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Taxation (Details 4) ¥ in Millions, $ in Millions	12 Months Ended
Taxation (Details 4) ¥ in Millions, $ in Millions	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current income tax expenses	¥ (6,923)		¥ (8,022)	¥ (7,524)
Deferred tax benefits	4,742	$ 678	1,144	(869)
Total income tax expenses	¥ (2,181)	$ (312)	¥ (6,878)	¥ (8,393)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Fair value measurement (Details 2) - CNY (¥) ¥ in Millions	12 Months Ended
Fair value measurement (Details 2) - CNY (¥) ¥ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Short-term investments
Gain (loss) from changes in fair value option	¥ 804	¥ 1,485	¥ 2,092
Investment, Type [Extensible Enumeration]	Wealth Management Product [Member]	Wealth Management Product [Member]	Wealth Management Product [Member]

- Definition

Indicates type of investment. Includes, but is not limited to, common stock, preferred stock, convertible security, fixed income security, government security, option purchased, warrant, loan participation and assignment, commercial paper, bankers' acceptance, certificates of deposit, short-term security, repurchase agreement, and other investment company.

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+ Details

Share-based compensation (Details 3) ¥ in Millions		12 Months Ended
Share-based compensation (Details 3) ¥ in Millions	Oct. 31, 2020 $ / shares shares	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 CNY (¥) $ / shares	Dec. 31, 2025 CNY (¥) $ / shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2024 $ / shares	Dec. 31, 2024 $ / shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 $ / shares	Dec. 31, 2023 $ / shares
Share-based compensation
Granted (in shares) \| shares		5,272,500
Granted (in dollars per share) \| $ / shares			$ 16.97
Share-based compensation expenses		¥ 4,726			¥ 2,999			¥ 4,804
Options \| Employees and Non-employees
Share-based compensation
Weighted-average period over which share-based compensation expense is expected to be recognized		4 years 3 months 18 days
RSU
Share-based compensation
Granted (in dollars per share) \| $ / shares			$ 18.27			$ 15.33			$ 18.24
JD Logistics Plan \| Options \| Founder
Share-based compensation
Granted (in shares) \| shares	99,186,705
Granted (in dollars per share) \| $ / shares	$ 0.01
Vesting schedule	6 years
Vesting percentage (as a percent)	16.70%
JD Logistics Plan \| Options \| Employees and Non-employees
Share-based compensation
Share-based compensation expenses		¥ 5			143			387
JD Logistics Plan \| RSU \| Employees and Non-employees
Share-based compensation
Share-based compensation expenses		¥ 385			¥ 389			¥ 406
Weighted-average period over which share-based compensation expense is expected to be recognized		2 years 8 months 12 days
Granted (in shares) \| shares		48,581,929			59,551,652			55,937,435
Granted (in dollars per share) \| $ / shares				$ 12.78			$ 9.88			$ 12.93
Unrecognized share-based compensation expense related to awards other than options		¥ 428	$ 428	$ 428
JD Health \| Options \| Founder
Share-based compensation
Granted (in shares) \| shares	53,042,516
Granted (in dollars per share) \| $ / shares	$ 0.0000005
Vesting schedule	6 years
Vesting percentage (as a percent)	16.70%
JD Health Plan \| Options \| Employees and Non-employees
Share-based compensation
Share-based compensation expenses		146			¥ 141			¥ 617
Unrecognized share-based compensation expense related to the share options granted		¥ 80	80	$ 80
Weighted-average period over which share-based compensation expense is expected to be recognized		1 year 4 months 24 days
JD Health Plan \| RSU \| Employees and Non-employees
Share-based compensation
Weighted-average period over which share-based compensation expense is expected to be recognized		2 years
Granted (in shares) \| shares		5,240,780			8,706,890			6,051,558
Granted (in dollars per share) \| $ / shares				$ 35.81			$ 30.64			$ 52.87
JD Health Plan \| RSU \| Service-based \| Employees and Non-employees
Share-based compensation
Share-based compensation expenses		¥ 470			¥ 1,002			¥ 1,161
Unrecognized share-based compensation expense related to awards other than options		¥ 306	$ 306	$ 306

Business acquisition (Tables) - Hordeum Investment, L.P.

12 Months Ended

Dec. 31, 2025

Business Acquisition [Line Items]

Summary of purchase price as of the date of acquisition

The purchase price as of the date of acquisition is comprised of:


	Amounts
	(RMB in millions)
Cash		2,473
Fair value of previously held equity interests		1,284

Total		3,757

Schedule of allocation of the purchase price as of the date of acquisition

The transaction was considered a business acquisition and therefore was recorded using the acquisition method of accounting. The allocation of the purchase price based on the fair values of the acquired assets and liabilities assumed as of the date of acquisition is summarized as follows:


	Amounts
	(RMB in millions)
Net assets acquired		1,011
Newly identified intangible assets		2,005
Goodwill		4,767
Deferred tax liabilities		(518	)
Non-controlling interests		(3,508	)

Total		3,757

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Section 50
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

+ Details

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Taxation (Details 7) - CNY (¥) ¥ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Net operating loss carry forwards and others	¥ 17,303	¥ 13,185
Deferred revenues	374	357
Inventory valuation allowance	1,197	1,022
Allowance for doubtful accounts	1,202	1,118
Unrealized fair value losses for certain investments	51	92
Less: valuation allowance	(14,890)	(13,315)	¥ (17,057)	¥ (14,276)
Net deferred tax assets	5,237	2,459
Deferred tax liabilities
Long-lived assets arisen from business combinations and asset acquisitions	6,065	5,982
Withholding tax on undistributed earnings	1,244	2,570
Accelerated tax depreciation and others	710	946
Total deferred tax liabilities	8,019	¥ 9,498
Company's subsidiaries incorporated in Singapore and Hong Kong
Net operating loss carry forwards
Net operating loss carry forwards	8,221
Company's subsidiaries, consolidated VIEs and VIEs' subsidiaries established in PRC and Indonesia
Net operating loss carry forwards
Net operating loss carry forwards	¥ 56,257

Gain on sale of development properties (Details) ¥ in Millions, $ in Millions		1 Months Ended	12 Months Ended
	Feb. 08, 2023 CNY (¥)	Feb. 28, 2023 CNY (¥)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Gain on sale of development properties [Line Items]
Gain on sale of development properties			¥ 387	$ 55	¥ 1,527	¥ 2,283
Investments accounted for under the equity method			31,680		34,294
Real Estate Investment Trust
Gain on sale of development properties [Line Items]
Gain on sale of development properties		¥ 519
Proceeds from REIT listed on the shanghai stock exchange	¥ 1,700
Investments accounted for under the equity method	¥ 597
Percentage of subscription of units issued by real estate investment trust	34.00%
Description of principal activities	Company obtained significant influence but no power to control the key activities
Minimum \| Real Estate Investment Trust
Gain on sale of development properties [Line Items]
Lease term		5 years
Maximum \| Real Estate Investment Trust
Gain on sale of development properties [Line Items]
Lease term		6 years
Core Funds
Gain on sale of development properties [Line Items]
Gain on sale of development properties			¥ 387		¥ 1,527	¥ 1,764
Rental rate adjusted with growth rate of fair market rent			5 years	5 years
Core Funds \| Minimum
Gain on sale of development properties [Line Items]
Lease term			4 years
Core Funds \| Maximum
Gain on sale of development properties [Line Items]
Lease term			10 years
Core Funds \| Limited partner \| Minimum
Gain on sale of development properties [Line Items]
Committed percentage of the total capital (as a percent)			10.00%
Core Funds \| Limited partner \| Maximum
Gain on sale of development properties [Line Items]
Committed percentage of the total capital (as a percent)			20.00%
Core Funds \| Third Party Investor \| Minimum
Gain on sale of development properties [Line Items]
Committed percentage of the total capital (as a percent)			80.00%
Core Funds \| Third Party Investor \| Maximum
Gain on sale of development properties [Line Items]
Committed percentage of the total capital (as a percent)			90.00%

Principal activities and organization

12 Months Ended

Dec. 31, 2025

Principal activities and organization

Principal activities and organization

1.	Principal activities and organization

JD.com, Inc. (the “Company”) is a leading supply chain-based technology and service provider, providing products and services to consumers, third-party merchants, suppliers and other business partners through its subsidiaries, consolidated variable interest entities (“VIEs”) and consolidated VIEs’ subsidiaries (collectively, the “Group”).

The Group operates

e-commerce

business, including online retail and online marketplace mainly through its retail mobile apps and www.jd.com website (collectively, “JD Platform”). The Group serves consumers through online retail, focusing on product selection, price and convenience, serves third-party merchants through online marketplace, including on-demand platform services, offering programs that enable the merchants to sell their products on JD Platform and to fulfill the orders either by themselves or through the Group’s logistics services. Leveraging its Artificial Intelligence (AI) capabilities and technologies, the Group provides a variety of marketing services to business partners through its proprietary advertisement technology platform. Leveraging its leading logistics network, the Group provides integrated supply chain solutions and logistics services, primarily including warehousing and distribution services, express and freight services, on-demand delivery services and other value-added services to third parties, including both third-party merchants and suppliers on JD Platform and other business partners, through JD Logistics, Inc. (“JD Logistics”), the Group’s logistics subsidiary. The Group also operates healthcare business through JD Health International Inc. (“JD Health”), establishes platform for developing and managing modern infrastructure through JINGDONG Property, Inc. (“JD Property”, formerly known as JD Property Group Corporation), empowers industrial development by supply chain technology and services through JINGDONG Industrials, Inc. (“JD Industrials”, formerly known as JD Industrial Technology Inc.).

The Company’s American depositary shares (“ADS”) have been listed on the Nasdaq Global Select Market under the symbol “JD” and the Company’s ordinary shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited (“HKEX”) under the stock codes “9618 (HKD counter)” and “89618 (RMB counter)”. Each ADS represents two ordinary shares.

The Group’s principal operations and geographic markets are in the People’s Republic of China (“PRC” or “China”). The accompanying consolidated financial statements include the financial statements of the Company, its subsidiaries, consolidated VIEs and consolidated VIEs’ subsidiaries.

As of December 31, 2025, the Company’s major subsidiaries, consolidated VIEs and consolidated VIEs’ subsidiaries are as follows:


	Equity interest held	Place and date of incorporation
Subsidiaries
Beijing Jingdong Century Trade Co., Ltd. (“Jingdong Century”)	100%	Beijing, China, April 2007
Jiangsu Jingdong Information Technology Co., Ltd.	100%	Jiangsu, China, June 2009
Shanghai Shengdayuan Information Technology Co., Ltd.	100%	Shanghai, China, April 2011
JD Logistics Holding Limited	63%	Hong Kong, China, August 2011
Jingdong Technology Group Corporation	100%	Cayman Islands, November 2011
JINGDONG Property, Inc.	75%	Cayman Islands, January 2012
JD Logistics, Inc.	63%	Cayman Islands, January 2012
Jingdong E-Commerce (Trade) Hong Kong Co., Ltd.	100%	Hong Kong, China, February 2012
JD.com International Limited	100%	Hong Kong, China, February 2012
Beijing Jingdong Shangke Information Technology Co., Ltd. (“Beijing Shangke”)	100%	Beijing, China, March 2012
Chongqing Jingdong Haijia E-commerce Co., Ltd. (“Chongqing Haijia”)	100%	Chongqing, China, June 2014
JD.com Investment Limited	100%	British Virgin Islands (“BVI”), January 2015
JD Asia Development Limited	75%	British Virgin Islands, February 2015
Suqian Hanbang Investment Management Co., Ltd.	100%	Jiangsu, China, January 2016
Jiangsu Xinchuan Hailian Supply Chain Management Co., Ltd.	63%	Jiangsu, China, May 2017
JD Assets Holding Limited	100%	Cayman Islands, March 2018
JD Property Holding Limited	100%	Cayman Islands, March 2018
Beijing Wodong Tianjun Information Technology Co., Ltd. (“Beijing Wodong Tianjun”)	100%	Beijing, China, May 2018
JD Health International Inc.	67%	Cayman Islands, November 2018
JD Jiankang Limited	100%	British Virgin Islands, April 2019
JD Industrial Technology Limited	100%	British Virgin Islands, October 2019
JINGDONG Industrials, Inc.	71%	Cayman Islands, November 2019
Jingdong Logistics Supply Chain Co., Ltd.	63%	Jiangsu, China, June 2020
Jiangsu Huiji Space Technology Co., Ltd.	100%	Jiangsu, China, March 2019
JD Sunflower Investment Limited(“JD Sunflower”)	100%	British Virgin Islands, February 2016

Consolidated VIEs
Beijing Jingdong 360 Degree E-commerce Co., Ltd. (“Jingdong 360”)		Beijing, China, April 2007
Jiangsu Yuanzhou E-commerce Co., Ltd. (“Jiangsu Yuanzhou”)		Jiangsu, China, September 2010
Jiangsu Jingdong Bangneng Investment Management Co., Ltd. (“Jingdong Bangneng”)		Jiangsu, China, August 2015
Xi’an Jingdong Xincheng Information Technology Co., Ltd. (“Xi’an Jingdong Xincheng”)		Shaanxi, China, June 2017
Suqian Hanyu Technology Co., Ltd. (“Suqian Hanyu”)		Jiangsu, China, December 2024

Consolidated VIEs’ Subsidiaries
Beijing Jingbangda Trade Co., Ltd. (“Beijing Jingbangda”)		Beijing, China, August 2012
Suqian Juhe Digital Enterprise Management Co., Ltd. (“Suqian Juhe”)		Jiangsu, China, June 2020

Organization

The Company was incorporated in the BVI in November 2006 and was

re-domiciled

in the Cayman Islands in January 2014 as an exempted company registered under the laws of the Cayman Islands.

As of December 31, 2025, the Company effectively controls multiple PRC domestic entities as VIEs through their respective primary beneficiaries who are subsidiaries of the Company. The

paid-in

capital of each of these PRC domestic entities was funded by the Company, and they were established to facilitate the Group’s operations and business expansion plans and comply with the PRC laws and regulations which prohibit or restrict foreign ownership of the companies where the PRC operating licenses are required. The representative PRC domestic entities and its subsidiaries are Jingdong 360, Jiangsu Yuanzhou, Jingdong Bangneng, Xi’an Jingdong Xincheng, Suqian Jingdong Tianning Jiankang Technology Co., Ltd., Suqian Hanyu, and Beijing Jingbangda.

Consolidated variable interest entities

In order to comply with the PRC laws and regulations which prohibit or restrict foreign control of companies involved in provision of internet content and other restricted businesses, the Group operates its websites and other restricted businesses in the Chinese mainland through certain PRC domestic companies, whose equity interests are held by certain individuals (“Nominee Shareholders”). The Group obtained control over these PRC domestic companies by entering into a series of contractual arrangements with these PRC domestic companies and their respective Nominee Shareholders. These contractual agreements are substantially similar in key aspects governing the contractual arrangements with a variable interest entity of the Group, include loan agreements, exclusive purchase option agreements, exclusive technology consulting and services agreements or exclusive business cooperation agreements, as applicable, intellectual property rights license agreement, equity pledge agreements, powers of attorney, business cooperation agreement and business operation agreements. These contractual agreements can be extended at the Group’s relevant PRC subsidiaries’ options prior to the expiration date. Management concluded that these PRC domestic companies are consolidated VIEs of the Group, of which the Group is the ultimate primary beneficiary. As such, the Group consolidated the financial results of these PRC domestic companies and their subsidiaries in the Group’s consolidated financial statements. Refer to Note 2(b) to the consolidated financial statements for the principles of consolidation.

The following is a summary of the contractual agreements (collectively, “Contractual Agreements”) that the Group, through its subsidiaries, entered into with the consolidated VIEs and their Nominee Shareholders:

Loan agreements

Pursuant to the relevant loan agreements, the Group’s relevant PRC subsidiaries have granted interest-free loans to the relevant Nominee Shareholders of the VIEs with the sole purpose of providing funds necessary for the capital injection to the relevant VIEs. The loans for initial and subsequent capital injections are eliminated with the capital of the relevant VIEs during consolidation. The Group’s relevant PRC subsidiaries can require the Nominee Shareholders to settle the loan amount with the equity interests of the relevant VIEs, subject to any applicable PRC laws, rules and regulations. The loan agreements are renewable upon expiration.

