JD.com
JDNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $28.31 Prior regular-session close from the quote source.
- $27.64–$28.05 Regular-session low and high so far today.
- 9.2M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $24.51–$34.30 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own JD if it sustains a shift toward services and better monetizes its logistics and marketplace while keeping operating cost growth in check.
JD price history
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Investment thesis
What must happen next
The FY2025 revenue jump represents durable demand capture that can be sustained into future periods if JD maintains marketplace/consumer share and service monetization.StrengtheningMateriality: High
revenue rose from 158,758,000,000 USD (FY2024) to 187,197,000,000 USD (FY2025), a large step-up in top-line. If revenue growth is repeatable, JD has the top-line scale needed to leverage logistics and platform monetization into higher profits; if it's one-off/low-margin, margins and cash flow will remain constrained.
Watch: A sustained consumer-spending slowdown in China or intensified price-subsidy competition from Alibaba/PDD that forces JD into margin-damaging promotions would break this driver.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
revenue rose from 158,758,000,000 USD (FY2024) to 187,197,000,000 USD (FY2025), a large step-up in top-line.
Open source ↗Gross-profit expansion must come from a higher share of services/marketplace monetization and improved fulfillment economics rather than just more low-margin product volume; otherwise scale won't buy durable margin lift.HoldingMateriality: High
gross_profit increased from 25,190,000,000 USD (FY2024) to 30,034,000,000 USD (FY2025), showing gross-dollar expansion alongside revenue. Gross-profit mix determines whether revenue growth can flow to operating profit and cash; rising gross_profit from higher-margin services is the path to durable operating leverage.
Watch: If gross profit growth is entirely from higher low-margin merchandise volume while services/advertising share stays flat, operating margin won't sustainably improve.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
gross_profit increased from 25,190,000,000 USD (FY2024) to 30,034,000,000 USD (FY2025), showing gross-dollar expansion alongside revenue.
Open source ↗Sustained value creation requires operating cash flow to recover from FY2025's depressed level; this will only happen if working-capital swings and promotional/fulfillment spending normalize and higher-margin services scale.WeakeningMateriality: Medium
operating_cash_flow fell from 7,959,000,000 USD (FY2024) to 2,716,000,000 USD (FY2025), indicating a material deterioration in cash conversion. Operating cash flow is the clearest test of whether reported profits convert to real cash that funds capex, buybacks or investment without destructive financing.
Watch: If JD continues to invest heavily in inventory build, longer settlement terms with suppliers, or sustained promotional subsidies to grow GMV, operating cash flow will remain depressed.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
operating_cash_flow fell from 7,959,000,000 USD (FY2024) to 2,716,000,000 USD (FY2025), indicating a material deterioration in cash conversion.
Open source ↗JD's cash balance provides optionality to defend market share (via targeted investments) or to pursue margin-accretive M&A; preserving that optionality is key to strategic flexibility.StrengtheningMateriality: Medium
cash and cash equivalents increased to 19,660,000,000 USD at FY2025 (from 14,844,000,000 USD in FY2024). A strong cash position lets JD invest in logistics, technology, or buy complementary assets without dilutive financing — a practical advantage in a competitive Chinese retail market.
Watch: If management chooses to deploy cash into low-return subsidy campaigns or value-destroying acquisitions, the balance-sheet advantage will not translate into shareholder value.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
cash and cash equivalents increased to 19,660,000,000 USD at FY2025 (from 14,844,000,000 USD in FY2024).
Open source ↗JD's ability to translate higher gross profit into operating income depends on controlling SG&A and fulfillment-related operating expenses; failure to do so will keep operating margins low despite top-line growth.WeakeningMateriality: Medium
operating_income collapsed from 5,307,000,000 USD (FY2024) to 397,000,000 USD (FY2025) even as revenue and gross profit increased, showing expense-side pressure. If operating expenses rise faster than gross_profit, revenue growth will not produce meaningful EPS or FCF improvement — the core shareholder payoff fails.
Watch: If JD continues to expand costly fulfillment capacity or increases marketing/promotional intensity to defend share, operating income will remain constrained.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
operating_income collapsed from 5,307,000,000 USD (FY2024) to 397,000,000 USD (FY2025) even as revenue and gross profit increased, showing expense-side pressure.
Open source ↗
Full investment case & evidence
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Original research
The FY2025 revenue jump represents durable demand capture that can be sustained into future periods if JD maintains marketplace/consumer share and service monetization. If revenue growth is repeatable, JD has the top-line scale needed to leverage logistics and platform monetization into higher profits; if it's one-off/low-margin, margins and cash flow will remain constrained.
