JD financial statements

The full income statement, balance sheet, and cash-flow statement for JD.com Inc. American Depositary Shares (JD), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2017-12 2.91B2018-12 2.88B2019-12 2.97B2020-12 3.11B2021-12 3.11B2022-12 3.18B2023-12 3.17B2024-12 3.08B2025-12 2.75B-5.6% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	187B YoY+17.9%	159B YoY+3.9%	153B YoY+0.7%	152B YoY+1.6%	149B YoY+30.6%
Cost of revenue	157B YoY+17.7%	134B YoY+2.5%	130B YoY-0.1%	130B YoY+1.0%	129B YoY+32.3%
Research & development	3.18B YoY+36.3%	2.33B YoY+1.0%	2.31B YoY-5.7%	2.45B YoY-4.4%	2.56B YoY+3.6%
Selling, general & administrative	1.71B YoY+40.6%	1.22B YoY-11.0%	1.37B YoY-14.7%	1.60B YoY-11.6%	1.81B YoY+84.7%
General & administrative	1.71B YoY+40.6%	1.22B YoY-11.0%	1.37B YoY-14.7%	1.60B YoY-11.6%	1.81B YoY+84.7%
Selling & marketing	12.0B YoY+82.7%	6.57B YoY+16.2%	5.65B YoY+3.2%	5.48B YoY-9.9%	6.08B YoY+46.1%
Amortization of intangibles	152M YoY+10.5%	137M YoY-25.5%	184M YoY-0.6%	185M YoY+25.1%	148M YoY+27.5%
Provision for credit losses	-103M YoY-96.8%	-52.3M YoY+31.8%	-76.6M YoY+16.2%	-91.3M YoY-10.1%	-82.9M YoY-72.9%
Operating income	397M YoY-92.5%	5.31B YoY+44.8%	3.67B YoY+28.1%	2.86B YoY+340.0%	650M YoY-65.6%
Interest expense	401M YoY+1.0%	397M YoY-2.2%	406M YoY+33.1%	305M YoY+60.5%	190M YoY+10.2%
Interest & investment income	1.26B YoY-3.1%	1.30B YoY-3.9%	1.35B YoY+58.6%	853M YoY+30.6%	653M YoY+54.8%
Other non-operating income	2.48B YoY+35.3%	1.83B YoY+73.5%	1.06B YoY+569.3%	-225M YoY-141.9%	-93.0M YoY-101.9%
Equity-method income	1.15B YoY+259.6%	319M YoY+124.6%	142M YoY+144.7%	-318M YoY+58.8%	-772M YoY-217.4%
Pre-tax income	3.62B YoY-48.7%	7.06B YoY+58.4%	4.46B YoY+121.5%	2.01B YoY+596.8%	-405M YoY-105.2%
Income tax	312M YoY-66.9%	943M YoY-20.2%	1.18B YoY+95.4%	605M YoY+104.4%	296M YoY+30.4%
	2.81B YoY-50.5%	5.67B YoY+66.5%	3.40B YoY+125.8%	1.51B YoY+369.6%	-559M YoY-107.4%
Net income to non-controlling interest	502M YoY+11.1%	452M YoY+453.1%	-128M YoY-26.7%	-101M YoY+30.3%	-145M YoY-1167.9%
Net income to common	2.81B YoY-50.5%	5.67B YoY+66.5%	3.40B YoY+125.8%	1.51B YoY+369.6%	-559M YoY-107.4%
	$0.92 YoY-50.0%	$1.84 YoY+72.0%	$1.07 YoY+127.7%	$0.47 YoY+361.1%	-$0.18 YoY-107.4%