Exclusive purchase option agreements

The Nominee Shareholders of the VIEs have granted the Group’s relevant PRC subsidiaries the exclusive and irrevocable rights to purchase from the Nominee Shareholders, to the extent permitted under the PRC laws and regulations, part or all of the equity interests in these entities for a purchase price equal to the lowest price permitted by the PRC laws and regulations. The Group’s relevant PRC subsidiaries may exercise such option at any time. In addition, the VIEs and their Nominee Shareholders have agreed that without prior written consent of the Group’s relevant PRC subsidiaries, they will not transfer or otherwise dispose the equity interests or declare any dividend.

Exclusive technology consulting and services agreements or exclusive business cooperation agreements

The Group’s relevant PRC subsidiaries and relevant VIEs entered into exclusive technology consulting and services agreements or exclusive business cooperation agreements, as applicable, under which the relevant VIEs engage the Group’s relevant PRC subsidiaries as their exclusive provider of technical platform and technical support, business support, maintenance and other services. The VIEs shall pay to the Group’s relevant PRC subsidiaries service fees determined based on the volume and market price of the service provided. All the benefits and interests generated from the agreements, including but not limited to intellectual property rights,

know-how

and trade secrets, will be the Group’s relevant PRC subsidiaries’ sole and exclusive rights. During the term of the agreements, the relevant VIEs may not enter into any agreement with third parties for the provision of identical or similar services without prior consent of the Group’s relevant PRC subsidiaries.

Equity pledge agreements

Pursuant to the relevant equity pledge agreements, the Nominee Shareholders of the VIEs have pledged all of their equity interests in the relevant VIEs to the Group’s relevant PRC subsidiaries as collateral for all of their payments due to the Group’s relevant PRC subsidiaries and to secure their obligations under the above agreements. The Nominee Shareholders may not transfer or assign the equity interests, the rights and obligations in the equity pledge agreements or create or permit to create any pledges which may have an adverse effect on the rights or benefits of the Group’s relevant PRC subsidiaries without the Group’s relevant PRC subsidiaries’ preapproval. The Group’s relevant PRC subsidiaries are entitled to transfer or assign in full or in part the equity interests pledged. In the event of default, the Group’s relevant PRC subsidiaries as the pledgee, will be entitled to request immediate repayment of the loans or to dispose of the pledged equity interests through transfer or assignment.

Powers of attorney

Pursuant to the irrevocable powers of attorney, each of the Nominee Shareholders appointed any person designated by the Group’s relevant PRC subsidiaries as their

attorney-in-fact

to exercise all shareholder rights under the PRC laws and the relevant articles of association, including but not limited to, voting on their behalf on all matters requiring shareholder approval, disposing of all or part of the Nominee Shareholders’ equity interests, and electing, appointing or removing directors and the general managers of the VIEs. Each power of attorney will remain in force during the period when the Nominee Shareholders continue to be the shareholders of the VIEs. Each of the Nominee Shareholders has waived all the rights which have been authorized to the person designated by the Group’s relevant PRC subsidiaries under each power of attorney.

Business operation agreements

Pursuant to the business operation agreements, the relevant Nominee Shareholders of the VIEs must appoint the candidates nominated by the Group’s relevant PRC subsidiaries to be the directors on the VIEs’ board of directors in accordance with applicable laws and the articles of association of the VIEs, and must cause the persons recommended by the Group’s relevant PRC subsidiaries to be appointed as the VIEs’ general manager, chief financial officer and other senior executives.

Risks in relations to the VIE structure

The Company believes that the contractual arrangements among its subsidiaries, the VIEs and their owners are in compliance with the current PRC laws and legally enforceable. However, uncertainties in the interpretation and enforcement of the PRC laws, regulations and policies could limit the Company’s ability to enforce these contractual arrangements. As a result, the Company may be unable to consolidate the VIEs and VIEs’ subsidiaries in the consolidated financial statements in the future. The Company’s ability to control the VIEs also depends on the authorization by the shareholders of the VIEs to exercise voting rights on all matters requiring shareholders’ approval in the VIEs. The Company believes that the agreements on authorization to exercise shareholders’ voting power are legally enforceable. In addition, if the legal structure and contractual arrangements with the VIEs are found to be in violation of any future PRC laws and regulations, the Company may be subject to fines or potentially be forced to relinquish Company’s interests in those operations.

The following table sets forth the assets, liabilities, results of operations and changes in cash, cash equivalents, and restricted cash of the consolidated VIEs (where appropriate, the term “VIEs” also refers to its subsidiaries as a whole) structured by the Contractual Agreements, which have eliminated the intercompany transactions within the consolidated VIEs:


	As of December 31,
	2024		2025
	(RMB in millions)
Total assets		85,451		64,501
Total liabilities		71,509		58,143


	For the year ended December 31,
	2023		2024		2025
	(RMB in millions)
Total net revenues		145,795		166,067		173,149
Net income		2,503		6,263		8,043


	For the year ended December 31,
	2023			2024			2025
	(RMB in millions)
Net cash provided by operating activities		3,291			10,968			1,343
Net cash provided by/(used in) investing activities		3,324			(3,482	)		7,873
Net cash used in financing activities		(900	)		(9,782	)		(12,805	)

Net increase/(decrease) in cash, cash equivalents, and restricted cash		5,715			(2,296	)		(3,589	)
Cash, cash equivalents, and restricted cash at beginning of year		5,190			10,905			8,609

Cash, cash equivalents, and restricted cash at end of year		10,905			8,609			5,020

As of December 31, 2024 and 2025, the total assets of the consolidated VIEs excluding the intra-company balances and transactions within the Group were RMB83,392 million and RMB62,964

million, respectively, which were consisting of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, net, inventories, net, marketable securities and other investments, investments in equity investees, property, equipment and software, net, operating lease

right-of-use

assets and prepayments and other assets. As of December 31, 2024 and 2025, the total liabilities of the consolidated VIEs after eliminating the intra-company balances and transactions within the Group were RMB

42,197

million and RMB

36,482

million, respectively, which were consisting of short-term debts, accounts payable, operating lease liabilities, accrued expenses and other liabilities.

For the years ended December 31, 2023, 2024 and 2025, the total net revenues of the consolidated VIEs were RMB85,140 million, RMB101,218 million and RMB88,489 million, respectively, which have been reflected in the Group’s consolidated financial statements with the intra-company transactions within the Group eliminated.

In accordance with the Contractual Agreements, the Group’s relevant PRC subsidiaries have the power to direct activities of the consolidated VIEs, and can have assets transferred out of the consolidated VIEs. Therefore, the Group’s relevant PRC subsidiaries consider that there is no asset in the consolidated VIEs that can be used only to settle their obligations except for registered capitals and the PRC statutory reserves of the consolidated VIEs amounting to RMB

3,397

million as of December 31, 2025. As the consolidated VIEs are incorporated as limited liability companies under the PRC Company Law, the creditors do not have recourse to the general credit of the Group’s relevant PRC subsidiaries for all the liabilities of the consolidated VIEs. As of December 31, 2024 and 2025, the total shareholders’ equity of the consolidated VIEs was RMB

13,942

million

and RMB6,358 million, respectively.

Currently there is no contractual arrangement that could require the Group’s relevant PRC subsidiaries or the Group to provide additional financial support to the consolidated VIEs. As the Group conducts certain businesses in the Chinese mainland through the consolidated VIEs, the Group may provide additional financial support on a discretionary basis in the future, which could expose the Group to a loss.

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We have implemented comprehensive cybersecurity risk assessment procedures that are integrated into our overall enterprise risk management system. These procedures aim to identify, assess, and manage potential and existing cybersecurity threats. We have a strong inhouse IT and cybersecurity department, led by our cybersecurity officer, that identifies, assesses, and manages cybersecurity risks on a daily basis. We have ensured that our employees have full access to the basic knowledge and principles of information security, established a sound responding process and disposal mechanism for system security, external attacks and violations, and safeguarded the confidentiality of information and data of the enterprise, employees and customers, making sure information and data can only be obtained and used when necessary. Besides, we engage external parties to conduct thorough assessments of our information systems. Our IT and cybersecurity department work closely with third-party service providers to ensure their compliance with our cybersecurity standards and to assess risks arising from our engagements with them. We strive to ensure the highest standards and procedures to protect data and information security for billions of consumers, millions of merchants, large multinational businesses, and government users. To guarantee the secure operation of large-scale online promotional shopping events, such as “618” and “11.11,” digital security is paramount to ensuring smooth business operations. We will continue to apply advance security technologies to ensure the safety of users, enterprises, and industries and contribute to the healthy development of the information security ecosystem. As of the date of this annual report, we have not experienced any material cybersecurity incidents that have affected or are reasonably likely to affect us, our business strategy, results of operations, or financial condition. In 2025, we did not identify any violations of information security or privacy protection and did not receive any penalty for information security vulnerabilities or other network security breaches.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have a strong inhouse IT and cybersecurity department, led by our cybersecurity officer, that identifies, assesses, and manages cybersecurity risks on a daily basis. We have ensured that our employees have full access to the basic knowledge and principles of information security, established a sound responding process and disposal mechanism for system security, external attacks and violations, and safeguarded the confidentiality of information and data of the enterprise, employees and customers, making sure information and data can only be obtained and used when necessary. Besides, we engage external parties to conduct thorough assessments of our information systems. Our IT and cybersecurity department work closely with third-party service providers to ensure their compliance with our cybersecurity standards and to assess risks arising from our engagements with them. We strive to ensure the highest standards and procedures to protect data and information security for billions of consumers, millions of merchants, large multinational businesses, and government users. To guarantee the secure operation of large-scale online promotional shopping events, such as “618” and “11.11,” digital security is paramount to ensuring smooth business operations. We will continue to apply advance security technologies to ensure the safety of users, enterprises, and industries and contribute to the healthy development of the information security ecosystem.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]	As of the date of this annual report, we have not experienced any material cybersecurity incidents that have affected or are reasonably likely to affect us, our business strategy, results of operations, or financial condition.
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance The ESG committee of our board of directors is responsible for overseeing risks related to cybersecurity. When appropriate, periodic reviews are held to discuss the landscape of cybersecurity, potential threats, and our preparedness for potential cybersecurity threats and risks to our company. In case a material cybersecurity occurs, the ESG committee is responsible for reviewing the information and issues involved, disclosures to be made, and the procedures followed. Our cybersecurity officer, who has over 10 years of experience as cybersecurity officer in large technology companies and extensive knowledge and skills in security products development, security risk management, and security compliance, is primarily responsible for assessing and managing cybersecurity risks and monitoring the prevention, detection, mitigation, and remediation of cybersecurity incidents. The cybersecurity officer reports to our chief compliance officer and provides periodic updates to our strategy execution committee and the ESG committee on any material cybersecurity incidents or material risks arising from cybersecurity threats.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The ESG committee of our board of directors is responsible for overseeing risks related to cybersecurity.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The ESG committee of our board of directors is responsible for overseeing risks related to cybersecurity. When appropriate, periodic reviews are held to discuss the landscape of cybersecurity, potential threats, and our preparedness for potential cybersecurity threats and risks to our company.
Cybersecurity Risk Role of Management [Text Block]	Our cybersecurity officer, who has over 10 years of experience as cybersecurity officer in large technology companies and extensive knowledge and skills in security products development, security risk management, and security compliance, is primarily responsible for assessing and managing cybersecurity risks and monitoring the prevention, detection, mitigation, and remediation of cybersecurity incidents. The cybersecurity officer reports to our chief compliance officer and provides periodic updates to our strategy execution committee and the ESG committee on any material cybersecurity incidents or material risks arising from cybersecurity threats.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	In case a material cybersecurity occurs, the ESG committee is responsible for reviewing the information and issues involved, disclosures to be made, and the procedures followed.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our cybersecurity officer, who has over 10 years of experience as cybersecurity officer in large technology companies and extensive knowledge and skills in security products development, security risk management, and security compliance, is primarily responsible for assessing and managing cybersecurity risks and monitoring the prevention, detection, mitigation, and remediation of cybersecurity incidents.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The cybersecurity officer reports to our chief compliance officer and provides periodic updates to our strategy execution committee and the ESG committee on any material cybersecurity incidents or material risks arising from cybersecurity threats.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Inventories, net (Details) ¥ in Millions, $ in Millions	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Inventories
Inventory, Gross	¥ 100,215		¥ 93,413
Inventory valuation allowance	(4,787)		(4,087)
Inventories, net	95,428	$ 13,646	89,326
Products
Inventories
Inventory, Gross	98,171		91,631
Packing materials and others
Inventories
Inventory, Gross	¥ 2,044		¥ 1,782

Share repurchase program (Details) ¥ in Millions, $ in Millions			12 Months Ended
	Aug. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2021 USD ($)	Nov. 30, 2021 USD ($)
Share Repurchase Program [Line Items]
Shares repurchased during the year \| ¥			¥ 21,430		¥ 25,912		¥ 2,497
ADS \| 2020 Share repurchase program
Share Repurchase Program [Line Items]
Shares repurchased during the year (in ADS shares) \| shares			91,619,731	91,619,731	127,639,089	127,639,089	11,339,490	11,339,490
Shares repurchased during the year				$ 3,003		$ 3,645		$ 356
Share Repurchase Authorization									$ 3,000	$ 2,000
ADS \| 2024 Share repurchase program
Share Repurchase Program [Line Items]
Authorized amount		$ 3,000
Repurchase period (in months)		36 months
ADS \| New 2024 Share repurchase program
Share Repurchase Program [Line Items]
Authorized amount	$ 5,000
Repurchase period (in months)	36 months

Segment reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of the Group's operating segment results


	For the year ended December 31,
	2023			2024			2025
	(RMB in millions)
Net revenues:
JD Retail		945,343			1,015,948			1,126,399
JD Logistics		166,625			182,837			217,146
New Businesses		26,617			19,157			49,282
Inter-segment eliminations (1)		(53,923	)		(59,123	)		(83,742	)

Total consolidated net revenues		1,084,662			1,158,819			1,309,085
Less: cost of revenues:
JD Retail		(798,380	)		(847,917	)		(928,261	)
JD Logistics		(154,494	)		(164,689	)		(198,039	)
New Businesses		(21,004	)		(15,109	)		(49,995	)
Inter-segment eliminations (1)		49,053			52,844			77,325
Less: operating expenses (2) :
JD Retail		(111,038	)		(126,954	)		(146,736	)
JD Logistics		(11,126	)		(11,831	)		(13,838	)
New Businesses		(7,102	)		(7,413	)		(46,315	)
Inter-segment eliminations (1)		4,870			6,279			6,417
Income/(loss) from operations:
JD Retail		35,925			41,077			51,402
JD Logistics		1,005			6,317			5,269
New Businesses		(329	)		(2,865	)		(46,641	)
Including:
Gain on sale of development properties (Note 17)		2,283			1,527			387
Impairment of long-lived assets		(1,123	)		(1,027	)		—

Total segment income from operations		36,601			44,529			10,030
Unallocated items (3)		(10,576	)		(5,793	)		(7,256	)

Total consolidated income from operations		26,025			38,736			2,774
Share of results of equity investees		1,010			2,327			8,025
Interest expense		(2,881	)		(2,896	)		(2,803	)
Others, net		7,496			13,371			17,327

Total consolidated income before tax		31,650			51,538			25,323

(1)

The inter-segment eliminations mainly consist of revenues from supply chain solutions and logistics services provided by JD Logistics to JD Retail

and New Businesses

and property leasing services provided by JD Property to JD Logistics. Transactions between segments are mainly determined based on the arm’s length basis. Among them, net revenues generated from the services provided by JD Logistics to other reportable segments were RMB50,063 million, RMB55,062 million and RMB80,314 million for the years ended December 31, 2023, 2024 and 2025, respectively. Other than that, inter-segment net revenues for JD Retail and New Businesses were not material. All net revenues from each reportable segment were generated from external customers except for the inter-segment net revenues mentioned above.

