	57,932,156,000	57,932,156,000	48,265,449,000	48,265,449,000	45,520,934,000	38,235,962,000	44,030,084,000	44,030,084,000	39,855,172,000	43,402,631,000	36,164,002,000	41,700,379,000	41,700,379,000	36,310,132,000	31,149,391,000	28,909,438,000	28,909,438,000	28,909,438,000	22,602,658,000	23,989,777,000	20,393,161,000	20,539,543,000	20,539,543,000	17,039,916,000	17,701,651,000	12,960,750,000	12,190,843,000	12,190,843,000	11,094,891,000	10,781,375,000		4,754,000,000
prepayments and other current assets	17,165,000,000		14,235,000,000	13,995,000,000	15,410,000,000		7,076,590,000		5,932,325,000	8,882,333,000	4,654,583,000	6,302,939,000		5,629,561,000	4,078,102,000	5,215,865,000	4,298,088,000	6,881,859,000	4,709,323,000	6,564,700,000	3,848,225,000	9,568,218,000	9,480,073,000	6,776,082,000	7,391,602,000	2,258,904,000	7,833,004,000	8,124,495,000	2,198,906,000	2,198,906,000	2,198,906,000	1,948,847,000	1,200,197,000	924,857,000	1,486,441,000	1,486,441,000	700,630,000	1,142,069,000	1,943,353,000	1,734,334,000	1,734,334,000	672,381,000	545,687,000
amount due from related parties	1,756,000,000		3,171,000,000	4,632,000,000	4,375,000,000		6,667,262,000		7,422,226,000	3,804,468,000	2,528,439,000	2,528,439,000		4,234,067,000	4,234,067,000	10,221,119,000	10,221,119,000	5,349,902,000	2,306,293,000	3,136,265,000	3,136,265,000	1,036,055,000	8,609,031,000	3,596,631,000	10,796,561,000	10,796,561,000	18,731,802,000	25,211,369,000	1,410,050,000	1,410,050,000	1,410,050,000	1,403,029,000	1,267,540,000	1,174,536,000	863,516,000	863,516,000	771,921,000	829,995,000	447,401,000	412,314,000	412,314,000	403,036,000	202,931,000
assets held for sale	960,000,000		962,000,000				148,592,000		361,997,000	273,970,000	165,994,000	165,994,000						325,388,000	231,267,000
total current assets	379,264,000,000		311,102,000,000	357,608,000,000	349,184,000,000		234,801,258,000		207,567,298,000	205,476,672,000	144,552,071,000	144,552,071,000		139,094,558,000	139,094,558,000	129,603,246,000	129,603,246,000	127,456,609,000	95,068,144,000	104,855,779,000	104,855,779,000	109,534,226,000	131,789,630,000	112,995,695,000	115,028,652,000	115,028,652,000	123,648,539,000	130,942,490,000	106,932,098,000	106,932,098,000	106,932,098,000	93,221,719,000	92,176,659,000	71,667,723,000	58,468,093,000	58,468,093,000	52,230,554,000	52,427,985,000	46,400,211,000	49,941,697,000	49,941,697,000	50,600,535,000	48,943,281,000
non-current assets
property, equipment and software	88,559,000,000		84,203,000,000	66,649,000,000	59,862,000,000		22,596,570,000	22,597,000,000	21,579,057,000	17,909,536,000	17,487,942,000	17,487,942,000	17,488,000,000	20,654,071,000	20,654,071,000	19,504,619,000	19,504,619,000	19,229,386,000	18,998,332,000	21,082,838,000	21,082,838,000	18,412,892,000	16,045,853,000	13,656,542,000	12,574,178,000	12,574,178,000	9,972,630,000	8,609,000,000	7,397,029,000	7,397,029,000	7,397,029,000	7,075,552,000	7,215,844,000	6,742,660,000	6,233,106,000	6,233,106,000	5,425,789,000	3,184,132,000	2,507,086,000	2,408,438,000	2,408,438,000	2,158,763,000	1,882,252,000
construction in progress	8,337,000,000		5,765,000,000	9,760,000,000	9,857,000,000		7,906,406,000		6,715,352,000	7,742,463,000	6,264,929,000	6,264,929,000		5,806,308,000	5,806,308,000	5,462,615,000	5,462,615,000	5,578,693,000	5,769,652,000	6,553,712,000	6,553,712,000	6,210,668,000	4,844,185,000	3,460,934,000	3,196,516,000	3,196,516,000	2,856,806,000	2,170,190,000	1,992,123,000	1,992,123,000	1,992,123,000	1,732,341,000	1,314,963,000	1,255,310,000	1,266,992,000	1,266,992,000	1,091,154,000	2,377,133,000	2,419,594,000	1,928,899,000	1,928,899,000	1,336,921,000	1,119,530,000
intangible assets	8,001,000,000		6,537,000,000	8,156,000,000	8,441,000,000		6,462,888,000		6,740,614,000	4,408,977,000	3,960,438,000	3,960,438,000		4,110,034,000	4,110,034,000	4,254,861,000	4,254,861,000	4,407,596,000	4,560,458,000	5,011,706,000	5,011,706,000	5,508,325,000	5,986,162,000	6,288,540,000	6,692,717,000	6,692,717,000	6,993,845,000	7,437,837,000	8,454,297,000	8,454,297,000	8,454,297,000	8,912,322,000	9,367,912,000	4,917,881,000	5,263,983,000	5,263,983,000	5,787,235,000	6,151,768,000	6,518,650,000	6,877,947,000	6,877,947,000	7,229,288,000	7,596,230,000
land use rights	36,877,000,000		38,154,000,000	37,975,000,000	37,752,000,000		11,124,913,000	11,125,000,000	11,032,402,000	10,902,645,000	10,432,470,000	10,432,470,000	10,432,000,000	10,891,742,000	10,891,742,000	10,554,375,000	10,554,375,000	10,261,794,000	10,043,474,000	10,475,658,000	10,475,658,000	9,657,695,000	7,180,304,000	7,014,268,000	7,050,809,000	7,050,809,000	6,829,793,000	2,470,497,000	2,447,511,000	2,447,511,000	2,447,511,000	2,194,913,000	2,206,874,000	2,039,942,000	1,928,192,000	1,928,192,000	1,907,745,000	1,803,761,000	1,346,253,000	1,067,253,000	1,067,253,000	926,289,000	931,277,000
operating lease right-of-use assets	29,854,000,000		23,587,000,000	22,764,000,000	22,396,000,000		15,484,082,000	15,484,000,000	14,313,075,000	11,501,571,000	8,444,918,000	8,444,918,000	8,445,000,000	8,643,597,000	8,643,597,000	8,944,250,000	8,944,250,000	6,657,471,000	6,927,864,000
goodwill	27,594,000,000		21,729,000,000	23,123,000,000	23,123,000,000		10,904,409,000		10,927,803,000	9,271,897,000	6,643,669,000	6,643,669,000		6,643,669,000	6,643,669,000	6,643,669,000	6,643,669,000	6,643,669,000	6,643,669,000	6,643,669,000	6,643,669,000	6,816,875,000	6,823,776,000	6,650,570,000	6,650,570,000	6,650,570,000	6,533,920,000	6,533,920,000	6,541,668,000	6,541,668,000	6,541,668,000	6,541,668,000	6,541,668,000	29,050,000	29,050,000	29,050,000	2,622,470,000	2,622,470,000	2,622,470,000	2,622,470,000	2,622,470,000	2,622,470,000	2,622,470,000
