JD.com's fourth-quarter earnings fell short of analyst expectations, with earnings per share of RMB0.57 missing the consensus estimate of RMB0.67. Revenue grew 1.5% year-over-year to RMB352.28 billion, nearly matching forecasts of RMB352.89 billion. The company's shares dipped slightly in premarket trading following the announcement.

Adjusted EBITDA turned negative at RMB0.8 billion for the quarter, a sharp decline from RMB12.5 billion in the same period last year. The EBITDA margin fell to negative 0.2% from 3.6% in Q4 2024. CEO Sandy Xu noted the company closed 2025 with results in line with expectations despite a highly competitive industry landscape.

JD Retail, the company's core business segment, reported operating income of RMB9.8 billion for the quarter, down slightly from RMB10.0 billion a year earlier. The segment maintained a 3.2% operating margin compared to 3.3% in the prior year's fourth quarter. JD.com also approved a $1.0 per ADS annual cash dividend for 2025, representing a total payout of approximately $1.4 billion.