JD.com, Inc. operates as a supply chain-based technology and service provider in the People's Republic of China. The company offers computers, communication, and consumer electronics products, as well as home appliances; and general merchandise products comprising food, beverage and fresh produce, baby and maternity products, furniture and household goods, cosmetics and other personal care items, pharmaceutical and healthcare products, industrial products, books, automobile accessories, apparel and footwear, bags, and jewelry. It also provides online marketplace services for third-party merchants; marketing services; and omni-channel solutions to customers and offline retailers, as well as online healthcare services. In addition, the company develops, owns, and manages its logistics facilities and other real estate properties to support third parties; offers asset management services and integrated service platform; leasing of storage facilities and related management services; and engages in online retail business. Further, it provides integrated data, technology, business, and user management industry solutions to support the digitization of enterprises and institutions; and technology-driven supply chain solutions and logistics services. The company was formerly known as 360buy Jingdong Inc. and changed its name to JD.com, Inc. in January 2014. JD.com, Inc. was incorporated in 2006 and is headquartered in Beijing, the People's Republic of China.

JD.com демонстрирует смешанную фундаментальную картину. С одной стороны, его коэффициенты, такие как P/E (8.86) и P/S (0.27), значительно ниже медианных значений по отрасли, указывая на потенциальную недооцененность акций. Однако, снижение ROE (12.54) и операционных маржей (2.37) по сравнению со средней по отрасли вызывает обеспокоенность о его рентабельности. Долговая нагрузка компании остается низкой (debt/equity 0.19), что является положительным фактором. Тем не менее, отсутствие роста EBITDA и отрицательные значения EPS указывают на возможные проблемы с прибыльностью. Дивидендная доходность на уровне 3.03% показывает стабильность выплат, что может привлечь инвесторов. Несмотря на сильные показатели по выручке и чистой прибыли, тенденции снижения маржи и других ключевых показателей прибыли могут ограничить краткосрочный рост акций JD.com. В целом, текущая оценка компании требует пересмотра на фоне текущих финансовых вызовов.

JD.com, Inc.

Retail sales rose in March, surpassing expectations as the ongoing conflict with Iran saw gasoline prices climb more than 30% over the past month. Although oil prices played a major role in boosting retail sales in March, the overall sector performed well.
The retail sector has put up a great show despite facing inflationary and tariff challenges. Sales have been on the rise this year, and the sector is poised to grow in the near term. It would be ideal to invest in retail stocks with a strong online presence. We have selected five stocks, namely, Five Below, Inc. FIVE, JD.com, Inc. JD, Tapestry TPR, Levi Strauss & Co. LEVI and Casey's General Stores, Inc. CASY.
Retail Sales Soar
Retail sales jumped 1.7% in March, the highest level in the past 12 months, after rising 0.7% in February. The jump was higher than the consensus estimate of a rise of 1.4%. The jump was expected, given that the U.S.-Iran war saw oil prices rise sharply over the past month.
Year over year, retail sales jumped 4% in March, surpassing the consensus estimate of a rise of just 0.7%.
Global oil prices have surged over 30% since the start of the war, while inflation soared to its highest level in nearly a year, with the consumer price index (CPI) rising 0.9% sequentially in March. This saw a 15.5% surge in receipts at gasoline stations.
However, consumers continued to spend even then. Retail sales excluding automobiles, gasoline, building materials and food services rose 0.7% in March. Sales at auto dealerships climbed 0.5% in March, while sales at electronics and appliance retailers rose 0.9%. Sales at furniture stores jumped 2.2%.
Online sales jumped 1%, while sales at restaurants and drinking places increased 0.1% in March. Higher demand and continued spending are boosting retail sales, and the sector is not only holding its ground but also preparing for growth in the near term.
5 Retail Stocks With Upside
Five Below, Inc
Five Below, Inc. is a specialty value chain retailer that provides a wide range of premium quality and trendy merchandise for $5 or below. FIVE mainly targets teenagers or pre-teen shoppers for its products, which include certain brands and licensed merchandise. Notably, these products belong to categories such as Style, Room, Sports, Tech, Create, Party, Candy and Now.
Five Below’s expected earnings growth rate for the current year is 20.2%. The Zacks Consensus Estimate for current-year earnings has improved 15.4% over the past 60 days. FIVE presently carries a Zacks Rank #1.
JD.com
JD.com operates as an online direct sales company in China. JD, through its website www.jd.com and mobile applications, offers a selection of authentic products.
