JD.com (NASDAQ:JD) reported fourth-quarter earnings that fell short of analyst forecasts, while revenue was largely in line with market expectations. The company’s shares slipped slightly in U.S. premarket trading following the announcement.
The Chinese online retail group reported earnings per share (EPS) of RMB0.57 for the quarter, below the consensus estimate of RMB0.67. Revenue increased 1.5% year over year to RMB352.28 billion, close to the analyst forecast of RMB352.89 billion.
Adjusted EBITDA turned negative RMB0.8 billion in the fourth quarter of 2025, compared with positive RMB12.5 billion in the same period a year earlier. The non-GAAP EBITDA margin was negative 0.2%, versus 3.6% in the fourth quarter of 2024.
“We were pleased to close out 2025 with fourth quarter results in line with expectations, capping another solid full-year performance,” said Sandy Xu, CEO of JD.com.
“Our core JD Retail business remained resilient, achieving double-digit growth in both revenues and operating profit for the full year despite a highly competitive industry landscape.”
JD Retail generated operating income of RMB9.8 billion for the quarter, slightly below RMB10.0 billion recorded a year earlier. The segment’s operating margin was 3.2%, compared with 3.3% in the fourth quarter of 2024.
The company also approved an annual cash dividend of $1.0 per ADS for 2025, payable to shareholders of record as of April 9, 2026. The total dividend distribution is expected to amount to roughly $1.4 billion.