Overview
- Fourth‑quarter revenue rose 1.5% to roughly 352.3 billion yuan, missing analyst estimates.
- JD.com reported a net loss of about 2.7 billion yuan, and adjusted EBITDA turned negative by roughly 0.8 billion yuan.
- Management cited intense competition, including heavy discounting by Alibaba and PDD, and said spending on food delivery will decline in 2026 versus 2025.
- Core retail sales fell 1.7% in the quarter, logistics revenue grew 22%, and the new‑business segment including food delivery and overseas operations tripled revenue.
- The board approved a cash distribution of $1.0 per ADS, totaling about $1.4 billion, with a record date set for April 9, 2026.