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Operating Expense Breakdown
Details core costs like R&D, marketing, and admin, offering insight into how efficiently JD runs and where it’s prioritizing investment.JD materially stepped up opex across marketing, fulfillment, R&D and G&A through 2025 to fuel AI, logistics and JD Food Delivery scale—supporting strong user and revenue gains but contributing to a sharp free‑cash‑flow decline. Early‑2026 quarters show a pullback toward pre‑peak levels as management signals disciplined reinvestment, so the key watch is whether expense moderation preserves momentum in new businesses and margin expansion without reversing customer engagement gains.
Date | Research and Development | General and Administrative | Fulfillment | Marketing |
|---|---|---|---|---|
Jun 30, 2026 | ¥7.30B | ¥3.11B | ¥24.45B | ¥20.30B |
Mar 31, 2026 | ¥4.62B | ¥2.41B | ¥19.74B | ¥10.54B |
Dec 31, 2025 | ¥6.66B | ¥3.31B | ¥24.29B | ¥25.35B |
Sep 30, 2025 | ¥5.65B | ¥2.99B | ¥22.00B | ¥21.05B |
Jun 30, 2025 | ¥5.30B | ¥3.27B | ¥22.14B | ¥27.01B |
Mar 31, 2025 | ¥4.62B | ¥2.41B | ¥19.74B | ¥10.54B |
Dec 31, 2024 | ¥4.38B | ¥2.46B | ¥20.12B | ¥16.83B |
Sep 30, 2024 | ¥4.40B | ¥2.33B | ¥16.28B | ¥10.00B |
Jun 30, 2024 | ¥4.22B | ¥2.13B | ¥17.22B | ¥11.87B |
Mar 31, 2024 | ¥4.03B | ¥1.98B | ¥16.81B | ¥9.25B |