EPS (basic)	$0.99 YoY-47.9%	$1.90 YoY+75.9%	$1.08 YoY+125.0%	$0.48 YoY+366.7%	-$0.18 YoY-107.2%
	2.85B YoY-4.8%	2.99B YoY-4.9%	3.14B YoY+0.6%	3.13B YoY+0.6%	3.11B YoY+2.8%
	2.98B YoY-3.2%	3.08B YoY-3.0%	3.17B YoY-0.3%	3.18B YoY+2.4%	3.11B YoY-0.1%
Dividends per share	$0.50 YoY+35.4%	$0.37 YoY+22.9%	$0.30 YoY-49.8%	$0.60	—
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	53.5B YoY+1.1%	53.0B YoY+22.2%	43.4B YoY-14.8%	50.9B YoY+8.2%	47.0B YoY+30.7%
Cash & equivalents	19.7B YoY+32.4%	14.8B YoY+46.6%	10.1B YoY-11.4%	11.4B YoY+3.0%	11.1B YoY-15.8%
Short-term investments	10.8B YoY-37.1%	17.2B YoY+3.3%	16.7B YoY-18.6%	20.5B YoY+13.8%	18.0B YoY+93.6%
Accounts receivable	3.91B YoY+11.5%	3.51B YoY+22.7%	2.86B YoY-4.2%	2.98B YoY+59.8%	1.87B YoY+71.3%
Inventory	13.6B YoY+11.5%	12.2B YoY+27.7%	9.59B YoY-15.2%	11.3B YoY-4.7%	11.9B YoY+31.3%
Prepaid expenses	2.56B YoY+17.1%	2.19B YoY-0.8%	2.20B YoY+0.2%	2.20B YoY+22.3%	1.80B YoY+83.4%
	99.4B YoY+3.9%	95.7B YoY+8.0%	88.6B YoY+2.6%	86.3B YoY+10.8%	77.9B YoY+20.4%
Property, plant & equipment	13.1B YoY+15.2%	11.3B YoY+14.9%	9.86B YoY+23.5%	7.99B YoY+54.5%	5.17B YoY+49.3%
Operating lease right-of-use	4.45B YoY+32.4%	3.36B YoY+14.4%	2.94B YoY-9.0%	3.23B YoY+2.9%	3.14B YoY+32.2%
Goodwill	3.76B YoY+6.8%	3.52B YoY+25.2%	2.81B YoY-16.1%	3.35B YoY+71.9%	1.95B YoY+16.7%
Intangible assets	1.10B YoY+3.4%	1.07B YoY+9.3%	977M YoY-26.3%	1.32B YoY+44.7%	916M YoY-7.5%
Long-term investments	7.41B YoY-8.9%	8.13B YoY-28.6%	11.4B YoY+576.5%	1.68B YoY-43.8%	3.00B YoY-50.0%
Deferred tax assets	749M YoY+122.3%	337M YoY+37.0%	246M YoY+10.3%	223M YoY+28.2%	174M YoY+113.1%
Other non-current assets	1.70B YoY+36.1%	1.25B YoY-39.1%	2.04B YoY-24.9%	2.72B YoY-20.5%	3.42B YoY+67.7%
Total non-current assets	45.9B YoY+7.5%	42.7B YoY-5.6%	45.2B YoY+27.8%	35.4B YoY+14.6%	30.9B YoY+7.5%
	43.8B YoY+6.7%	41.0B YoY+9.7%	37.4B YoY-3.2%	38.6B YoY+11.1%	34.8B YoY+30.4%
Accounts payable	26.9B YoY+2.0%	26.4B YoY+12.9%	23.4B YoY+0.5%	23.3B YoY+5.6%	22.0B YoY+34.7%
Deferred revenue	384M YoY+33.8%	287M YoY-2.7%	295M YoY-39.3%	486M YoY-10.5%	543M YoY+3.7%
Short-term & current debt	457M YoY-9.3%	504M YoY-28.9%	709M YoY-59.7%	1.76B YoY+157.1%	685M YoY+37.1%
Current lease liability	1.34B YoY+29.0%	1.04B YoY-4.6%	1.09B YoY-2.1%	1.11B YoY+6.6%	1.05B YoY+23.8%