investment in equity investees	50,367,000,000		55,107,000,000	57,893,000,000	58,387,000,000		58,501,329,000	58,501,000,000	51,954,345,000	48,202,565,000	36,772,791,000	36,772,791,000	36,773,000,000	35,575,807,000	35,575,807,000	38,576,219,000	38,576,219,000	36,732,694,000	32,043,255,000	31,356,616,000	31,356,616,000	30,292,838,000	26,591,550,000	19,420,394,000	18,551,319,000	18,551,319,000	17,554,471,000	16,798,460,000	15,235,020,000	15,684,721,000	15,235,020,000	15,925,428,000	11,725,861,000	8,794,403,000	8,864,249,000	8,864,249,000	11,647,660,000	10,765,158,000	7,647,005,000	586,959,000	586,959,000	508,844,000
marketable securities and other investments	70,622,000,000		87,266,000,000					44,085,000,000
deferred tax assets	4,578,000,000		1,656,000,000	1,533,000,000	1,506,000,000		532,746,000		153,935,000	153,935,000	80,556,000	80,556,000		80,556,000	80,556,000	86,910,000	86,910,000	86,910,000	103,158,000	103,158,000	103,158,000	134,345,000	132,402,000	137,368,000	158,250,000	158,250,000
other non-current assets	9,476,000,000		8,453,000,000	27,139,000,000	27,156,000,000		13,315,844,000	8,316,000,000	12,403,539,000	7,284,148,000	7,292,783,000	7,292,783,000		6,806,258,000	6,806,258,000	6,493,613,000	6,493,613,000	5,665,252,000	5,190,986,000	5,283,948,000	5,283,948,000	5,254,955,000	5,223,664,000	2,279,474,000	2,227,942,000	2,227,942,000	2,281,343,000	2,739,002,000	3,315,715,000	3,315,715,000	3,315,715,000	2,122,962,000	4,729,223,000	2,296,854,000	2,106,673,000	2,106,673,000	1,525,673,000	769,901,000	650,693,000	625,391,000	625,391,000	565,747,000	459,016,000
total non-current assets	334,265,000,000		332,457,000,000	259,785,000,000	254,740,000,000		187,486,536,000		166,732,911,000	147,003,763,000	121,143,671,000	121,143,671,000		120,629,146,000	120,629,146,000	116,228,765,000	116,228,765,000	118,034,512,000	119,260,814,000	104,309,078,000	104,309,078,000	104,005,147,000	86,850,023,000	72,318,566,000	69,026,314,000	69,026,314,000	56,781,022,000	49,728,514,000	53,441,420,000	53,891,121,000	53,441,420,000	50,988,258,000	44,062,250,000	26,819,262,000	26,698,076,000	26,698,076,000	30,842,406,000	28,816,138,000	24,135,617,000	16,551,475,000	16,551,475,000	15,348,322,000	14,933,165,000
total assets	713,529,000,000		643,559,000,000	617,393,000,000	603,924,000,000	231,060,000,000	422,287,794,000	422,288,000,000	374,300,209,000	352,480,435,000	265,695,742,000	265,695,742,000	265,696,000,000	259,723,704,000	259,723,704,000	245,832,011,000	245,832,011,000	245,491,121,000	214,328,958,000	209,164,857,000	209,164,857,000	213,539,373,000	218,639,653,000	185,314,261,000	184,054,966,000	184,054,966,000	180,429,561,000	180,671,004,000	160,373,518,000	160,823,219,000	160,373,518,000	144,209,977,000	136,238,909,000	98,486,985,000	85,166,169,000	85,166,169,000	83,072,960,000	81,244,123,000	70,535,828,000	66,493,172,000	66,493,172,000	65,948,857,000	63,876,446,000		17,886,000,000
liabilities
current liabilities								30,035,000,000
short-term debts	17,062,000,000		9,684,000,000	13,740,000,000	17,951,000,000				2,941,671,000	8,788,184,000	8,601,811,000	8,601,811,000
accounts payable	189,804,000,000		162,500,000,000	153,563,000,000	152,011,000,000		106,818,425,000	106,818,000,000	105,302,644,000	100,209,905,000	76,485,078,000	76,485,078,000	76,485,000,000	90,428,382,000	90,428,382,000	86,449,770,000	86,449,770,000	93,393,171,000	71,369,452,000	79,985,018,000	79,985,018,000	78,164,188,000	87,499,004,000	62,217,990,000	74,337,708,000	74,337,708,000	67,596,442,000	67,477,573,000	43,988,087,000	43,988,087,000	43,988,087,000	41,475,284,000	38,912,974,000	30,837,464,000	29,819,341,000	29,819,341,000	25,261,629,000	25,525,156,000	19,074,818,000	16,363,671,000	16,363,671,000	17,036,144,000	15,521,155,000	2,687,361,000	8,097,000,000
advance from customers	40,202,000,000		32,352,000,000	33,065,000,000	31,649,000,000						16,150,898,000				16,078,619,000		14,361,669,000				13,017,603,000					13,605,298,000					11,632,766,000					7,173,885,000					4,666,660,000			1,158,745,000
deferred revenues	2,322,000,000		2,170,000,000	2,275,000,000	2,476,000,000		3,417,313,000		3,435,660,000	4,054,132,000	4,115,192,000	4,115,192,000		3,326,594,000	3,326,594,000	4,102,939,000	4,102,939,000	4,637,056,000	1,909,037,000	1,980,489,000	1,980,489,000	1,941,598,000	1,905,517,000	1,848,329,000	1,592,332,000	1,592,332,000	1,429,200,000	1,373,388,000	1,221,865,000	1,324,389,000	1,221,865,000	1,279,136,000	1,173,314,000	1,055,858,000	1,028,350,000	1,028,350,000	1,005,850,000	882,070,000	768,285,000	157,080,000	157,080,000	368,566,000	306,415,000	103,258,000
taxes payable	7,530,000,000		8,996,000,000	9,206,000,000	7,563,000,000		3,029,416,000		2,640,043,000	2,515,719,000	1,180,931,000	1,180,931,000		2,015,788,000	2,015,788,000	1,377,010,000	1,377,010,000	1,321,791,000	910,600,000	825,677,000	825,677,000	254,934,000	283,739,000	360,474,000	658,220,000	658,220,000	449,397,000	1,224,081,000	575,848,000	575,848,000	575,848,000	355,041,000	98,979,000	103,542,000	103,211,000	103,211,000	567,723,000	799,564,000	45,114,000	236,160,000	236,160,000	311,485,000	419,378,000	112,951,000
amount due to related parties	248,000,000		541,000,000	159,000,000	180,000,000		585,324,000		359,027,000	1,179,112,000	1,265,959,000	1,265,959,000		317,978,000	317,978,000	285,559,000	285,559,000	376,933,000	151,476,000	215,614,000	215,614,000	122,472,000	193,448,000	78,700,000	54,342,000	54,342,000	30,008,000	151,011,000	167,655,000	167,655,000	167,655,000	132,447,000	522,393,000	101,863,000	104,726,000	104,726,000	108,921,000	356,450,000	340,252,000	325,119,000	325,119,000	282,092,000	461,407,000
unsecured senior notes	3,547,000,000		24,126,000,000	10,550,000,000	10,614,000,000	10,347,000,000	3,259,882,000	12,854,000,000	3,400,371,000	3,532,830,000	13,943,189,000	13,943,189,000	13,943,000,000	6,912,492,000	6,912,492,000	7,004,464,000	7,004,464,000	6,804,805,000	6,661,448,000	6,786,143,000	6,786,143,000	6,798,361,000	6,535,424,000	6,207,721,000	6,447,357,000	6,447,357,000	6,545,342,000	6,677,568,000	6,831,012,000	6,831,012,000	6,831,012,000	6,572,524,000	6,523,473,000