(2)	A summary of depreciation and amortization expenses for the years presented is as follows ：


	For the year ended December 31,
	2023			2024			2025
	(RMB in millions)
JD Retail		(594	)		(978	)		(1,655	)
JD Logistics		(4,346	)		(4,650	)		(5,102	)
New Businesses		(2,071	)		(2,266	)		(1,944	)

(3)	A summary of unallocated items for the years presented is as follows ：


	For the year ended December 31,
	2023			2024			2025
	(RMB in millions)
Share-based compensation		(4,804	)		(2,999	)		(4,726	)
Amortization of intangible assets resulting from assets and business acquisitions		(1,281	)		(1,010	)		(1,046	)
Effects of business cooperation arrangements		(446	)		(450	)		(181	)
Impairment of goodwill		(3,143	)		(799	)		(1,303	)
Impairment of intangible assets		(902	)		(535	)		—

Total		(10,576	)		(5,793	)		(7,256	)

Summary of significant accounting policies (Details 3) ¥ in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024 segment	Dec. 31, 2025 CNY (¥) segment	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 CNY (¥) segment	Dec. 31, 2023 CNY (¥)
Revenue
Liabilities for return allowances		¥ 1,063		¥ 1,029
Net revenues		1,309,085	$ 187,197	1,158,819	¥ 1,084,662
Unearned revenue		30,949		28,458
Unearned revenue recognized		¥ 23,238
Revenue, Practical Expedient		true	true
Fulfillment
Fulfillment		¥ 88,176	$ 12,609	70,426	64,558
Marketing
Advertising costs		¥ 72,236		¥ 38,172	31,761
Segment reporting
Number of major business segments \| segment	3	4	4	4
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]		Chief Executive Officer [Member]	Chief Executive Officer [Member]
Statutory reserves
Appropriations of statutory reserves		¥ 929		¥ 579	2,636
Appropriations to other reserve funds		0		0	0
Recent accounting pronouncements
Acquisition of assets for development, property, equipment and software, net		3,707		4,079	5,997
Acquisition of assets for development, construction in progress		73		144	1,009
Acquisition of assets for development, land use rights		¥ 700		240	2,638
PRC \| General reserve fund \| Foreign invested enterprise
Statutory reserves
Minimum portion of after tax profit to be allocated to general reserve under PRC law (as a percentage)		10.00%	10.00%
Maximum percentage of statutory general reserve related to entity's registered capital		50.00%	50.00%
PRC \| Statutory surplus reserve \| Domestic enterprise
Statutory reserves
Minimum portion of after tax profit to be allocated to statutory surplus under PRC law (as a percentage)		10.00%	10.00%
Maximum percentage of statutory surplus reserve related to entity's registered capital		50.00%	50.00%
Electronics and home appliance products
Revenue
Net revenues		¥ 605,131		564,982	538,799
General merchandise products
Revenue
Net revenues		418,671		363,025	332,425
Shipping
Fulfillment
Fulfillment		40,004		32,643	29,858
Online marketplace and marketing services
Revenue
Net revenues		107,131		90,111	84,726
Logistics and other services
Revenue
Net revenues		178,152		140,701	¥ 128,712
Accrued expenses and other current liabilities
Revenue
Liabilities for return allowances		1,063		1,029
Prepayments and other current assets
Revenue
Rights to recover products from customers		¥ 1,115		¥ 1,056

Goodwill (Details) ¥ in Millions, $ in Millions	12 Months Ended
Goodwill (Details) ¥ in Millions, $ in Millions	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Goodwill
Goodwill, acquired during period	¥ 1,885		¥ 6,576
Impairment	(1,303)	$ (186)	(799)	¥ (3,143)
Goodwill	34,136		32,251	25,723
Disposal of a subsidiary			(48)
Accumulated impairment losses	(7,845)		(6,542)	(5,743)
Goodwill, ending balance	26,291	$ 3,760	25,709	19,980
JD Retail
Goodwill
Goodwill, acquired during period	1,885		6,576
Impairment	(1,303)		(799)
Goodwill	19,831		17,946	11,418
Disposal of a subsidiary			(48)
Accumulated impairment losses	(2,109)		(806)	(7)
Goodwill, ending balance	17,722		17,140	11,411
JD Logistics
Goodwill
Goodwill	6,983		6,983	6,983
Goodwill, ending balance	6,983		6,983	6,983
New Businesses
Goodwill
Impairment				(3,143)
Goodwill	7,322		7,322	7,322
Accumulated impairment losses	(5,736)		(5,736)	(5,736)
Goodwill, ending balance	¥ 1,586		¥ 1,586	¥ 1,586

Business acquisition - Schedule of allocation of the purchase price as of the date of acquisition (Details) ¥ in Millions, $ in Millions	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 30, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Details of Allocation of the purchase price as of the date of acquisition as follows [Line Items]
Goodwill	¥ 26,291	$ 3,760	¥ 25,709		¥ 19,980
Hordeum Investment, L.P.
Details of Allocation of the purchase price as of the date of acquisition as follows [Line Items]
Net assets acquired				¥ 1,011
Newly identified intangible assets				2,005
Goodwill				4,767
Deferred tax liabilities				(518)
Non-controlling interests				(3,508)
Total				¥ 3,757

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-41

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 740
-Name Accounting Standards Codification
-Section 55
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478064/805-740-55-13

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 39
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-39

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

Taxation (Details 5) ¥ in Millions, $ in Millions	12 Months Ended
Taxation (Details 5) ¥ in Millions, $ in Millions	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Amount
Chinese mainland statutory income tax	¥ 6,331
Effect of changes in tax laws or rates enacted in the current period	0
Withholding tax on undistributed dividends	1,056
Others	(2)
Tax credits	0
Changes in valuation allowance	1,348
Share of results of equity investees	(1,735)
Other	(98)
Changes in unrecognized tax benefits	0
Preferential tax rates and tax holiday	(2,716)
Super Deduction	(2,267)
Others	791
Effective tax rates	¥ 2,181	$ 312	¥ 6,878	¥ 8,393
Percent
Chinese mainland statutory income tax	25.00%	25.00%	25.00%	25.00%
Effective income tax rate reconciliation, foreign income tax rate differential, percent			(0.50%)	(0.90%)
Effect of changes in tax laws or rates enacted in the current period	0.00%	0.00%
Others	(0.40%)	(0.40%)
Withholding tax on undistributed dividends	4.20%	4.20%
Others	0.00%	0.00%
Tax credits	0.00%	0.00%
Changes in valuation allowance	5.30%	5.30%	(7.30%)	9.10%
Share of results of equity investees	(6.90%)	(6.90%)
Tax effect of non-deductible expenses			0.60%	0.10%
Effective Income Tax Rate Reconciliation, Tax Contingency, Percent	0.00%	0.00%
Others	3.20%	3.20%
Preferential tax rates and tax holiday (as a percent)	(10.70%)	(10.70%)
Super Deduction (as a percent)	(9.00%)	(9.00%)
Tax effect of preferential tax rates and tax holiday			(4.20%)	(7.60%)
Tax effect of tax-exempt entities (as a percent)			(0.60%)	3.30%
Tax effect of non-taxable income			(0.30%)	(0.50%)
Effective Income Tax Rate Reconciliation Super Deduction And Others Percent			(4.00%)	(9.60%)
Effect On Withholding Income Tax			4.60%	7.60%
Effective tax rates (as a percent)	8.60%	8.60%	13.30%	26.50%
HK
Amount
Effective income tax rate reconciliation, foreign income tax rate differential, amount	¥ (840)
Effect on tax rates in different tax jurisdictions	(369)
Non-taxable or non-deductible items	(313)
Other	¥ (158)
Percent
Effective income tax rate reconciliation, foreign income tax rate differential, percent	(3.30%)	(3.30%)
Effect on tax rates in different tax jurisdictions	(1.50%)	(1.50%)
Others	(0.60%)	(0.60%)
Effective Income Tax Rate Reconciliation Nontaxable Or Nondeductible Items	(1.20%)	(1.20%)
KY
Amount
Effective income tax rate reconciliation, foreign income tax rate differential, amount	¥ (449)
Percent
Effective income tax rate reconciliation, foreign income tax rate differential, percent	(1.80%)	(1.80%)
Other foreign jurisdiction
Amount
Effective income tax rate reconciliation, foreign income tax rate differential, amount	¥ 762
Percent
Effective income tax rate reconciliation, foreign income tax rate differential, percent	3.00%	3.00%

Debts and lines of credit (Details)
¥ in Millions, $ in Millions

1 Months Ended

12 Months Ended

Apr. 30, 2022

USD ($)

Dec. 31, 2025

CNY (¥)

Dec. 31, 2022

CNY (¥)

Dec. 31, 2021

USD ($)

item

Dec. 31, 2025

USD ($)

Dec. 31, 2024

CNY (¥)

Lines of credit and loan facilities

Short-term debts

¥ 8,014

$ 1,146

¥ 7,581

Long-term borrowings

^[1]

41,675

31,705

Debt Instrument, Collateral Amount

38,138

Debt Instrument, Face Amount

8,300

Long-Term Debt, Current Maturities

^[1]

3,197

¥ 3,679

Public Offering Corporate Bonds

Lines of credit and loan facilities

Short-term debts

2,000

Long-term borrowings

4,000

Debt instrument aggregate registered principal amount

10,000

Debt Instrument, Face Amount

¥ 6,000

Public Offering Corporate Bonds | Maximum

Lines of credit and loan facilities

Debt Instrument, Interest Rate During Period

1.87%

Debt Instrument, Term

5 years

Public Offering Corporate Bonds | Minimum

Lines of credit and loan facilities

Debt Instrument, Interest Rate During Period

1.55%

Debt Instrument, Term

1 year

Collateral Pledged

Lines of credit and loan facilities

Long-term borrowings

¥ 19,933

Prime Rate

Lines of credit and loan facilities

Term (in years)

7 years

Maximum borrowing capacity under facilities

¥ 3,000

Percentage over variable rate basis

0.65%

Percentage below variable rate basis

1.45%

Proceeds from long-term borrowings

¥ 1,000

¥ 2,000

Long-term borrowings

2,760

Long-Term Debt, Current Maturities

180

Term and Revolving Credit Facilities

Lines of credit and loan facilities

Term (in years)

5 years

Maximum borrowing capacity under facilities | $

$ 2,000

Number of arrangers | item

Undrawn balance which will be expired one month prior to the final maturity date | $

$ 1,000

Proceeds from long-term borrowings | $

$ 1,000

Long-term borrowings

¥ 7,029

Term and Revolving Credit Facilities | LIBOR

Lines of credit and loan facilities

Percentage over variable rate basis

0.85%

Term loan facility agreement

Lines of credit and loan facilities

Undrawn balance which will be expired one month prior to the final maturity date

¥ 8,500

Term loan facility agreement | Long Term Borrowings

Lines of credit and loan facilities

Expected to be proceeds from issuance of long term debt

¥ 8,286

Expected to be repaid the borrowings

December 2028

Term loan facility agreement | Hong Kong Interbank Offered Rate | Initial Utilization date

Lines of credit and loan facilities

Percentage over variable rate basis

0.50%

Short-term Debt

Lines of credit and loan facilities

Short-term debts

¥ 180

Line of credit

Lines of credit and loan facilities

Long-term borrowings

7,966

Long-Term Debt, Current Maturities

¥ 249

[1]	As of December 31, 2025, the major long-term debts were listed as below.

Investments in equity investees (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Equity Method Investments [Line Items]

Schedule of condensed financial information of the Group's equity investments


	For the year ended December 31,
	2023			2024		2025
	(RMB in millions)
Revenues		149,237			146,583		104,075
Gross profit		48,134			70,000		56,510
(Loss)/income from operations		(274	)		8,334		20,597
Net (loss)/income		(1,733	)		4,380		17,846
Net (loss)/income attributable to the investees’ ordinary shareholders		(1,506	)		4,641		17,990


	As of December 31,
	2024		2025
	(RMB in millions)
Current assets		161,218		154,476
Non-current assets		146,848		145,184
Current liabilities		124,013		122,333
Non-current liabilities		44,090		48,705
Redeemable stock		28,167		—
Non-controlling interests		4,429		4,534

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Investments in equity investees

12 Months Ended

Dec. 31, 2025

Investments in equity investees [Abstract]

Investments in equity investees

6.	Investments in equity investees

Measurement Alternative and NAV practical expedient

The carrying amount of the Group’s equity investments

accounted for under

the Measurement Alternative was RMB14,027 million and RMB11,856 million as of December 31, 2024 and 2025, respectively, and the carrying amount of the Group’s investments under NAV practical expedient was RMB8,529 million and RMB8,442 million as of December 31, 2024 and 2025, respectively. During the years ended December 31, 2023, 2024 and 2025, fair value changes recognized for equity investments which were measured using the Measurement Alternative, and NAV practical expedient were not significant.

Equity method

As of December 31, 2025, the Group’s investments accounted for under the equity method totaled RMB31,680 million (as of December 31, 2024: RMB34,294 million), which mainly included the investment in JD Technology amounting to RMB15,055 million and the investment in Home Credit Consumer Finance Co., Ltd.

(“Home Credit”) amounting to RMB2,428 million. The Group applies the equity method of accounting to account for its equity investments, in common stock or

in-substance

common stock, over which it has significant influence but does not own a majority equity

interest

or otherwise control.

Investment in JD Technology

Following the reorganization of JD Technology in March 2021, the Group’s equity interest in JD Technology increased to 41.7%. The Group accounted for its investment in JD Technology using the equity method, as it exerted significant influence without holding a majority equity interest or otherwise control. Pursuant to the supplemental agreement entered between JD Technology and its shareholders in June 2020, certain existing shareholders (including the Group) have the obligation to make up the shortfall (if any) of the redemption price to the other shareholders of JD Technology when all other means are exhausted, and the shortfall is capped by the proceeds from the sales of the guarantor’s shares of JD Technology. From September to December 2024, JD Technology entered into new agreements with its shareholders to replace previous redemption terms with new settlement method (through both cash and newly issued common shares in tranches) (the “2024 Transaction”). Those are further subject to suspension or termination under certain circumstances. Concurrently, the previous guarantee obligation of the Group has also been extinguished. In

accordance

with these agreements, JD Technology completed its share repurchases through cash settlement, with some shareholders’ returns yet to be converted into new shares as of December 31, 2025. The Group’s equity interest in JD Technology further increased to 43.6% and 54.9%, respectively, as of December 31, 2024 and 2025, resulting from the redemption aforementioned. Due to the dual-class voting structure of JD Technology, the Group held less than 50%

of voting power as of December 31, 2025, and continued to apply equity method for accounting of the investment. As the Group and JD Technology are both controlled by

Mr. Liu before and after the 2024 Transaction, the Group’s increased equity interest holding in JD Technology was accounted for as a transaction under common control. Based on the proportionate interest in the net assets of JD Technology, the Group’s investment in JD Technology decreased by

RMB

726 million and RMB7,646

million for the years ended December 31, 2024 and 2025, respectively. The above resulted in a decrease in the Group’s additional paid-in capital for the same amount in the corresponding period.

Investment in Home Credit

In December 2024, the Company entered into an agreement to acquire 50% of Home Credit’s equity interest for a total cash consideration of RMB2,500 million.

Home Credit is a consumer finance company that conducts its business through providing consumer loans and merchandise loans. The Company accounted for its investment in Home Credit using the equity method as the Company obtained the significant influence by the right to nominate three board seats out of nine. Concurrently, JD Technology subscribed

15% of Home Credit’s

equity

interest. The basis difference as of December 31, 2024 and 2025 was immaterial.

Investment in Yonghui

Yonghui Superstores Co., Ltd, (“Yonghui”) is a leading hypermarket and supermarket operator in China and is listed on the Shanghai Stock Exchange. As of December 31, 2024, the Group held approximately 11.3% of Yonghui’s issued and outstanding shares and accounted for the investment in Yonghui using the equity method as the Group obtained significant influence by the rights to nominate one board member out of nine.