JD.com’s expected earnings growth rate for the current year is 19.2%. The Zacks Consensus Estimate for current-year earnings has improved 5.3% over the past 60 days. JD currently has a Zacks Rank #2.
Tapestry
Tapestry is the designer and marketer of fine accessories and gifts for women and men in the United States and internationally. TPR offers lifestyle products, which include handbags, women’s and men’s accessories, footwear, jewelry, seasonal apparel collections, sunwear, travel bags, fragrances and watches.
Tapestry’s expected earnings growth rate for the current year is 26.5%. The Zacks Consensus Estimate for current-year earnings has improved 3.9% over the past 60 days. TPR presently carries a Zacks Rank #2.
Levi Strauss & Co.
Levi Strauss & Co. designs and markets jeans, casual wear and related accessories for men, women and children under the Levi's, Dockers, Signature by Levi Strauss & Co. and Denizen brands. LEVI’s products are sold through chain retailers, department stores, online sites and brand-dedicated retail stores, and shop-in-shops. Levi Strauss & Co. is based in San Francisco.
Levi Strauss & Co.’s expected earnings growth rate for the current year is 11.9%. The Zacks Consensus Estimate for current-year earnings has improved 2.7% over the past 60 days. LEVI carries a Zacks Rank #2.
Casey's General Stores
Casey's General Stores, Inc. operates convenience stores under the Casey's and Casey's General Store names in 16 states, mainly Iowa, Missouri and Illinois. CASY offers a comprehensive range of products and services to meet the needs of its customers. In addition to fuel, the stores provide a wide variety of merchandise, including groceries, prepared food, snacks, beverages, tobacco products, health and beauty aids, school supplies, housewares, pet supplies and automotive supplies.
Casey’s has an expected earnings growth rate of 23.6% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 4.1% over the last 60 days. CASY currently has a Zacks Rank #2.
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5 Stocks to Buy as Retail Sales Soar Amid Ongoing Geopolitical Tensions

JD.com, Inc. (JD) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.
Shares of this company have returned +4.5% over the past month versus the Zacks S&P 500 composite's +2.5% change. The Zacks Internet - Commerce industry, to which JD.com belongs, has lost 3% over this period. Now the key question is: Where could the stock be headed in the near term?
While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.
Revisions to Earnings Estimates
Rather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.
Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.
For the current quarter, JD.com is expected to post earnings of $1.02 per share, indicating a change of +10.9% from the year-ago quarter. The Zacks Consensus Estimate has changed +5.5% over the last 30 days.
The consensus earnings estimate of $3.97 for the current fiscal year indicates a year-over-year change of +27.2%. This estimate has changed +18.5% over the last 30 days.
For the next fiscal year, the consensus earnings estimate of $4.15 indicates a change of +4.5% from what JD.com is expected to report a year ago. Over the past month, the estimate has changed +14%.
With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #1 (Strong Buy) for JD.com.
The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:
12 Month EPS
Revenue Growth Forecast
While earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.
For JD.com, the consensus sales estimate for the current quarter of $35.8 billion indicates a year-over-year change of +5.4%. For the current and next fiscal years, $157.16 billion and $162.39 billion estimates indicate +3.3% and +3.3% changes, respectively.
Last Reported Results and Surprise History
JD.com reported revenues of $40.1 billion in the last reported quarter, representing a year-over-year change of +1%. EPS of $1.29 for the same period compares with $0.74 a year ago.
Compared to the Zacks Consensus Estimate of $40.12 billion, the reported revenues represent a surprise of -0.05%. The EPS surprise was +50%.
The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates three times over this period.
Valuation
Without considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.
Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.
As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
JD.com is graded A on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.
Conclusion
The facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about JD.com. However, its Zacks Rank #1 does suggest that it may outperform the broader market in the near term.
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Is Most-Watched Stock JD.com, Inc. (JD) Worth Betting on Now?

Alibaba BABA is scaling its quick commerce business aggressively, but the strategic trade-off is becoming more visible. Unlike traditional marketplace-driven e-commerce, quick commerce is inherently logistics-heavy, built around speed, fulfillment density and high-frequency categories. This strengthens user engagement and embeds Alibaba deeper into daily consumption cycles, but it structurally lowers margin potential. The model prioritizes retention and ecosystem depth over monetization efficiency, suggesting profitability is being deferred rather than meaningfully improved.
