JD.com Reports Non-GAAP EPADS of $0.52, Exceeding Estimates by $0.11; Revenue of $42.01B Surpasses Expectations by $720M
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 13 2025
0mins
Should l Buy JD?
Source: SeekingAlpha
Earnings Performance: JD.com reported a Q3 Non-GAAP EPADS of $0.52, exceeding expectations by $0.11, with revenue of $42.01 billion, a 14.9% year-over-year increase, surpassing estimates by $720 million.
Revenue Breakdown: JD Retail's net revenues reached RMB250.6 billion (US$35.2 billion), with net product revenues up 10.5% and net service revenues up 30.8% compared to Q3 2024.
EBITDA Decline: Non-GAAP EBITDA for Q3 2025 was RMB2.5 billion (US$0.3 billion), a significant drop from RMB15.1 billion in Q3 2024, resulting in an EBITDA margin decrease from 5.8% to 0.8%.
Cash Position: As of September 30, 2025, JD.com held cash and equivalents totaling RMB210.5 billion (US$29.6 billion), down from RMB241.4 billion at the end of 2024.
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Analyst Views on JD
Wall Street analysts forecast JD stock price to rise
9 Analyst Rating
7 Buy
1 Hold
1 Sell
Moderate Buy
Current: 27.520
Low
28.00
Averages
38.83
High
50.50
Current: 27.520
Low
28.00
Averages
38.83
High
50.50
About JD
JD.Com Inc is a company principally engaged in the e-commerce business, including online retail and online marketplace mainly through its retail mobile apps and www.jd.com website (collectively, JD Platform). The Company operates its businesses through four segments. JD Retail segment, including JD Health, JD Industrials, and other components, mainly engage in online retail, online marketplace and marketing services in China. JD Logistics segment includes both internal and external logistics businesses. Dada segment is a local on-demand delivery and retail platform in China. New Businesses segment mainly include JD Property, Jingxi and overseas businesses. The Company mainly conducts its businesses in the domestic market and overseas markets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
North of South Capital Increases JD.com Stake
- Stake Increase: North of South Capital increased its JD.com holdings by 180,081 shares in Q4 2025, valued at approximately $5.63 million, indicating confidence in JD's future growth despite a nearly 20% stock drop during the period.
- Value Decline: The quarter-end value of JD's position fell by $20.41 million, reflecting the impact of market volatility on the investment portfolio, highlighting the need for investors to monitor market dynamics and company fundamentals closely.
- Performance Metrics: JD's Q3 net revenue rose 14.9% year-over-year to RMB 299.1 billion, with service revenue up 30.8%, showcasing strong performance in the e-commerce sector, although overall operating margin turned negative due to rising marketing and fulfillment costs.
- Long-term Investment Potential: With over 700 million annual active customers and RMB 12.6 billion in trailing twelve-month free cash flow, if JD stabilizes margins while sustaining double-digit revenue growth, its current depressed valuation could present an attractive opportunity for long-term investors.
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Hong Kong Plans to Issue Stablecoin Licenses Amid Regulatory Challenges
- Stablecoin Licensing Plan: The Hong Kong Monetary Authority is set to review 36 stablecoin issuer applications by March, indicating Hong Kong's intent to explore digital assets despite China's longstanding opposition to cryptocurrency activities.
- Legal Framework Establishment: Hong Kong passed the Stablecoins Ordinance in May, mandating licenses for entities issuing stablecoins locally, with the law taking effect in August, marking significant progress in cryptocurrency regulation.
- Cross-Border Payment Potential: Stablecoins are viewed as potential tools for enhancing cross-border payments and tokenized deposit systems, with payment technology firms claiming that Hong Kong dollar-backed stablecoins would expedite refunds and improve transparency in foreign exchange rates.
- Regulatory Environment Challenges: While Hong Kong seeks to advance in the stablecoin sector, Chinese regulators maintain a conservative stance on cryptocurrencies, emphasizing that stablecoins could threaten state control over money and capital flows, highlighting the complexity of the policy landscape.