In February 2025, the Group transferred 8.3% of Yonghui shares for a cash consideration of RMB1,774 million, as a result, the Group ceased to hold any board seats in Yonghui and los

the significant influence. Subsequently, the Group disposed the retained 3.0% of Yonghui shares, resulting in a complete exit from its investment in Yonghui. The disposal gains of RMB1,118 million and RMB91 million were recorded in “Share of results of equity investees” and “Others, net” in the consolidated statements of operations and comprehensive income, respectively.

The Group recorded its share of the profits and losses of JD Technology, Home Credit and Yonghui one quarter in arrears to enable the Group to provide its financial disclosure independent of the reporting schedule of these equity investees.

The Group summarizes the condensed financial information of the Group’s equity investments under equity method as a group below in accordance with Rule

4-08

of Regulation

S-X:


	For the year ended December 31,
	2023			2024		2025
	(RMB in millions)
Revenues		149,237			146,583		104,075
Gross profit		48,134			70,000		56,510
(Loss)/income from operations		(274	)		8,334		20,597
Net (loss)/income		(1,733	)		4,380		17,846
Net (loss)/income attributable to the investees’ ordinary shareholders		(1,506	)		4,641		17,990


	As of December 31,
	2024		2025
	(RMB in millions)
Current assets		161,218		154,476
Non-current assets		146,848		145,184
Current liabilities		124,013		122,333
Non-current liabilities		44,090		48,705
Redeemable stock		28,167		—
Non-controlling interests		4,429		4,534

The Group performs impairment assessment of its investments under the Measurement Alternative and equity method whenever events or changes in circumstances indicate that the carrying value of the investment may not be fully recoverable. Impairment charges in connection with the equity method investments of RMB266 million, RMB699 million and RMB88 million were recorded in “share of results of equity investees” in the consolidated statements of operations and comprehensive income for the years ended December 31, 2023, 2024 and 2025, respectively. The valuation of impairment in privately held companies under the Measurement Alternative is discussed in Note 4.

Gain on sale of development properties

12 Months Ended

Dec. 31, 2025

Gain On Sale Of Development Properties [Abstract]

Gain on sale of development properties

17.	Gain on sale of development properties

Gain on sale of development properties for the years ended December 31, 2023, 2024 and 2025 were RMB2,283 million, RMB1,527 million and RMB387 million, respectively, which were mainly derived from disposals of logistics facilities to Real Estate Investment Trust (“REIT”) and several private funds, which can be mainly classified into core funds (collectively, “Property Funds”). The overview of the major funds is listed below.

Core funds

In 2018, the Group established JD Property to manage the expanding logistics facilities and other real estate properties. Over the course of the years, JD Property established several phases of core funds (the “Core Funds”) together with certain third-party investor(s). JD Property serves as the general partner and committed 10%-20% of the total capital of each core fund as the limited partner, and the third-party investor(s) committed the remaining 80%-90%.

Furthermore, the Group entered into definitive agreements with each of the Core Funds, pursuant to which the Group will dispose of certain modern logistics facilities to the Core Funds, and concurrently lease back these completed facilities for operational purposes with an initial lease term of 4 to 10 years. The annual rent for the completed facilities is set at fair market rent for the initial lease term and will be adjusted based on the growth rate of fair market rent at the beginning of each subsequent 5 years’ period. The Group may choose to renew the lease upon the expiry of the initial lease agreement if the adjusted rental rate is acceptable. The lease back transaction is accounted for under ASC 842 as operating lease, and the ROU assets and operating lease liabilities were recorded accordingly. The Core Funds used leverage to finance the purchase, and the closing of the purchase is subject to certain conditions, including the availability of debt financing.

The investment committee of each of the Core Funds, which comprises the representatives from JD Property and the third-party investor(s), oversees the key operations of each fund, respectively. Given the control over the Core Funds is shared between JD Property and the third-party investor(s), JD Property does not consolidate the Core Funds and investments in the Core Funds are accounted for using the equity method as JD Property obtained significant influence by the rights to nominate no more than half of the members of each investment committee.

The closing conditions for each asset group of completed logistics facilities were considered met when each of the Core Funds signed definitive facility agreements with bank consortium to finance the purchase, respectively. As of each respective

year-end,

all or certain of logistics facilities under asset groups related to different core funds have been completed and satisfied hand-over condition. Therefore, the Group recorded disposal gain related to the Core Funds of RMB1,764 million, RMB1,527 million and RMB387 million for the years ended December 31, 2023, 2024 and 2025, respectively, which represent the excess of cash consideration of the net assets, including the consideration received and expected to receive, over the carrying value of the net assets disposed as of the disposal date.

REIT

In December 2022, the REIT jointly established by the Group and Harvest Fund Management Co., Ltd., became the first of its kind in the private sector in China that received formal approval from China’s Securities Regulatory Commission. On February 8, 2023, the REIT was listed on the Shanghai Stock Exchange, and raised proceeds for over RMB1.7 billion. The

Group

subscribed 34% of the units issued by the REIT amounted to RMB597 million and accounted for the investments in the REIT using the equity method as the Company obtained significant influence but no power to control the key activities determined in the general meeting of the REIT.

In February 2023, the

transferred certain logistics facilities to the REIT and recorded a disposal gain of RMB519 million, which represents the difference between cash consideration and the carrying value of the net assets for the asset groups disposed and concurrently leased back all these logistic facilities for operational purpose with an initial lease term of 5 to 6 years. Upon the disposal, the logistics facilities leased back from the REIT were accounted for under ASC 842 as operating lease, and the

right-of-use

assets and operating lease liabilities were recorded accordingly.

Dividends

12 Months Ended

Dec. 31, 2025

Dividends [Abstract]

Dividends

22.

Dividends

In March 2023, the Company declared a cash dividend of US$0.31 per ordinary share, or US$0.62 per ADS, for an aggregate amount of approximately US$1.0 billion.

In March 2024, the Company declared an annual cash dividend for the year ended December 31, 2023 of US$0.38 per ordinary share, or US$0.76 per ADS, for an aggregate amount of approximately US$1.2 billion.

In March 2025, the Company declared an annual cash dividend for the year ended December 31, 2024 of US$0.5 per ordinary share, or US$1.0 per ADS, for an aggregate amount of approximately US$1.4 billion.

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2025

Summary of significant accounting policies

Basis of presentation

a. Basis of presentation

The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. All amounts, except for share, per share data or otherwise noted, are rounded to the nearest million.

Principles of consolidation

b. Principles of consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries and the consolidated VIEs for which the Company is the ultimate primary beneficiary. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.

A consolidated VIE is an entity in which the Company, or its subsidiaries, through the Contractual Arrangements, bear the risks of, and enjoy the rewards normally associated with, ownership of the entity, and therefore the Company or its subsidiaries are the primary beneficiary of the entity.

All transactions and balances among the Company, its subsidiaries and the consolidated VIEs have been eliminated upon consolidation.

Reclassifications

c. Reclassifications

Certain reclassifications have been made to the prior years’ consolidated financial statements to conform to the current year’s presentation. These reclassifications had no impact on net income, shareholders’ equity, or cash flows as previously reported.

Non-controlling interests

Non-controlling

interests

For the Company’s subsidiaries and consolidated VIEs,

non-controlling

interests are recognized to reflect the portion of their equity that is not attributable, directly or indirectly, to the Company as the controlling shareholder.

Non-controlling

interests are classified as a separate line item in the equity section of the Group’s consolidated balance sheets and have been separately disclosed in the Group’s consolidated statements of operations and comprehensive income to distinguish the interests from that of the Company. With respect to impairment losses of goodwill and intangible assets of the Company’s subsidiaries and consolidated VIEs, the Company attributes impairment losses on the basis of the relative ownership interests of the parent and

non-controlling

shareholders.

Use of estimates

e. Use of estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent liabilities at the balance sheet date, and the reported revenues and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates are used for, but not limited to, returns allowance, vendor rebates, taxation, fair value of assets and liabilities acquired in business combinations, fair value of certain equity investees, assessment for impairment of long-lived assets and goodwill, investments in equity investees, allowance for doubtful accounts including expected credit losses, inventory reserve for excess and obsolete inventories, lower of cost and net realizable value of inventories, depreciable lives of property, equipment and software, useful lives of intangible assets and the discount rate for lease. Actual results may differ materially from those estimates.

Foreign currency translation

f. Foreign currency translation

The Group’s reporting currency is Renminbi

(“RMB”) as the major operations of the Group are within the PRC. The functional currency of the Company is the U.S. dollars (“US$”). The Group’s PRC subsidiaries and consolidated VIEs generally determined their functional currency to be RMB. The Group’s subsidiaries and consolidated VIEs determined their functional currencies based on the criteria of ASC Topic 830,

Foreign Currency Matters

Transactions denominated in currencies other than functional currency are translated into functional currency at the exchange rates quoted by authoritative banks prevailing at the dates of the transactions. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded as a component of “others, net” in the consolidated statements of operations and comprehensive income.

The consolidated financial statements of the Group are translated from the functional currency into RMB. Assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings generated in the current year are translated into RMB at the appropriate historical rates. Revenues, expenses, gains and losses are translated into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in “accumulated other comprehensive income/(loss)” as a component of shareholders’ equity.

The Company designates certain

non-derivative

instruments to hedge its net investments in certain foreign operations, to manage exposure in exchange rates. In December 2023, the Company designated the principal of its 8.3 billion

of RMB denominated debt to hedge its $US denominated net investment in a certain subsidiary with functional currency of RMB. The portion of the gain or loss on the hedging instrument that is determined to be effective, referring to the exchange rate effect, is recognized directly in equity in “accumulated other comprehensive income/(loss)”, net of income taxes, while the ineffective portion and the operating costs are recognized in the consolidated statements of operations and comprehensive income. For the years ended December 31, 2023, 2024 and 2025, the net investment hedge is deemed to be perfectly effective. The gain or loss on the hedging instrument that has been recognized directly in “accumulated other comprehensive income/(loss)” shall be recognized in the consolidated statements of operations and comprehensive income when the disposal of the foreign subsidiary occurs. The Group also holds certain foreign currency forward contracts with an intention to offset the exposure to the changes in value of certain foreign currency denominated assets or/and liabilities, but not all of them are designated as hedges accounting. Please refer to Note 2(j).

Convenience translation

g. Convenience translation

Translations of the consolidated balance sheets, the consolidated statements of operations and comprehensive income and the consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2025 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.9931, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 31, 2025. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2025, or at any other rate.

Cash and cash equivalents

h. Cash and cash equivalents

Cash and cash equivalents primarily consist of cash on hand and time deposits which have original maturities of three months or less.

Restricted cash

i. Restricted cash

Cash that is restricted as to withdrawal or for use or pledged as security is reported separately on the face of the consolidated balance sheets, and is included in the “total cash, cash equivalents, and restricted cash” in the consolidated statements of cash flows. The Group’s restricted cash mainly includes security deposits held in designated bank accounts for issuance of bank acceptance and letter of guarantee.

Short-term investments

j. Short-term investments

Short-term investments include wealth management products, time deposits placed with banks with original maturities longer than three months but less than one year and maturities less than one year, and foreign currency forward contract. Wealth management products are certain deposits with variable interest rates or principal

not-guaranteed

with certain financial institutions. The Group elects the fair value option to record wealth management products with variable interest rates as well as principal not guaranteed and deposits mainly indexed to foreign exchange with maturities less than one year at fair value in accordance with ASC Topic 825,

Financial Instruments

. Changes in the fair value are reflected in the consolidated statements of operations and comprehensive income. The Group also holds deposits that earn fixed interest rate return only if the Group hold the securities to maturity. As the Group has the positive intent and ability to hold the deposits to maturity, they are classified as

held-to-maturity

and recorded at amortized cost. The Group uses foreign currency forward contracts to offset the exposure to the change in value of certain foreign currency denominated assets or/and liabilities held at foreign subsidiaries that are remeasured at the end of each period. Foreign currency forward contracts which are not designated as hedges are recorded as assets or/and liabilities on the balance sheet at fair value, with changes in the fair value reflected in “others, net” in the consolidated statements of operations and comprehensive income.

Accounts receivable, net

k. Accounts receivable, net

Accounts receivable represents the amounts that the Group has an unconditional right to consideration, and are recorded net of allowance for doubtful accounts.

The Group, in collaboration with Jingdong Technology Holding Co., Ltd. (“JD Technology”), provides consumer financing to the qualified customers in the online retail business, such consumer financing receivables are recorded as accounts receivable. Due to the legacy contractual arrangements with JD Technology, the Group remains as the legal owner of the consumer financing receivables, where JD Technology performs the related credit assessment and is obligated to purchase the consumer financing receivables past due over certain agreed period of time from the Group at carrying values to absorb the risks and obtain the returns from such financing arrangements. As such, no allowance for doubtful accounts were provided. The Group, in collaboration with JD Technology, periodically securitizes consumer financing receivables through the transfer of those assets to securitization vehicles. Please refer to Note 2(w). In addition, the Group transfers ownership of some of its accounts receivable originated from qualified corporate customers to JD Technology without recourse.

Other than the accounts receivable arising from the consumer financing, the Group evaluates its accounts receivable for expected credit losses on a regular basis. The Group maintains an estimated allowance for credit losses to reduce its accounts receivable to the amount that it believes will be collected. The Group uses the length of time a balance has been outstanding, the payment history, creditworthiness and financial conditions of the customers and industry trend as credit quality indicators to monitor the Group’s receivables within the scope of expected credit losses model, along with reasonable and supportable forecasts as a basis to develop the Group’s expected loss estimates. The Group adjusts the allowance percentage periodically when there are significant differences between estimated bad debts and actual bad debts. If there is strong evidence indicating that the accounts receivable is likely to be unrecoverable, the Group also makes specific allowance in the period in which a loss is determined to be probable. Accounts receivable balances are written off after all collection efforts have been exhausted.

Inventories, net

l. Inventories, net

Inventories, consisting of products available for sale, are stated at the lower of cost and net realizable value. Cost of inventories is mainly determined using the weighted average cost method. Adjustments are recorded to write down the cost of inventories to the estimated net realizable value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as inventory aging, historical and forecasted consumer demand, and market conditions that impact pricing. The Group takes ownership, risks and rewards of the products purchased, but has arrangements to return unsold goods with certain vendors. Write downs are recorded in “cost of revenues” in the consolidated statements of operations and comprehensive income.

The Group also provides fulfillment-related services in connection with the Group’s online marketplace. Third-party merchants maintain ownership of their inventories and therefore these products are not included in the Group’s inventories.

Loan receivables, net

m. Loan receivables, net

Loan receivables represent the consumer financing, in collaboration with JD Technology, provided to qualified individual customers on the Group’s online marketplace. Due to the legacy contractual arrangements with JD Technology, the Group remains as the legal owner of the consumer financing receivables, including such loan receivables, where JD Technology performs the related credit assessment and absorbs the credit risks. The loan terms extended to the customers generally range from 1 month to 24 months. As JD Technology is obligated to purchase the receivables past due over certain agreed period of time from the Group at carrying values to absorb the credit risks, no provision for doubtful accounts was recorded for the years ended December 31, 2023, 2024 and 2025. The loan receivables were measured at amortized cost and reported in the consolidated balance sheets at outstanding principal. As of December 31, 2024 and 2025, the loan receivables with the collection period less than one year amounting to RMB1,279 million and RMB1,476 million, respectively, were classified into “prepayments and other current assets” in the consolidated balance sheets. As of December 31, 2024 and 2025, the loan receivables with the collection period over one year amounting to RMB373 million and RMB860 million, respectively, were classified into “other

non-current

assets” in the consolidated balance sheets. Cash paid for loan originations and cash received from loan repayments are classified as investing activities in the consolidated statements of cash flows. The Group, in collaboration with JD Technology, periodically securitizes loan receivables through the transfer of those assets to securitization vehicles, please refer to Note 2(w).

