Detailed financial statements for JD.com, Inc. (JD): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
JD.com, Inc. is a prominent technology and service provider based in the People's Republic of China, distinguished by its robust, supply chain-centric operations. The company's retail segment offers a comprehensive array of products. This includes computing devices, communication equipment, and various consumer electronics, alongside a broad selection of home appliances.
Analysis Summary
JD.com, Inc. reported revenue of 1.31T CNY in the most recent fiscal year, growing at a 5-year CAGR of 11.9%. Net income reached 19.63B CNY, with a -16.9% 5-year CAGR.
Trailing-twelve-month margins: gross margin 14.7%, operating margin 0.2%, net margin 1.1%. Free cash flow grew at -32.7% CAGR over 5 years.
At $25.63 (closing price, October 29, 2026), JD trades at a P/E of 15.76 and an ROE of 6.63%. Market capitalisation stands at $34.6B, placing it among large-cap names.
Balance sheet quality for JD: current ratio of 1.2, net cash position of 118.34B CNY. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of 4.81B CNY represents 24% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 260.12B CNY | 362.33B CNY | 462.02B CNY | 576.89B CNY | 745.80B CNY | 951.59B CNY | 1.05T CNY | 1.08T CNY | 1.16T CNY | 1.31T CNY |
| Cost of Revenue | 220.70B CNY | 311.52B CNY | 396.07B CNY | 492.47B CNY | 636.69B CNY | 822.53B CNY | 899.16B CNY | 924.96B CNY | 1.05T CNY | 1.19T CNY |
| Gross Profit | 39.42B CNY | 50.81B CNY | 65.95B CNY | 84.42B CNY | 109.11B CNY | 129.07B CNY | 147.07B CNY | 159.70B CNY | 113.44B CNY | 121.85B CNY |
| Research & Development | 5.38B CNY | 6.65B CNY | 12.14B CNY | 14.62B CNY | 16.15B CNY | 16.33B CNY | 16.89B CNY | 16.39B CNY | 17.03B CNY | 22.23B CNY |
| Selling, General & Admin | 36.19B CNY | 45.00B CNY | 56.41B CNY | 27.72B CNY | 33.56B CNY | 50.30B CNY | 48.83B CNY | 49.84B CNY | 56.84B CNY | 95.93B CNY |
| Operating Expenses | 41.57B CNY | 51.65B CNY | 68.55B CNY | 75.43B CNY | 96.77B CNY | 124.92B CNY | 127.35B CNY | 133.68B CNY | 74.71B CNY | 119.08B CNY |
| Operating Income | -2.14B CNY | -835.5M CNY | -2.62B CNY | 8.99B CNY | 12.34B CNY | 4.14B CNY | 19.72B CNY | 26.02B CNY | 38.74B CNY | 2.77B CNY |
| EBITDA | 2.16B CNY | 5.28B CNY | 4.04B CNY | 20.25B CNY | 58.01B CNY | 4.87B CNY | 23.21B CNY | 42.82B CNY | 48.47B CNY | 37.87B CNY |
| Interest Expense | 618.6M CNY | 963.7M CNY | 854.5M CNY | 725.0M CNY | 1.13B CNY | 1.21B CNY | 2.11B CNY | 2.88B CNY | 2.90B CNY | 2.80B CNY |
| Pre-tax Income | -1.88B CNY | 121.0M CNY | -2.37B CNY | 13.69B CNY | 50.82B CNY | -2.58B CNY | 13.87B CNY | 31.65B CNY | 51.54B CNY | 25.32B CNY |
| Income Tax | 166.4M CNY | 139.6M CNY | 426.9M CNY | 1.80B CNY | 1.48B CNY | 1.89B CNY | 4.18B CNY | 8.39B CNY | 6.88B CNY | 2.18B CNY |