accrued expenses and other current liabilities	46,937,000,000		41,635,000,000	42,333,000,000	39,923,000,000		30,034,571,000		27,670,485,000	28,733,986,000	25,375,911,000	25,375,911,000	25,376,000,000	24,656,180,000	24,656,180,000	22,803,367,000	22,803,367,000	24,019,398,000	21,969,468,000	20,292,680,000	20,292,680,000	18,802,023,000	19,698,400,000	17,380,499,000	15,117,840,000	15,117,840,000	13,236,738,000	12,296,829,000	29,431,484,000	29,431,484,000	29,431,484,000	20,848,167,000	12,435,879,000	7,969,150,000	7,178,065,000	7,178,065,000	5,803,752,000	5,696,854,000	5,488,740,000	5,311,832,000	5,311,832,000	3,454,333,000	3,144,678,000	928,920,000
operating lease liabilities	8,897,000,000		7,675,000,000	8,097,000,000	7,945,000,000		5,513,534,000	15,763,000,000	4,962,214,000	4,109,880,000	3,406,984,000	5,325,542,000	8,733,000,000	5,523,164,000	3,193,480,000	3,392,274,000	3,392,274,000	2,845,863,000	2,674,342,000
liabilities held for sale							360,196,000		185,978,000	58,870,000	14,736,000	14,736,000						364,106,000	378,689,000
total current liabilities	316,549,000,000		265,553,000,000	262,438,000,000	259,698,000,000		174,016,662,000		172,595,597,000	171,948,514,000	136,597,500,000	136,597,500,000		140,017,021,000	140,017,021,000	132,772,588,000	132,772,588,000	140,080,310,000	114,943,168,000	120,862,015,000	120,862,015,000	121,693,948,000	133,372,513,000	106,868,653,000	118,250,621,000	118,250,621,000	110,300,229,000	109,530,055,000	104,740,235,000	104,842,759,000	104,740,235,000	88,696,285,000	74,410,258,000	55,404,629,000	49,028,858,000	49,028,858,000	42,728,319,000	41,612,370,000	31,043,726,000	28,995,105,000	28,995,105,000	28,092,373,000	26,040,787,000
non-current liabilities
deferred tax liabilities	8,746,000,000		9,148,000,000	8,131,000,000	7,213,000,000		1,921,831,000		2,026,037,000	1,398,509,000	1,277,404,000	1,277,404,000		1,338,988,000	1,338,988,000	1,116,561,000	1,116,561,000	1,031,481,000	996,329,000	828,473,000	828,473,000	868,588,000	884,974,000	874,274,000	882,248,000	882,248,000	860,757,000	876,290,000	907,356,000	907,356,000	907,356,000	914,378,000	938,185,000	921,000	1,228,000	1,228,000	31,327,000	35,416,000	40,113,000	43,812,000	43,812,000	43,180,000	45,853,000
long-term borrowings	38,957,000,000		29,721,000,000	22,191,000,000	21,450,000,000	6,965,000,000	2,936,205,000	2,936,000,000	3,176,150,000	3,185,775,000	3,188,295,000	3,188,295,000	3,188,000,000	3,139,290,000	3,139,290,000	3,182,805,000	3,182,805,000	3,093,615,000	3,030,075,000	3,088,440,000	3,088,440,000	3,095,640,000	2,977,470,000
other non-current liabilities	907,000,000	424,000,000	909,000,000	1,493,000,000	1,597,000,000		331,623,000		157,431,000	184,592,000	206,812,000	206,812,000		225,883,000	225,883,000	250,632,000	250,632,000	266,003,000	282,289,000	308,489,000	308,489,000	293,608,000	302,103,000	305,828,000	337,254,000	337,254,000	362,318,000	389,996,000	440,670,000	440,670,000	440,670,000	444,089,000	460,736,000
total non-current liabilities	92,560,000,000		81,261,000,000	58,671,000,000	56,936,000,000		26,652,016,000		26,627,733,000	24,528,351,000	25,853,983,000	25,853,983,000		19,082,452,000	19,082,452,000	19,341,813,000	19,341,813,000	17,394,251,000	15,673,913,000	11,474,698,000	11,474,698,000	11,721,120,000	11,874,362,000	9,501,168,000	13,415,642,000	13,415,642,000	18,303,804,000	20,486,515,000	14,413,500,000	14,665,130,000	14,413,500,000	13,198,089,000	15,720,372,000	6,479,311,000	5,458,863,000	5,458,863,000	3,582,842,000	2,919,475,000	2,455,938,000
total liabilities	409,109,000,000	19,082,000,000	346,814,000,000	321,109,000,000	316,634,000,000	17,694,000,000	200,668,678,000	200,669,000,000	199,223,330,000	196,476,865,000	162,451,483,000	162,451,483,000	162,451,000,000	159,099,473,000	159,099,473,000	152,114,401,000	152,114,401,000	157,474,561,000	130,617,081,000	132,336,713,000	132,336,713,000	133,415,068,000	145,246,875,000	116,369,821,000	131,666,263,000	131,666,263,000	128,604,033,000	130,016,570,000	119,153,735,000	119,507,889,000	119,153,735,000	101,894,374,000	90,130,630,000	61,883,940,000	54,487,721,000	54,487,721,000	46,311,161,000	44,531,845,000	33,499,664,000	28,995,105,000	28,995,105,000	28,092,373,000	26,040,787,000		11,483,000,000
mezzanine equity		-484,000,000	471,000,000	603,000,000	595,000,000
shareholders’ equity
total jd.com, inc. shareholders’ equity	231,933,000,000	-8,395,000,000	228,611,000,000	230,094,000,000	221,786,000,000		187,543,295,000	187,543,000,000	150,558,471,000	136,345,754,000	84,289,867,000	84,289,867,000	84,290,000,000	81,855,970,000	81,855,970,000	75,894,872,000	75,894,872,000	69,837,538,000	66,626,812,000	59,770,973,000	59,770,973,000	63,953,723,000	58,257,287,000	54,199,693,000	52,040,814,000	52,040,814,000	51,496,514,000				33,892,900,000				30,540,615,000	30,540,615,000									1,665,000,000
non-controlling interests	72,487,000,000	-10,203,000,000	67,663,000,000	65,587,000,000	64,909,000,000		16,942,613,000		7,388,245,000	3,691,856,000	2,989,226,000	2,989,226,000		2,803,877,000	2,803,877,000	1,859,151,000	1,859,151,000	2,216,226,000	1,123,033,000	1,095,887,000	1,095,887,000	553,730,000	651,669,000	451,369,000	347,889,000	347,889,000	329,014,000	299,774,000	269,962,000	269,962,000	269,962,000	130,988,000	151,149,000	144,079,000	137,833,000	137,833,000
total shareholders’ equity	304,420,000,000	-18,598,000,000	296,274,000,000	295,681,000,000	286,695,000,000	213,366,000,000	204,485,908,000		157,946,716,000	140,037,610,000	87,279,093,000	87,279,093,000		84,659,847,000	84,659,847,000	77,754,023,000	77,754,023,000	72,053,764,000	67,749,845,000	60,866,860,000	60,866,860,000	64,507,453,000	58,908,956,000	54,651,062,000	52,388,703,000	52,388,703,000	51,825,528,000	50,654,434,000	34,162,862,000	34,258,409,000	34,162,862,000	35,395,131,000	39,321,617,000	29,947,606,000	30,678,448,000	30,678,448,000	36,761,799,000				37,498,067,000
