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JD.com Announces Fourth Quarter and Full Year 2024 Results, and Annual Dividend

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JD.com reported strong Q4 and full year 2024 financial results. Q4 net revenues increased 13.4% year-over-year to RMB347.0 billion (US$147.5 billion), while full-year revenues grew 6.8% to RMB1,158.8 billion. Operating margin improved to 2.4% in Q4 2024 from 0.7% in Q4 2023.

Q4 net income attributable to shareholders surged 190.8% to RMB9.9 billion, with diluted earnings per ADS reaching RMB6.47, up 203.8% year-over-year. The company announced an annual cash dividend of US$1.0 per ADS, with an expected total payout of US$1.5 billion.

During 2024, JD.com repurchased approximately 255.3 million Class A ordinary shares for US$3.6 billion. The company also announced a new US$5.0 billion share repurchase program effective through August 2027.

JD.com ha riportato risultati finanziari solidi per il quarto trimestre e per l'intero anno 2024. I ricavi netti del quarto trimestre sono aumentati del 13,4% rispetto all'anno precedente, raggiungendo i 347,0 miliardi di RMB (147,5 miliardi di dollari USA), mentre i ricavi annuali sono cresciuti del 6,8%, arrivando a 1.158,8 miliardi di RMB. Il margine operativo è migliorato al 2,4% nel quarto trimestre del 2024, rispetto allo 0,7% del quarto trimestre del 2023.

Il reddito netto del quarto trimestre attribuibile agli azionisti è aumentato del 190,8%, raggiungendo i 9,9 miliardi di RMB, con utili diluiti per ADS pari a 6,47 RMB, in aumento del 203,8% rispetto all'anno precedente. L'azienda ha annunciato un dividendo annuale in contante di 1,0 dollaro USA per ADS, con un pagamento totale previsto di 1,5 miliardi di dollari USA.

Durante il 2024, JD.com ha riacquistato circa 255,3 milioni di azioni ordinarie di Classe A per 3,6 miliardi di dollari USA. L'azienda ha anche annunciato un nuovo programma di riacquisto di azioni da 5,0 miliardi di dollari USA, valido fino ad agosto 2027.

JD.com reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. Los ingresos netos del cuarto trimestre aumentaron un 13,4% interanual, alcanzando 347,0 mil millones de RMB (147,5 mil millones de dólares estadounidenses), mientras que los ingresos del año completo crecieron un 6,8%, alcanzando 1.158,8 mil millones de RMB. El margen operativo mejoró al 2,4% en el cuarto trimestre de 2024, frente al 0,7% en el cuarto trimestre de 2023.

El ingreso neto del cuarto trimestre atribuible a los accionistas se disparó un 190,8%, alcanzando 9,9 mil millones de RMB, con ganancias diluidas por ADS de 6,47 RMB, un aumento del 203,8% interanual. La compañía anunció un dividendo en efectivo anual de 1,0 dólar estadounidense por ADS, con un pago total esperado de 1,5 mil millones de dólares estadounidenses.

Durante 2024, JD.com recompró aproximadamente 255,3 millones de acciones ordinarias de Clase A por 3,6 mil millones de dólares estadounidenses. La compañía también anunció un nuevo programa de recompra de acciones de 5,0 mil millones de dólares estadounidenses, que será efectivo hasta agosto de 2027.

JD.com은 2024년 4분기 및 전체 연도의 강력한 재무 결과를 보고했습니다. 4분기 순매출은 전년 대비 13.4% 증가하여 3,470억 위안(1475억 달러)에 달했으며, 연간 수익은 6.8% 증가하여 1,1588억 위안에 도달했습니다. 운영 마진은 2023년 4분기 0.7%에서 2024년 4분기 2.4%로 개선되었습니다.

주주에게 귀속되는 4분기 순이익은 190.8% 급증하여 99억 위안에 달했으며, 희석 주당 수익은 6.47 위안으로 전년 대비 203.8% 증가했습니다. 회사는 ADS당 연간 현금 배당금을 1.0달러로 발표했으며, 총 지급액은 15억 달러로 예상됩니다.

2024년 동안 JD.com은 약 2억 5530만 주의 A급 보통주를 36억 달러에 재매입했습니다. 회사는 또한 2027년 8월까지 유효한 50억 달러 규모의 새로운 자사주 매입 프로그램을 발표했습니다.

JD.com a rapporté de solides résultats financiers pour le quatrième trimestre et l'année entière 2024. Les revenus nets du quatrième trimestre ont augmenté de 13,4 % par rapport à l'année précédente, atteignant 347,0 milliards de RMB (147,5 milliards de dollars américains), tandis que les revenus annuels ont progressé de 6,8 %, atteignant 1 158,8 milliards de RMB. La marge opérationnelle s'est améliorée à 2,4 % au quatrième trimestre 2024, contre 0,7 % au quatrième trimestre 2023.

Le bénéfice net du quatrième trimestre attribuable aux actionnaires a bondi de 190,8 % pour atteindre 9,9 milliards de RMB, avec un bénéfice dilué par ADS atteignant 6,47 RMB, en hausse de 203,8 % par rapport à l'année précédente. L'entreprise a annoncé un dividende en espèces annuel de 1,0 dollar américain par ADS, avec un paiement total prévu de 1,5 milliard de dollars américains.

Au cours de l'année 2024, JD.com a racheté environ 255,3 millions d'actions ordinaires de Classe A pour 3,6 milliards de dollars américains. L'entreprise a également annoncé un nouveau programme de rachat d'actions de 5,0 milliards de dollars américains, valable jusqu'en août 2027.

JD.com hat starke Finanzzahlen für das vierte Quartal und das gesamte Jahr 2024 gemeldet. Die Nettoumsätze im vierten Quartal stiegen im Vergleich zum Vorjahr um 13,4% auf 347,0 Milliarden RMB (147,5 Milliarden US-Dollar), während die Umsätze für das gesamte Jahr um 6,8% auf 1.158,8 Milliarden RMB wuchsen. Die operative Marge verbesserte sich im vierten Quartal 2024 auf 2,4%, verglichen mit 0,7% im vierten Quartal 2023.

Der Nettogewinn im vierten Quartal, der den Aktionären zuzurechnen ist, stieg um 190,8% auf 9,9 Milliarden RMB, während der verwässerte Gewinn je ADS 6,47 RMB erreichte, was einem Anstieg von 203,8% im Vergleich zum Vorjahr entspricht. Das Unternehmen kündigte eine jährliche Bardividende von 1,0 US-Dollar pro ADS an, mit einer erwarteten Gesamtauszahlung von 1,5 Milliarden US-Dollar.

Im Jahr 2024 hat JD.com etwa 255,3 Millionen Stammaktien der Klasse A für 3,6 Milliarden US-Dollar zurückgekauft. Das Unternehmen kündigte auch ein neues Aktienrückkaufprogramm im Wert von 5,0 Milliarden US-Dollar an, das bis August 2027 gültig ist.

Positive
  • Q4 revenue growth accelerated to 13.4% YoY
  • Net income surged 190.8% YoY in Q4
  • Operating margin improved to 2.4% from 0.7%
  • Announced US$1.0 per ADS annual dividend
  • New US$5.0B share repurchase program launched
Negative
  • Marketing expenses increased 28.4% YoY
  • Fulfillment expenses rose to 5.8% of revenue vs 5.6% last year

Insights

JD.com delivered exceptionally strong Q4 2024 results that signal significant momentum in both growth and profitability. The 13.4% year-over-year revenue growth to RMB347 billion represents an acceleration from full-year growth of 6.8%, indicating the company has successfully navigated China's challenging consumer environment to gain market share.