	57.4B YoY+8.8%	52.7B YoY+12.6%	46.8B YoY+0.6%	46.6B YoY+18.8%	39.2B YoY+27.4%
Long-term debt	5.96B YoY+37.1%	4.34B	—	—	1.49B YoY-25.1%
Deferred revenue (non-current)	—	69.0M YoY-49.3%	136M YoY-15.0%	160M YoY-21.6%	204M YoY-17.7%
Non-current lease liability	3.39B YoY+36.6%	2.48B YoY+28.8%	1.93B YoY-11.3%	2.17B YoY+0.9%	2.15B YoY+37.1%
Operating lease liability (total)	4.73B YoY+34.3%	3.52B YoY+16.7%	3.02B YoY-8.1%	3.29B YoY+2.7%	3.20B YoY+32.4%
Deferred tax liabilities	1.15B YoY-11.8%	1.30B YoY-0.3%	1.30B YoY+38.2%	944M YoY+216.8%	298M YoY+1.2%
Other non-current liabilities	164M YoY+43.9%	114M YoY-24.0%	150M YoY-40.2%	251M YoY-10.4%	280M YoY+450.9%
Total non-current liabilities	13.6B YoY+16.5%	11.7B YoY+24.1%	9.43B YoY+19.2%	7.91B YoY+79.4%	4.41B YoY+7.9%
	32.2B YoY-1.9%	32.8B YoY+0.4%	32.7B YoY+5.6%	30.9B YoY-5.6%	32.8B YoY+14.1%
Common stock	0.00	0.00	0.00	—	—
Additional paid-in capital	20.2B YoY-19.0%	25.0B YoY-3.7%	25.9B YoY-2.8%	26.7B YoY-6.9%	28.6B YoY+21.9%
Retained earnings	12.1B YoY+15.8%	10.5B YoY+69.1%	6.21B YoY+46.0%	4.25B YoY-19.9%	5.30B YoY-7.5%
Treasury stock	1.13B YoY-70.4%	3.80B YoY+691.7%	480M YoY+33.0%	361M YoY-22.5%	466M YoY+149.6%
Accumulated other comprehensive income	-168M YoY-186.2%	195M YoY+53.5%	127M YoY+191.4%	-139M YoY+85.5%	-956M YoY-75.8%
Non-controlling interest	9.83B YoY-2.3%	10.1B YoY+11.8%	9.00B YoY+3.2%	8.72B YoY+51.6%	5.75B YoY+121.6%
Total equity incl. non-controlling	42.0B YoY-2.0%	42.9B YoY+2.9%	41.7B YoY+5.0%	39.7B YoY+2.9%	38.5B YoY+23.0%
Total liabilities & equity	99.4B YoY+3.9%	95.7B YoY+8.0%	88.6B YoY+2.6%	86.3B YoY+10.8%	77.9B YoY+20.4%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.72B YoY-65.9%	7.96B YoY-5.1%	8.38B YoY+0.0%	8.38B YoY+26.3%	6.64B YoY+1.8%
Depreciation & amortization	1.39B YoY+14.3%	1.22B YoY+4.5%	1.17B YoY+11.3%	1.05B YoY+7.3%	978M YoY+5.2%
Intangible amortization	152M YoY+10.5%	137M YoY-25.5%	184M YoY-0.6%	185M YoY+25.1%	148M YoY+27.5%
Share-based compensation	676M YoY+64.5%	411M YoY-39.3%	677M YoY-38.2%	1.09B YoY-23.6%	1.43B YoY+125.0%
Deferred income taxes	-678M YoY-331.8%	-157M YoY-228.7%	122M YoY+252.5%	-80.0M YoY+21.6%	-102M YoY+7.4%
Change in receivables	361M YoY-42.1%	623M YoY+1315.9%	44.0M YoY-95.8%	1.04B YoY+18.0%	884M YoY+1299.6%
Change in inventory	827M YoY-70.0%	2.76B YoY+298.2%	-1.39B YoY-522.1%	330M YoY-87.4%	2.62B YoY+2238.7%