total liabilities, mezzanine equity and shareholders’ equity	713,529,000,000		643,559,000,000	617,393,000,000	603,924,000,000		422,287,794,000		374,300,209,000	352,480,435,000	265,695,742,000	265,695,742,000		259,723,704,000	259,723,704,000	245,832,011,000	245,832,011,000				209,164,857,000					184,054,966,000					160,373,518,000										66,493,172,000
financial assets at fair value through profit or loss
financial assets at fair value through other comprehensive income
financial liability at fair value through profit or loss		18,658,000,000
investment securities				4,793,000,000	6,260,000,000		39,085,150,000		27,803,623,000	26,417,909,000	20,780,630,000	20,780,630,000	20,781,000,000	21,417,104,000	21,417,104,000	15,707,634,000	15,707,634,000	18,404,580,000	21,014,225,000	15,901,573,000	15,901,573,000	19,820,354,000	12,125,927,000	11,514,276,000	10,027,813,000	10,027,813,000	1,862,014,000	1,073,408,000			723,449,000	108,000,000	959,905,000	743,162,000	1,005,831,000	1,005,831,000	834,680,000	1,141,815,000	423,866,000	434,118,000	434,118,000
internal balance						63,708,000,000
investments in subsidiaries and consolidated vies						162,015,000,000
prepayments and other assets						308,000,000
accrued expenses and other liabilities						382,000,000
shareholders’ equity:
ordinary shares											381,000				381,000		381,000				380,000					377,000			377,000	377,000	377,000	377,000	377,000	358,000	358,000	358,000	358,000	358,000	358,000	358,000	358,000	354,000	354,000
additional paid-in capital						184,041,000,000					91,402,064,000				90,676,122,000		87,800,039,000				82,832,895,000					76,254,607,000			59,258,417,000	59,258,417,000	59,258,417,000	58,663,556,000	58,192,223,000	48,838,972,000	48,393,126,000	48,393,126,000	47,901,650,000	47,592,598,000	47,320,804,000	47,131,172,000	47,131,172,000	46,938,632,000	46,769,696,000
statutory reserves						3,473,000,000					1,459,165,000				1,459,165,000		1,400,412,000				1,400,412,000					635,966,000			132,938,000	132,938,000	132,938,000	55,560,000	55,560,000	55,560,000	55,560,000	55,560,000	15,204,000	15,009,000	15,009,000	15,009,000	15,009,000	2,648,000	2,648,000
treasury stock						-2,493,000,000					-2,634,318,000				-2,530,166,000		-2,738,543,000				-3,783,729,000					-4,457,608,000					-5,181,880,000					-3,000					-4,000
retained earnings						29,304,000,000
accumulated other comprehensive loss						-959,000,000																																			-376,125,000
total liabilities and shareholders’ equity						231,060,000,000																													85,166,169,000	85,166,169,000	83,072,960,000	81,244,123,000	70,535,828,000
advances from customers							20,998,001,000		21,697,504,000	18,765,896,000		16,150,898,000		16,078,619,000		14,361,669,000		12,984,498,000	13,710,517,000	13,017,603,000		12,832,634,000	11,934,138,000	11,468,405,000	13,605,298,000		15,255,657,000	14,826,076,000	11,632,766,000	11,632,766,000		9,981,379,000	9,574,180,000	7,862,112,000	7,173,885,000		7,164,646,000	6,985,887,000	5,286,404,000	4,666,660,000		3,754,118,000	3,299,307,000
convertible redeemable non-controlling interests							17,133,208,000		17,130,163,000	15,965,960,000	15,965,166,000	15,965,166,000		15,964,384,000	15,964,384,000	15,963,587,000	15,963,587,000				15,961,284,000
selected consolidated balance sheets data:
accrued expenses and other
total mezzanine equity								17,133,000,000					15,965,000,000																																4,738,000,000
number of outstanding ordinary shares								3,103,499,039,000,000					2,926,331,475,000,000																																1,597,137,250,000,000
loan receivables											1,648,356,000				1,551,459,000		917,777,000				2,716,475,000					5,132,698,000			12,697,915,000	12,697,915,000	12,697,915,000	9,791,386,000	6,812,639,000	2,745,540,000	2,383,869,000	2,383,869,000	1,596,962,000	796,839,000	291,269,000	123,344,000	123,344,000
commitments and contingencies
jd.com, inc. shareholders’ equity
accumulated deficit											-10,839,858,000				-11,912,679,000		-15,487,880,000				-24,038,081,000					-22,234,609,000					-21,860,345,000					-18,690,910,000					-9,272,343,000
accumulated other comprehensive income											4,902,433,000				4,163,147,000		4,920,463,000				3,359,096,000					1,842,081,000			1,543,393,000	1,969,040,000	1,543,393,000	1,378,390,000	939,785,000	509,342,000	782,484,000	782,484,000
operating lease liability												3,406,984,000		3,193,480,000
selected unaudited consolidated balance sheet data:
short-term borrowings																		137,494,000	934,670,000	147,264,000	147,264,000	1,137,584,000			200,000,000	200,000,000	1,000,000,000	1,493,718,000			8,333,317,000
nonrecourse securitization debt																			934,917,000	4,397,670,000	4,397,670,000	8,438,515,000	11,858,267,000	13,514,256,000	12,684,881,000	12,684,881,000	11,302,787,000	10,687,379,000	9,389,213,000	9,389,213,000	9,389,213,000	7,793,675,000	4,769,880,000	2,247,219,000		579,843,000
redeemable non-controlling interests																		15,962,796,000	15,962,032,000	15,961,284,000		15,616,852,000	14,483,822,000	14,293,378,000					7,056,921,000	7,056,921,000	7,056,921,000	6,920,472,000	6,786,662,000	6,655,439,000
total liabilities, redeemable non-controlling interests and shareholders’ equity																		245,491,121,000	214,328,958,000	209,164,857,000		213,539,373,000	218,639,653,000	185,314,261,000	184,054,966,000		180,429,561,000	180,671,004,000	160,373,518,000	160,823,219,000		144,209,977,000	136,238,909,000	98,486,985,000
redeemable non-controlling interests held for sale
total jd.com inc. shareholders’ equity																												50,354,660,000	33,892,900,000	33,988,447,000		35,264,143,000	39,170,468,000	29,803,527,000			36,765,879,000