This shift is reshaping the quality of growth within Alibaba's core commerce segment. Quick commerce is driving traffic and order frequency, but drawing in lower-spend users and deepening reliance on incentives to sustain engagement. Integration across Taobao and the broader ecosystem is improving platform stickiness, yet simultaneously increasing fulfillment complexity and operating intensity. The model appears effective at capturing demand but less efficient at extracting value, raising concerns around long-term margin normalization.
Quick commerce revenues surged 56% year over year in the third quarter of fiscal 2026, significantly outpacing the broader e-commerce segment. This growth coincided with a 57% decline in adjusted EBITA and a 74% contraction in operating income, underscoring the tangible cost of scaling. China commerce adjusted EBITA fell 43% while sales and marketing expenses expanded sharply to 25.3% of revenues, reflecting elevated user acquisition and retention spending that shows little sign of near-term moderation.
The Zacks Consensus Estimate for BABA's fiscal 2026 revenues is pegged at $148.66 billion, indicating 7.62% year-over-year growth. However, as quick commerce becomes a larger share of the business mix, the central risk lies in margin persistence. Unless Alibaba can materially improve cost efficiency or monetisation yield, the current trajectory suggests incremental growth will continue to come at the expense of profitability.
How Do Rivals Compare in the Quick Commerce Space
Alibaba competes with Amazon AMZN and JD.com JD in quick commerce, where delivery speed is raising structural cost pressure.
Amazon benefits from a diversified model, using AWS and advertising to offset fulfillment-heavy investments. This allows Amazon to scale faster delivery while protecting margins. JD.com operates a logistics-first model with tight control over fulfillment. JD.com differentiates through full control of its logistics network, ensuring delivery reliability and stronger merchant trust. JD.com also benefits from higher direct sales exposure, which supports better inventory control and pricing. JD.com remains capital-intensive.
However, Alibaba’s model is still subsidy-driven, with weaker monetization visibility and more persistent margin pressure
BABA’s Share Price Performance, Valuation and Estimates
BABA shares have declined 32.8% in the past six-month period, while the Zacks Internet – Commerce industry and the Zacks Retail-Wholesale sector have declined 15.7% and 7.2%, respectively.
BABA’s 6-Month Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, BABA stock is currently trading at a trailing 12-month EV/EBITDA ratio of 14.35X compared with the Zacks Internet – Commerce industry’s 10.16X. BABA has a Value Score of D.
BABA’s Valuation
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for fiscal 2026 earnings is pegged at $5.26 per share, implying a 41.62% year-over-year decline.
Alibaba Group Holding Limited Price and Consensus
Alibaba currently has a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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BABA's Quick Commerce Surges: Is Margin Pressure Set to Persist?

What happened
Shares of Alibaba (NYSE: BABA), the Chinese tech giant, were slipping today after it reported sluggish revenue growth in its March quarter earnings report. It also continued to make progress on its breakup plan, approving the spinoff of its cloud business.
As of 11:15 a.m. ET, the stock was down 3.8%.
So what
Alibaba continued to struggle with a challenging consumer environment in China as the e-commerce sector matures and it faces competition from Pinduoduo parent PDD Holdings and TikTok owner ByteDance.
Revenue in the quarter grew just 2% to $30.3 billion, which essentially matched the analyst consensus at $30.2 billion.
Profitability significantly improved in the quarter with adjusted earnings before interest, taxes, and amortization (EBITA) up 60% to $3.7 billion due to an increase in the core China commerce business, as well as narrower losses in the local consumer services and digital media and entertainment businesses.
On the bottom line, it said adjusted earnings per share rose 35% to $1.56, which topped estimates at $1.35.
The board also approved a full spinoff of the Cloud Intelligence Group, which will happen through a stock dividend distribution on its way to becoming a separate listed company.
It's also begun to start the process to raise external financing for international digital commerce business, and it's working on an IPO for the Cainiao logistics business and Freshippo, its grocery business.
Now what
Alibaba doesn't provide guidance, but the updates on the spinoff plan should reassure investors that there's underlying value here, as that seems like the best move for the company going forward.
Still, the company has seen minimal growth for several quarters now, finishing the fiscal year with just 2% revenue growth.
Until top-line growth reaccelerates, the stock is likely to be stuck in neutral as investors wait for the breakup plan to play out.
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Why Alibaba Stock Was Sliding Today

Alibaba BABA is scheduled to report third-quarter fiscal 2026 results on March 19.
For the fiscal third quarter, the Zacks Consensus Estimate for revenues is pegged at $41.65 billion, suggesting an 8.51% rise from the year-ago quarter’s reported figure.