Most impressive is JD's dramatic profitability improvement. Q4 operating income surged 319.3% year-over-year to RMB8.5 billion, with operating margin expanding to 2.4% from 0.7% in the prior year. This demonstrates the company's successful execution of its efficiency initiatives while maintaining double-digit top-line growth.

The announced annual dividend of $1.0 per ADS (approximately $1.5 billion total) represents a meaningful commitment to shareholder returns. Combined with the completion of a $3.0 billion share repurchase program and launch of a new $5.0 billion buyback program, JD is returning substantial capital to shareholders while maintaining strong operational performance.

JD Retail's segment operating margin improved significantly to 3.3% from 2.6% in Q4 2023, showing that the core business is driving the overall profitability gains. The company's logistics investments continue paying dividends through improved delivery capabilities, while service expansions in health testing show promising diversification.

The combination of accelerating revenue growth, expanded margins, and substantial shareholder returns positions JD exceptionally well heading into 2025, particularly as management noted "rebounding consumption" and "steadily picking up" consumer sentiment in China.

JD.com's Q4 performance demonstrates a strategic triumph in balancing three critical business objectives: growth acceleration, margin expansion, and operational investment. The company has strategically positioned itself as a supply chain-based technology provider rather than just a retailer, enabling it to capture value across multiple touchpoints.

The PLUS membership enhancements announced in January 2025 represent a sophisticated loyalty strategy that extends JD's ecosystem beyond traditional e-commerce into service-based offerings. By adding home cleaning, laundry, and car services to membership benefits, JD is executing a customer lock-in strategy that significantly raises switching costs for consumers while establishing new recurring revenue opportunities.

JD Health's expansion of express testing services to 12 core cities covering 150 million people represents a tactical market penetration strategy that leverages the company's logistics infrastructure to enter the high-margin healthcare services sector – precisely when respiratory illnesses create peak demand.

JD Logistics' international expansion roadmap demonstrates forward-looking resource allocation, building global warehouse networks, air freight capabilities, and express delivery infrastructure simultaneously. This shows disciplined execution of a long-term plan to replicate domestic supply chain dominance in international markets.

The company's comprehensive employee benefits program – supporting 1,200+ retired frontline workers with full benefits – also represents astute human capital management. With 670,000 total personnel in the ecosystem, JD's investment in employee welfare creates significant competitive advantages in workforce stability and productivity at scale, particularly important as labor costs rise across China's service economy.

BEIJING, March 06, 2025 (GLOBE NEWSWIRE) -- JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter), the “Company” or “JD.com”), a leading supply chain-based technology and service provider, today announced its unaudited financial results for the three months and the full year ended December 31, 2024 and an annual cash dividend for the year ended December 31, 2024.

Fourth Quarter and Full Year 2024 Highlights

  • Net revenues were RMB347.0 billion (US$147.5 billion) for the fourth quarter of 2024, an increase of 13.4% from the fourth quarter of 2023. Net revenues were RMB1,158.8 billion (US$158.8 billion) for the full year of 2024, an increase of 6.8% from the full year of 2023.
  • Income from operations was RMB8.5 billion (US$1.2 billion) for the fourth quarter of 2024, compared to RMB2.0 billion for the fourth quarter of 2023. Operating margin was 2.4% for the fourth quarter of 2024, compared to 0.7% for the fourth quarter of 2023. Non-GAAP2 income from operations was RMB10.5 billion (US$1.4 billion) for the fourth quarter of 2024, compared to RMB7.8 billion for the fourth quarter of 2023. Non-GAAP operating margin was 3.0% for the fourth quarter of 2024, compared to 2.5% for the fourth quarter of 2023. Income from operations was RMB38.7 billion (US$5.3 billion) for the full year of 2024, compared to RMB26.0 billion for the full year of 2023. Operating margin was 3.3% for the full year of 2024, compared to 2.4% for the full year of 2023. Non-GAAP income from operations was RMB44.0 billion (US$6.0 billion) for the full year of 2024, compared to RMB35.4 billion for the full year of 2023. Non-GAAP operating margin was 3.8% for the full year of 2024, compared to 3.3% for the full year of 2023.
  • Net income attributable to the Company’s ordinary shareholders was RMB9.9 billion (US$1.4 billion) for the fourth quarter of 2024, compared to RMB3.4 billion for the fourth quarter of 2023. Net margin attributable to the Company’s ordinary shareholders was 2.8% for the fourth quarter of 2024, compared to 1.1% for the fourth quarter of 2023. Non-GAAP net income attributable to the Company’s ordinary shareholders was RMB11.3 billion (US$1.5 billion) for the fourth quarter of 2024, compared to RMB8.4 billion for the fourth quarter of 2023. Non-GAAP net margin attributable to the Company’s ordinary shareholders was 3.3% for the fourth quarter of 2024, compared to 2.7% for the fourth quarter of 2023. Net income attributable to the Company’s ordinary shareholders was RMB41.4 billion (US$5.7 billion) for the full year of 2024, compared to RMB24.2 billion for the full year of 2023. Net margin attributable to the Company’s ordinary shareholders was 3.6% for the full year of 2024, compared to 2.2% for the full year of 2023. Non-GAAP net income attributable to the Company’s ordinary shareholders was RMB47.8 billion (US$6.6 billion) for the full year of 2024, compared to RMB35.2 billion for the full year of 2023. Non-GAAP net margin attributable to the Company’s ordinary shareholders was 4.1% for the full year of 2024, compared to 3.2% for the full year of 2023.
  • Diluted net income per ADS was RMB6.47 (US$0.89) for the fourth quarter of 2024, an increase of 203.8% from RMB2.13 for the fourth quarter of 2023. Non-GAAP diluted net income per ADS was RMB7.42 (US$1.02) for the fourth quarter of 2024, an increase of 40.0% from RMB5.30 for the fourth quarter of 2023. Diluted net income per ADS was RMB26.86 (US$3.68) for the full year of 2024, an increase of 76.4% from RMB15.23 for the full year of 2023. Non-GAAP diluted net income per ADS was RMB31.07 (US$4.26) for the full year of 2024, an increase of 40.1% from RMB22.17 for the full year of 2023.

“We are pleased to report a strong quarter to close out 2024 amidst rebounding consumption. Our topline growth returned to double digits year-on-year, and bottom line also achieved healthy expansion. In addition, most of our product categories as well as key metrics such as our quarterly active users and shopping frequency saw strong double-digit growth year-on-year in Q4, reflecting our growing mindshare among consumers,” said Sandy Xu, Chief Executive Officer of JD.com. “We head into 2025 with more optimism, as consumption sentiment steadily picks up, and we continue to unlock high-quality growth potentials with our strong execution of strategic priorities.”

“In the fourth quarter, our total revenues increased by 13.4% year-on-year. The momentum was broad-based across multiple categories and revenue streams, reflecting positive macro consumption trends and JD’s expanding market share,” said Ian Su Shan, Chief Financial Officer of JD.com. “Our profitability also continued to rise year-on-year throughout 2024, driven by our optimization in cost and operating efficiency. As we are confident to head towards our long-term profitability target, we are excited to announce an increased annual cash dividend for 2024 which, alongside our on-going US$5.0 billion share repurchase program, further demonstrates JD’s commitment to shareholder return.”