Gross-profit expansion must come from a higher share of services/marketplace monetization and improved fulfillment economics rather than just more low-margin product volume; otherwise scale won't buy durable margin lift. Gross-profit mix determines whether revenue growth can flow to operating profit and cash; rising gross_profit from higher-margin services is the path to durable operating leverage.
Sustained value creation requires operating cash flow to recover from FY2025's depressed level; this will only happen if working-capital swings and promotional/fulfillment spending normalize and higher-margin services scale. Operating cash flow is the clearest test of whether reported profits convert to real cash that funds capex, buybacks or investment without destructive financing.
JD's cash balance provides optionality to defend market share (via targeted investments) or to pursue margin-accretive M&A; preserving that optionality is key to strategic flexibility. A strong cash position lets JD invest in logistics, technology, or buy complementary assets without dilutive financing — a practical advantage in a competitive Chinese retail market.
JD's ability to translate higher gross profit into operating income depends on controlling SG&A and fulfillment-related operating expenses; failure to do so will keep operating margins low despite top-line growth. If operating expenses rise faster than gross_profit, revenue growth will not produce meaningful EPS or FCF improvement — the core shareholder payoff fails.
All standing thesis claims
Original report summary
it sustains a shift toward services and better monetizes its logistics and marketplace while keeping operating cost growth in check.
Bull case and bear case
Bull case and bear case for JD.com
Where the evidence on JD.com disagrees: Mixed on the latest evidence (Nov 8, 2026). Of its 5 thesis points, 2 strengthening, 1 holding and 2 weakening.
Bull case: what the evidence supports
The FY2025 revenue jump represents durable demand capture that can be sustained into future periods if JD maintains marketplace/consumer share and service monetization.
Gross-profit expansion must come from a higher share of services/marketplace monetization and improved fulfillment economics rather than just more low-margin product volume; otherwise scale won't buy durable margin lift.
JD's cash balance provides optionality to defend market share (via targeted investments) or to pursue margin-accretive M&A; preserving that optionality is key to strategic flexibility.
Bear case: what the evidence questions
Sustained value creation requires operating cash flow to recover from FY2025's depressed level; this will only happen if working-capital swings and promotional/fulfillment spending normalize and higher-margin services scale.
JD's ability to translate higher gross profit into operating income depends on controlling SG&A and fulfillment-related operating expenses; failure to do so will keep operating margins low despite top-line growth.
Thesis-Break Engine
What has broken in JD.com’s thesis
Each break OptimistFi flagged on JD.com, dated — with what has historically followed the same kind of break across the market, not a forecast for JD.com.
- Operating loss
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedForeign issuer material report (6-K).
JD.com filed an SEC report on 2026-11-04: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
- MixedForeign issuer material report (6-K).
JD.com filed an SEC report on 2026-08-13: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
- MixedForeign issuer material report (6-K).
JD.com filed an SEC report on 2026-07-31: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- A sustained consumer-spending slowdown in China or intensified price-subsidy competition from Alibaba/PDD that forces JD into margin-damaging promotions would break this driver.
- If gross profit growth is entirely from higher low-margin merchandise volume while services/advertising share stays flat, operating margin won't sustainably improve.
- If JD continues to invest heavily in inventory build, longer settlement terms with suppliers, or sustained promotional subsidies to grow GMV, operating cash flow will remain depressed.
- If management chooses to deploy cash into low-return subsidy campaigns or value-destroying acquisitions, the balance-sheet advantage will not translate into shareholder value.
- If JD continues to expand costly fulfillment capacity or increases marketing/promotional intensity to defend share, operating income will remain constrained.
JD news
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Financial statements
JD income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
JD: quick answers
- What is JD's short interest?
- As of October 30, 2026, 21.7M JD shares were sold short, up 5.8% from the count before. At the stock's average daily volume that is 2.7 days to cover. FINRA publishes the count twice a month. JD short interest history
- Have members of Congress traded JD?
- Reports made public in the last 90 days disclose 1 trade in JD by 1 filer: 0 purchases and 1 sale. They are filed under the STOCK Act by members of Congress, the President and senior officials. Every disclosed JD trade
- Which well-known investors own JD?
- 1 of the 37 well-known funds tracked here reported JD shares in their latest 13F filing. By share of the fund's portfolio: Tiger Global Management (Chase Coleman), 0.0%. Fund portfolios
JD in well-known investors’ portfolios
1 of 37 funds reported JD shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Chase ColemanTiger Global Management | 0.02% | $5.1M | −41.5% | Q2 2026 |