| Net Income | -2.00B CNY | 128.8M CNY | -2.49B CNY | 12.18B CNY | 49.41B CNY | -3.56B CNY | 10.38B CNY | 24.17B CNY | 41.36B CNY | 19.63B CNY |
| EPS | $-2.40 | $0.10 | $-1.74 | $8.36 | $32.70 | $-2.30 | $6.64 | $15.38 | $26.90 | $13.78 |
| EPS (Diluted) | $-2.40 | $0.08 | $-1.74 | $8.22 | $31.78 | $-2.30 | $6.42 | $15.24 | $26.90 | $12.90 |
| Shares Outstanding (Diluted) | 1,402.4 M | 1,455.7 M | 1,439.0 M | 1,483.7 M | 1,554.5 M | 1,553.7 M | 1,590.4 M | 1,585.3 M | 1,538.0 M | 1,489.0 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 299.06B CNY | 352.28B CNY | 313.78B CNY | 345.42B CNY |
| Gross Profit | 28.47B CNY | -11.11B CNY | 52.43B CNY | 58.87B CNY |
| Operating Income | -1.05B CNY | -5.85B CNY | 3.78B CNY | 4.13B CNY |
| EBITDA | 8.89B CNY | 2.74B CNY | 10.38B CNY | 6.98B CNY |
| Net Income | 5.28B CNY | -2.71B CNY | 5.07B CNY | 7.11B CNY |
| EPS | $3.38 | $-1.80 | $3.72 | $5.30 |
| EPS (Diluted) | $3.38 | $-1.80 | $3.54 | $5.02 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 19.77B CNY | 25.69B CNY | 34.26B CNY | 5.73B CNY | 86.08B CNY | 70.77B CNY | 78.86B CNY | 71.89B CNY | 108.35B CNY | 149.72B CNY |
| Short-term Investments | 7.17B CNY | 8.59B CNY | 2.04B CNY | 3.53B CNY | 60.58B CNY | 114.56B CNY | 141.09B CNY | 118.25B CNY | 125.64B CNY | 75.79B CNY |
| Receivables | 17.46B CNY | 32.29B CNY | 14.25B CNY | 1.72B CNY | 13.78B CNY | 17.40B CNY | 26.72B CNY | 22.42B CNY | 30.40B CNY | 29.49B CNY |
| Inventory | 28.91B CNY | 41.70B CNY | 44.03B CNY | 8.40B CNY | 58.93B CNY | 75.60B CNY | 77.95B CNY | 68.06B CNY | 89.33B CNY | 101.35B CNY |
| Total Current Assets | 106.93B CNY | 115.03B CNY | 104.86B CNY | 19.97B CNY | 234.80B CNY | 299.67B CNY | 351.07B CNY | 307.81B CNY | 386.70B CNY | 374.66B CNY |
| Property, Plant & Equipment | 9.39B CNY | 15.77B CNY | 27.64B CNY | 5.04B CNY | 45.99B CNY | 58.75B CNY | 88.51B CNY | 100.82B CNY | 113.43B CNY | 129.06B CNY |
| Goodwill | 6.54B CNY | 6.65B CNY | 6.64B CNY | 953.8M CNY | 10.90B CNY | 12.43B CNY | 23.12B CNY | 19.98B CNY | 25.71B CNY | 26.31B CNY |
| Intangible Assets | 10.90B CNY | 13.74B CNY | 15.49B CNY | 590.0M CNY | 17.59B CNY | 20.16B CNY | 42.99B CNY | 46.50B CNY | 44.63B CNY | 7.73B CNY |
| Total Assets | 160.37B CNY | 184.05B CNY | 209.16B CNY | 37.29B CNY | 422.29B CNY | 496.51B CNY | 595.25B CNY | 628.96B CNY | 698.23B CNY | 695.64B CNY |
| Accounts Payable | 46.04B CNY | 74.34B CNY | 79.99B CNY | 12.98B CNY | 106.82B CNY | 140.48B CNY | 160.61B CNY | 166.17B CNY | 192.86B CNY | 188.50B CNY |
| Short-term Debt | 17.72B CNY | 12.88B CNY | 4.54B CNY | 516.4M CNY | 3.26B CNY | 4.37B CNY | 12.15B CNY | 5.03B CNY | 7.58B CNY | 20.94B CNY |
| Total Current Liabilities | 104.74B CNY | 118.25B CNY | 120.86B CNY | 20.10B CNY | 174.02B CNY | 221.64B CNY | 266.56B CNY | 265.65B CNY | 299.52B CNY | 306.27B CNY |
| Long-term Debt | 10.91B CNY | 10.92B CNY | 9.87B CNY | 1.44B CNY | 12.53B CNY | 9.39B CNY | 30.23B CNY | 41.97B CNY | 56.48B CNY | 62.51B CNY |