The Zacks Consensus Estimate for earnings is pinned at $1.91 per share, indicating a decline of 34.81% from the prior-year quarter’s reported figure.
Alibaba has a mixed earnings surprise history. In the last reported quarter, the company delivered a negative earnings surprise of 4.87%. Its earnings beat the Zacks Consensus Estimate in one of the trailing four quarters and missed the same thrice, the average surprise being 0.29%.
Alibaba Group Holding Limited Price and EPS Surprise
Earnings Whispers for BABA
Our proven model does not conclusively predict an earnings beat for Alibaba this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. This is not the case here. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
BABA has an Earnings ESP of 0.00% and a Zacks Rank #4 (Sell) at present.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors to Note for BABA Ahead of Q3 Results
Investors should exercise caution ahead of Alibaba's third-quarter fiscal 2026 earnings, as mounting structural pressures are expected to have weighed heavily on the e-commerce giant's near-term profitability. The December quarter is likely to have reflected compounding headwinds from elevated investment commitments and increasingly difficult year-over-year comparisons.
Customer management revenue growth is expected to have decelerated during the quarter. The payment processing fee Alibaba began charging in September 2024 had supported prior CMR figures and with that base effect fully lapsed, year-over-year comparisons turned considerably harder. Competitive intensity from PDD Holdings PDD and JD.com JD continued to force elevated subsidies across Alibaba's core commerce operations, compressing monetization efficiency and straining platform economics.
Quick commerce losses, which drove a steep 78% year-over-year decline in consolidated adjusted EBITA in the September quarter, are likely to have persisted into the December quarter as the company continued prioritizing scale over profitability. China's broader macroeconomic environment offered limited support. Consumer price growth remained fragile across October and November while producer price deflation extended into its fourth consecutive year, signaling persistent weakness in domestic demand that constrains Alibaba's core commerce business.
Cloud Intelligence Group's growth momentum is expected to have moderated from the September quarter's 34% pace as AI hardware supply constraints restricted infrastructure deployment capacity. With approximately RMB 120 billion deployed over the prior four quarters against a RMB 380 billion three-year capital expenditure commitment, free cash flow is expected to have remained under significant pressure. These structural headwinds position BABA unfavorably for near-term earnings recovery despite the cloud segment's underlying resilience.
BABA Price Performance & Stock Valuation
Alibaba shares have declined 7.2% in the past three months, outperforming the Zacks Internet-Commerce’s decline of 9.7% but underperforming the Zacks sector’s decline of 2.9%.
BABA faces tough competition from Amazon AMZN, JD.com and PDD Holdings. Shares of Amazon, JD.com and PDD holdings have declined 6.6%, 1% and 1.8%, respectively, during the same period.
BABA’s Share Price Performance
Image Source: Zacks Investment Research
BABA is trading at a premium with a forward 12-month P/S of 1.98X compared with the Zacks Retail-Wholesale sector’s 1.48X, reflecting a stretched valuation.
BABA’s P/S F12M Ratio Depicts Stretched Valuation
Image Source: Zacks Investment Research
Conclusion
Alibaba's structural positioning in AI and cloud remains credible over the long term, but mounting quick commerce losses, a decelerating CMR growth outlook and a stretched valuation premium present a difficult near-term case ahead of fiscal third-quarter results. Existing investors may consider reducing exposure until profitability signals strengthen, while prospective buyers would be better served waiting for greater clarity on quick commerce unit economics and a more compelling entry point before establishing new positions.
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Should You Hold or Fold Alibaba Stock Ahead of Q3 Earnings?

Key Points
CoreView Capital Management sold 207,358 shares of KE Holdings
Quarter-end position value decreased by $14.05 million, reflecting both share sales and stock price movement
Transaction size represented 0.45% of CoreView's reportable U.S. equity assets under management (AUM)
Post-trade stake: 3,120,377 shares valued at $49.18 million
KE Holdings now accounts for 6.2% of CoreView's AUM, placing it outside the fund's top five holdings
What happened
According to a February 17, 2026, SEC filing, CoreView Capital Management Ltd sold 207,358 shares of KE Holdings (NYSE:BEKE) in the fourth quarter. The fund’s quarter-end position in KE Holdings was valued at $49.18 million, down $14.05 million from the prior quarter, a change that reflects both trading activity and price movement.
