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Operating Income by Segment
Shows the profitability of each business segment, highlighting which areas drive the most profit and where JD might focus future growth efforts.JD Retail is the primary profit engine—operating income has expanded steadily with margin and mix improvements, though Q4 electronics softness creates recurring dips; JD Logistics has recovered from early losses to contribute meaningful operating income but remains volatile as management invests in automation and service expansion. The 2025 spike in New Businesses operating losses is the biggest risk to free cash flow and consolidated profitability; management’s promise to curb 2026 investment and improve unit economics will determine whether these losses become a transitory scale-up cost or a persistent drag.
Date | JD Retail | JD Logistics | DADA | New Businesses | Gain on Sale of Development Properties |
|---|---|---|---|---|---|
Jun 30, 2026 | ¥13.48B | ¥2.26B | ¥0.00 | -¥9.85B | ¥404.00M |
Mar 31, 2026 | ¥12.85B | ¥145.00M | ¥0.00 | -¥1.33B | ¥0.00 |
Dec 31, 2025 | ¥9.79B | ¥1.88B | ¥0.00 | -¥14.80B | ¥0.00 |
Sep 30, 2025 | ¥14.83B | ¥1.28B | ¥0.00 | -¥15.74B | ¥163.00M |
Jun 30, 2025 | ¥13.94B | ¥1.96B | ¥0.00 | -¥14.78B | ¥224.00M |
Mar 31, 2025 | ¥12.85B | ¥145.00M | ¥0.00 | -¥1.33B | ¥0.00 |
Dec 31, 2024 | ¥10.04B | ¥1.82B | ¥0.00 | -¥885.00M | ¥1.53B |
Sep 30, 2024 | ¥11.61B | ¥2.09B | ¥0.00 | -¥615.00M | ¥0.00 |
Jun 30, 2024 | ¥10.11B | ¥2.18B | ¥0.00 | -¥695.00M | ¥0.00 |
Mar 31, 2024 | ¥9.32B | ¥224.00M | ¥0.00 | -¥670.00M | ¥0.00 |