| Total Liabilities | 119.15B CNY | 131.67B CNY | 132.34B CNY | 22.84B CNY | 200.67B CNY | 249.72B CNY | 321.13B CNY | 332.58B CNY | 384.94B CNY | 401.67B CNY |
| Retained Earnings | -21.86B CNY | -22.23B CNY | -24.04B CNY | -1.71B CNY | 37.42B CNY | 33.80B CNY | 29.30B CNY | 44.05B CNY | 83.26B CNY | 0 |
| Total Equity | 33.89B CNY | 52.04B CNY | 59.77B CNY | 11.75B CNY | 187.54B CNY | 208.91B CNY | 213.37B CNY | 231.86B CNY | 239.35B CNY | 225.18B CNY |
| Total Debt | 28.63B CNY | 23.81B CNY | 14.42B CNY | 2.75B CNY | 31.55B CNY | 34.14B CNY | 65.05B CNY | 68.43B CNY | 89.77B CNY | 107.17B CNY |
| Net Debt | 1.69B CNY | -10.47B CNY | -21.88B CNY | -6.51B CNY | -115.11B CNY | -151.19B CNY | -154.91B CNY | -121.72B CNY | -144.23B CNY | -118.34B CNY |
| Working Capital | 2.19B CNY | -3.22B CNY | -16.01B CNY | -132.4M CNY | 60.78B CNY | 78.04B CNY | 84.51B CNY | 42.16B CNY | 87.18B CNY | 68.39B CNY |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 113.07B CNY | 149.72B CNY | 114.94B CNY | 102.50B CNY |
| Total Assets | 713.53B CNY | 695.64B CNY | 683.16B CNY | 725.66B CNY |
| Total Liabilities | 409.11B CNY | 401.67B CNY | 403.48B CNY | 443.19B CNY |
| Total Equity | 231.93B CNY | 225.18B CNY | 215.68B CNY | 219.20B CNY |
| Total Debt | 112.09B CNY | 107.17B CNY | 107.62B CNY | 105.35B CNY |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -3.41B CNY | -18.6M CNY | -2.80B CNY | 11.89B CNY | 49.34B CNY | -4.47B CNY | 9.69B CNY | 24.17B CNY | 44.66B CNY | 23.14B CNY |
| Depreciation & Amortization | 3.42B CNY | 4.19B CNY | 5.56B CNY | 5.83B CNY | 6.07B CNY | 6.23B CNY | 7.24B CNY | 8.29B CNY | 8.90B CNY | 9.75B CNY |
| Stock-based Compensation | 2.34B CNY | 2.78B CNY | 3.66B CNY | 3.69B CNY | 4.16B CNY | 9.13B CNY | 7.55B CNY | 4.80B CNY | 3.00B CNY | 4.73B CNY |
| Change in Working Capital | 3.01B CNY | 18.77B CNY | 12.36B CNY | 7.77B CNY | 18.68B CNY | 19.52B CNY | 22.23B CNY | 15.88B CNY | 5.15B CNY | -7.04B CNY |
| Operating Cash Flow | 8.77B CNY | 24.82B CNY | 20.88B CNY | 24.78B CNY | 42.54B CNY | 42.30B CNY | 57.82B CNY | 59.52B CNY | 58.09B CNY | 18.99B CNY |
| Capital Expenditure | -4.46B CNY | -11.36B CNY | -21.37B CNY | -3.51B CNY | -7.67B CNY | -18.57B CNY | -21.98B CNY | -20.02B CNY | -13.82B CNY | -14.18B CNY |
| Acquisitions | -8.24B CNY | 6.86B CNY | -15.81B CNY | -6.94B CNY | -15.18B CNY | -11.49B CNY | -19.77B CNY | -995.0M CNY | -5.35B CNY | 841.0M CNY |
| Stock Repurchased | -5.34B CNY | 0 | -205.9M CNY | -131.0M CNY | -312.0M CNY | -5.25B CNY | -1.82B CNY | -2.50B CNY | -25.91B CNY | -21.43B CNY |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -13.09B CNY | -6.74B CNY | -8.26B CNY | -10.38B CNY |
| Free Cash Flow | 4.31B CNY | 13.47B CNY | -488.1M CNY | 21.27B CNY | 34.87B CNY | 23.74B CNY | 35.84B CNY | 39.51B CNY | 44.28B CNY | 4.81B CNY |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -8.04B CNY | 20.88B CNY | 555.0M CNY | 37.32B CNY |