investment securities and other investments																													11,490,369,000	11,490,369,000
short-term borrowing																													8,333,317,000	8,333,317,000		5,916,778,000	5,984,474,000	5,226,500,000
other investments																															10,766,920,000	5,485,034,000
current assets:
non-current assets:
current liabilities:
short-term bank loans																																			3,040,209,000	3,040,209,000	2,784,471,000	1,330,973,000		1,890,771,000	1,890,771,000	2,842,455,000	2,842,594,000
secured borrowings																																			579,843,000		704,000,000
non-current liabilities:
total shareholder’s equity																																						36,712,278,000	37,036,164,000	37,498,067,000		37,856,484,000	37,835,659,000
short-term bank loan
series c convertible redeemable preferred shares
series a and a-1 convertible preferred shares
series b convertible preferred shares
total liabilities, mezzanine equity, and shareholders’ equity																																								66,493,172,000		65,948,857,000	63,876,446,000
equity investments																																											322,390,000
cash flows from operating activities:
net income
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization																																												293,141,000
share-based compensation																																												261,173,000
allowance for doubtful accounts
income from disposal of property, equipment and software																																												22,726,000
non-cash marketing services contributed by certain shareholder																																												24,682,000
deferred income tax
investment losses/																																												309,000
foreign exchange (gains)/losses
changes in operating assets and liabilities:
net cash from operating activities																																												3,569,819,000
cash flows from investing activities:
purchase of short-term investments
maturity of short-term investments																																												9,166,200,000
changes of deposits for capital verification
purchases of investment securities
prepayments and investments in equity investees
cash received from disposal of investment in equity investees																																												1,162,000
purchase of property, equipment and software
cash paid for construction in progress
purchase of intangible assets
purchase of land use rights
cash
net cash from investing activities

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-08-14	2025-06-30	2025-03-31	2024-12-31	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-08-16	2023-06-30	2023-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-06-05	2020-05-15	2020-03-31	2019-12-31	2019-09-30	2019-08-14	2019-06-30	2019-05-31	2018-12-31	2018-11-30	2018-06-30	2018-05-31	2017-12-31	2017-09-30	2017-08-31	2017-06-30	2017-05-31	2016-11-30	2016-09-30	2016-08-31	2016-06-30	2016-05-31	2015-11-30	2015-09-30	2015-08-31	2015-06-30	2015-05-31	2014-11-30	2014-09-30

net cash from operating activities	0	24,409,000,000	-18,262,000,000		50,738,000,000	-11,315,000,000	44,517,000,000	15,004,000,000	0	46,511,000,000	-21,607,000,000	6,472,325,000	14,447,587,000	28,890,156,000	-7,508,774,000,000	30,288,322,000	12,255,678,000	28,160,025,000	-1,542,477,000	-1,542,477,000			4,585,369,000	0	20,192,150,000	3,323,251,000										6,590,470,000			2,187,278,000				737,448,000		2,408,784,000	1,430,337,000	1,430,337,000
capital expenditures	0	0	0		0	0	0	0	0	0	0	0	0	0	0	0	0	0	-425,097,000	0			0	0	0	0										0			0				0		0	0	0
free cash flows	0	24,409,000,000	-18,262,000,000		50,738,000,000	-11,315,000,000	44,517,000,000	15,004,000,000	0	46,511,000,000	-21,607,000,000	6,472,325,000	14,447,587,000	28,890,156,000	-7,508,774,000,000	30,288,322,000	12,255,678,000	28,160,025,000	-1,967,574,000	-1,542,477,000			4,585,369,000	0	20,192,150,000	3,323,251,000										6,590,470,000			2,187,278,000				737,448,000		2,408,784,000	1,430,337,000	1,430,337,000
net cash from investing activities				-22,596,000,000			-74,507,000,000									-45,292,143,000		-15,193,602,000	-8,196,352,000	-8,196,352,000			-6,773,313,000																		4,013,115,000,000,000		770,978,000
net cash from financing activities																66,954,013,000			15,086,410,000	15,086,410,000		6,412,521,000	-66,398,000																		2,158,301,000,000,000
effect of exchange rate changes on cash, cash equivalents and restricted cash							888,000,000									-2,421,988,000				609,365,000								-117,001,000
net increase in cash, cash equivalents and restricted cash																49,528,204,000				5,956,946,000										8,138,509,000
cash, cash equivalents and restricted cash at beginning of period, including cash and cash equivalents classified within assets held for sale
less: cash, cash equivalents and restricted cash classified within assets held for sale at beginning of period
cash, cash equivalents and restricted cash at beginning of period																				39,912,279,000						37,502,058,000		2,087,047,000		29,798,537,000
cash, cash equivalents and restricted cash at end of period, including cash and cash equivalents classified within assets held for sale
less: cash, cash equivalents and restricted cash classified within assets held for sale at end of period
cash, cash equivalents and restricted cash at end of period																				45,869,225,000						36,743,160,000		-2,310,631,000		37,937,046,000
less: impact from consumer financing receivables included in the operating cash flow			-1,018,000,000			-1,281,000,000
less: capital expenditures, net of related sales proceeds	0	-3,032,000,000	-2,323,000,000