Dividend Payment

The Company announced that its board of directors (the “Board”) approved an annual cash dividend for the year ended December 31, 2024 of US$0.5 per ordinary share, or US$1.0 per ADS, to holders of ordinary shares and holders of ADSs, respectively, as of the close of business on April 8, 2025 Beijing/Hong Kong Time and New York Time, respectively, payable in U.S. dollars. The aggregate amount of the dividend is expected to be approximately US$1.5 billion, as calculated on the current number of the Company’s total issued and outstanding shares, which may be subject to minor adjustment by the record date. The payment date is expected to be on or around April 23, 2025 and on or around April 29, 2025 for holders of ordinary shares and holders of ADSs, respectively.

Updates of Share Repurchase Program

The Company repurchased a total of approximately 255.3 million Class A ordinary shares (equivalent of 127.6 million ADSs) for a total of approximately US$3.6 billion during the year ended December 31, 2024. All of these ordinary shares were repurchased from both Nasdaq and the Hong Kong Stock Exchange pursuant to the Company’s share repurchase programs publicly announced. The total number of shares repurchased by the Company for the year ended December 31, 2024 amounted to approximately 8.1% of its ordinary shares outstanding as of December 31, 20233.

The Company has fully utilized the repurchase amount authorized under its US$3.0 billion share repurchase program announced in March 2024, with all of the 207 million Class A ordinary shares (equivalent of 104 million ADSs) repurchased under the program cancelled.

In addition, the Company adopted and announced a new share repurchase program (the “New Share Repurchase Program”) in August 2024. Pursuant to the New Share Repurchase Program effective from September 2024, the Company may repurchase up to US$5.0 billion worth of its shares (including ADSs) over the next 36 months through the end of August 2027.

Business Highlights

  • JD Retail:

    In January 2025, JD.com announced comprehensive upgrades to its PLUS membership, introducing a “Lifestyle Service Package” that allows members to redeem PLUS credits for seven services, including home cleaning, laundry, car wash and delivery, among other things. JD PLUS members will also enjoy a new “180-Day Replacement over Repair” policy for self-operated electronics and home appliances products in cases of any quality defects. Additionally, the “Unlimited Free Shipping” service has been expanded to cover the self-operated offerings on JD NOW, the on-demand retail business of the Company.
  • JD Health:

    In the fourth quarter of 2024, JD Health further boosted up its service offerings with the expansion of its “Express Test at Your Doorstep” program, safeguarding more people’s health during periods of high incidence of respiratory illnesses. As of the end of the quarter, JD Health had launched 149 express testing products, with the service available in 12 core cities in China, covering a total population of over 150 million.
  • JD Logistics:

    During the 2024 JD Singles Day Grand Promotion, JD Logistics’s (“JDL’s”) express delivery business celebrated the first anniversary of its upgraded offerings in Hong Kong and Macau. It provides seamless door-to-door delivery and other differentiated services in the regions, such as night-time pickups and intra-city delivery within as fast as four hours, significantly improving the online shopping and shipping experience for local customers. This in turn drives JDL’s rapid order volume growth in the regions.

    In the fourth quarter of 2024, JDL further outlined its overseas roadmap. In particular, it will drive simultaneous progress of building its global warehouse network, air freight network, and express delivery capabilities. These efforts will enable JDL to provide integrated supply chain solutions to overseas customers, China-based brands expanding overseas, and cross-border merchants, driving toward the ultimate in delivering hassle-free and efficient supply chain logistics services globally.

Environment, Social and Governance

  • JD.com has been committed to providing admirable, fulfilling, and rewarding job opportunities for its workforce from day one. As of December 31, 2024, over 1,200 frontline employees have retired from JDL, with roles spanning from couriers to sorters, freight drivers and others from across China. These retirees have received comprehensive retirement benefits including elderly care, medical treatment, and injury compensation, and headed to post-career lives with safeguards.
  • As a testament to JD.com’s unwavering commitment to creating more jobs and making contribution to the society, the Company’s total expenditure for human resources, including both its own employees and external personnel who work for the Company, amounted to RMB116.1 billion for the year ended December 31, 2024. The Company’s total number of employees was approximately 570,000 as of December 31, 2024. Together with the Company’s part-time staff and interns, as well as the personnel of the Company’s affiliates, the total personnel under the JD Ecosystem4 was approximately 670,000.
  • In January 2025, JDL’s independently developed MRV-T digital carbon reduction technology (carbon footprint monitoring, reporting, verification, and tracking) was included in the "Green Technology Promotion Catalogue (2024 Edition)" issued by the National Development and Reform Commission and other authorities, the only green technology that won the honor in the logistics industry with a focus on environmental sustainability.

Fourth Quarter 2024 Financial Results

Net Revenues. Net revenues increased by 13.4% to RMB347.0 billion (US$47.5 billion) for the fourth quarter of 2024 from RMB306.1 billion for the fourth quarter of 2023. Net product revenues increased by 14.0%, while net service revenues increased by 10.8% for the fourth quarter of 2024, compared to the fourth quarter of 2023.

Cost of Revenues. Cost of revenues increased by 11.9% to RMB293.9 billion (US$40.3 billion) for the fourth quarter of 2024 from RMB262.6 billion for the fourth quarter of 2023.

Fulfillment Expenses. Fulfillment expenses, which primarily include procurement, warehousing, delivery, customer service and payment processing expenses, increased by 16.4% to RMB20.1 billion (US$2.8 billion) for the fourth quarter of 2024 from RMB17.3 billion for the fourth quarter of 2023. Fulfillment expenses as a percentage of net revenues was 5.8% for the fourth quarter of 2024, compared to 5.6% for the fourth quarter of 2023.

Marketing Expenses. Marketing expenses increased by 28.4% to RMB16.8 billion (US$2.3 billion) for the fourth quarter of 2024 from RMB13.1 billion for the fourth quarter of 2023. Marketing expenses as a percentage of net revenues was 4.9% for the fourth quarter of 2024, compared to 4.3% for the fourth quarter of 2023, primarily due to the increased spending in promotion activities.

Research and Development Expenses. Research and development expenses increased by 1.0% to RMB4.4 billion (US$0.6 billion) for the fourth quarter of 2024 from RMB4.3 billion for the fourth quarter of 2023. Research and development expenses as a percentage of net revenues was 1.3% for the fourth quarter of 2024, compared to 1.4% for the fourth quarter of 2023.

General and Administrative Expenses. General and administrative expenses increased by 3.3% to RMB2.5 billion (US$0.3 billion) for the fourth quarter of 2024 from RMB2.4 billion for the fourth quarter of 2023. General and administrative expenses as a percentage of net revenues was 0.7% for the fourth quarter of 2024, compared to 0.8% for the fourth quarter of 2023.