Property, equipment and software, net

n. Property, equipment and software, net

Property, equipment and software are stated at cost less accumulated depreciation and impairment. Property, equipment and software are depreciated at rates sufficient to write off their costs less impairment and residual value, if any, over the estimated useful lives on a straight-line basis. The estimated useful lives of major property, equipment and software are as follows:


Category		Estimated useful lives
Electronic equipment		3 - 5 years
Software		3 - 5 years
Vehicles		3 - 6 years
Office equipment		5 years
Logistics, warehouse and other heavy equipment		5 - 10 years
Leasehold improvement		Over the shorter of the expected life of leasehold improvements or the lease term
Building		18 - 40 years
Building improvement		5 - 10 years
Land		Indefinite

Repairs and maintenance costs are charged to expenses as incurred, whereas the costs of renewals and betterment that extend the useful lives of property, equipment and software are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in the consolidated statements of operations and comprehensive income.

Construction in progress

o. Construction in progress

Direct costs that are related to the construction of property, equipment and software and incurred in connection with bringing the assets to their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property, equipment and software items and the depreciation of these assets commences when the assets are ready for their intended use. As of December 31, 2024 and 2025, construction in progress were primarily relating to the construction of office buildings and warehouses.

Land use rights, net

p. Land use rights, net

Land use rights are recorded at cost less accumulated amortization. Amortization is provided on a straight-line basis over the estimated useful lives which are 18 to 70 years and represent the shorter of the estimated usage periods or the terms of the agreements.

Intangible assets, net

q. Intangible assets, net

Intangible assets purchased from third parties are initially recorded at cost and amortized on a straight-line basis over the estimated economic useful lives. The Group performs valuation of the intangible assets arising from business combination to determine the fair value to be assigned to each asset acquired. The Group determines the fair value using the appropriate approach which requires management to make significant estimates and assumptions. The acquired intangible assets are recognized and measured at fair value and are expensed or amortized using the straight-line approach over the estimated economic useful lives of the assets.

The estimated useful lives of major intangible assets are as follows:


Category		Estimated useful lives
Customer relationship		3 - 10 years
Technology and others		3 - 10 years
Non-compete		5 -8 years
Domain names and trademarks		5 - 20 years

Goodwill

r. Goodwill

Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired in a business combination.

Goodwill is not depreciated or amortized but is tested for impairment on an annual basis as of December 31, and in between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired. In accordance with ASU

2017-04,

Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment

issued by the Financial Accounting Standards Board (“FASB”) guidance on testing of goodwill for impairment, the Group first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If as a result of the qualitative assessment, it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value of each reporting unit with its carrying amount, including goodwill. If the carrying amount of each reporting unit exceeds its fair value, an impairment loss equal to the difference between the fair value of the reporting unit and its carrying amount will be recorded.

Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit.

Asset Acquisition

s. Asset acquisition

When the Group acquires other entities, if the assets acquired and liabilities assumed do not constitute a business, the transaction is accounted for as an asset acquisition. Assets are recognized based on their cost, which generally includes the transaction costs of the asset acquisition. The cost of a group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on their relative fair values and does not give rise to goodwill.

For the years ended December 31, 2023, 2024 and 2025, the Group entered into several transactions, which were accounted for as asset acquisitions, to acquire certain assets for development purpose, mainly including RMB5,997 million, RMB4,079 million and RMB3,707 million of property, equipment and software, net, RMB1,009 million, RMB144 million and RMB73 million of construction in progress and
RMB2,638 million, RMB240 million and RMB700 million of land use rights, respectively.

Investments in equity investees

t. Investments in equity investees

Investments in equity investees represents the Group’s investments in privately held companies, publicly traded companies and private equity funds. The Group applies the equity method of accounting to account for an equity investment, in common stock or

in-substance

common stock, according to ASC Topic 323,

Investment—Equity Method and Joint Ventures

(“ASC 323”), over which it has significant influence but does not own a majority equity interest or otherwise control.

An investment in

in-substance

common stock is an investment in an entity that has risk and reward characteristics that are substantially similar to that entity’s common stock. The Group considers subordination, risks and rewards of ownership and obligation to transfer value when determining whether an investment in an entity is substantially similar to an investment in that entity’s common stock.

Under the equity method, the Group’s share of the post-acquisition profits or losses of the equity investees are recorded in “share of results of equity investees” in the consolidated statements of operations and comprehensive income and its share of post-acquisition movements of accumulated other comprehensive income/(loss) are recorded in accumulated other comprehensive income/(loss) as a component of shareholders’ equity. The Group records its share of the results of equity investments in publicly listed companies and certain privately held companies on one quarter in arrears basis. The excess of the carrying amount of the investment over the underlying equity in net assets of the equity investee represents goodwill and intangible assets acquired. When the Group’s share of losses in the equity investee equals or exceeds its interest in the equity investee, the Group does not recognize further losses, unless the Group has incurred obligations or made payments or guarantees on behalf of the equity investee, or the Group holds other investments in the equity investee.

The Group continually reviews its investments in equity investees under equity method to determine whether a decline in fair value to below the carrying value is other-than-temporary. The primary factors the Group considers in its determination are the duration and severity of the decline in fair value, financial and business performance, cash position and, recent financing rounds. If the decline in fair value is deemed to be other-than-temporary, the carrying value of the equity investee is written down to fair value.

Private equity funds pursue various investment strategies, including event driven and multi-strategy. Investments in private equity funds generally are not redeemable due to the closed-ended nature of these funds. These private equity funds, over which the Group does not have the ability to exercise significant influence, are accounted for under the existing practical expedient in ASC Topic 820,

Fair Value Measurements and Disclosures

to estimate fair value using the net asset value per share (or its equivalent) of the investment (“NAV practical expedient”).

The Group’s equity investments without readily determinable fair values, which do not qualify for NAV practical expedient and over which the Group does not have the ability to exercise significant influence through the investments in common stock or in substance common stock, are accounted for under the measurement alternative (the “Measurement Alternative”) in accordance with ASU

2016-01,

Financial Instruments—Overall (Subtopic

825-10)—Recognition

and Measurement of Financial Assets and Financial Liabilities

(“ASU

2016-01”).

Under the Measurement Alternative, the carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. All gains and losses on these investments, realized and unrealized, are recognized in “others, net” in the consolidated statements of operations and comprehensive income. The Group makes assessment of whether an investment is impaired based on performance and financial position of the investee as well as other evidence of market value at each reporting date. Such assessment includes, but is not limited to, financial and business performance, cash position and recent financing rounds. The Group recognizes an impairment loss equal to the difference between the carrying value and fair value in “others, net” in the consolidated statements of operations and comprehensive income if there is any. When the investments become qualified for use of the equity method, the Group remeasures the previously held interest in the investments at fair value, if any observable price changes in orderly transactions identified for an identical or a similar investment, immediately before it applying the equity method, in accordance with ASU

2020-01,

Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323).

Marketable securities and other investments

u. Marketable securities and other investments

The Group invests in marketable equity securities and other investments to meet business objectives. The marketable securities are classified as investments with readily determinable fair values, which are reported at fair value in the consolidated balance sheets, the unrealized gains and losses on equity securities are recorded in “others, net” in the consolidated statements of operations and comprehensive income under ASU

2016-01.

Other investments are comprised of time deposits placed with banks and wealth management products with maturities more than one year. For wealth management products with variable interest rates as well as principal not guaranteed and deposits mainly indexed to foreign exchange, the Group elected the fair value option to account for them at fair value with changes in fair value recorded under “others, net” in the consolidated statement of operations and comprehensive income. For wealth management products and deposits that earn fixed interest rate return only if the Group held the securities to maturity, the Group classified them as

held-to-maturity

and recorded at amortized cost considering its positive intent and ability to hold them to maturity.

Impairment of long-lived assets

v. Impairment of long-lived assets

Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset or an asset group may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets by comparing the carrying value of the asset or the asset group to an estimate of future undiscounted cash flows expected to be generated from the use of the asset or the asset group and its eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the asset or the asset group, the Group recognizes an impairment loss based on the excess of the carrying value of the asset or the asset group over its fair value.

Nonrecourse securitization debt and transfer of financial assets

w. Nonrecourse securitization debt and transfer of financial assets

The Group, in collaboration with JD Technology, periodically securitizes accounts receivable and loan receivables arising from consumer financing through the transfer of those assets to securitization vehicles. The securitization vehicles then issue (1) debt securities to third-party investors and JD Technology, or (2) trust beneficiary rights to the Group which are immediately transferred to third-party investors, collateralized by the transferred assets. The asset-backed debt securities issued by the securitization vehicles and the trust beneficiary rights transferred by the Group are nonrecourse to the Group and are payable only out of collections on their respective underlying collateralized assets.

The Group does not consolidate the securitization vehicles when no economic interests are retained by the Group, and the Group has no continuing involvements, including the servicer of the securitization vehicles. Transfers are accounted for as sale and corresponding transferred accounts receivable are

de-recognized

in the consolidated balance sheets pursuant to ASC Topic 860,

Transfers and Servicing

(“ASC 860”), only if they meet all of the three criteria: (i) the transferred financial assets have been isolated from the transferor and its creditor, (ii) each transferee has the rights to pledge or exchange the transferred assets, or the transferor has no continuing involvement with the transferred financial assets, and (iii) the transferor does not maintain effective control over the transferred financial assets or third-party beneficial interests related to those transferred assets. Otherwise, the transfers of the assets are accounted for as a financing type transaction if the conditions in ASC

860-10-40-5

are not met. The common control relationship between the transferor and transferee is not considered when applying the derecognition criteria under ASC 860 as the transferee is not a consolidated affiliate or subsidiary of the transferor. The gain/loss recorded upon the sale accounting was immaterial for the periods presented.

Unsecured senior notes and long-term debts

x. Unsecured senior notes and long-term debts

Unsecured senior notes are recognized initially at fair value, net of debt discounts or premiums and debt issuance costs. Convertible senior notes are determined appropriately in accordance with the terms in relation to the conversion feature, call or/and put options, and other embedded features, if applicable. After considering the impact of such features, the Group may account for such instrument as a liability in its entirety, or separate the instrument into debt or/and equity components following the respective guidance described under ASC Topic 815,

Derivatives and Hedging

and ASC Topic 470,

Debt

. Debt discounts or premiums and debt issuance costs are recorded as a reduction of the principal amount and the related accretion is recorded as “interest expense” in the consolidated statements of operations and comprehensive income over the earliest maturity date of the notes using the effective interest method.

Long-term debts are recognized at carrying amount. Interest expense is accrued over the estimated term of the facilities and recorded in the consolidated statements of operations and comprehensive income.

Fair value

y. Fair value

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurement for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

The Group measures certain financial assets, including investments under the equity method on other-than-temporary basis, investments under the Measurement Alternative, intangible assets, goodwill and fixed assets at fair value when an impairment charge is recognized.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 — Include other inputs that are directly or indirectly observable in the marketplace.

Level 3 — Unobservable inputs which are supported by little or no market activity.

Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

Revenues

z. Revenues

Consistent with the criteria of ASC Topic 606,

Revenue from Contracts with Customers

(“ASC 606”), the Group recognizes revenues when the Group satisfies a performance obligation by transferring a promised good or service (that is, an asset) to a customer. An asset is transferred when the customer obtains control of that asset.

In accordance with ASC 606, the Group evaluates whether it is appropriate to record the gross amount of product sales and related costs or the net amount earned as commissions. When the Group is a principal and when the Group obtains control of the specified goods or services before they are transferred to the customers, the revenues are recognized in the gross amount of consideration to which it expects to be entitled in exchange for the specified goods or services transferred. When the Group is an agent and its obligation is to facilitate third parties in fulfilling their performance obligation for specified goods or services, the revenues are recognized in the net amount for the amount of commission which the Group earns in exchange for arranging for the specified goods or services to be provided by other parties. Revenues are recorded net of value added taxes.

The Group recognizes revenues net of discounts and return allowances when the products are delivered and title is passed to customers. Significant judgement is required to estimate return allowances. For online retail business with return conditions, the Group reasonably estimates the possibility of return based on the historical experience, changes in judgments on these assumptions and such estimates could materially impact the amount of net revenues recognized. As of December 31, 2024 and 2025, liabilities for return allowances were RMB1,029 million and RMB1,063 million, respectively, which were included in “Accrued expenses and other current liabilities”. The rights to recover products from customers associated with the Group’s liabilities for return allowances are the Group’s assets, which were RMB1,056 million and RMB1,115 million as of December 31, 2024 and 2025, respectively, and were included in “Prepayments and other current assets”.

The Group also sells prepaid cards which can be redeemed to purchase products sold on the JD Platform. In accordance with ASC 606, the cash collected from the sales of prepaid cards is initially recorded in “advance from customers” in the consolidated balance sheets and subsequently recognized as revenues upon the sales of the respective products through redemption of prepaid cards are completed. The Group recognizes revenues from estimated unredeemed prepaid cards over the expected customer redemption periods, rather than waiting until prepaid cards expire or when the likelihood of redemption becomes remote in accordance with ASC 606.

Revenue arrangements with multiple deliverables are divided into separate units of accounting based on the stand-alone selling price (“SSP”) of each separate unit. In instances where SSP is not directly observable, such as the Group does not have vendor-specific objective evidence or third-party evidence of the selling prices of the deliverables, considerations are allocated using estimated selling prices based on adjusted market assessment approach.

Net Product Revenues

The Group recognizes the product revenues from the online retail business on a gross basis as the Group is acting as a principal in these transactions and is responsible for fulfilling the promise to provide the specified goods. Revenues from the sales of electronics and home appliance products were RMB538,799 million, RMB564,982 million and RMB605,131 million, and revenues from the sales of general merchandise products were RMB332,425 million, RMB363,025 million and RMB418,671 million, for the years ended December 31, 2023, 2024 and 2025, respectively. The Group’s net product revenues were mainly generated by the JD Retail segment.

Net Service Revenues

The Group charges commission fees to third-party merchants for participating in the Group’s online marketplace, where the Group generally is acting as an agent and its performance obligation is to arrange for the provision of the specified goods or services by those third-party merchants. Upon successful sales, the Group charges the third-party merchants a negotiated amount or a fixed rate commission fee based on the sales amount. Commission fee revenues are recognized on a net basis at the point of delivery of products, net of return allowances.

The Group provides marketing services to third-party merchants, suppliers and other business partners on its various website channels and third-party marketing affiliate’s websites, including but not limited to pay for performance marketing services on which the customers are charged based on effective clicks on their product information, and display advertising services that allow customers to place advertisements on various websites. The Group recognizes revenues from pay for performance marketing services based on effective clicks, and recognizes revenues from display advertising services ratably over the period during which the advertising services are provided or on the number of times that the advertisement has been displayed based on cost per thousand impressions. The Group did not enter into material

advertising-for-advertising

barter transactions for the periods presented.

The Group offers integrated supply chain solutions and logistics services, primarily including warehousing and distribution services, express and freight, as well as

on-demand

delivery services. Revenues from integrated supply chain solutions and logistics services are recognized over time because of the continuous transfer of control to the customers, while revenues from the

on-demand

delivery services are recognized at the point of delivery of merchandise.

The Group also provides

on-demand

retail platform services, which include JD Food Delivery. The Group acts as an agent and charges the merchants a fixed rate commission fee based on the sales amount and commission fee revenues on a net basis at the point of delivery of merchandise upon successful sales. In addition, the Group fulfills the delivery needs of merchants and personnel customers, the Group has determined that it acts as the principal in the delivery service and recognizes revenues on a gross basis at a pre-determined amount for each completed delivery. These on-demand retail platform services and corresponding delivery services are usually included in the same contract with the customers, and each service is considered distinct and is determined to be a separate performance obligation. The transaction price is allocated on the basis of relative SSP, which is based on the observable price of each service that provided by the Group separately.

JD Plus memberships provide the Group’s core customers with a better shopping experience, access to an evolving suite of benefits that represent a single stand-ready obligation. Subscriptions are paid for at the time of or in advance of delivering the services. Revenues from such arrangements are recognized over the subscription period.