What else to know
CoreView continued to trim its KE Holdings stake, which now stands at 6.2% of 13F AUM
Top holdings after the filing:
NASDAQ: BZ: $192.57 million (24.3% of AUM)
NASDAQ: JD: $177.87 million (22.4% of AUM)
NASDAQ: TCOM: $138.68 million (17.5% of AUM)
NYSE: TAL: $119.98 million (15.1% of AUM)
NYSE: SE: $109.14 million (13.8% of AUM)
As of February 16, 2026, shares were priced at $17.55, down 12.4% over the past year, underperforming the S&P 500 by 24.17 percentage points.
Company overview
Market Capitalization
$19.35 billion
Revenue (TTM)
$103.52 billion
Net Income (TTM)
$3.48 billion
Price (as of market close 2/13/26)
$17.55
Company snapshot
KE Holdings connects buyers, sellers, and agents across China through an integrated online and offline real estate services platform. The company operates at scale in China's real estate services sector, leveraging its Beike platform and multiple branded brokerages to connect buyers, sellers, and service providers. Its strategy combines technology-driven online solutions with a broad offline presence, enabling efficient housing transactions and ancillary services.
The company offers an integrated online and offline platform for housing transactions and services, including existing and new home transactions, home renovation, furnishing, and rental property management.
It generates revenue primarily through real estate brokerage commissions, service fees from housing transactions, and value-added services related to property management and home improvement.
KE Holdings Serves home buyers, sellers, renters, and real estate agents across China, with a focus on both individual consumers and institutional property owners.
What this transaction means for investors
Residential property transactions involve a complex network of buyers, sellers, brokers, and service providers. In China’s housing market, where brokerage activity has historically been fragmented across thousands of agencies, digital platforms now play a central role in organizing listings, connecting brokers, and coordinating housing transaction process.
KE Holdings Inc. operates one of the largest housing transaction platforms in China through its Beike marketplace. The platform connects buyers, sellers, and real estate agents using a combination of online tools and an extensive offline brokerage network. By integrating property listings, agent collaboration, and transaction data into a unified system, KE Holdings functions less like a traditional brokerage firm and more like infrastructure supporting housing transactions across multiple cities.
For investors, the main question is how housing transaction volumes will change as China’s property market goes through different economic and policy cycles. Platforms that bring together listings and broker networks can grow when the market is active, but their success depends on overall property transaction levels. If housing demand stays steady, companies like KE Holdings could keep playing a key role in organizing real estate deals across China.
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CoreView Capital Trims KE Holdings as Beike Platform Connects China’s Housing Brokerage Network

JD.com JD reported non-GAAP earnings of 8 cents per ADS in the fourth quarter of 2025, which beat the Zacks Consensus Estimate by 14.29%. In domestic currency, the company reported earnings of RMB0.57, reflecting a 92.3% year-over-year decrease.
It posted fourth-quarter revenues of $50.4 billion. The top line missed the Zacks Consensus Estimate by 0.56%. In domestic currency, revenues of RMB352.3 billion increased 1.5% year over year.
JD.com, Inc. Price, Consensus and EPS Surprise
Revenues by Segments
JD Retail generated net revenues of RMB 301.9 billion ($43.2 billion), down 1.7% year over year. The segment faced headwinds primarily from the electronics and home appliances category, while demonstrating resilience in general merchandise and service revenues.
Net product revenues decreased 2.8% year over year to RMB273.0 billion ($39.0 billion) in the fourth quarter of 2025.
Electronics and home appliances revenues declined 12% year over year to RMB153.3 billion ($21.9 billion), primarily due to a high base effect created by government trade-in subsidies implemented in 2024.
General merchandise revenues grew 12.1% to RMB119.7 billion ($17.1 billion). Within general merchandise, supermarket, fashion and health categories maintained double-digit year-over-year growth during the quarter.
Net service revenues increased 20.1% year over year to RMB79.3 billion ($11.3 billion) in the fourth quarter of 2025.
Marketplace and marketing revenues increased 15.0% year over year. This momentum was driven by accelerated advertising revenues generated by the core retail business, improved ecosystem dynamics and enhanced AI-powered advertising tools.
Logistics and other service revenues grew 23.6% year over year, primarily driven by incremental delivery revenues from the food delivery business.
JD Logistics reported net revenues of RMB63.5 billion ($9.1 billion) in the fourth quarter, representing growth of 21.9% compared with the fourth quarter of 2024. Both internal and external revenues grew at steady paces, with additional contributions from incremental delivery service revenues generated by the food delivery business.