Income from Operations and Non-GAAP Income from Operations. Income from operations increased by 319.3% to RMB8.5 billion (US$1.2 billion) for the fourth quarter of 2024 from RMB2.0 billion for the fourth quarter of 2023. Operating margin was 2.4% for the fourth quarter of 2024, compared to 0.7% for the fourth quarter of 2023. Non-GAAP income from operations increased by 34.4% to RMB10.5 billion (US$1.4 billion) for the fourth quarter of 2024 from RMB7.8 billion for the fourth quarter of 2023. Non-GAAP operating margin was 3.0% for the fourth quarter of 2024, compared to 2.5% for the fourth quarter of 2023. Operating margin of JD Retail before unallocated items for the fourth quarter of 2024 was 3.3%, compared to 2.6% for the fourth quarter of 2023.

Non-GAAP EBITDA. Non-GAAP EBITDA increased by 29.7% to RMB12.5 billion (US$1.7 billion) for the fourth quarter of 2024 from RMB9.7 billion for the fourth quarter of 2023. Non-GAAP EBITDA margin was 3.6% for the fourth quarter of 2024, compared to 3.2% for the fourth quarter of 2023.

Others, net. “Others, net” was a gain of RMB3.5 billion (US$0.5 billion) for the fourth quarter of 2024, compared to a gain of RMB1.7 billion for the fourth quarter of 2023, the variance was primarily due to fluctuations in investment gains or losses from equity investments.

Net Income Attributable to the Company’s Ordinary Shareholders and Non-GAAP Net Income Attributable to the Company’s Ordinary Shareholders. Net income attributable to the Company’s ordinary shareholders increased by 190.8% to RMB9.9 billion (US$1.4 billion) for the fourth quarter of 2024 from RMB3.4 billion for the fourth quarter of 2023. Net margin attributable to the Company’s ordinary shareholders was 2.8% for the fourth quarter of 2024, compared to 1.1% for the fourth quarter of 2023. Non-GAAP net income attributable to the Company’s ordinary shareholders increased by 34.2% to RMB11.3 billion (US$1.5 billion) for the fourth quarter of 2024 from RMB8.4 billion for the fourth quarter of 2023. Non-GAAP net margin attributable to the Company’s ordinary shareholders was 3.3% for the fourth quarter of 2024, compared to 2.7% for the fourth quarter of 2023.

Diluted EPS and Non-GAAP Diluted EPS. Diluted net income per ADS increased by 203.8% to RMB6.47 (US$0.89) for the fourth quarter of 2024 from RMB2.13 for the fourth quarter of 2023. Non-GAAP diluted net income per ADS increased by 40.0% for the fourth quarter of 2024 to RMB7.42 (US$1.02) from RMB5.30 for the fourth quarter of 2023.

Cash Flow and Working Capital

As of December 31, 2024, the Company’s cash and cash equivalents, restricted cash and short-term investments totaled RMB241.4 billion (US$33.1 billion), compared to RMB197.7 billion as of December 31, 2023. For the fourth quarter of 2024, free cash flow of the Company was as follows:

  For the three months ended
  December 31,
2023
 December 31,
2024		  December 31,
2024
  RMB
 RMB  US$
  (In millions)
   
Net cash provided by operating activities 19,613  24,891  3,410 
Add: Impact from consumer financing receivables included in the operating cash flow 251  1,243  170 
Less: Capital expenditures, net of related sales proceeds    
Capital expenditures for development properties (4,596) (875) (120)
Other capital expenditures* (1,969) (1,789) (245)
Free cash flow 13,299  23,470  3,215 

* Including capital expenditures related to the Company’s headquarters in Beijing and all other CAPEX.

Net cash used in investing activities was RMB12.5 billion (US$1.7 billion) for the fourth quarter of 2024, consisting primarily of net cash paid for purchase of time deposits and wealth management products, cash paid for equity investments, and cash paid for capital expenditures.

Net cash used in financing activities was RMB2.8 billion (US$0.4 billion) for the fourth quarter of 2024, consisting primarily of net repayment of borrowings.

Full Year 2024 Financial Results

Net Revenues. Net revenues increased by 6.8% to RMB1,158.8 billion (US$158.8 billion) for the full year of 2024 from RMB1,084.7 billion for the full year of 2023. Net product revenues increased by 6.5%, while net service revenues increased by 8.1% for the full year of 2024, compared to the full year of 2023.

Cost of Revenues. Cost of revenues increased by 5.4% to RMB975.0 billion (US$133.6 billion) for the full year of 2024 from RMB925.0 billion for the full year of 2023.

Fulfillment Expenses. Fulfillment expenses, which primarily include procurement, warehousing, delivery, customer service and payment processing expenses, increased by 9.1% to RMB70.4 billion (US$9.6 billion) for the full year of 2024 from RMB64.6 billion for the full year of 2023. Fulfillment expenses as a percentage of net revenues was 6.1% for the full year of 2024, compared to 6.0% for the full year of 2023.

Marketing Expenses. Marketing expenses increased by 19.5% to RMB48.0 billion (US$6.6 billion) for the full year of 2024 from RMB40.1 billion for the full year of 2023. Marketing expenses as a percentage of net revenues was 4.1% for the full year of 2024, compared to 3.7% for the full year of 2023, primarily due to the increased spending in promotion activities.

Research and Development Expenses. Research and development expenses increased by 3.9% to RMB17.0 billion (US$2.3 billion) for the full year of 2024 from RMB16.4 billion for the full year of 2023. Research and development expenses as a percentage of net revenues remained stable of 1.5% for the full year of 2024 and 2023.

General and Administrative Expenses. General and administrative expenses decreased by 8.5% to RMB8.9 billion (US$1.2 billion) for the full year of 2024 from RMB9.7 billion for the full year of 2023. General and administrative expenses as a percentage of net revenues was 0.8% for the full year of 2024, compared to 0.9% for the full year of 2023.

Income from Operations and Non-GAAP Income from Operations. Income from operations increased by 48.8% to RMB38.7 billion (US$5.3 billion) for the full year of 2024 from RMB26.0 billion for the full year of 2023. Operating margin was 3.3% for the full year of 2024, compared to 2.4% for the full year of 2023. Non-GAAP income from operations increased by 24.2% to RMB44.0 billion (US$6.0 billion) for the full year of 2024 from RMB35.4 billion for the full year of 2023. Non-GAAP operating margin was 3.8% for the full year of 2024, compared to 3.3% for the full year of 2023. Operating margin of JD Retail before unallocated items was 4.0% for the full year of 2024, compared to 3.8% for the full year of 2023.

Non-GAAP EBITDA. Non-GAAP EBITDA increased by 22.3% to RMB51.9 billion (US$7.1 billion) for the full year of 2024 from RMB42.5 billion for the full year of 2023. Non-GAAP EBITDA margin was 4.5% for the full year of 2024, compared to 3.9% for the full year of 2023.

Others, net. “Others, net” was a gain of RMB13.4 billion (US$1.8 billion) for the full year of 2024, compared to a gain of RMB7.5 billion for the full year of 2023, the variance was primarily due to fluctuations in investment gains or losses from equity investments.

Net Income Attributable to the Company’s Ordinary Shareholders and Non-GAAP Net Income Attributable to the Company’s Ordinary Shareholders. Net income attributable to the Company’s ordinary shareholders increased by 71.1% to RMB41.4 billion (US$5.7 billion) for the full year of 2024 from RMB24.2 billion for the full year of 2023. Net margin attributable to the Company’s ordinary shareholders was 3.6% for the full year of 2024, compared to 2.2% for the full year of 2023. Non-GAAP net income attributable to the Company’s ordinary shareholders increased by 35.9% to RMB47.8 billion (US$6.6 billion) for the full year of 2024 from RMB35.2 billion for the full year of 2023. Non-GAAP net margin attributable to the Company’s ordinary shareholders was 4.1% for the full year of 2024, compared to 3.2% for the full year of 2023.