capital expenditures for development properties	0	-1,076,000,000	-915,000,000		-1,590,000,000	-1,360,000,000		-3,013,000,000	0	-2,363,000,000	-2,145,000,000		-5,147,087,000	-2,874,062,000
other capital expenditures																				-576,183,000
free cash flow	0	22,018,000,000	-21,603,000,000		49,555,000,000	-15,476,000,000		8,264,000,000	0	44,490,000,000	-25,402,000,000	2,291,629,000	4,156,423,000	29,522,182,000	-9,742,593,000,000		7,518,643,000			-2,974,477,000	-2,974,477,000			0	18,266,525,000	1,280,090,000							20,306,608,000	20,306,608,000,000				8,092,481,000	8,092,481,000								812,168,000
other capital expenditures*		-1,956,000,000	-1,408,000,000		-1,731,000,000	-1,520,000,000		-1,980,000,000		-1,244,000,000	-1,068,000,000		-1,819,254,000	215,182,000
*
(less)/add: impact from consumer financing receivables included in the operating cash flow
net cash (used in)/ provided by investing activities
add/(less): impact from consumer financing receivables included in the operating cash flow
add: impact from consumer financing receivables included in the operating cash flow		641,000,000			2,138,000,000
selected consolidated cash flows data:
net cash provided by/(used in) financing activities																																								11,761,705,000
net increase/(decrease) in cash, cash equivalents and restricted cash
cash, cash equivalents, and restricted cash at beginning of year, including cash and cash equivalents classified within assets held for sale
less: cash, cash equivalents, and restricted cash classified within assets held for sale at beginning of year
cash, cash equivalents, and restricted cash at beginning of year
cash, cash equivalents and restricted cash at end of year, including cash and cash equivalents classified within assets held for sale
less: cash, cash equivalents, and restricted cash classified within assets held for sale at end of year
cash, cash equivalents and restricted cash at end of year
net cash from /(used in) operating activities
effects of exchange rate changes on cash, cash equivalents and restricted cash
cash, cash equivalents, and restricted cash at beginning of period, including cash and cash equivalents classified within assets held for sale
less: cash, cash equivalents, and restricted cash classified within assets held for sale at beginning of period
cash, cash equivalents, and restricted cash at beginning of period
cash, cash equivalents, and restricted cash at end of period, including cash and cash equivalents classified within assets held for sale
less: cash, cash equivalents, and restricted cash classified within assets held for sale at end of period
net cash provided by/(used in) operating activities																					-1,542,477,000																6,590,470,000							737,448,000
less: impact from jd baitiao receivables included in the operating cash flow								-1,747,000,000			-582,000,000		-3,324,823,000				-2,785,606,000
less: capital expenditures, net of related sales proceeds capital expenditures for development properties
add: impact from jd baitiao receivables included in the operating cash flow									0	1,586,000,000				3,290,906,000	1,225,200,000,000
total net revenues																																														29,012,003,000
net income/
net increase/(decrease) in cash, cash equivalents, and restricted cash
cash, cash equivalents, and restricted cash at end of year
add/(less): impact from jd baitiao receivables included in the operating cash flow																				575,728,000	575,728,000			0	-448,964,000
(less)/add: capital expenditures, net of related sales proceeds
add:												1,300,928,000
add/
less: capital expenditures
capital expenditures for development properties, net of related sales proceeds*															-1,622,634,000,000		-1,111,723,000				-1,431,545,000
other capital expenditures**															-1,836,385,000,000		-839,706,000				-576,183,000				-979,899,000
**
cash, cash equivalents and restricted cash at beginning of period/year
cash, cash equivalents and restricted cash at end of period/year
add/(less): capital expenditures
capital expenditures for development properties, net of related sales proceeds																				-1,431,545,000
net revenues
third-party revenues
inter-company revenues
cost of revenues
fulfillment
marketing
research and development
general and administrative
gain on sale of development properties
income/(loss) from operations
income/(loss) from subsidiaries and vies
other income/(expense)
income/(loss) before tax
income tax expenses
selected consolidated balance sheets data:
cash and cash equivalents
restricted cash
short-term investments
accounts receivable																			-2,228,784,000
inventories																			7,361,268,000
property, equipment and software
land use rights
operating lease right-of-use assets																			198,679,000
investment in equity investees
investment securities
total assets
accounts payable																			-13,428,780,000
accrued expenses and other current liabilities																			693,039,000
non-recourse securitization debt
unsecured senior notes
long-term borrowings
operating lease liabilities																			15,882,000
total liabilities
total mezzanine equity
total jd.com, inc. shareholders’ equity
number of outstanding ordinary shares
net cash from continuing operating activities
net cash from discontinued operating activities
net cash from continuing investing activities
net cash from discontinued investing activities
net cash from continuing financing activities
net cash from discontinued financing activities
cash, cash equivalents and restricted cash at beginning of year
less: cash, cash equivalents and restricted cash of discontinued operations at end of year
cash, cash equivalents and restricted cash of continuing operations at end of year
each ads represents two class a ordinary shares.