The Group offers comprehensive customer services, primarily including 7*24 hours customer services to respond to customers’ post-sales requests, return and exchange services to facilitate customers’ return, exchange and repair of defective goods. These services are free of charge. The Group also provides return/exchange logistics services to the customers, of which the revenues recognized were not material for the periods presented.

Revenues from online marketplace and marketing services were RMB84,726 million, RMB90,111 million and RMB107,131 million for the years ended December 31, 2023, 2024 and 2025, respectively, which were mainly generated by the JD Retail segment. Revenues from logistics and other services were RMB128,712 million, RMB140,701 million and RMB178,152 million, for the years ended December 31, 2023, 2024 and 2025, respectively, which were mainly generated by the JD Logistics segment.

Contract balances

aa. Contract balances

Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent amounts invoiced and revenues recognized prior to invoicing when the Group has satisfied the Group’s performance obligation and has the unconditional rights to payment.

Unearned revenues consist of payments received or awards to customers related to unsatisfied performance obligation at the end of the period and are recognized in “Deferred revenues” and “Advance from customers” in the Group’s consolidated balance sheets. The

non-current

portion of deferred revenues is included in “Other

non-current

liabilities” in the Group’s consolidated balance sheets and not significant. As of December 31, 2024, the Group’s total unearned revenues were RMB28,458 million, of which RMB23,238 million was recognized as revenues for the year ended December 31, 2025. The Group’s total unearned revenues were RMB30,949 million as of December 31, 2025, mainly expected to be recognized as revenue within one year.

The Group applied a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. These costs include certain partner sales incentive programs. The Group has no material incremental costs of obtaining contracts with customers that the Group expects the benefit of those costs to be longer than one year which need to be recognized as assets.

Customer incentives and loyalty programs

bb. Customer incentives and loyalty programs

For the Group’s online retail business, the Group provides discounted coupons, mainly D Coupons, to its customers for free to incentivize purchase. D Coupons are given to a customer upon current purchase or can be given for free to promote future purchases. D Coupons require the customer to make future purchase of a minimum value in order to enjoy the value provided by the coupon. The rights to purchase discounted products in the future does not represent a material right to the customer. The Group assesses the significance of the discount by considering its percentage of the total future minimum purchase value, historical usage pattern by the customers and relative outstanding volume and monetary value of D Coupons compared to the other discounts offered by the Group. D Coupons are accounted for as a reduction of revenues on the future purchase.

For the Group’s online marketplace and on-demand retail platform services, the Group also provides discounted coupons, mainly D coupons, to consumers at the Group’s own discretion. The Group evaluated the features of different incentive programs to determine whether the incentives represent explicit or implicit obligations to the consumers on behalf of merchants and if so, should be recorded as reduction of revenues. If the Group has determined that incentives provided to the consumers are not consideration payable to the merchants, the Group records these incentives as marketing expenses.

Registered customers may also earn J Beans, which were launched based on certain activities performed on the Group’s website by the customers and can be used against qualified purchases on JD Platform, which will directly reduce the amount paid by the customer, or redeemed for D Coupons that can be used in certain shops on JD Platform. The Group considers J Beans awarded to be a separate performance obligation identified in the contract. Therefore, the sales consideration is allocated to the products and J Beans based on the relative SSP of the products and J Beans awarded. Consideration allocated to J Beans is initially recorded as deferred revenues, and recognized as revenues when J Beans are used or expired. J Beans will expire at the subsequent year end after issuance. For the years ended December 31, 2023, 2024 and 2025, the amounts of expired J Beans were not material.

Cost of revenues

cc. Cost of revenues

Cost of revenues consists primarily of purchase price of products, inbound shipping charges, write-downs of inventories, traffic acquisition costs related to online marketing services, and cost related to logistics services provided to third parties.

Rebates

dd. Rebates

The Group periodically receives considerations from certain vendors, representing rebates for products purchased over a period of time. The Group accounts for the rebates received from its vendors as a reduction to the prices it pays for the products purchased and therefore the Group records such amounts as a reduction of “cost of revenues” when recognized in the consolidated statements of operations and comprehensive income. Certain rebates are earned upon reaching minimum purchase or sales volume thresholds for a specified period. When volume rebates can be reasonably estimated based on the Group’s past experiences and current forecasts, a portion of the rebates is recognized as the Group makes progress towards the volume threshold.

Fulfillment

ee. Fulfillment

Fulfillment expenses consist primarily of (i) expenses incurred in operating the Group’s fulfillment centers, customer service centers and physical stores, including personnel cost and expenses attributable to buying, receiving, inspecting and warehousing inventories, picking, packaging, and preparing customer orders for shipment, processing payment and related transaction costs, (ii) expenses charged by third-party couriers for dispatching and delivering the Group’s products, (iii) lease expenses of warehouses, delivery and pickup stations, and physical stores, and (iv) depreciation and amortization of logistics and electronic equipment. The cost related to logistics services provided to third parties is classified in “cost of revenues” in the consolidated statements of operations and comprehensive income. Shipping costs included in fulfillment expenses amounted to RMB29,858 million, RMB32,643 million and RMB40,004 million for the years ended December 31, 2023, 2024 and 2025, respectively.

Marketing

ff. Marketing

Marketing expenses consist primarily of advertising costs, public relations expenditures, and employee compensation and associated costs for marketing and business development activities. The Group pays commissions to participants in the associates program when their customer referrals result in successful product sales and records such costs in “marketing” in the consolidated statements of operations and comprehensive income.

Advertising costs, which consist primarily of online advertising, offline television, movie and outdoor advertising, and incentive programs to attract or retain consumers for the Group’s online marketplace and on-demand retail platform services, are expensed as incurred, and totaled

RMB31,761 million, RMB38,172 million and RMB72,236 million for the years ended December 31, 2023, 2024 and 2025, respectively.

Research and development

gg. Research and development

Research and development expenses consist primarily of payroll and related expenses for research and development employees involved in designing, developing and maintaining technology platform, and application of artificial intelligence, big data and cloud technologies and services, and technology infrastructure costs. Technology infrastructure costs include servers and other equipment depreciation, bandwidth and data center costs, rent, utilities and other expenses necessary to support the Group’s internal and external business. Research and development expenses are expensed as incurred. Software development costs are recorded in “Research and development” as incurred as the costs qualifying for capitalization have been insignificant.

General and administrative

hh. General and administrative

General and administrative expenses consist primarily of employee related expenses for general corporate functions, including accounting, finance, tax, legal and human relations; costs associated with these functions including facilities and equipment depreciation expenses, rental and other general corporate related expenses.

Share-based compensation

ii. Share-based compensation

The Group grants restricted share units (“RSUs”) and share options of the Company and its subsidiaries to eligible employees and

non-employees.

The Group accounts for share-based awards issued to employees and

non-employees

in accordance with ASC Topic 718,

Compensation – Stock Compensation

Employees’ share-based awards and

non-employees’

share-based awards are measured at the grant date fair value of the awards and recognized as expenses a) immediately at grant date if no vesting conditions are required; or b) using graded vesting method, net of estimated forfeitures, over the requisite service period, which is the vesting period.

All transactions in which goods or services are received in exchange for equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.

The Group uses the binomial option-pricing model or other appropriate methods to estimate the fair value of share options. The determination of estimated fair value of share-based payment awards on the grant date is affected by the fair value of the Company’s ordinary shares as well as assumptions regarding a number of complex and subjective variables. These variables include the expected value volatility of the Company over the expected term of the awards, actual and projected employee share option exercise behaviors, a risk-free interest rate, exercise multiple and expected dividend yield, if any.

Determination of estimated fair value of the Company’s subsidiaries before they were publicly listed requires complex and subjective judgments due to their limited financial and operating history, unique business risks and limited public information on companies in China similar to the Company’s subsidiaries. The Company estimates the Company’s subsidiaries’ enterprise value for purposes of recording share-based compensation, and the information considered by the Company mainly includes but are not limited to the pricing of recent rounds of financing, future cash flow forecasts, discount rates, and liquidity factors.

The Group recognizes the estimated compensation cost of RSUs based on the fair value of its ordinary shares at the grant date, net of estimated forfeitures, over a vesting term for service-based RSUs.

Forfeitures are estimated at the time of grant and revised in the subsequent periods if actual forfeitures differ from those estimates.

A change in the terms or conditions of a share-based award, or cancellation of a share-based award accompanied by the concurrent grant of a replacement award is accounted for as a modification (that is, an exchange of the original award for a new award), unless the award’s fair value, vesting conditions, and classification as an equity instrument are the same as immediately before and after the change. The Group recognizes incremental compensation cost for an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. Therefore, in relation to the modified award, the Group recognizes share-based compensation over the vesting periods of the modified award.

Income tax

jj. Income tax

Current income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. The Group follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the temporary differences between the carrying amounts in the financial statements and the tax bases of existing assets and liabilities by applying enacted statutory tax rates that will be in effect in the period in which the temporary differences are expected to reverse. The Group records a valuation allowance to reduce the amount of deferred tax assets if based on the weight of available evidence, it is more likely than not that some portion, or all of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of operations and comprehensive income in the period of change. Deferred tax assets and liabilities are classified as

non-current

in the consolidated balance sheets.

The Group recognizes in its consolidated financial statements the benefit of a tax position if the tax position is more likely than not to prevail based on the facts and technical merits of the position. Tax positions that meet the

more-likely-than-not

recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The Group estimates its liability for unrecognized tax benefits which are periodically assessed and may be affected by changing interpretations of laws, rulings by tax authorities, changes and/or developments with respect to tax audits, and expiration of the statute of limitations. The ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion of a tax audit and, in some cases, appeal or litigation process. The actual benefits ultimately realized may differ from the Group’s estimates. As each audit is concluded, adjustments, if any, are recorded in the Group’s consolidated financial statements in the period in which the audit is concluded. Additionally, in future periods, changes in facts, circumstances and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recognized in the period in which the changes occur. As of December 31, 2024 and 2025, the Group did not have any significant unrecognized uncertain tax positions.

Leases

kk. Leases

Right-of-use

(“ROU”) assets represent the Group’s rights to use underlying assets for the lease term and lease liabilities represent the Group’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term, reduced by lease incentives received, plus any initial direct costs, using the discount rate for the lease at the commencement date. As the implicit rate in the lease is not readily determinable for the Group’s operating leases, the Group generally uses the incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The Group’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Group will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Group accounts for lease and

non-lease

components separately. The Group has no material finance leases for any of the periods presented.

The Group also enters into sale and leaseback transactions. The Group acts as the seller-lessee, transfers its assets to a third-party entity (the buyer-lessor) and then leases the transferred assets back from the buyer-lessor at an

arm-length

rental price. Upon consideration of ASC Topic

842-40-25-1

and ASC 606, the transfer of the underlying assets is considered as sales, and according to ASC Topic 842,

Leases

(“ASC 842”), the leaseback transaction is classified as an operating lease. Therefore, the sale and the leaseback of the underlying assets are separately accounted for by the Group. Upon completion of the transaction, the legal titles of these assets are transferred to the third-party entity (the buyer-lessor), and the Group derecognizes these transferred assets and recognizes gains or losses from disposal of these assets in accordance with ASC Topic 360,

Property, Plant and Equipment

. The leaseback transactions are accounted for under ASC 842, and the ROU assets and lease liabilities are recognized at commencement date accordingly.

The Group leases warehouses, offices, and store space to third-parties. The nature of the arrangements is operating lease which is neither a

sales-type

nor direct-financing lease. As such, the underlying assets remain in the Group’s consolidated balance sheets at their carrying value and continue to depreciate the assets based on the estimated useful life. Rental revenues should be recognized on a straight-line basis (or another systematic basis if that basis is more representative of the pattern in which income is earned from the underlying assets over the term of the respective lease). The Group records an unbilled rent receivable, which is the amount by which straight-line rental revenues exceed rents currently billed in accordance with the lease.

Comprehensive income/(loss)

ll. Comprehensive income/(loss)

Comprehensive income/(loss) is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments from shareholders and distributions to shareholders. Comprehensive income/(loss) for the periods presented primarily includes net income and foreign currency translation adjustments.

Net income per share

mm. Net income per share

Basic net income per share is computed by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. For the calculation of diluted net income per share, the weighted average number of ordinary shares is adjusted by the effect of dilutive potential ordinary shares, including unvested RSUs and ordinary shares issuable upon the exercise of outstanding share options using the treasury stock method, and dilution impact of convertible senior notes using the

if-converted

method. Additionally, the Company takes into account the effect of dilutive shares of entities in which the Company holds equity interests. The dilutive impacts from equity interests mainly include equity investments accounted for using the equity method and the consolidated subsidiaries. The effect mentioned above is not included in the calculation of the diluted income per share when inclusion of such effect would be anti-dilutive.

Segment reporting

nn. Segment reporting

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision making group, in deciding how to allocate resources and in assessing performance. The Group’s CODM is the

Chief Executive Officer.

Before 2024, the Company reported four reportable segments, JD Retail, JD Logistics, Dada Nexus Limited (“Dada”) and New Businesses. JD Retail, including JD Health and JD Industrials, among other operating segments, mainly engage in online retail, online marketplace and marketing services in China. JD Logistics includes both internal and external logistics businesses. Dada is a local

on-demand

delivery and retail platform in China. New Businesses mainly included multiple operating segments, such as JD Property, Jingxi and overseas businesses which do not individually meet the quantitative and qualitative thresholds to be individually reportable and were aggregated given majority similarities.

From the first quarter of 2024, the Company started to report three

reportable segments, JD Retail, JD Logistics and New Businesses, to reflect changes made to the reporting structure whose financial information is reviewed by the CODM under the ongoing operating strategies. JD Retail, which includes JD Health and JD Industrials, mainly engage in online retail, online marketplace and marketing services in China. JD Logistics includes both internal and external logistics businesses. New Businesses mainly included multiple operating segments, such as Dada, JD Property, Jingxi and overseas businesses which do not individually meet the quantitative and qualitative thresholds to be individually reportable and were aggregated given majority similarities. Following its privatization in the second quarter of 2025, Dada became a wholly-owned subsidiary of the Group. The Company further realigned Dada’s business strategy to provide the infrastructure support for the Company’s strategic expansion into food delivery business. Since then New Businesses mainly included JD Food Delivery and Jingxi, which together engage businesses in high-frequency daily necessities, JD Property and overseas businesses.

These changes align with the manner in which the Group’s CODM uses financial information to evaluate the performance of, and to allocate resources to, each of the operating segments. The prior periods’ segment operating results have been retrospectively recast in 2024 to conform to current period presentation.

Statutory reserves

oo. Statutory reserves

The Company’s subsidiaries and consolidated VIEs established in the Chinese mainland are required to make appropriations to certain

non-distributable

reserve funds.

In accordance with the laws applicable to the Foreign Investment Enterprises established in the PRC, the Group’s subsidiaries registered as wholly owned foreign enterprise have to make appropriations from their

after-tax

profits (as determined under generally accepted accounting principles in the PRC (“PRC GAAP”)) to reserve funds including general reserve fund, enterprise expansion fund and staff bonus and welfare fund. The appropriation to the general reserve fund must be at least 10% of the

after-tax

profits calculated in accordance with the PRC GAAP. Appropriation is not required if the general reserve fund has reached 50% of the registered capital of the company. Appropriations to the enterprise expansion fund and staff bonus and welfare fund are made at the respective company’s discretion.

In addition, in accordance with the PRC Company Laws, the consolidated VIEs, registered as Chinese domestic companies, must make appropriations from their

after-tax

profits as determined under the PRC GAAP to

non-distributable

reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the

after-tax

profits as determined under the PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the company. Appropriation to the discretionary surplus fund is made at the discretion of the respective company.

The use of the general reserve fund, enterprise expansion fund, statutory surplus fund and discretionary surplus fund are restricted to the offsetting of losses or increasing of the registered capital of the respective company. The staff bonus and welfare fund are liabilities in nature and are restricted to fund payments of special bonus to employees and for the collective welfare of employees. None of these reserves are allowed to be transferred to the company in terms of cash dividends, loans or advances, nor can they be distributed except under liquidation.