Change in payables	-702M YoY-118.4%	3.81B YoY+486.9%	650M YoY-74.6%	2.56B YoY-49.9%	5.11B YoY+200.7%
	5.98B YoY+5126.9%	-119M YoY+98.6%	-8.39B YoY-7.1%	-7.83B YoY+32.8%	-11.7B YoY-31.5%
Capital expenditure	1.12B YoY+52.5%	733M YoY+29.3%	567M YoY-28.9%	797M YoY-8.7%	873M YoY+78.8%
Free cash flow	1.60B YoY-77.9%	7.23B YoY-7.5%	7.82B YoY+3.0%	7.59B YoY+31.6%	5.76B YoY+83.0%
Acquisitions	158M YoY-58.4%	380M	0.00 YoY-100.0%	2.27B YoY+4448.0%	50.0M YoY+148.6%
Other investing activities	166M YoY+13.7%	146M YoY+50.5%	97.0M YoY+870.0%	10.0M YoY+104.0%	-251M YoY-365.2%
	-3.82B YoY-32.8%	-2.88B YoY-251.7%	-818M YoY-578.4%	171M YoY-94.4%	3.06B YoY-71.9%
Long-term debt issued	0.00 YoY-100.0%	1.92B YoY+3.5%	1.85B YoY-9.3%	2.04B	0.00 YoY-100.0%
Long-term debt repaid	0.00	0.00 YoY-100.0%	1.58B YoY+199.2%	527M YoY+10440.0%	5.00M YoY-73.5%
Common stock issued	0.00	0.00	0.00	0.00	0.00 YoY-100.0%
Common stock repurchased	3.06B YoY-13.7%	3.55B YoY+908.5%	352M YoY+33.3%	264M YoY-67.9%	823M YoY+1622.4%
Dividends paid	1.48B YoY+31.1%	1.13B YoY+19.3%	949M YoY-50.0%	1.90B	0.00
Other financing activities	-100M YoY-72.4%	-58.0M YoY+46.3%	-108M YoY-260.0%	-30.0M YoY-1400.0%	-2.00M YoY-65.2%
Net change in cash	4.85B YoY-2.6%	4.98B YoY+718.9%	-804M YoY-165.5%	1.23B YoY+156.1%	-2.19B YoY-128.1%
Interest paid	384M YoY+1.1%	380M YoY-3.8%	395M YoY+13.8%	347M YoY+80.7%	192M YoY+22.8%
Income taxes paid	1.24B YoY+3.1%	1.21B YoY+57.0%	769M YoY+107.8%	370M YoY-7.0%	398M YoY+118.2%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	78.9B YoY-26.0%	107B YoY+16.1%	91.9B YoY-47.3%	174B YoY-19.9%	218B YoY-20.3%
P/E	28.1× YoY+49.3%	18.8× YoY-69.1%	61.0×	—	—
P/S	0.4× YoY-37.3%	0.7× YoY+10.9%	0.6× YoY-48.1%	1.2× YoY-19.9%	1.5× YoY-39.0%
P/B	2.5× YoY-24.6%	3.3× YoY+9.5%	3.0× YoY-44.2%	5.3× YoY-19.9%	6.6× YoY-30.1%
P/FCF	49.4× YoY+234.4%	14.8× YoY+21.8%	12.1× YoY-60.0%	30.3× YoY-19.9%	37.8× YoY-56.5%
	3.6% YoY-33.0%	5.3% YoY+224.0%	1.6%	—	—
	2.0% YoY-70.1%	6.8% YoY-17.9%	8.3% YoY+149.8%	3.3% YoY+24.8%	2.6% YoY+129.7%
	1.7% YoY+63.6%	1.1% YoY+2.5%	1.0% YoY-2.5%	1.1%	—
Source filing	20-F	20-F	20-F	20-F	20-F

About this data

Source: JD's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all JD filings on SEC EDGAR → Not investment advice.