Analyst Consensus ?
ConsensusBuy44 ratings
Bullish3272.7%
Neutral1125.0%
Bearish12.3%
1 unmapped firm rating excluded from the percentages.
JD.com, Inc. · JD · FY2025 Q4 · Calendar Q1 2026
JD.com Q4: Retail Margin Expands to 4.6% Even as Revenue Growth Slows
Management expressed confidence in 2026: revenue growth decelerated sharply to +2% YoY in Q4 on a high electronics base, but margin expansion persisted (JD Retail operating margin up 52bps to 4.6% for the year), active customers grew 30% YoY past 700 million, and new businesses (food delivery, Jingxi, Joybuy) surged 201% YoY. The bull case rests on continued user momentum, high-margin advertising/marketplace growth, and controlled reduction of food-delivery investment while funding overseas and Jingxi expansion. The market reflected this: JD rose ~0.9% on the event session versus a -0.6% benchmark move and drifted +11.7% afterward, with volume ~3.1x baseline. Offsets include high-base electronics weakness, rising memory-chip costs, and regulatory scrutiny of food delivery.
Reported Before market openNASDAQConsumer Cyclical
$37.22B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.08
Consensus $0.07
EPS surprise
+14.3%
Reported versus consensus
Reported revenue
$50.36B
Consensus $50.26B
Revenue surprise
+0.2%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+0.3%
Event window
SPY move
-0.6%
Same window
Abnormal move
+0.8%
Stock minus SPY
Volume
3.1×
Versus trailing sessions
Subsequent drift
+11.7%
Up to 20 sessions
JDSPY benchmark
Ask FN2 about JD FY2025 Q4
Transcript, numbers and history already loaded
Why did JD rise 0.3% after beating EPS estimates in FY2025 Q4?What changed in JD's guidance and outlook in FY2025 Q4?Give me the bull and bear case for JD after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Top-line growth slowed from +15% YoY in Q3 to +2% YoY in Q4 on a high electronics base, yet the mix shift continued to favor margin: JD Retail full-year operating margin rose 52bps to 4.6%, active customers grew 30% YoY, and new-business revenue jumped 201% YoY. Management signaled a pivot toward controlling food-delivery losses and redeploying capital to Jingxi and the European Joybuy rollout.
Guidance delta
Maintained. Management kept a confident 2026 outlook, forecasting continued user growth and margin expansion while planning to reduce JD Food Delivery investment in favor of incrementally funding Jingxi and the overseas Joybuy rollout. No numeric range was issued for the quarter.
Key takeaways
- Active customers grew 30% YoY in Q4, exceeding 700 million annual active users.
- JD Retail operating margin expanded 52 basis points to 4.6% for the full year.
- Advertising and marketplace revenues rose 15-19% YoY, driven by AI-powered ad solutions.
- New business revenue surged 201% YoY in Q4, with food delivery, Jingxi and international leading growth.
- AI integration across supply chain, search, recommendation and logistics is a stated strategic priority.
Management priorities
- Maintain user growth and increase shopping frequency through 2026
- Reduce investment in JD Food Delivery while improving scale and profitability
- Incrementally increase investment in Jingxi and the overseas Joybuy business
- Expand AI applications across sourcing, pricing, inventory and fulfillment
- Continue shareholder returns through dividends and share buybacks
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$26.51Current
$22Low
$55.69Average
$123High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 26, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Susquehanna | Neutral | Neutral | Maintain | Aug 17, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 15, 2026 |
| Daiwa Capital | Hold | Buy | Downgrade | Jun 24, 2026 |