Diluted EPS and Non-GAAP Diluted EPS. Diluted net income per ADS increased by 76.4% to RMB26.86 (US$3.68) for the full year of 2024 from RMB15.23 for the full year of 2023. Non-GAAP diluted net income per ADS increased by 40.1% for the full year of 2024 to RMB31.07 (US$4.26) from RMB22.17 for the full year of 2023.

Cash Flow and Working Capital

For the full year of 2024, free cash flow of the Company was as follows:

  For the year ended
  December 31,
2023
 December 31,
2024
 December 31,
2024
  RMB
 RMB
 US$
  (In millions)
   
Net cash provided by operating activities 59,521  58,095  7,959 
Less: Impact from consumer financing receivables included in the operating cash flow (492) (132) (18)
Less: Capital expenditures, net of related sales proceeds    
Capital expenditures for development properties (12,117) (7,286) (998)
Other capital expenditures* (6,261) (6,937) (951)
Free cash flow 40,651  43,740  5,992 

* Including capital expenditures related to the Company’s headquarters in Beijing and all other CAPEX.

Net cash used in investing activities was RMB0.9 billion (US$0.1 billion) for the full year of 2024, consisting primarily of cash paid for capital expenditures and cash paid for equity investments, partially offset by net cash received from maturity of time deposits and wealth management products.

Net cash used in financing activities was RMB21.0 billion (US$2.9 billion) for the full year of 2024, consisting primarily of cash paid for repurchase of ordinary shares and dividends, partially offset by net proceeds from issuance of convertible senior notes.

Supplemental Information

From the first quarter of 2024, the Company started to report three segments, JD Retail, JD Logistics and New Businesses, to reflect changes made to the reporting structure whose financial information is reviewed by the chief operating decision maker of the Company under its ongoing operating strategies. JD Retail, including JD Health and JD Industrials, among other components, mainly engages in online retail, online marketplace and marketing services in China. JD Logistics includes both internal and external logistics businesses. New Businesses mainly include Dada, JD Property, Jingxi and overseas businesses.

The table below sets forth the segment operating results, with prior periods segment information retrospectively recast to conform to the current period presentation:

 For the three months ended For the year ended
 December 31,
2023
 December 31,
2024
 December 31,
2024
 December 31,
2023
 December 31,
2024
 December 31,
2024
 RMB
 RMB
 US$
 RMB
 RMB
 US$
 (In millions, except percentage data)
Net revenues:       
JD Retail267,646  307,055  42,066  945,343  1,015,948  139,184 
JD Logistics47,201  52,097  7,137  166,625  182,837  25,049 
New Businesses6,781  4,681  642  26,617  19,157  2,625 
Inter-segment eliminations*(15,551) (16,847) (2,308) (53,923) (59,123) (8,100)
Total consolidated net revenues306,077  346,986  47,537  1,084,662  1,158,819  158,758 
Operating income/(loss):       
JD Retail6,937  10,036  1,375  35,925  41,077  5,628 
JD Logistics1,330  1,824  250  1,005  6,317  865 
New Businesses(795) (885) (121) (329) (2,865) (393)
Including: gain on sale of development properties 802  1,527  209  2,283  1,527  209 
Impairment of long-lived assets(1,123) (1,027) (141) (1,123) (1,027) (141)
Total segment operating income7,472  10,975  1,504  36,601  44,529  6,100 
Unallocated items**(5,447) (2,484) (341) (10,576) (5,793) (793)
Total consolidated operating income2,025  8,491  1,163  26,025  38,736  5,307 
        
YoY% change of net revenues:       
JD Retail3.4% 14.7%   1.7% 7.5%  
JD Logistics9.7% 10.4%   21.3% 9.7%  
New Businesses(8.9)% (31.0)%   (10.7)% (28.0)%  
        
Operating margin:        
JD Retail2.6% 3.3%   3.8% 4.0%  
JD Logistics2.8% 3.5%   0.6% 3.5%  
New Businesses(11.7)% (18.9)%   (1.2)% (15.0)%  

* The inter-segment eliminations mainly consist of revenues from supply chain solutions and logistics services provided by JD Logistics to JD Retail, on-demand delivery and retail services provided by Dada to JD Retail and JD Logistics, and property leasing services provided by JD Property to JD Logistics.

** Unallocated items include share-based compensation, amortization of intangible assets resulting from assets and business acquisitions, effects of business cooperation arrangements, and impairment of goodwill and intangible assets, which are not allocated to segments.


The table below sets forth the revenue information:

 For the three months ended 
 December 31,
2023
 December 31,
2024
 December 31,
2024
YoY%
Change
 RMB
 RMB
 US$
 
 (In millions, except percentage data)
Electronics and home appliances revenues150,353  174,149  23,858 15.8%
General merchandise revenues96,148  106,829  14,636 11.1%
Net product revenues246,501  280,978  38,494 14.0%
Marketplace and marketing revenues23,626  26,634  3,649 12.7%
Logistics and other service revenues35,950  39,374  5,394 9.5%
Net service revenues59,576  66,008  9,043 10.8%
Total net revenues306,077  346,986  47,537 13.4%


 For the year ended 
 December 31,
2023
 December 31,
2024
 December 31,
2024
YoY%
Change
 RMB
 RMB
 US$
 
 (In millions, except percentage data)
Electronics and home appliances revenues538,799  564,982  77,402 4.9%
General merchandise revenues332,425  363,025  49,734 9.2%
Net product revenues871,224  928,007  127,136 6.5%
Marketplace and marketing revenues84,726  90,111  12,345 6.4%
Logistics and other service revenues128,712  140,701  19,277 9.3%
Net service revenues213,438  230,812  31,622 8.1%
Total net revenues1,084,662  1,158,819  158,758 6.8%


Conference Call

JD.com’s management will hold a conference call at 7:00 am, Eastern Time on March 6, 2025, (8:00 pm, Beijing/Hong Kong Time on March 6, 2025) to discuss its financial results for the three months and the full year ended December 31, 2024.

Please register in advance of the conference using the link provided below and dial in 15 minutes prior to the call, using participant dial-in numbers, the Passcode and unique access PIN which would be provided upon registering. You will be automatically linked to the live call after completion of this process, unless required to provide the conference ID below due to regional restrictions.

PRE-REGISTER LINK: https://s1.c-conf.com/diamondpass/10044957-x2nu4z.html

CONFERENCE ID: 10044957

A telephone replay will be available for one week until March 13, 2025. The dial-in details are as follows:

US:+1-855-883-1031
International:+61-7-3107-6325
Hong Kong:800-930-639
Mainland China:400-120-9216
Passcode:10044957


Additionally, a live and archived webcast of the conference call will also be available on the JD.com’s investor relations website at http://ir.jd.com.

About JD.com

JD.com is a leading supply chain-based technology and service provider. The Company’s cutting-edge retail infrastructure seeks to enable consumers to buy whatever they want, whenever and wherever they want it. The Company has opened its technology and infrastructure to partners, brands and other sectors, as part of its Retail as a Service offering to help drive productivity and innovation across a range of industries.