See More
Hong Kong Plans to Issue First Stablecoin Licenses Amid Regulatory Scrutiny
- Stablecoin License Issuance: The Hong Kong Monetary Authority plans to issue its first stablecoin licenses in March, despite China's long-standing opposition to cryptocurrency, indicating a cautious experiment under a regulatory framework aimed at attracting international investors and enhancing its fintech status.
- Market Potential of Stablecoins: Stablecoins account for over half of the transaction value recorded on blockchains, and Hong Kong's plans are seen as potential applications for cross-border payments and tokenized deposit systems, which could accelerate transaction transparency and efficiency, thereby driving innovation in Hong Kong's financial market.
- Regulatory Environment Challenges: While Hong Kong is taking proactive steps in the stablecoin space, opposition from Chinese regulators may hinder its development, especially as stablecoins are viewed as a challenge to national monetary control, potentially limiting the liberalization of Hong Kong's cryptocurrency market.
- International Competitive Pressure: Hong Kong's stablecoin initiative is perceived as a potential challenge to U.S. financial leadership, although China maintains strict regulations on cryptocurrencies; this move could provoke broader competitive and regulatory responses in the global financial landscape.
See More
JD.com Launches JoyExpress Delivery Service in Europe
- New Delivery Service Launch: JD.com has launched JoyExpress in 2026 to provide fast and reliable last-mile delivery services in Europe, supporting its new retail platform Joybuy, which is expected to enhance customer satisfaction and market competitiveness.
- Wide Coverage: JoyExpress offers same-day or next-day delivery in major cities like the Netherlands, UK, Germany, and France, significantly improving order fulfillment efficiency and meeting consumer demand for rapid delivery.
- Integrated Logistics Solutions: The service includes not only standard delivery but also installation services for large appliances, further enhancing customer experience and showcasing JD.com's technological advantages and market adaptability in logistics.
- Future Expansion Plans: JoyExpress plans to gradually offer logistics services to external business partners after the launch of Joybuy, indicating JD.com's long-term strategic positioning and growth potential in the European market.
See More
Knuff & Co Fully Exits JD.com Holdings
- Exit Transaction: On February 4, 2026, Knuff & Co LLC disclosed to the SEC that it sold 147,651 shares of JD.com, with an estimated transaction value of $5.16 million, indicating a significant reduction in confidence towards the stock.
- Poor Market Performance: JD.com's stock price has declined by 31.1% over the past year, underperforming the S&P 500 by 45.1 percentage points, highlighting its ongoing struggles in the competitive e-commerce landscape.
- Portfolio Adjustment: Following this transaction, Knuff & Co LLC no longer holds any JD.com shares, removing the company from its reportable 13F assets, which signifies a major shift in its investment strategy.
- Long-term Performance Analysis: Over the past three years, JD.com’s stock has retreated nearly 68%, resulting in a compound annual growth rate (CAGR) of -20.3%, contrasting sharply with the S&P 500's 91% growth during the same period, reflecting diminishing confidence from institutional investors.
See More
The Impact of AI on Consumer Commerce in China
- Consumer Recovery: China's consumer recovery is slower and more uneven than expected by policymakers.
- AI Growth: Despite the overall economic challenges, the artificial intelligence sector is experiencing rapid growth.
See More
North of South Capital Increases JD.com Stake
- Stake Increase: North of South Capital increased its JD.com holdings by 180,081 shares in Q4 2025, valued at approximately $5.63 million, indicating confidence in JD's future growth despite a nearly 20% stock drop during the period.
- Value Decline: The quarter-end value of JD's position fell by $20.41 million, reflecting the impact of market volatility on the investment portfolio, highlighting the need for investors to monitor market dynamics and company fundamentals closely.
- Performance Metrics: JD's Q3 net revenue rose 14.9% year-over-year to RMB 299.1 billion, with service revenue up 30.8%, showcasing strong performance in the e-commerce sector, although overall operating margin turned negative due to rising marketing and fulfillment costs.
- Long-term Investment Potential: With over 700 million annual active customers and RMB 12.6 billion in trailing twelve-month free cash flow, if JD stabilizes margins while sustaining double-digit revenue growth, its current depressed valuation could present an attractive opportunity for long-term investors.