| Bernstein | Outperform | Outperform | Maintain | May 13, 2026 |
| Benchmark | Buy | Buy | Maintain | May 13, 2026 |
| Citigroup | Buy | Buy | Maintain | Apr 14, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jan 26, 2026 |
| Freedom Broker | Buy | Buy | Maintain | Jan 7, 2026 |
| UBS | Buy | Buy | Maintain | Jul 10, 2025 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 10, 2025 |
| JP Morgan | Overweight | Overweight | Maintain | May 27, 2025 |
| Mizuho | Outperform | Outperform | Maintain | May 14, 2025 |
| Macquarie | Neutral | Outperform | Downgrade | Apr 23, 2025 |
| Loop Capital | Buy | Hold | Upgrade | Oct 21, 2024 |
| HSBC | Buy | Buy | Maintain | Mar 7, 2024 |
| Goldman Sachs | Buy | Buy | Maintain | Oct 25, 2023 |
| Atlantic Equities | Overweight | Overweight | Maintain | Jan 11, 2022 |
| DZ Bank | Sell | Buy | Downgrade | Jul 27, 2021 |
| Stifel | Buy | Buy | Maintain | May 12, 2021 |
| CFRA | Buy | Buy | Maintain | May 19, 2020 |
| Nomura | Buy | Buy | Maintain | May 18, 2020 |
| China Renaissance | Buy | Hold | Upgrade | Mar 3, 2020 |
| UOB Kay Hian | Buy | Hold | Upgrade | Nov 18, 2019 |
| Vertical Group | Buy | Buy | Maintain | Oct 22, 2019 |
| 86 Research | Buy | Hold | Upgrade | Oct 11, 2019 |
| Jefferies | Buy | Buy | Maintain | Aug 5, 2019 |
| CICC | Buy | Hold | Upgrade | May 13, 2019 |
| CLSA | Outperform | Underperform | Upgrade | Mar 1, 2019 |
| MKM Partners | Buy | Buy | Maintain | Dec 7, 2018 |
| Keybanc | Overweight | Downgrade | Oct 29, 2018 | |
| Stifel Nicolaus | Buy | Buy | Maintain | Aug 17, 2018 |
| Wells Fargo | Outperform | Outperform | Maintain | Nov 14, 2017 |
| Bank of America | Buy | Neutral | Upgrade | Mar 2, 2017 |
| Evercore ISI Group | Buy | Buy | Maintain | Dec 20, 2016 |
| TH Capital | Hold | Buy | Downgrade | Aug 8, 2016 |
| T.H. Capital | Hold | Buy | Downgrade | Aug 8, 2016 |
| Credit Suisse | Neutral | Outperform | Downgrade | May 10, 2016 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | May 11, 2015 |
| Oppenheimer | Outperform | Outperform | Maintain | May 4, 2015 |
| Summit Research Partners | Hold | Hold | Maintain | Apr 20, 2015 |
| William Blair | Outperform | Market Perform | Upgrade | Mar 17, 2015 |
| Deutsche Bank | Hold | Hold | Maintain | Oct 30, 2014 |
| Brean Capital | Buy | Buy | Maintain | Sep 10, 2014 |
| PiperJaffray | Neutral | Neutral | Maintain | Jul 1, 2014 |
| Cowen & Co. | Perform | Market Perform | Maintain | Jul 1, 2014 |
Named analyst price targets
Upside is calculated against the persisted current price $26.51. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Arete Research | Analyst unavailable | $30 | $28.26 | +13.2% | Sep 7, 2026 |
| Mizuho Securities | Wei Fang | $39 | $29.3 | +47.1% | Aug 14, 2026 |
| Macquarie | Analyst unavailable | $37 | $28.97 | +39.6% | Jul 13, 2026 |
| Daiwa | Analyst unavailable | $27 | $26.26 | +1.8% | Jun 23, 2026 |
| Susquehanna | Shyam Patil | $35 | $33.16 | +32.0% | May 14, 2026 |
| Barclays | Analyst unavailable | $43 | $33.77 | +62.2% | May 14, 2026 |
| Bernstein | Robin Zhu | $40 | $31.49 | +50.9% | May 13, 2026 |
| Arete Research | Analyst unavailable | $37 | $31.85 | +39.6% | Apr 17, 2026 |
| Bernstein | Robin Zhu | $36 | $31.47 | +35.8% | Apr 16, 2026 |
| Macquarie | Analyst unavailable | $35 | $31.25 | +32.0% | Apr 14, 2026 |
| Susquehanna | Analyst unavailable | $30 | $27.47 | +13.2% | Mar 9, 2026 |
| UBS | Analyst unavailable | $33 | $25.47 | +24.5% | Mar 5, 2026 |
| Morgan Stanley | Eddy Wang | $22 | $25.47 | -17.0% | Mar 5, 2026 |
| Macquarie | Ellie Jiang | $25 | $25.47 | -5.7% | Mar 5, 2026 |
| HSBC | Peishan Wang | $37 | $29.4 | +39.6% | Dec 29, 2025 |
| Arete Research | Analyst unavailable | $32 | $29.92 | +20.7% | Dec 9, 2025 |
| Bernstein | Robin Zhu | $38 | $29.75 | +43.3% | Nov 14, 2025 |
