11 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 10.4% per year over the past 5 years.
Net income has grown slower than revenue (-15.2% vs 10.4% per year).
Operating margin has contracted, at 0.2% in the latest year.
Free cash flow has declined 77.9% per year over the past 5 years.
Financial health
Total debt ($42.8B) exceeds cash ($19.7B); net debt is $23.2B.
Total debt has grown faster than revenue (27.0% vs 10.4% per year).
Operating income covered interest expense 1.0× in the latest year, down from 11× 5 years ago.
Total debt is 24× EBITDA.
Shareholder returns
Dividends have been paid for 4 consecutive years, consuming 44.8% of earnings and 92.9% of free cash flow.
The dividend has declined 7.9% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$187.2B
$3.3B
16.0%
0.2%
$1.6B
$42.8B
$19.7B
2024
$158.8B
$6.1B
15.9%
3.3%
$7.2B
$32.7B
$14.8B
2023
$152.8B
$3.3B
14.7%
2.4%
—
—
$10.1B
2022
$151.7B
$1.4B
14.1%
1.9%
—
—
$11.4B
2021
$149.3B
-$701M
13.6%
0.4%
—
$10.2B
$11.1B
2020
$114.3B
$7.6B
14.6%
1.7%
—
$13.0B
$13.2B
2019
$82.9B
$1.7B
14.6%
1.6%
—
—
$5.3B
2018
$67.2B
-$407M
14.3%
-0.6%
—
$471M
$5.0B
2017
—
-$2M
—
—
—
—
$3.9B
2016
—
-$492M
—
—
—
—
$2.8B
2015
—
-$1.4B
—
—
—
—
$2.6B
Valuation over time
How the market has priced JD against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has fallen from 93.1× (Mar '23) to 22.7× (Jun '26).
The price-to-sales ratio has fallen from 0.9× (Mar '23) to 0.4× (Jun '26).
The dividend yield has risen from 1.4% (Mar '23) to 2.0% (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is JD growing its revenue and profit?
Over the past 5 years, Jd.Com, Inc.'s revenue has grown 10.4% per year, and net income declined 15.2% per year. These are computed facts, not advice.
How much debt does JD have?
As of FY2025, Jd.Com, Inc. reported $42.8B of total debt against $19.7B of cash; operating income covered interest expense 1.0×.
What is JD's profit margin?
In FY2025, gross margin was 16.0%, operating margin 0.2%, and net margin 1.8%.
What is JD's P/E ratio?
As of Jun '26, Jd.Com, Inc. traded at a price-to-earnings ratio of about 22.7× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.