The New Businesses segment generated revenues of RMB14.1 billion ($2.0 billion) in the fourth quarter of 2025, representing a substantial increase of 200.9% from the prior-year period. This significant growth was driven by the continued expansion of JD Food Delivery, Jingxi and international businesses.
JD Food Delivery continued to demonstrate healthy development with steady momentum in order volume and a healthier mix between meal and beverage orders. Total investment in JD Food Delivery narrowed sequentially in the quarter, driven by a focus on user experience, operational efficiency optimization and rational response to industry competition.
Operating Details
Non-GAAP EBITDA was negative RMB 0.8 billion ($0.1 billion) for the fourth quarter of 2025 compared with RMB12.5 billion in the prior-year period. Non-GAAP EBITDA margin compressed to negative 0.2% from positive 3.6% year over year.
Non-GAAP loss from operations was RMB 3.1 billion ($0.4 billion) for the fourth quarter of 2025 compared with non-GAAP income from operations of RMB10.5 billion in the previous year’s quarter. Non-GAAP operating margin was negative 0.9% against positive 3% in the prior-year period, primarily attributable to increased strategic investment in new business initiatives.
Marketing expenses increased 50.6% year over year to RMB25.3 billion ($3.6 billion). As a percentage of net revenues, marketing expenses rose to 7.2% from 4.9%, primarily due to increased spending in promotional efforts for new business initiatives.
Research and development expenses increased 52.0% year over year to RMB6.7 billion ($1 billion). As a percentage of net revenues, research and development expenses increased to 1.9% from 1.3%. General and administrative expenses rose 34.8% year over year to RMB3.3 billion ($0.5 billion). As a percentage of net revenues, general and administrative expenses increased to 0.9% from 0.7%.
User Metrics and Engagement
Quarterly active customers grew 30% year over year in the fourth quarter of 2025, capping a year in which the company exceeded 700 million annual active customers. This growth was powered by organic user growth at JD Retail and further accelerated by new strategic initiatives, including JD Food Delivery and Jingxi. User shopping frequency surged more than 40% year over year for the full year, with broad-based gains across all user groups, including new and existing users as well as Plus members.
Balance Sheet & Cash Flow
As of Dec. 31, 2025, cash, cash equivalents and restricted cash totaled RMB149.6 billion ($21.4 billion), up from RMB125.3 billion as of Sept. 30, 2025. Combined liquid assets (cash, restricted cash and short-term investments) totaled RMB225.4 billion ($32.2 billion) compared to RMB210.5 billion at the end of the third quarter of 2025.
Short-term debts decreased to RMB 8 billion ($1.1 billion) from RMB17.1 billion as of Sept. 30, 2025. Long-term borrowings were pinned at RMB41.7 billion ($6 billion), up from RMB 39 billion in the previous quarter.
Net cash provided by operating activities was RMB 20.9 billion ($3 billion) in the fourth quarter of 2025 compared with RMB 24.9 billion in the fourth quarter of 2024.
Free cash flow generated for the fourth quarter of 2025 was RMB 17.3 billion ($2.5 billion) compared with free cash flow used of RMB 11.2 billion in the third quarter of 2025.
Zacks Rank & Stocks to Consider
JD.com currently carries a Zacks Rank #3 (Hold).
Etsy ETSY, FIGS FIGS and Five Below FIVE are some better-ranked stocks that investors can consider in the broader Zacks Retail-Wholesale sector.
Etsy, FIGS and Five Below sport a Zacks Rank #1 (Strong Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Etsy shares have declined 2.7% in the past six-months. The Zacks Consensus Estimate for Etsy’s 2026 earnings is pegged at $3.51 per share, up by 37.1% over the past 30 days.
FIGS shares have surged 148.5% in the past six-months. The Zacks Consensus Estimate for FIGS’ 2026 earnings is pegged at 19 cents per share, up by 9 cents over the past 30 days.
Five Below shares have surged 46.5% in the past six-months. The Zacks Consensus Estimate for Five Below’s fiscal 2026 earnings is pegged at $ 6.30 per share, up by 2 cents over the past 30 days.
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JD's Q4 Earnings Surpass Estimates, Revenues Increase Y/Y

The following companies are expected to report earnings prior to market open on 03/05/2026. Visit our Earnings Calendar for a full list of expected earnings releases.