Non-GAAP Measures

In evaluating the business, the Company considers and uses non-GAAP measures, such as non-GAAP income/(loss) from operations, non-GAAP operating margin, non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders, non-GAAP net margin attributable to the Company’s ordinary shareholders, free cash flow, non-GAAP EBITDA, non-GAAP EBITDA margin, non-GAAP net income/(loss) per share and non-GAAP net income/(loss) per ADS, as supplemental measures to review and assess operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company defines non-GAAP income/(loss) from operations as income/(loss) from operations excluding share-based compensation, amortization of intangible assets resulting from assets and business acquisitions, effects of business cooperation arrangements, gain on sale of development properties and impairment of goodwill and long-lived assets. The Company defines non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders as net income/(loss) attributable to the Company’s ordinary shareholders excluding share-based compensation, amortization of intangible assets resulting from assets and business acquisitions, effects of business cooperation arrangements and non-compete agreements, gain/(loss) on disposals/deemed disposals of investments and others, reconciling items on the share of equity method investments, loss/(gain) from fair value change of long-term investments, impairment of goodwill, long-lived assets and investments, gain on sale of development properties and tax effects on non-GAAP adjustments. The Company defines free cash flow as operating cash flow adjusting the impact from consumer financing receivables included in the operating cash flow and capital expenditures, net of related sales proceeds. Capital expenditures include purchase of property, equipment and software, cash paid for construction in progress, purchase of intangible assets, land use rights and asset acquisitions. The Company defines non-GAAP EBITDA as non-GAAP income/(loss) from operations plus depreciation and amortization excluding amortization of intangible assets resulting from assets and business acquisitions. Non-GAAP basic net income/(loss) per share is calculated by dividing non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods. Non-GAAP diluted net income/(loss) per share is calculated by dividing non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the periods, including the dilutive effects of share-based awards as determined under the treasury stock method and convertible senior notes. Non-GAAP net income/(loss) per ADS is equal to non-GAAP net income/(loss) per share multiplied by two.

The Company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. Non-GAAP income/(loss) from operations, non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders and non-GAAP EBITDA reflect the Company’s ongoing business operations in a manner that allows more meaningful period-to-period comparisons. Free cash flow enables management to assess liquidity and cash flow while taking into account the impact from consumer financing receivables included in the operating cash flow and the demands that the expansion of fulfillment infrastructure and technology platform has placed on financial resources. The Company believes that the use of the non-GAAP financial measures facilitates investors to understand and evaluate the Company’s current operating performance and future prospects in the same manner as management does, if they so choose. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gain/loss and other items that are not expected to result in future cash payments or that are non-recurring in nature or may not be indicative of the Company’s core operating results and business outlook.

The non-GAAP financial measures have limitations as analytical tools. The Company’s non-GAAP financial measures do not reflect all items of income and expense that affect the Company’s operations or not represent the residual cash flow available for discretionary expenditures. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages you to review the Company’s financial information in its entirety and not rely on a single financial measure.

CONTACTS:

Investor Relations
Sean Zhang
+86 (10) 8912-6804
IR@JD.com

Media Relations
+86 (10) 8911-6155
Press@JD.com

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as JD.com’s strategic and operational plans, contain forward-looking statements. JD.com may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in announcements made on the website of the Hong Kong Stock Exchange, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about JD.com’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: JD.com’s growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; trends and competition in China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese e-commerce market; laws, regulations and governmental policies relating to the industries in which JD.com or its business partners operate; potential changes in laws, regulations and governmental policies or changes in the interpretation and implementation of laws, regulations and governmental policies that could adversely affect the industries in which JD.com or its business partners operate, including, among others, initiatives to enhance supervision of companies listed on an overseas exchange and tighten scrutiny over data privacy and data security; risks associated with JD.com’s acquisitions, investments and alliances, including fluctuation in the market value of JD.com’s investment portfolio; natural disasters and geopolitical events; change in tax rates and financial risks; intensity of competition; and general market and economic conditions in China and globally. Further information regarding these and other risks is included in JD.com’s filings with the SEC and the announcements on the website of the Hong Kong Stock Exchange. All information provided herein is as of the date of this announcement, and JD.com undertakes no obligation to update any forward-looking statement, except as required under applicable law.


JD.com, Inc.
Unaudited Condensed Consolidated Balance Sheets
(In millions, except otherwise noted)
   
  As of
  December 31,
2023 		 December 31,
2024 		 December 31,
2024 
  RMB  RMB  US$ 
ASSETS         
Current assets         
Cash and cash equivalents 71,892  108,350  14,844 
Restricted cash 7,506  7,366  1,009 
Short-term investments 118,254  125,645  17,213 
Accounts receivable, net (including consumer financing receivables of RMB2.3 billion and RMB2.0 billion as of December 31, 2023 and December 31, 2024, respectively)(1) 20,302  25,596  3,507 
Advance to suppliers 2,753  7,619  1,044 
Inventories, net 68,058  89,326  12,238 
Prepayments and other current assets 15,639  15,951  2,185 
Amount due from related parties 2,114  4,805  658 
Assets held for sale 1,292  2,040  279 
Total current assets  307,810  386,698  52,977 
Non-current assets         
Property, equipment and software, net 70,035  82,737  11,335 
Construction in progress 9,920  6,164  845 
Intangible assets, net 6,935  7,793  1,068 
Land use rights, net 39,563  36,833  5,046 
Operating lease right-of-use assets 20,863  24,532  3,361 
Goodwill 19,980  25,709  3,522 
Investment in equity investees 56,746  56,850  7,788 
Marketable securities and other investments 80,840  59,370  8,134 
Deferred tax assets 1,744  2,459  337 
Other non-current assets 14,522  9,089  1,245 
Total non-current assets  321,148  311,536  42,681 
Total assets 628,958  698,234  95,658 



JD.com, Inc.
Unaudited Condensed Consolidated Balance Sheets
(In millions, except otherwise noted)
   
  As of
  December 31,
2023
 December 31,
2024
 December 31,
2024
  RMB
 RMB
 US$
LIABILITIES         
Current liabilities         
Short-term debts 5,034  7,581  1,039 
Accounts payable 166,167  192,860  26,422 
Advance from customers 31,625  32,437  4,443 
Deferred revenues 2,097  2,097  287 
Taxes payable 7,313  9,487  1,300 
Amount due to related parties 1,620  1,367  187 
Accrued expenses and other current liabilities 43,533  45,985  6,300 
Operating lease liabilities 7,755  7,606  1,042 
Liabilities held for sale 506  101  14 
Total current liabilities  265,650   299,521  41,034 
Non-current liabilities         
Deferred revenues 964  502  69 
Unsecured senior notes 10,411  24,770  3,393 
Deferred tax liabilities 9,267  9,498  1,301 
Long-term borrowings 31,555  31,705  4,344 
Operating lease liabilities 13,676  18,106  2,481 
Other non-current liabilities 1,055  835  114 
Total non-current liabilities  66,928  85,416  11,702 
Total liabilities 332,578   384,937  52,736 
          
MEZZANINE EQUITY 614  484  66 
          
SHAREHOLDERS’ EQUITY         
Total JD.com, Inc. shareholders’ equity (US$0.00002 par value, 100,000 million shares authorized, 3,188 million shares issued(2) and 2,903 million shares outstanding as of December 31, 2024) 231,858  239,347  32,791 
Non-controlling interests 63,908  73,466  10,065 
Total shareholders’ equity 295,766  312,813  42,856 
          
Total liabilities, mezzanine equity and shareholders’ equity 628,958  698,234  95,658 
          
(1) JD Technology performs credit risk assessment services for consumer financing receivables business and absorbs the credit risk of the underlying consumer financing receivables. Facilitated by JD Technology, the Company periodically securitizes consumer financing receivables through the transfer of those assets to securitization plans and derecognizes the related consumer financing receivables through sales type arrangements.
(2) The number of ordinary shares issued as of February 28, 2025 was 2,981 million, with all of the 207 million Class A ordinary shares (equivalent of 104 million ADSs) repurchased under the US$3.0 billion share repurchase program announced in March 2024 cancelled.