For the years ended December 31, 2023, 2024 and 2025, profit appropriation to statutory surplus fund for the Group’s entities incorporated in the Chinese mainland was approximately RMB2,636 million, RMB579 million and RMB929 million, respectively. No appropriation to other reserve funds was made for any of the periods presented.

Government financial incentives

pp. Government financial incentives

Government financial incentives represent rewards provided by the relevant PRC municipal government authorities to the Group for business achievements made by the Group. Government financial incentives are recognized in “others, net” in the consolidated statements of operations and comprehensive income when the government financial incentives are received and no further conditions need to be met, otherwise the received amounts are recorded as liabilities. The amounts of such government financial incentives are determined solely at the discretion of the relevant government authorities and there is no assurance that the Group will continue to receive these government financial incentives in the future.

Assets held for sale

qq. Assets held for sale

Classification of long-lived assets (or disposal group) as held for sale typically occurs upon the execution of a purchase and sale agreement and belief by management that the sale or disposition is probable of occurrence within one year. Upon determining that long-lived assets (or disposal groups)) meet the held for sale criteria, the Company discontinues depreciating the relevant long-lived assets, including property, equipment and software, intangible assets and ROU assets, and measures such assets or disposal groups in consolidated balance sheets at the lower of its carrying amount or fair value less the cost to sell. The Company presents these long-lived assets and liabilities directly associated with these assets as held for sale in its consolidated balance sheets and classifies them as current assets and liabilities. The Company reports the results of operations of its long-lived assets (or disposal group) sold or held for sale in its consolidated statements of operations and comprehensive income through the date of sale.

Recent accounting pronouncements

rr. Recent accounting pronouncements

Recently adopted accounting pronouncements

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments require the disclosure of specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold. The amendments also require disaggregated information about the amount of income taxes paid (net of refunds received), income (or loss) from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) from continuing operations. The Group adopted this update prospectively on January 1, 2025. The adoption did not have a material impact on the consolidated financial statements, and the required disclosures are included in Note 19.

Recently issued accounting pronouncements not yet adopted

In November 2024, the FASB issued ASU

No. 2024-03,

Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic

220-40):

Disaggregation of Income Statement Expenses (“ASU

2024-03”),

and in January 2025, the FASB issued ASU

No. 2025-01,

Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic

220-40):

Clarifying the Effective Date (“ASU

2025-01”).

ASU

2024-03

requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU

2024-03,

as clarified by ASU

2025-01,

is effective for annual periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. This guidance will be applied either prospectively or retrospectively. The Group is currently evaluating the impact that the adoption of these standards will have on the consolidated financial statements.

In July 2025, the FASB issued ASU

2025-05,

Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). This standard introduces a practical expedient that companies can choose to apply when determining allowances for credit losses. Specifically, it permits companies to assume that the current conditions as of the balance sheet remain unchanged throughout the remaining life of the asset. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, and requires prospective application. The Group does not expect the adoption of the ASU to have a material impact on the consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which removes all references to software development project stages so that the guidance is neutral to different software development methods. Therefore, under ASU 2025-06, software capitalization will begin when management has authorized and committed to funding the software project and when it is probable that the project will be completed and the software will be used to perform the function intended. ASU 2025-06 will be effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods with early adoption permitted. The guidance is to be applied on a prospective basis, or on a modified transition approach or a retrospective transition approach. The Group does not expect the adoption of the ASU to have a material impact on the consolidated financial statements.

In December 2025, the FASB issued ASU

2025-10,

Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities (“ASU 2025-10”), which provides updated guidance on how to recognize, measure, and present government grants. The ASU will be effective for annual reporting periods beginning after December 15, 2028, including interim periods within those annual reporting periods, with early adoption permitted. The Group does not expect the adoption of the ASU to have a material impact on the consolidated financial statements.

Related party transactions

12 Months Ended

Dec. 31, 2025

Related party transactions

Related party transactions

27.	Related party transactions

The table below sets forth the major related parties and their relationships with the Group as of December 31, 2025:


Name of related parties		Relationship with the Group
JD Technology		An investee of the Group, and controlled by the Founder
Property Funds		Investees of the Group

(a)	The Group entered into the following transactions with the major related parties:


	For the year ended December 31,
	2023		2024			2025
	(RMB in millions)
Revenues:
Services provided and products sold to JD Technology		1,696		1,701			1,779
Services provided to Property Funds		177		208			210
Cost of revenues and operating expenses:
Payment processing and other services received from JD Technology		13,833		13,693			15,511
Lease and property management services received from Property Funds		1,681		1,765			1,843
Other income:
Interest income from loans provided to JD Technology		287		—	*		14
Interest income from loans provided to Property Funds		56		48			42

*	Absolute value is less than RMB1 million or US$1 million.

Revenues from related parties, excluding those from the major related parties as stated above, were not significant compared to total net revenues of the Group for the years ended December 31, 2023, 2024 and 2025. Transactions with related parties included in cost of revenues and operating expenses, excluding those with the major related parties as stated above, were not significant compared to total cost of revenues and operating expenses of the Group for the years ended December 31, 2023, 2024 and 2025.

(b)	The Group had the following balances with the major related parties:


	As of December 31,
	2024			2025
	(RMB in millions)
Due from/(to) JD Technology
Loans provided to JD Technology (1)		—			673
Other (payables to)/receivables from JD Technology		(1,170	)		456
Due from Property Funds
Loans provided to Property Funds (1)		2,457			656
Other receivables from Property Funds		1,837			134

Total		3,124			1,919

(1)	In relation to the loans provided to JD Technology and Property Funds, the Group charged JD Technology and Property Funds interests, and cash flows resulted from the loans were presented within investing activities in the consolidated statements of cash flows.

As of December 31, 2024 and 2025, the amounts due from related parties other than the major related parties as stated above were not significant compared to the Group’s total accounts receivable, net and prepayments and other current assets. As of December 31, 2024 and 2025, the amounts due to related parties other than the major related parties were not significant compared to the Group’s total accounts payable, advance from customers, accrued expenses and other current liabilities, deferred revenues and other

non-current

liabilities.

(c)	Other information related to related party transactions:

Based on a series of agreements signed on January 1, 2016, JD Technology performs the credit risk assessment and other related services in relation to consumer financing business and obtain the returns from such services, and JD Technology purchases the consumer financing receivables past due over certain agreed period of time from the Group at carrying values without recourse and also agrees to bear other cost in direct relation to the consumer financing business to absorb the risks. In connection with the agreements, the total amount of

past-due

consumer financing receivable related to the consumer financing business sold from the Group to JD Technology were RMB240 million, RMB176 million and RMB106 million for the years ended December 31, 2023, 2024 and 2025, respectively.

In addition, the Group transfers ownership for some of its accounts receivable originated from qualified corporate customers to JD Technology without recourse. The accounts receivable transferred without recourse were RMB55,028 million, RMB56,202 million and RMB72,032

million for the years ended December 31, 2023, 2024 and 2025, respectively, and were derecognized.

Mr. Richard Qiangdong Liu, the Group’s Chairman of the board since the Group’s inception and the Chief Executive Officer since the Group’s inception to April 2022, has purchased his own aircraft for both business and personal use. The use of the aircraft in connection with the performance of his duty is free of charge to the Group, and the Group has agreed to assume the cost of maintenance, crew and operations of the aircraft relating to the use of the aircraft. Such maintenance and incidental costs were insignificant for all periods presented.

The terms of the agreements with the related parties are determined based on contracted prices negotiated with other parties in normal commercial terms.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Restricted net assets

12 Months Ended

Dec. 31, 2025

Restricted net assets

Restricted net assets

32.	Restricted net assets

The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s subsidiaries and consolidated VIEs incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with the PRC accounting standards and regulations. The results of operations reflected in the financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries.

In accordance with the PRC Regulations on Enterprises with Foreign Investment, a foreign invested enterprise established in the PRC is required to provide certain statutory reserve funds, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profits as reported in the enterprise’s PRC statutory financial statements. A foreign invested enterprise is required to allocate at least 10% of its annual

after-tax

profits to the general reserve fund until such reserve fund has reached 50% of its registered capital based on the enterprise’s PRC statutory financial statements. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the board of directors for all foreign invested enterprises. The aforementioned reserved funds can only be used for specific purposes and are not distributable as cash dividends.

Additionally, in accordance with the Company Law of the PRC, a domestic enterprise is required to provide statutory surplus fund at least 10% of its annual

after-tax

profits until such statutory surplus fund has reached 50% of its registered capital based on the enterprise’s PRC statutory financial statements. A domestic enterprise is also required to provide discretionary surplus fund, at the discretion of the board of directors, from the net profits reported in the enterprise’s PRC statutory financial statements. The aforementioned reserve funds can only be used for specific purposes and are not distributable as cash dividends.

As a result of these PRC laws and regulations that require annual appropriations of 10% of net

after-tax

profits to be set aside prior to payment of dividends as general reserve fund or statutory surplus fund, the Company’s PRC subsidiaries and consolidated VIEs are restricted in their ability to transfer a portion of their net assets to the Company.

Amounts restricted include

paid-in

capital, additional

paid-in

capital and statutory reserve funds, totaling approximately RMB78,159 million, or 35% of the Company’s total consolidated net assets, as of December 31, 2025. Except for the above, there is no other restriction on the use of proceeds generated by the Company’s subsidiaries and consolidated VIEs to satisfy any obligations of the Company.

Employee benefit

12 Months Ended

Dec. 31, 2025

Defined Contribution Pension And Other Postretirements Plan Disclosure [Abstract]

Employee benefit

29.	Employee benefit

Full time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require that the PRC subsidiaries and consolidated VIEs of the Group make contributions to the government for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits beyond the contributions made. The total amounts for such employee benefit expenses recorded in cost of revenues and expenses, which were expensed as incurred, were approximately RMB12,659 million, RMB14,220 million and RMB18,200 million for the years ended December 31, 2023, 2024 and 2025, respectively.

Taxation (Details 8) - CNY (¥) ¥ in Millions	12 Months Ended
Taxation (Details 8) - CNY (¥) ¥ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Taxation
Balance at beginning of the Year	¥ 13,315	¥ 17,057	¥ 14,276
Additions	9,568	1,680	6,630
Reversals	(7,993)	(5,422)	(3,849)
Balance at end of the Year	¥ 14,890	¥ 13,315	¥ 17,057

Segment reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment reporting

28.	Segment reporting

The Group derives the results of the segments directly from its internal management reporting system. The CODM measures the performance of each segment based on metrics of revenues and earnings from operations and uses these results to evaluate the performance of, and to allocate resources to, each of the segments. The Group currently does not allocate assets, share-based compensation expenses, impairment of goodwill and intangible assets and certain operating expenses to its segments, as the CODM does not use such information to allocate resources to or evaluate the performance of the operating segments. As most of the Group’s long-lived assets are located in the PRC and most of the Group’s revenues are derived from the PRC, no geographical information is presented.

As disclosed in Note 2(nn), from the first quarter of 2024, the Company started to report three reportable segments, JD Retail, JD Logistics and New Businesses, to reflect changes made to the reporting structure whose financial information is reviewed by the CODM under its ongoing operating strategies. The Company allocates to segment results the operating expenses “Fulfillment”, “Marketing”, “Research and development” and “General and administrative” based on usage, which is generally reflected in the segment in which the expenses are incurred. The CODM manages the business primarily by reviewing consolidated results by segment on a quarterly basis, and using those results along with forecasts and other

non-financial

information in the Company’s annual financing planning process.

The prior periods’ segment operating results have been retrospectively recast in 2024 to

conform to current period presentation.


	For the year ended December 31,
	2023			2024			2025
	(RMB in millions)
Net revenues:
JD Retail		945,343			1,015,948			1,126,399
JD Logistics		166,625			182,837			217,146
New Businesses		26,617			19,157			49,282
Inter-segment eliminations (1)		(53,923	)		(59,123	)		(83,742	)

Total consolidated net revenues		1,084,662			1,158,819			1,309,085
Less: cost of revenues:
JD Retail		(798,380	)		(847,917	)		(928,261	)
JD Logistics		(154,494	)		(164,689	)		(198,039	)
New Businesses		(21,004	)		(15,109	)		(49,995	)
Inter-segment eliminations (1)		49,053			52,844			77,325
Less: operating expenses (2) :
JD Retail		(111,038	)		(126,954	)		(146,736	)
JD Logistics		(11,126	)		(11,831	)		(13,838	)
New Businesses		(7,102	)		(7,413	)		(46,315	)
Inter-segment eliminations (1)		4,870			6,279			6,417
Income/(loss) from operations:
JD Retail		35,925			41,077			51,402
JD Logistics		1,005			6,317			5,269
New Businesses		(329	)		(2,865	)		(46,641	)
Including:
Gain on sale of development properties (Note 17)		2,283			1,527			387
Impairment of long-lived assets		(1,123	)		(1,027	)		—

Total segment income from operations		36,601			44,529			10,030
Unallocated items (3)		(10,576	)		(5,793	)		(7,256	)

Total consolidated income from operations		26,025			38,736			2,774
Share of results of equity investees		1,010			2,327			8,025
Interest expense		(2,881	)		(2,896	)		(2,803	)
Others, net		7,496			13,371			17,327

Total consolidated income before tax		31,650			51,538			25,323

(1)

The inter-segment eliminations mainly consist of revenues from supply chain solutions and logistics services provided by JD Logistics to JD Retail

and New Businesses

(2)	A summary of depreciation and amortization expenses for the years presented is as follows ：


	For the year ended December 31,
	2023			2024			2025
	(RMB in millions)
JD Retail		(594	)		(978	)		(1,655	)
JD Logistics		(4,346	)		(4,650	)		(5,102	)
New Businesses		(2,071	)		(2,266	)		(1,944	)

(3)	A summary of unallocated items for the years presented is as follows ：


	For the year ended December 31,
	2023			2024			2025
	(RMB in millions)
Share-based compensation		(4,804	)		(2,999	)		(4,726	)
Amortization of intangible assets resulting from assets and business acquisitions		(1,281	)		(1,010	)		(1,046	)
Effects of business cooperation arrangements		(446	)		(450	)		(181	)
Impairment of goodwill		(3,143	)		(799	)		(1,303	)
Impairment of intangible assets		(902	)		(535	)		—

Total		(10,576	)		(5,793	)		(7,256	)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Investment in equity investees (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2025	Dec. 31, 2024
Measurement Alternative and NAV practical expedient investments
Carrying amount of investment under NAV practical expedient	¥ 8,442	¥ 8,529
Carrying amount of the Group's equity investments accounted for under the Measurement Alternative	¥ 11,856	¥ 14,027

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2025

Summary of significant accounting policies

Summary of significant accounting policies

2.	Summary of significant accounting policies

a. Basis of presentation

b. Principles of consolidation

All transactions and balances among the Company, its subsidiaries and the consolidated VIEs have been eliminated upon consolidation.

c. Reclassifications

Non-controlling

interests

For the Company’s subsidiaries and consolidated VIEs,

non-controlling

interests are recognized to reflect the portion of their equity that is not attributable, directly or indirectly, to the Company as the controlling shareholder.

