Slide 1: JD.com, Inc. Financial and Operational Highlights
JD.com, Inc. Financial and Operational Highlights Mar 2026
Slide 2: Disclaimer
Disclaimer The following document has been prepared by JD.com, Inc. (“JD” or the “Company”) solely for informational purposes and should not be construed to be, directly or indirectly, in whole or in part, an offer to buy or sell and/or an invitation and/or a recommendation and/or a solicitation of
Slide 3: Strong Growth Momentum
Strong Growth Momentum Net Revenues Net Revenues Breakdown 2020 – 2025 CAGR (RMB Billions) 2020 – 2025 CAGR (RMB Billions) 12% 9% 1,309.1 1,023.8 1,084.7 1,158.8 25% 928.0 Net Product Revenues 1,046.2 865.1 871.2 951.6 815.7 YoY -2.8% 745.8 Net Revenues 651.9 Net Service Revenues YoY 1.5% YoY 20.1%
Slide 4: Business Landscape Centered on Supply Chain
Business Landscape Centered on Supply Chain (1) JD Retail JD Logistics New Businesses 350.0 307.1 301.9 300.0 250.0 Net Revenues 200.0 150.0 (RMB Billions) 100.0 52.1 63.5 50.0 4.7 14.1 - Operating 10.0 9.8 1.8 1.9 Income/(Loss) (RMB Billions) -0.9 -14.8 2024Q4 2025Q4 2024Q4 2025Q4 2024Q4 2025Q4 (1)
Slide 5: Resilient Profitability of Core Retail Business
Resilient Profitability of Core Retail Business JD Retail Operating Income (RMB Billions) 5.9% 20.0 5.2% 4.9% 4.5% 3.3% 14.8 3.2% 13.9 4.0% 15.0 12.8 11.6 10.0 9.8 10.0 5.0 Drivers of Profitability 0.0 -6.0% 2024Q3 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 Improving supply chain capabilities & operating JD
Slide 6: Cash Flow Generation
Cash Flow Generation (1) (2) Adjusted Operating Cash Flow Free Cash Flow (RMB Billions) (RMB Billions) 43.7 57.6 59.0 58.0 40.7 34.9 35.6 42.6 44.8 26.2 19.5 20.5 19.2 6.5 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Capital Expenditures (RMB Billions) Drivers of Free Cash F
Slide 7: Unaudited Selected Financial Data
Unaudited Selected Financial Data Unaudited Selected Financial Data 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 (RMB Millions) Net revenues 346,986 301,082 356,660 299,059 352,284 Non-GAAP operating expenses Cost of revenues -293,843 -253,227 -299,995 -248,563 -297,185 Fulfillment -19,934 -19,617 -22,020 -21
Slide 8: Supplemental Financial Information and Business Metrics
Supplemental Financial Information and Business Metrics Supplemental Information 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 Inventory turnover days (1) – TTM 31.5 32.8 34.1 35.8 37.8 Accounts payable turnover days (1) – TTM 58.6 57.6 59.0 58.0 60.0 Accounts receivable turnover days (1) – TTM 5.9 6.4 7.4 8.3
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