JD.com, Inc.
Unaudited Condensed Consolidated Statements of Operations
(In millions, except per share data)
 
 For the three months ended For the year ended
 December 31,
2023
 December 31,
2024
 December 31,
2024		 December 31,
2023
 December 31,
2024
 December 31,
2024
 RMB
 RMB
 US$ RMB
 RMB
 US$
Net revenues       
Net product revenues246,501  280,978  38,494  871,224  928,007  127,136 
Net service revenues59,576  66,008  9,043  213,438  230,812  31,622 
Total net revenues306,077  346,986  47,537  1,084,662  1,158,819  158,758 
Cost of revenues(262,575) (293,869) (40,260) (924,958) (974,951) (133,568)
Fulfillment(17,283) (20,121) (2,757) (64,558) (70,426) (9,648)
Marketing(13,110) (16,832) (2,306) (40,133) (47,953) (6,570)
Research and development(4,341) (4,384) (601) (16,393) (17,031) (2,333)
General and administrative(2,377) (2,455) (336) (9,710) (8,888) (1,218)
Impairment of goodwill(3,143) (799) (109) (3,143) (799) (109)
Impairment of long-lived assets(2,025) (1,562) (214) (2,025) (1,562) (214)
Gain on sale of development properties802  1,527  209  2,283  1,527  209 
Income from operations(3)(4)2,025  8,491  1,163  26,025  38,736  5,307 
Other income/(expenses)       
Share of results of equity investees497  556  76  1,010  2,327  319 
Interest expense(927) (926) (127) (2,881) (2,896) (397)
Others, net(5)1,711  3,493  479  7,496  13,371  1,832 
Income before tax3,306  11,614  1,591  31,650  51,538  7,061 
Income tax expenses(1,394) (750) (103) (8,393) (6,878) (943)
Net income1,912  10,864  1,488  23,257  44,660  6,118 
Net income/(loss) attributable to non-controlling interests shareholders(1,477) 1,010  138  (910) 3,301  452 
Net income attributable to the Company’s ordinary shareholders3,389  9,854  1,350  24,167  41,359  5,666 
        
Net income per share:       
Basic1.08  3.39  0.47  7.69  13.83  1.90 
Diluted1.07  3.23  0.44  7.61  13.43  1.84 
Net income per ADS:       
Basic2.15  6.79  0.93  15.37  27.67  3.79 
Diluted2.13  6.47  0.89  15.23  26.86  3.68 


JD.com, Inc.
Unaudited Condensed Consolidated Statements of Operations
(In millions, except per share data)
 
 For the three months ended For the year ended
 December 31,
2023
 December 31,
2024
 December 31,
2024		 December 31,
2023
 December 31,
2024
 December 31,
2024
 RMB
 RMB
 US$ RMB
 RMB
 US$
        
(3) Includes share-based compensation as follows:
Cost of revenues(34) (26) (4) (133) (80) (11)
Fulfillment(127) (115) (16) (697) (424) (58)
Marketing(96) (50) (7) (426) (273) (37)
Research and development(169) (88) (12) (859) (599) (82)
General and administrative(554) (517) (70) (2,689) (1,623) (223)
Total(980) (796) (109) (4,804) (2,999) (411)
        
(4) Includes amortization of business cooperation arrangement and intangible assets resulting from assets and business acquisitions as follows:
Fulfillment(103) (72) (10) (414) (288) (39)
Marketing(221) (229) (31) (880) (903) (123)
Research and development(66) (53) (7) (305) (205) (28)
General and administrative(32) —  —  (128) (64) (9)
Total(422) (354) (48) (1,727) (1,460) (199)
        
(5) “Others, net” consists of interest income; gains/(losses) related to long-term investments without significant influence, including fair value changes, acquisitions or disposals gains/(losses), and impairments; government incentives; foreign exchange gains/(losses); and other non-operating income/(losses).


JD.com, Inc.
Unaudited Non-GAAP Net Income Per Share and Per ADS
(In millions, except per share data)
 
 For the three months ended For the year ended
 December 31,
2023
 December 31,
2024
 December 31,
2024
 December 31,
2023
 December 31,
2024
 December 31,
2024
 RMB
 RMB
 US$
 RMB
 RMB
 US$
                  
Non-GAAP net income attributable to the Company’s ordinary shareholders8,415  11,294  1,547  35,200  47,827  6,552 
                  
Weighted average number of shares:
Basic3,147  2,903  2,903  3,144  2,990  2,990 
Diluted3,166  3,041  3,041  3,171  3,076  3,076 
                  
Non-GAAP net income per share:
Basic2.67  3.89  0.53  11.20  16.00  2.19 
Diluted2.65  3.71  0.51  11.08  15.53  2.13 
                  
Non-GAAP net income per ADS:
Basic5.35  7.78  1.07  22.39  31.99  4.38 
Diluted5.30  7.42  1.02  22.17  31.07  4.26 


JD.com, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows and Free Cash Flow
(In millions)
 
 For the three months ended For the year ended
 December 31,
2023
 December 31,
2024
 December 31,
2024		 December 31,
2023
 December 31,
2024
 December 31,
2024
 RMB
 RMB
 US$ RMB
 RMB
 US$
        
Net cash provided by operating activities19,613  24,891  3,410  59,521  58,095  7,959 
Net cash used in investing activities(63,072) (12,483) (1,710) (59,543) (871) (119)
Net cash used in financing activities(745) (2,784) (381) (5,808) (21,004) (2,877)
Effects of exchange rate changes on cash, cash equivalents and restricted cash(213) 1,136  155  125  98  13 
Net (decrease)/increase in cash, cash equivalents and restricted cash(44,417) 10,760  1,474  (5,705) 36,318  4,976 
Cash, cash equivalents, and restricted cash at beginning of period, including cash and cash equivalents classified within assets held for sale123,868  104,956  14,379  85,156  79,451  10,884 
Less: Cash, cash equivalents, and restricted cash classified within assets held for sale at beginning of period—  (2) —*  (41) (53) (7)
Cash, cash equivalents, and restricted cash at beginning of period123,868  104,954  14,379  85,115  79,398  10,877 
Cash, cash equivalents, and restricted cash at end of period, including cash and cash equivalents classified within assets held for sale79,451  115,716  15,853  79,451  115,716  15,853 
Less: Cash, cash equivalents, and restricted cash classified within assets held for sale at end of period(53) —*  —*  (53) —*  —* 
Cash, cash equivalents and restricted cash at end of period79,398  115,716  15,853  79,398  115,716  15,853 
        
Net cash provided by operating activities19,613  24,891  3,410  59,521  58,095  7,959 
Add/(Less): Impact from consumer financing receivables included in the operating cash flow251  1,243  170  (492) (132) (18)
Less: Capital expenditures, net of related sales proceeds       
Capital expenditures for development properties(4,596) (875) (120) (12,117) (7,286) (998)
Other capital expenditures(1,969) (1,789) (245) (6,261) (6,937) (951)
Free cash flow13,299  23,470  3,215  40,651  43,740  5,992 

*Absolute value is less than RMB1 million or US$1 million.