| Capital Expenditure | -2.60B CNY | -6.23B CNY | -5.06B CNY | -5.51B CNY |
| Free Cash Flow | -10.63B CNY | 14.65B CNY | -4.51B CNY | 31.82B CNY |
| Dividends Paid | 0 | -10.38B CNY | 0 | 0 |
| Stock-based Compensation | 1.16B CNY | 1.14B CNY | 913.0M CNY | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +39.3% | +27.5% | +24.9% | +29.3% | +27.6% | +9.9% | +3.7% | +6.8% | +13.0% | |
| Net Income Growth (YoY) | +106.4% | -2,035.0% | +589.0% | +305.5% | -107.2% | +391.6% | +132.8% | +71.1% | -52.5% | |
| EPS Growth (YoY) | +104.2% | -1,840.0% | +580.5% | +291.1% | -107.0% | +388.7% | +131.6% | +74.9% | -48.8% | |
| Shares Change (YoY) | +3.8% | -1.2% | +3.1% | +4.8% | -0.1% | +2.4% | -0.3% | -3.0% | -3.2% | |
| FCF Growth (YoY) | +212.7% | -103.6% | +4,457.2% | +64.0% | -31.9% | +51.0% | +10.2% | +12.1% | -89.1% | |
| Gross Margin | 15.2% | 14.0% | 14.3% | 14.6% | 14.6% | 13.6% | 14.1% | 14.7% | 9.8% | 9.3% |
| Operating Margin | -0.8% | -0.2% | -0.6% | 1.6% | 1.7% | 0.4% | 1.9% | 2.4% | 3.3% | 0.2% |
| EBITDA Margin | 0.8% | 1.5% | 0.9% | 3.5% | 7.8% | 0.5% | 2.2% | 3.9% | 4.2% | 2.9% |
| Net Margin | -0.8% | 0.0% | -0.5% | 2.1% | 6.6% | -0.4% | 1.0% | 2.2% | 3.6% | 1.5% |
| FCF Margin | 1.7% | 3.7% | -0.1% | 3.7% | 4.7% | 2.5% | 3.4% | 3.6% | 3.8% | 0.4% |
| Effective Tax Rate | -8.8% | 115.4% | -18.0% | 13.2% | 2.9% | -73.1% | 30.1% | 26.5% | 13.3% | 8.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $3.07 | $9.25 | $-0.34 | $14.33 | $22.43 | $15.28 | $22.53 | $24.92 | $28.79 | $3.23 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $8.23 | $4.25 | $5.37 | $6.97 |
| Shares Outstanding (Basic) | 1,402.4 M | 1,422.4 M | 1,439.0 M | 1,456.3 M | 1,510.9 M | 1,553.7 M | 1,562.8 M | 1,572.1 M | 1,538.0 M | 1,423.5 M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 6.63% |
| Return on Invested Capital | 0.56% |
| Return on Assets | 2.04% |
| Gross Margin | 14.66% |
| Operating Margin | 0.20% |
| Net Margin | 1.13% |
Financial Health
| Debt / Equity | 0.48 |
| Current Ratio | 1.14 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 2.44 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -73.59 | 2,694.87 | -82.70 | 29.34 | 17.54 | -193.52 | 58.30 | 13.33 | 9.41 | 14.56 |
| P/B | 7.31 | 7.37 | 3.46 | 30.39 | 4.62 | 3.31 | 2.84 | 1.39 | 1.63 | 1.27 |
| P/S | 0.95 | 1.06 | 0.45 | 0.62 | 1.16 | 0.73 | 0.58 | 0.30 | 0.34 | 0.22 |
| Gross Margin | 15.2% | 14.0% | 14.3% | 14.6% | 14.6% | 13.6% | 14.1% | 14.7% | 9.8% | 9.3% |
| Operating Margin | -0.8% | -0.2% | -0.6% | 1.6% | 1.7% | 0.4% | 1.9% | 2.4% | 3.3% | 0.2% |
| Net Margin | -0.8% | 0.0% | -0.5% | 2.1% | 6.6% | -0.4% | 1.0% | 2.2% | 3.6% | 1.5% |
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Explore sector: Consumer Cyclical · Specialty Retail
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