Canadian Natural Resources Limited (CNQ)is reporting for the quarter ending December 31, 2025. The oil company's consensus earnings per share forecast from the 3 analysts that follow the stock is $0.53. This value represents a 19.70% decrease compared to the same quarter last year. CNQ missed the consensus earnings per share in the 4th calendar quarter of 2024 by -4.35%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for CNQ is 17.79 vs. an industry ratio of 153.00.
Ciena Corporation (CIEN)is reporting for the quarter ending January 31, 2026. The communications company's consensus earnings per share forecast from the 8 analysts that follow the stock is $0.89. This value represents a 134.21% increase compared to the same quarter last year. CIEN missed the consensus earnings per share in the 2nd calendar quarter of 2025 by -46.67%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for CIEN is 77.10 vs. an industry ratio of 31.20, implying that they will have a higher earnings growth than their competitors in the same industry.
Kroger Company (KR)is reporting for the quarter ending January 31, 2026. The supermarket company's consensus earnings per share forecast from the 8 analysts that follow the stock is $1.20. This value represents a 5.26% increase compared to the same quarter last year. In the past year KR has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 0.96%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for KR is 14.33 vs. an industry ratio of 19.10.
JD.com, Inc. (JD)is reporting for the quarter ending December 31, 2025. The internet company's consensus earnings per share forecast from the 2 analysts that follow the stock is $-0.03. This value represents a 103.09% decrease compared to the same quarter last year. In the past year JD has beat the expectations every quarter. The highest one was in the 3rd calendar quarter where they beat the consensus by 29.41%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for JD is 11.93 vs. an industry ratio of 18.20.
Burlington Stores, Inc. (BURL)is reporting for the quarter ending January 31, 2026. The discount retail company's consensus earnings per share forecast from the 6 analysts that follow the stock is $4.70. This value represents a 15.48% increase compared to the same quarter last year. In the past year BURL has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 13.21%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for BURL is 31.29 vs. an industry ratio of 28.60, implying that they will have a higher earnings growth than their competitors in the same industry.
BJ's Wholesale Club Holdings, Inc. (BJ)is reporting for the quarter ending January 31, 2026. The consumer company's consensus earnings per share forecast from the 11 analysts that follow the stock is $0.93. This value represents a no change for the same quarter last year. In the past year BJ has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 5.45%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for BJ is 22.89 vs. an industry ratio of 21.80, implying that they will have a higher earnings growth than their competitors in the same industry.
Toro Company (TTC)is reporting for the quarter ending January 31, 2026. The tools company's consensus earnings per share forecast from the 3 analysts that follow the stock is $0.65. This value represents a no change for the same quarter last year. In the past year TTC has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 5.81%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for TTC is 21.60 vs. an industry ratio of 20.50, implying that they will have a higher earnings growth than their competitors in the same industry.
Bilibili Inc. (BILI)is reporting for the quarter ending December 31, 2025. The broadcast (radio/tv) company's consensus earnings per share forecast from the 2 analysts that follow the stock is $0.17. This value represents a 240.00% increase compared to the same quarter last year. In the past year BILI has beat the expectations every quarter. The highest one was in the 3rd calendar quarter where they beat the consensus by 25%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for BILI is 64.83 vs. an industry ratio of 28.10, implying that they will have a higher earnings growth than their competitors in the same industry.
Victorias Secret & Co. (VSCO)is reporting for the quarter ending January 31, 2026. The retail (shoe) company's consensus earnings per share forecast from the 4 analysts that follow the stock is $2.48. This value represents a 4.62% decrease compared to the same quarter last year. In the past year VSCO has met analyst expectations once and beat the expectations the other three quarters. Zacks Investment Research reports that the 2026 Price to Earnings ratio for VSCO is 23.09 vs. an industry ratio of 7.50, implying that they will have a higher earnings growth than their competitors in the same industry.
Liquidia Corporation (LQDA)is reporting for the quarter ending December 31, 2025. The biomedical (gene) company's consensus earnings per share forecast from the 4 analysts that follow the stock is $0.00. This value represents a 100.00% increase compared to the same quarter last year. Zacks Investment Research reports that the 2025 Price to Earnings ratio for LQDA is -33.10 vs. an industry ratio of -5.80.
Amprius Technologies, Inc. (AMPX)is reporting for the quarter ending December 31, 2025. The technology services company's consensus earnings per share forecast from the 6 analysts that follow the stock is $-0.04. This value represents a 60.00% increase compared to the same quarter last year. In the past year AMPX has beat the expectations every quarter. The highest one was in the 3rd calendar quarter where they beat the consensus by 50%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for AMPX is -55.38 vs. an industry ratio of 0.70.