| Mizuho Securities | Wei Fang | $41 | $32.83 | +54.7% | Oct 22, 2025 |
| Arete Research | Analyst unavailable | $41 | $35.17 | +54.7% | Sep 26, 2025 |
| Mizuho Securities | Wei Fang | $48 | $36.05 | +81.1% | May 14, 2025 |
| Morgan Stanley | Eddy Wang | $39 | $37.25 | +47.1% | May 13, 2025 |
| Susquehanna | Analyst unavailable | $45 | $40.37 | +69.7% | Mar 12, 2025 |
| Mizuho Securities | Analyst unavailable | $50 | $42.29 | +88.6% | Mar 7, 2025 |
| UBS | Analyst unavailable | $51 | $42.29 | +92.4% | Mar 7, 2025 |
| Barclays | Analyst unavailable | $55 | $41.9 | +107.5% | Feb 28, 2025 |
| Bernstein | Robin Zhu | $46 | $37.18 | +73.5% | Dec 9, 2024 |
| Loop Capital Markets | Rob Sanderson | $48 | $39.98 | +81.1% | Oct 21, 2024 |
| Jefferies | Thomas Chong | $54 | $43.83 | +103.7% | Oct 14, 2024 |
| Morgan Stanley | Eddy Wang | $28 | $26.54 | +5.6% | Aug 27, 2024 |
| Citigroup | Alicia Yap | $41 | $26.3 | +54.7% | Aug 21, 2024 |
| Citigroup | Alicia Yap | $42 | $27.18 | +58.4% | Aug 15, 2024 |
| Loop Capital Markets | Rob Sanderson | $31 | $28.02 | +16.9% | Jun 21, 2024 |
| Mizuho Securities | James Lee | $40 | $34.27 | +50.9% | May 17, 2024 |
| UBS | Jerry Liu | $40 | $34.27 | +50.9% | May 17, 2024 |
| Barclays | Gregory Zhao | $41 | $34.27 | +54.7% | May 17, 2024 |
| Macquarie | Ellie Jiang | $40 | $34.27 | +50.9% | May 17, 2024 |
| Loop Capital Markets | Rob Sanderson | $35 | $33.69 | +32.0% | May 13, 2024 |
| Morgan Stanley | Eddy Wang | $25 | $25.01 | -5.7% | Apr 19, 2024 |
| Morgan Stanley | Eddy Wang | $27 | $25.48 | +1.8% | Apr 18, 2024 |
| Susquehanna | Shyam Patil | $38 | $33.27 | +43.3% | Aug 31, 2023 |
| Morgan Stanley | Eddy Wang | $55 | $36.96 | +107.5% | Oct 28, 2022 |
| Mizuho Securities | James Lee | $90 | $56.66 | +239.5% | Sep 19, 2022 |
| Morgan Stanley | Eddy Wang | $80 | $51.16 | +201.8% | May 18, 2022 |
| Citigroup | Alicia Yap | $97 | $52.04 | +265.9% | Apr 23, 2022 |
| Morgan Stanley | Eddy Wang | $85 | $58.69 | +220.6% | Mar 8, 2022 |
| Macquarie | Ellie Jiang | $112 | $78.09 | +322.5% | Dec 7, 2021 |
| Susquehanna | Shyam Patil | $95 | $89.36 | +258.4% | Nov 24, 2021 |
| Benchmark Co. | Fawne Jiang | $117 | $91.55 | +341.3% | Nov 19, 2021 |
| CLSA | Elinor Leung | $108 | $91.55 | +307.4% | Nov 19, 2021 |
| Credit Suisse | Kenneth Fong | $120 | $91.55 | +352.7% | Nov 19, 2021 |
| Goldman Sachs | Ronald Keung | $123 | $84.2 | +364.0% | Nov 11, 2021 |
| Loop Capital Markets | Rob Sanderson | $115 | $80.17 | +333.8% | Sep 13, 2021 |
| DZ BANK AG | Manuel Muhl | $62 | $64.77 | +133.9% | Jul 27, 2021 |
| China Renaissance Securities (US) Inc. | Ella Ji | $96 | $74.9 | +262.1% | Jun 24, 2021 |
| Daiwa | John Choi | $110 | $78.12 | +314.9% | Apr 14, 2021 |
Track every rating change on JD the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationJD.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. Beyond these, JD.com provides an extensive general merchandise category, covering everything from groceries (food, beverages, fresh produce) and daily essentials (baby and maternity items, furniture, household goods, personal care, cosmetics, pharmaceuticals, health products) to specialized goods (industrial products, books, automotive accessories, apparel, footwear, bags, and jewelry).…
Historical context
All JD earningsConsumer Cyclical peers this season
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Latest beats and misses
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Get the JD recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-26T02:10:58.341280+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-26T02:10:58.338348+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-26. For educational purposes only; not investment advice.