cash flows from operating activities:
net income																			1,057,183,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization																			1,405,625,000
share-based compensation																			976,514,000
losses from disposal of property, equipment and software																			2,189,000
deferred income tax																			-83,646,000
gains from extinguishment of debt																			-11,101,000
amortization of discounts and issuance costs of the unsecured senior notes																			4,476,000
impairment of investments																			26,063,000
fair value change of long-term investments																			669,703,000
gain from business and investment disposals																			-15,000,000
share of results of equity investees																			1,120,220,000
foreign exchange gains																			-19,188,000
changes in operating assets and liabilities:
advance to suppliers																			-975,667,000
prepayments and other current assets																			-427,802,000
amount due from related parties																			1,448,434,000
other non-current assets																			-104,537,000
advance from customers																			73,587,000
deferred revenues																			758,703,000
taxes payable																			-1,022,517,000
amount due to related parties																			962,980,000
cash flows from investing activities:
purchase of short-term investments																			-27,351,214,000
maturity of short-term investments																			22,605,000,000
purchases of investment securities																			-191,026,000
cash received from disposal of investment securities																			258,618,000
cash paid for investments in equity investees																			-1,539,615,000
cash received from disposal of equity investment																			34,000,000
cash paid for loan originations																			-11,417,361,000
cash received from loan repayments																			11,332,052,000
purchase of property, equipment and software																			-425,097,000
purchase of intangible assets																			-410,000
purchase of land use rights																			-132,402,000
cash paid for construction in progress																			-1,653,755,000
cash received from sale of development properties																			203,936,000
cash paid for business combination, net of cash acquired																			-41,167,000
loans settled by jd digits																			365,089,000
other investing activities																			-243,000,000
cash flows from financing activities:
repurchase of ordinary shares																			-311,776,000
proceeds from issuance of ordinary shares pursuant to share-based awards																			42,338,000
capital injection from non-controlling interests shareholders																			29,000,000
proceeds from short-term debts																			8,601,811,000
repayment of short-term debts																			-5,000,000
proceeds from unsecured senior notes																			6,803,716,000
repurchase of unsecured senior notes																			-72,326,000
repayment of nonrecourse securitization debt
other financing activities																			-1,353,000
effect of exchange rate changes on cash, cash equivalents, and restricted cash																			609,365,000
net increase in cash, cash equivalents, and restricted cash																			5,956,946,000
cash, cash equivalents, and restricted cash at beginning of the period																			39,912,279,000
cash, cash equivalents, and restricted cash at end of the period																			45,869,225,000
supplemental disclosures of cash flow information:
cash paid for income taxes																			-621,392,000
cash paid for interest																			-97,637,000
supplemental disclosures of non-cash investing and financing activities:
right-of-use assets acquired under operating leases																			777,762,000
cash, cash equivalents and restricted cash at beginning of period/
cash, cash equivalents and restricted cash at end of period/
jiangsu jingdong information technology co., ltd.
shanghai shengdayuan information technology co., ltd.
jingdong e-commerce (express) hong kong co., ltd.
jingdong technology group corporation
jingdong logistics group corporation
jingdong express group corporation
jd.com e-commerce (technology) hong kong co., ltd.
jingdong e-commerce (logistics) hong kong co., ltd.
jingdong e-commerce (trade) hong kong co., ltd.
jd.com international limited
beijing jingdong shangke information technology co., ltd.
jd.com e-commerce (investment) hong kong co., ltd.
jd.com american technologies corporation
chongqing jingdong haijia e-commerce co., ltd.
jd.com overseas innovation limited
jd.com international (singapore) pte. ltd.
jd.com investment limited
jd asia development limited
jd.com asia investment corporation
suqian hanbang investment management co., ltd.
xi’an jingxundi supply chain technology co., ltd.
xi’an jingdong xuncheng logistics co., ltd.
jingdong express international limited
beijing jinghong logistics co., ltd.
jd assets holding limited
jd logistics holding limited
jd health international inc.
jd jiankang limited
consolidated vies
beijing jingdong 360 degree e-commerce co., ltd.
jiangsu yuanzhou e-commerce co., ltd.
jiangsu jingdong bangneng investment management co., ltd.
xi’an jingdong xincheng information technology co., ltd.
consolidated vies’ subsidiaries
beijing jingbangda trade co., ltd.
hengqin junze management consulting co., ltd.
suqian jingdong mingfeng enterprise management co., ltd.
suqian jingdong jinyi enterprise management co., ltd.
