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Article: JD.com posts first quarterly loss in nearly four years as delivery battle takes toll

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JD.com reported its first quarterly loss in nearly four years, with a 2.7 billion yuan loss in Q4 contrasting sharply with a profit a year earlier. The company also saw its annual profit for 2025 nearly halved, pressured by an expensive battle in food delivery and dampened consumer spending.

However, on a non-GAAP basis which excludes one-off items, the company remained profitable, indicating core operations generated income. The losses are attributed to intense competition in on-demand delivery and a tapering of national consumer subsidies.

The main topics covered are JD.com's financial losses, the competitive delivery battle impacting revenue, and the context of weakened consumer demand.

Original URL

https://www.scmp.com/tech/big-tech/article/3345617/jdcom-posts-first-quarterly-loss-nearly-four-years-delivery-battle-takes-toll?utm_source=rss_feed

Source Feed

Tech - South China Morning Post

Published Date

2026-03-05 14:01

Fetched Date

2026-03-05 11:30

Processed Date

2026-03-05 11:32

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Present

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JD.com posts first quarterly loss in nearly four years as delivery battle takes toll
Profit for 2025 cut in half amid expensive fight with Alibaba and Meituan, as well as dampened consumer spending
Chinese e-commerce giant JD.com reported a 2.7 billion yuan (US$392 million) loss in the fourth quarter and a halving of annual profit amid an ongoing food delivery battle it ignited last year.
The fourth-quarter loss contrasted with a profit of 9.9 billion yuan a year earlier, marking the company’s first quarterly loss since the start of 2022, according to its earnings results on Thursday.
Profit for last year dropped nearly 53 per cent to 19.6 billion yuan.
However, by non-generally accepted accounting principles, which exclude one-off costs and non-cash items to highlight a company’s core operational performance, JD.com pulled in net income of 1.1 billion yuan for the fourth quarter, and 27 billion yuan for 2025.
JD.com’s Hong Kong-listed shares lost 1.07 per cent to HK$96.65 on Thursday before the results were announced, bringing its year-to-date decline to 15 per cent.
The quarterly loss came as a protracted battle in food and on-demand delivery throttled revenue across the sector, and coincided with dampened consumer demand during the tapering of a national subsidy programme.