Global Ship Lease, Inc. (GSL)is reporting for the quarter ending December 31, 2025. The shipping company's consensus earnings per share forecast from the 1 analyst that follows the stock is $2.31. This value represents a 9.41% decrease compared to the same quarter last year. In the past year GSL has beat the expectations every quarter. The highest one was in the 3rd calendar quarter where they beat the consensus by 15.42%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for GSL is 3.92 vs. an industry ratio of 11.40.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Pre-Market Earnings Report for March 5, 2026 : CNQ, CIEN, KR, JD, BURL, BJ, TTC, BILI, VSCO, LQDA, AMPX, GSL

JD.com JD is scheduled to release fourth-quarter 2025 results on March 5.
The Zacks Consensus Estimate for JD’s fourth-quarter revenues is pegged at $50.22 billion, indicating an increase of 5.64% on a year-over-year basis.
The consensus mark for fourth-quarter earnings is pegged at 7 cents per share, unchanged over the past 30 days, indicating a decline of 93.14% from the year-ago quarter's reported figure.
JD beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, with an average surprise of 18.71%.
JD.com, Inc. Price and EPS Surprise
Let us see how things have shaped up for the upcoming announcement.
Key Factors to Note for JD’s Q4 Earnings
JD.com is expected to have carried strong user and commercial momentum into the fourth quarter, building on an expanding active customer base that surpassed 700 million in October 2025 and sustained shopping frequency growth that had been accelerating for several consecutive quarters.
The 11.11 Grand Promotion set a new company record during the quarter, with purchasing customers up 40% year over year and order volume rising by nearly 60% as of November. This performance is expected to have provided a meaningful boost to JD Retail revenues, particularly in general merchandise categories including supermarket, health and fashion, which had been on an accelerating growth trajectory entering the period.
JD Supermarket had announced five strategic initiatives in September focused on products, brands, categories, channels and efficiency, the early impact of which is expected to have supported category performance through the to be reported quarter. Marketplace and marketing revenues are expected to have remained a key contributor to both top-line growth and margin performance, continuing their multi-quarter growth trajectory driven by improving advertiser tools and a deepening merchant ecosystem.
However, the electronics and home appliances category is expected to have continued facing headwinds from a high year-over-year comparison base created by the government trade-in program, an industry-wide challenge the company had been navigating through supply chain collaboration and selective offline store expansion. JD Food Delivery, while continuing to scale and generate synergies with JD Retail, is expected to have kept marketing and fulfillment expenses elevated, likely weighing on consolidated margins during the period.
What Our Model Says
According to the Zacks model, the combination of a positive Earnings ESP and Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. However, that is not the exact case here.
JD has an Earnings ESP of 0.00% and a Zacks Rank #3 at present. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Stocks to Consider
Here are a few companies worth considering, as our model indicates that they possess the right combination of factors to exceed earnings expectations in their upcoming releases:
Micron Technology MU has an Earnings ESP of +5.06% and a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Micron Technology shares have jumped 203.7% in the trailing six-month period. Micron Technology is set to report second-quarter fiscal 2026 results on March 18.
ServiceTitan TTAN has an Earnings ESP of +13.21% and a Zacks Rank #2 at present.
ServiceTitan shares have plunged 24.4% in the trailing six-month period. Service Titan is set to report fourth-quarter fiscal 2026 results on March 12.
Rubrik RBRK presently has an Earnings ESP of +10.00% and a Zacks Rank #3.
Rubrik shares have plunged 37.7% in the trailing six-month period. Rubrik is scheduled to release fourth-quarter fiscal 2026 results on March 12.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

JD Gears Up to Report Q4 Earnings: What's in Store for the Stock?

Legendary investor Warren Buffett advises to be fearful when others are greedy, and be greedy when others are fearful. One way we can try to measure the level of fear in a given stock is through a technical analysis indicator called the Relative Strength Index, or RSI, which measures momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.
In trading on Friday, shares of JD.com, Inc. (Symbol: JD) entered into oversold territory, hitting an RSI reading of 29.7, after changing hands as low as $26.40 per share. By comparison, the current RSI reading of the S&P 500 ETF (SPY) is 46.1. A bullish investor could look at JD's 29.7 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. The chart below shows the one year performance of JD shares:
Looking at the chart above, JD's low point in its 52 week range is $26.40 per share, with $46.445 as the 52 week high point — that compares with a last trade of $26.53.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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