suqian jingdong sanhong enterprise management center
net loss
capital expenditures, net of disposals, related to development projects available for sale																										1,090,678,000
impairment of goodwill and intangible assets
gain from disposals of long-lived assets
foreign exchange losses
prepayments and investments in equity investees
cash received from disposal of equity investments
cash received from the sales of long-lived assets
proceeds from issuance of ordinary shares
proceeds from issuance of ordinary shares pursuant to stock plans
proceeds from issuance of convertible redeemable preferred shares of jd logistics
capital injection from non-controlling interest shareholders
proceeds from short-term borrowings
repayment of short-term borrowings
proceeds from long-term borrowings
proceeds from other financing activities
supplemental cash flow disclosures:
issuance of ordinary shares in connection with strategic cooperation agreement with tencent
equity investments obtained through commitment of future services and contribution of certain business
capital expenditures, net of disposals, related to development projects available for sale*																									-496,762,000
net cash provided by continuing operating activities																												-14,200,895,000					17,863,075,000
net cash provided by operating activities																												-14,200,895,000					16,794,096,000		4,388,593,000			2,187,278,000		2,357,442,000
net cash provided by discontinued financing activities																																	8,381,910,000
less: impact from jd digits related credit products included in the operating cash flow
capital expenditures related to development projects available for sale
loss from discontinued operation, net of income tax
adjustments to reconcile net loss to net cash from operating activities:
gains from business and investment disposals
loans (provided to)/settled by jd digits
proceeds from jd digits reorganization
purchase of capped call options
proceeds from settlement of capped call options
proceeds from unsecured senior notes, net of discount and debt issuance costs
proceeds from nonrecourse securitization debt
less: cash, cash equivalents, and restricted cash of discontinued operations at end of year
cash, cash equivalents, and restricted cash of continuing operations at end of year
supplemental cash flow disclosures of continuing operations:
issuance of ordinary shares in connection with walmart transactions
add: impact from jd finance related credit products included in the operating cash flow
land use rights and construction in progress
other capex
net cash provided by continuing financing activities																														13,307,073,000			8,210,989,000
net cash provided by financing activities																														13,307,073,000			16,592,899,000		7,989,359,000	2,859,851,000		13,891,438,000					1,341,410,000
net cash from operating activities from continuing operations																																		17,863,075,000,000
net revenues:
jd mall
new businesses*
inter-segment**
total segment net revenues
unallocated items
total consolidated net revenues
operating income:
new businesses
total segment operating income
total consolidated operating income
less: cash, cash equivalents and restricted cash of discontinued operations
cash, cash equivalents and restricted cash of continuing operations at end of period																														37,937,046,000
add/(less): impact from jd finance related credit products included in the operating cash flow
effect of exchange rate changes on cash and cash equivalents																																				28,329,000		445,473,000			166,067,000,000,000		6,580,000			7,055,000
net increase in cash and cash equivalents																																	4,230,783,000		3,852,497,000			5,326,643,000			3,784,798,000,000,000		2,856,416,000
cash and cash equivalents at beginning of period																																	23,624,192,000		19,771,695,000	36,381,637,000		31,054,994,000		17,863,868,000	17,536,783,000,000,000		14,680,367,000		16,914,651,000	27,535,976,000
cash and cash equivalents at end of period																																	27,854,975,000		23,624,192,000	24,834,595,000		36,381,637,000		31,054,994,000	21,321,581,000,000,000		17,536,783,000		14,680,367,000	20,717,889,000
less: cash and cash equivalents of held for sale
cash and cash equivalents of continuing operations at end of period																																	27,854,975,000
b.
loss from disposal of property, equipment and software
impairment of investments accounted for under cost method and available-for-sale securities
changes in restricted cash
loans (provided to)/settled by jd finance
proceeds from jd finance reorganization
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
less: cash and cash equivalents of discontinued operations at end of year
cash and cash equivalents of continuing operations at end of year
reconciliation of gaap and non-gaap measures:
net cash provided by/(used in) operating activities from continuing operations
less: reduction in jd finance related credit products included in the operating cash flow
net cash provided by operating activities from continuing operations																																	17,863,075,000
add: impact from jd baitiao included in the operating cash flow																																	3,748,681,000	3,748,681,000,000
add: jd finance net originations included in operating cash flow																																			427,338,000			7,017,281,000	7,017,281,000
free cash flow in																																			4,143,043,000
net increase/(decrease) in cash and cash equivalents																																								13,191,126,000
add: jd finance net originations/(repayments) included in operating cash flow
free cash flow in/																																				5,418,740,000	5,418,740,000
allowance for doubtful accounts
loan receivables
other investments
changes of deposits for capital verification
purchase of other investments
maturity of other investments
cash received from/
proceeds from issuance of redeemable preferred shares of jd finance
proceeds from sales of financial products
redemption of financial products
conversion of preferred shares to ordinary shares
issuance of ordinary shares in connection with tencent transactions
certain time deposits pledged for short-term bank loan
us toll free:
hong kong
mainland china
international
passcode:
net loss per share
basic																																								2,742,495,000			2,735,186,000		2,732,699,000	140
diluted																																								2,742,495,000			2,735,186,000		2,732,699,000	140
net loss per ads:
non-gaap net income per ads:
weighted average number of shares:
includes share-based compensation expenses as follows:
technology and content
includes amortization of intangible assets resulting from assets and business acquisitions as follows:
net income per share
net income per ads:
non-gaap net income/(loss) per ads:
weighted-average shares:
net cash provided by/(used in) investing activities
non-cash marketing services contributed by certain shareholder
gain from the sales of investments
cash received from disposal of investment in equity investees
proceeds from issuance of ordinary shares upon exercising of share-based awards
capital injection from non-controlling interest
proceeds from short-term bank loans
repayment of short-term bank loans
equity investments obtained through commitment of future services
add: impact from internet financing activities5																																										3,642,570,000
weighted average shares of permanent equity securities used in computation of earnings per share:
add: impact from internet financing activities7																																												5,082,783,000
free cash inflow																																												4,725,620,000
weighted-average shares of permanent equity securities used in computation of earnings per share:
· includes share-based compensation expenses as follows:
· includes amortization of intangible assets resulting from assets and business acquisitions as follows:
investment losses/
cash
proceeds from exercise of warrants-c
supplemental disclosures of non-cash financing activities:
net decrease in cash and cash equivalents
active customer accounts																																														46,100
orders fulfilled																																														178,200
gmv																																														67,300
add: share-based compensation																																														168,936,000
add: amortization of intangible assets resulting from assets and business acquisitions																																														366,204,000
non-gaap net income																																														370,782,000
non-gaap net margin																																														1,300
non-gaap net income per weighted average shares:
add: impact from internet financing activities[7]																																															251,858,000

JD.com, Inc(NASDAQ:JD)

JD.com, Inc
(NASDAQ:JD)