JD.com, Inc.
Supplemental Financial Information and Business Metrics
(In RMB billions, except turnover days data)
 
  Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024
Cash flow and turnover days      
Operating cash flow – trailing twelve months (“TTM”) 59.569.874.052.858.1
Free cash flow – TTM 40.750.655.633.643.7
Inventory turnover days(6) – TTM 30.329.029.830.431.5
Accounts payable turnover days(7) – TTM 53.251.857.057.558.6
Accounts receivable turnover days(8) – TTM 5.65.45.75.85.9
 
(6) TTM inventory turnover days are the quotient of average inventory over the immediately preceding five quarters, up to and including the last quarter of the period, to cost of revenues of retail business for the last twelve months, and then multiplied by 360 days.
(7) TTM accounts payable turnover days are the quotient of average accounts payable for retail business over the immediately preceding five quarters, up to and including the last quarter of the period, to cost of revenues of retail business for the last twelve months, and then multiplied by 360 days.
(8) TTM accounts receivable turnover days are the quotient of average accounts receivable over the immediately preceding five quarters, up to and including the last quarter of the period, to total net revenues for the last twelve months and then multiplied by 360 days. Presented are the accounts receivable turnover days excluding the impact from consumer financing receivables.


JD.com, Inc.  
Unaudited Reconciliation of GAAP and Non-GAAP Results  
(In millions, except percentage data)
 For the three months ended For the year ended
 December 31,
2023
 December 31,
2024
 December 31,
2024		 December 31,
2023
 December 31,
2024
 December 31,
2024
 RMB
 RMB
 US$ RMB
 RMB
 US$
        
Income from operations2,025  8,491  1,163  26,025  38,736  5,307 
Add: Share-based compensation980  796  109  4,804  2,999  411 
Add: Amortization of intangible assets resulting from assets and business acquisitions309  241  33  1,281  1,010  137 
Add: Effects of business cooperation arrangements113  113  15  446  450  62 
Reversal of: Gain on sale of development properties(802) (1,527) (209) (2,283) (1,527) (209)
Add: Impairment of goodwill and long-lived assets5,168  2,361  323  5,168  2,361  323 
Non-GAAP income from operations7,793  10,475  1,434  35,441  44,029  6,031 
Add: Depreciation and other amortization1,868  2,054  281  7,011  7,894  1,083 
Non-GAAP EBITDA9,661  12,529  1,715  42,452  51,923  7,114 
        
Total net revenues306,077  346,986  47,537  1,084,662  1,158,819  158,758 
        
Non-GAAP operating margin2.5% 3.0%   3.3% 3.8%  
        
Non-GAAP EBITDA margin3.2% 3.6%   3.9% 4.5%  


JD.com, Inc.
Unaudited Reconciliation of GAAP and Non-GAAP Results
(In millions, except percentage data)
 
 For the three months ended For the year ended
 December 31,
2023
 December 31,
2024
 December 31,
2024		 December 31,
2023
 December 31,
2024
 December 31,
2024
 RMB
 RMB
 US$ RMB
 RMB
 US$
        
Net income attributable to the Company’s ordinary shareholders3,389  9,854  1,350  24,167  41,359  5,666 
Add: Share-based compensation744  649  89  3,817  2,429  333 
Add: Amortization of intangible assets resulting from assets and business acquisitions144  116  16  669  458  63 
Add: Reconciling items on the share of equity method investments(9)69  563  77  1,071  1,227  168 
Add: Impairment of goodwill, long-lived assets, and investments4,430  2,971  406  6,202  5,667  775 
Add/(Reversal of): Loss/(Gain) from fair value change of long-term investments453  (611) (83) 848  (1,083) (148)
Reversal of: Gain on sale of development properties(601) (1,145) (157) (1,721) (1,145) (157)
Reversal of: Gain on disposals/deemed disposals of investments and others(71) (574) (78) (126) (853) (117)
Add: Effects of business cooperation arrangements113  113  15  446  450  62 
Reversal of: Tax effects on non-GAAP adjustments(255) (642) (88) (173) (682) (93)
Non-GAAP net income attributable to the Company’s ordinary shareholders8,415  11,294  1,547  35,200  47,827  6,552 
        
Total net revenues306,077  346,986  47,537  1,084,662  1,158,819  158,758 
        
Non-GAAP net margin attributable to the Company’s ordinary shareholders2.7% 3.3%   3.2% 4.1%  
        
(9) To exclude the GAAP to non-GAAP reconciling items on the share of equity method investments and share of amortization of intangibles not on their books.


1 The U.S. dollar (US$) amounts disclosed in this announcement, except for those transaction amounts that were actually settled in U.S. dollars, are presented solely for the convenience of the readers. The conversion of Renminbi (RMB) into US$ in this announcement is based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of December 31, 2024, which was RMB7.2993 to US$1.00. The percentages stated in this announcement are calculated based on the RMB amounts.
2 See the sections entitled “Non-GAAP Measures” and “Unaudited Reconciliation of GAAP and Non-GAAP Results” for more information about the non-GAAP measures referred to in this announcement.
3 The number of ordinary shares outstanding as of December 31, 2023 was approximately 3,138 million shares.
4 JD Ecosystem is a closely integrated business network providing comprehensive service for customers and comprises the Company and certain affiliates who share the “JD” brand name, currently including Jingdong Technology Holding Co., Ltd. and Allianz Jingdong General Insurance Company Ltd..


FAQ

What was JD.com's revenue growth in Q4 2024?

JD.com's Q4 2024 net revenues grew 13.4% year-over-year to RMB347.0 billion (US$147.5 billion).

How much is JD.com's annual cash dividend for 2024?

JD.com announced an annual cash dividend of US$1.0 per ADS, with total expected payout of US$1.5 billion.

What was JD.com's share repurchase activity in 2024?

JD.com repurchased 255.3 million Class A ordinary shares for US$3.6 billion in 2024.

How much did JD.com's operating margin improve in Q4 2024?

Operating margin increased to 2.4% in Q4 2024 from 0.7% in Q4 2023.

What is the size of JD.com's new share repurchase program?

JD.com announced a new US$5.0 billion share repurchase program effective through August 2027.

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NASDAQ:JD

JD Rankings

#198 Ranked by Market Cap
#1542 Ranked by Dividends

JD Latest News

Feb 20, 2025
JD.com to Report Fourth Quarter and Full Year 2024 Financial Results on March 6, 2025
Nov 14, 2024
JD.com Announces Third Quarter 2024 Results
Oct 31, 2024
JD.com to Report Third Quarter 2024 Financial Results on November 14, 2024
Aug 27, 2024
JD.com Announces US$5.0 Billion New Share Repurchase Program
Aug 15, 2024
JD.com Announces Second Quarter and Interim 2024 Results

JD Stock Data

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19.33%
2.71%
Internet Retail
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