See More
Hong Kong Plans to Issue Stablecoin Licenses Amid Regulatory Challenges
- Stablecoin Licensing Plan: The Hong Kong Monetary Authority is set to review 36 stablecoin issuer applications by March, indicating Hong Kong's intent to explore digital assets despite China's longstanding opposition to cryptocurrency activities.
- Legal Framework Establishment: Hong Kong passed the Stablecoins Ordinance in May, mandating licenses for entities issuing stablecoins locally, with the law taking effect in August, marking significant progress in cryptocurrency regulation.
- Cross-Border Payment Potential: Stablecoins are viewed as potential tools for enhancing cross-border payments and tokenized deposit systems, with payment technology firms claiming that Hong Kong dollar-backed stablecoins would expedite refunds and improve transparency in foreign exchange rates.
- Regulatory Environment Challenges: While Hong Kong seeks to advance in the stablecoin sector, Chinese regulators maintain a conservative stance on cryptocurrencies, emphasizing that stablecoins could threaten state control over money and capital flows, highlighting the complexity of the policy landscape.
See More
Hong Kong Plans to Issue First Stablecoin Licenses Amid Regulatory Scrutiny
- Stablecoin License Issuance: The Hong Kong Monetary Authority plans to issue its first stablecoin licenses in March, despite China's long-standing opposition to cryptocurrency, indicating a cautious experiment under a regulatory framework aimed at attracting international investors and enhancing its fintech status.
- Market Potential of Stablecoins: Stablecoins account for over half of the transaction value recorded on blockchains, and Hong Kong's plans are seen as potential applications for cross-border payments and tokenized deposit systems, which could accelerate transaction transparency and efficiency, thereby driving innovation in Hong Kong's financial market.
- Regulatory Environment Challenges: While Hong Kong is taking proactive steps in the stablecoin space, opposition from Chinese regulators may hinder its development, especially as stablecoins are viewed as a challenge to national monetary control, potentially limiting the liberalization of Hong Kong's cryptocurrency market.
- International Competitive Pressure: Hong Kong's stablecoin initiative is perceived as a potential challenge to U.S. financial leadership, although China maintains strict regulations on cryptocurrencies; this move could provoke broader competitive and regulatory responses in the global financial landscape.
See More
JD.com Launches JoyExpress Delivery Service in Europe
- New Delivery Service Launch: JD.com has launched JoyExpress in 2026 to provide fast and reliable last-mile delivery services in Europe, supporting its new retail platform Joybuy, which is expected to enhance customer satisfaction and market competitiveness.
- Wide Coverage: JoyExpress offers same-day or next-day delivery in major cities like the Netherlands, UK, Germany, and France, significantly improving order fulfillment efficiency and meeting consumer demand for rapid delivery.
- Integrated Logistics Solutions: The service includes not only standard delivery but also installation services for large appliances, further enhancing customer experience and showcasing JD.com's technological advantages and market adaptability in logistics.
- Future Expansion Plans: JoyExpress plans to gradually offer logistics services to external business partners after the launch of Joybuy, indicating JD.com's long-term strategic positioning and growth potential in the European market.
See More
Knuff & Co Fully Exits JD.com Holdings
- Exit Transaction: On February 4, 2026, Knuff & Co LLC disclosed to the SEC that it sold 147,651 shares of JD.com, with an estimated transaction value of $5.16 million, indicating a significant reduction in confidence towards the stock.
- Poor Market Performance: JD.com's stock price has declined by 31.1% over the past year, underperforming the S&P 500 by 45.1 percentage points, highlighting its ongoing struggles in the competitive e-commerce landscape.
- Portfolio Adjustment: Following this transaction, Knuff & Co LLC no longer holds any JD.com shares, removing the company from its reportable 13F assets, which signifies a major shift in its investment strategy.
- Long-term Performance Analysis: Over the past three years, JD.com’s stock has retreated nearly 68%, resulting in a compound annual growth rate (CAGR) of -20.3%, contrasting sharply with the S&P 500's 91% growth during the same period, reflecting diminishing confidence from institutional investors.
See More
The Impact of AI on Consumer Commerce in China
- Consumer Recovery: China's consumer recovery is slower and more uneven than expected by policymakers.
- AI Growth: Despite the overall economic challenges, the artificial intelligence sector is experiencing rapid growth.
See More