Non-controlling

non-controlling

shareholders.

e. Use of estimates

f. Foreign currency translation

The Group’s reporting currency is Renminbi

Foreign Currency Matters

The Company designates certain

non-derivative

instruments to hedge its net investments in certain foreign operations, to manage exposure in exchange rates. In December 2023, the Company designated the principal of its 8.3 billion

g. Convenience translation

h. Cash and cash equivalents

Cash and cash equivalents primarily consist of cash on hand and time deposits which have original maturities of three months or less.

i. Restricted cash

j. Short-term investments

not-guaranteed

Financial Instruments

held-to-maturity

k. Accounts receivable, net

Accounts receivable represents the amounts that the Group has an unconditional right to consideration, and are recorded net of allowance for doubtful accounts.

l. Inventories, net

m. Loan receivables, net

non-current

n. Property, equipment and software, net


Category		Estimated useful lives
Electronic equipment		3 - 5 years
Software		3 - 5 years
Vehicles		3 - 6 years
Office equipment		5 years
Logistics, warehouse and other heavy equipment		5 - 10 years
Leasehold improvement		Over the shorter of the expected life of leasehold improvements or the lease term
Building		18 - 40 years
Building improvement		5 - 10 years
Land		Indefinite

o. Construction in progress

p. Land use rights, net

q. Intangible assets, net

The estimated useful lives of major intangible assets are as follows:


Category		Estimated useful lives
Customer relationship		3 - 10 years
Technology and others		3 - 10 years
Non-compete		5 -8 years
Domain names and trademarks		5 - 20 years

r. Goodwill

Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired in a business combination.

2017-04,

Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment

s. Asset acquisition

t. Investments in equity investees

in-substance

common stock, according to ASC Topic 323,

Investment—Equity Method and Joint Ventures

(“ASC 323”), over which it has significant influence but does not own a majority equity interest or otherwise control.

An investment in

in-substance

Fair Value Measurements and Disclosures

to estimate fair value using the net asset value per share (or its equivalent) of the investment (“NAV practical expedient”).

2016-01,

Financial Instruments—Overall (Subtopic

825-10)—Recognition

and Measurement of Financial Assets and Financial Liabilities

(“ASU

2016-01”).

2020-01,

Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323).

u. Marketable securities and other investments

2016-01.

held-to-maturity

and recorded at amortized cost considering its positive intent and ability to hold them to maturity.

v. Impairment of long-lived assets

w. Nonrecourse securitization debt and transfer of financial assets

de-recognized

in the consolidated balance sheets pursuant to ASC Topic 860,

Transfers and Servicing

860-10-40-5

x. Unsecured senior notes and long-term debts

Derivatives and Hedging

and ASC Topic 470,

Debt

y. Fair value

Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 — Include other inputs that are directly or indirectly observable in the marketplace.

Level 3 — Unobservable inputs which are supported by little or no market activity.

z. Revenues

Consistent with the criteria of ASC Topic 606,

Revenue from Contracts with Customers

Net Product Revenues

Net Service Revenues

advertising-for-advertising

barter transactions for the periods presented.

The Group offers integrated supply chain solutions and logistics services, primarily including warehousing and distribution services, express and freight, as well as

on-demand

delivery services are recognized at the point of delivery of merchandise.

The Group also provides

on-demand

aa. Contract balances

non-current

portion of deferred revenues is included in “Other

non-current

bb. Customer incentives and loyalty programs

cc. Cost of revenues

dd. Rebates

ee. Fulfillment

ff. Marketing

RMB31,761 million, RMB38,172 million and RMB72,236 million for the years ended December 31, 2023, 2024 and 2025, respectively.

gg. Research and development

hh. General and administrative

ii. Share-based compensation

The Group grants restricted share units (“RSUs”) and share options of the Company and its subsidiaries to eligible employees and

non-employees.

The Group accounts for share-based awards issued to employees and

non-employees

in accordance with ASC Topic 718,

Compensation – Stock Compensation

Employees’ share-based awards and

non-employees’

Forfeitures are estimated at the time of grant and revised in the subsequent periods if actual forfeitures differ from those estimates.

jj. Income tax

non-current

in the consolidated balance sheets.

more-likely-than-not

kk. Leases

Right-of-use

non-lease

components separately. The Group has no material finance leases for any of the periods presented.

arm-length

rental price. Upon consideration of ASC Topic

842-40-25-1

and ASC 606, the transfer of the underlying assets is considered as sales, and according to ASC Topic 842,

Leases

Property, Plant and Equipment

. The leaseback transactions are accounted for under ASC 842, and the ROU assets and lease liabilities are recognized at commencement date accordingly.

The Group leases warehouses, offices, and store space to third-parties. The nature of the arrangements is operating lease which is neither a

sales-type

ll. Comprehensive income/(loss)

mm. Net income per share

if-converted

nn. Segment reporting

Chief Executive Officer.

on-demand

From the first quarter of 2024, the Company started to report three

oo. Statutory reserves

The Company’s subsidiaries and consolidated VIEs established in the Chinese mainland are required to make appropriations to certain

non-distributable

reserve funds.

after-tax

In addition, in accordance with the PRC Company Laws, the consolidated VIEs, registered as Chinese domestic companies, must make appropriations from their

after-tax

profits as determined under the PRC GAAP to

non-distributable

reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the

after-tax

pp. Government financial incentives

qq. Assets held for sale

rr. Recent accounting pronouncements

Recently adopted accounting pronouncements

Recently issued accounting pronouncements not yet adopted

In November 2024, the FASB issued ASU

No. 2024-03,

Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic

220-40):

Disaggregation of Income Statement Expenses (“ASU

2024-03”),

and in January 2025, the FASB issued ASU

No. 2025-01,

Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic

220-40):

Clarifying the Effective Date (“ASU

2025-01”).

ASU

2024-03

2024-03,

as clarified by ASU

2025-01,

In July 2025, the FASB issued ASU

2025-05,

In December 2025, the FASB issued ASU

2025-10,

Accumulated other comprehensive income

12 Months Ended

Dec. 31, 2025

Other comprehensive income/(loss)

Accumulated other comprehensive income

24.	Accumulated other comprehensive income/(loss)

For the years ended December 31, 2023 and 2024, other comprehensive income attributable to the Company’s ordinary shareholders were translation adjustments and hedge of net investments in foreign operations (net of tax) amounting to RMB1,862 million and RMB518 million, respectively. For the years ended December 31, 2025, other comprehensive loss attributable to the Company’s ordinary shareholders were translation adjustments and hedge of net investments in foreign operations (net of tax) amounting to RMB2,596

million. Accumulated other comprehensive income were

RMB903 million, RMB1,421 million as of December 31, 2023 and 2024, respectively, and accumulated other comprehensive loss was RMB1,175 million as of December 31, 2025.

The income tax effects related to the accumulated other comprehensive income were insignificant for all periods presented.

Subsequent events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent events

33.	Subsequent events

Acquisition of CECONOMY AG

On September 1, 2025, the Group, through its wholly-owned indirect subsidiary JINGDONG Holding Germany GmbH, published the Offer Document for its voluntary public takeover offer to all shareholders of CECONOMY AG (“CECONOMY”) (XETRA: CEC), the parent company of leading European consumer electronics retailers MediaMarkt and Saturn, to acquire all issued and outstanding bearer shares in CECONOMY (“CECONOMY shares”) for a cash consideration of EUR 4.60 per share.

The Group has

successfully secured

59.8%

of CECONOMY shares after the end of the additional acceptance period for a consideration of EUR

1,335

million. This results in a total shareholding of

85.2

% in CECONOMY in combination with the retained stake of the Group’s future partner Convergenta Invest GmbH and related shareholders.

As of the reporting date, the closing of the transaction remains subject to customary regulatory clearances. Upon the closing of the transaction, the Group expects to consolidate the financial results of CECONOMY into its consolidated financial statements.

Voluntary Delisting of Deppon

On January 13, 2026, Deppon Logistics Co., Ltd. (“Deppon”) (stock code: 603056), a consolidated subsidiary of JD Logistics, announced a voluntary delisting from the Shanghai Stock Exchange. In conjunction with the delisting, JD Logistics provided a cash option to Deppon’s minority shareholders, at a price of RMB

19.0

per share and a total consideration of RMB

3.8

billion (US$

0.5

billion). The Boards of Deppon and JD Logistics have approved the

ransaction on January 13, 2026 and the shareholders of Deppon ha

approved the transaction on January 29, 2026. On February 13, 2026, a total of

197,259,820

Deppon

hares which represent

19.5

% of the total Deppon shares have submitted valid applications for the cash option. Upon the completion of the cash option

in February 2026,

the Group held approximately

99.7

% of the total Deppon shares. The delisting of Deppon was approved by the Shanghai Stock Exchange in March 2026. The Deppon shares were delisted from the Shanghai Stock Exchange on March 31, 2026.

Dividends

In March 2026, the Company declared an annual cash dividend for the year ended December 31, 2025 of US$0.50 per ordinary share, or US$1.00 per ADS, for an aggregate amount of approximately US$1.4 billion based on the number of shares on record date.

Offering of unsecured senior notes

On April 10, 2026, the Company completed its offering of RMB7,500 million 2.05% notes due 2031 and RMB2,500 million 2.75% notes due 2036 in reliance on Regulation S under the United States Securities Act of 1933, as amended. The proceeds have been received in full and was partially used to repay certain existing borrowings and related interest.

Subsequent events (Details) € / shares in Units, ¥ / shares in Units, $ / shares in Units, € in Millions, ¥ in Millions, $ in Billions	Feb. 13, 2026 shares	Jan. 13, 2026 CNY (¥) ¥ / shares	Jan. 13, 2026 USD ($)	Apr. 10, 2026 CNY (¥)	Feb. 28, 2026	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($) $ / shares	Dec. 31, 2025 € / shares	Sep. 01, 2025 EUR (€)
Subsequent events
Aggregate principal amount						¥ 8,300
Dividends Payable \| $							$ 1.4
Ceconomy [Member]
Subsequent events
Business Acquisition, Percentage of Shareholding Secured						59.80%	59.80%
Consideration payable per share \| € / shares								€ 4.6
Ceconomy [Member]
Subsequent events
Total shareholding in ceconomy in combination with retained stake of convergenta						85.20%	85.20%
Business Combination Consideration Payable \| €									€ 1,335
American Depositary Share
Subsequent events
Cash dividend, per ordinary share \| $ / shares							$ 1
Ordinary shares
Subsequent events
Cash dividend, per ordinary share \| $ / shares							$ 0.5
Subsequent event \| Deppon Logistics [Member]
Subsequent events
Stock Repurchase Price Per Share \| ¥ / shares		¥ 19
Payments To Acquire Non controlling Interests		¥ 3,800	$ 0.5
Stock Repurchased During Period, Shares \| shares	197,259,820
Subsidiary, Ownership Percentage, Parent					99.70%
Percentage Of Shares Submitting Valid Applications	19.50%
Subsequent event \| Unsecured Debt [Member] \| 2.05% notes due 2031
Subsequent events
Aggregate principal amount				¥ 7,500
Interest rate (as a percent)				2.05%
Subsequent event \| Unsecured Debt [Member] \| 2.75% notes due 2036
Subsequent events
Aggregate principal amount				¥ 2,500
Interest rate (as a percent)				2.75%

Fair value measurement (Tables)

12 Months Ended

Dec. 31, 2025

Fair value measurement

Schedule of assets and liabilities that are measured at fair value on a recurring basis

As of December 31, 2024 and 2025, information about inputs into the fair value measurement of the Group’s assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows:


			Fair value measurement at reporting date using
Description	Fair Value as of December 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(RMB in millions)
Assets:
Restricted cash		7,366		—		7,366		—
Short-term investments
Wealth management products		38,396		—		38,396		—
Marketable securities and other investments
Listed equity securities		2,907		2,907		—		—

Total assets		48,669		2,907		45,762		—


			Fair value measurement at reporting date using
Description	Fair Value as of December 31, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(RMB in millions)
Assets:
Restricted cash		12,137		—		12,137		—
Short-term investments
Wealth management products		15,519		—		15,519		—
Foreign exchange forward		13		—		13		—
Marketable securities and other investments
Listed equity securities		1,494		1,494		—		—
Wealth management products		36,592		—		36,592		—

Total assets		65,755		1,494		64,261		—

Ordinary shares

12 Months Ended

Dec. 31, 2025

Ordinary shares

Ordinary shares

21.	Ordinary shares

In 2022, the Company renewed a strategic cooperation agreement with Tencent Holdings Limited (“Tencent”) originated in 2019 for three years. As part of the total consideration, the Company agreed to issue a certain number of the Company’s Class A ordinary shares as the

non-cash

consideration of up to US$220 million at prevailing market prices at certain

pre-determined

dates to Tencent to exchange its traffic support services during the three-year period, of which 2,164,236, 3,761,270 and 4,119,434

of the Company’s Class A ordinary shares had been issued in July 2022, May 2023 and May 2024, respectively. In 2025, the Company renewed the strategic cooperation agreement with Tencent under updated commercial terms with cash consideration only.

Accounts payable (Details) ¥ in Millions, $ in Millions	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Accounts Payable, Current [Abstract]
Vendor payable	¥ 149,368		¥ 157,147
Shipping charges payable and others	39,011		35,713
Total	¥ 188,379	$ 26,938	¥ 192,860

Related party transactions (Tables)

12 Months Ended

Dec. 31, 2025

Related party transactions

Schedule of the major related parties and their relationships with the Group

The table below sets forth the major related parties and their relationships with the Group as of December 31, 2025:


Name of related parties		Relationship with the Group
JD Technology		An investee of the Group, and controlled by the Founder
Property Funds		Investees of the Group

Schedule of the major related party transactions

(a)	The Group entered into the following transactions with the major related parties:


	For the year ended December 31,
	2023		2024			2025
	(RMB in millions)
Revenues:
Services provided and products sold to JD Technology		1,696		1,701			1,779
Services provided to Property Funds		177		208			210
Cost of revenues and operating expenses:
Payment processing and other services received from JD Technology		13,833		13,693			15,511
Lease and property management services received from Property Funds		1,681		1,765			1,843
Other income:
Interest income from loans provided to JD Technology		287		—	*		14
Interest income from loans provided to Property Funds		56		48			42

*	Absolute value is less than RMB1 million or US$1 million.

Schedule of the major related party balances

(b)	The Group had the following balances with the major related parties:


	As of December 31,
	2024			2025
	(RMB in millions)
Due from/(to) JD Technology
Loans provided to JD Technology (1)		—			673
Other (payables to)/receivables from JD Technology		(1,170	)		456
Due from Property Funds
Loans provided to Property Funds (1)		2,457			656
Other receivables from Property Funds		1,837			134

Total		3,124			1,919

(1)	In relation to the loans provided to JD Technology and Property Funds, the Group charged JD Technology and Property Funds interests, and cash flows resulted from the loans were presented within investing activities in the consolidated statements of cash flows.

Principal activities and organization (Details)	Dec. 31, 2025
Jingdong Century
Organization
Equity interest held (as a percent)	100.00%
Jiangsu Jingdong Information Technology Co., Ltd.
Organization
Equity interest held (as a percent)	100.00%
Shanghai Shengdayuan Information Technology Co., Ltd.
Organization
Equity interest held (as a percent)	100.00%
JD Logistics Holding Limited
Organization
Equity interest held (as a percent)	63.00%
Jingdong Technology Group Corporation
Organization
Equity interest held (as a percent)	100.00%
JINGDONG Property, Inc
Organization
Equity interest held (as a percent)	75.00%
JD Logistics, Inc. (formerly known as Jingdong Express Group Corporation) ("JD Logistics")
Organization
Equity interest held (as a percent)	63.00%
Jingdong E-Commerce (Trade) Hong Kong Co., Ltd
Organization
Equity interest held (as a percent)	100.00%
JD.com International Limited
Organization
Equity interest held (as a percent)	100.00%
Beijing Jingdong Shangke Information Technology Co., Ltd.
Organization
Equity interest held (as a percent)	100.00%
Chongqing Jingdong Haijia E-commerce Co., Ltd. ("Chongqing Haijia")
Organization
Equity interest held (as a percent)	100.00%
JD.com Investment Limited
Organization
Equity interest held (as a percent)	100.00%
JD Asia Development Limited
Organization
Equity interest held (as a percent)	75.00%
Suqian Hanbang Investment Management Co., Ltd.
Organization
Equity interest held (as a percent)	100.00%
Jiangsu Xinchuan Hailian Supply Chain Management Co., Ltd.
Organization
Equity interest held (as a percent)	63.00%
JD Assets Holding Limited
Organization
Equity interest held (as a percent)	100.00%
JD Property Holding Limited
Organization
Equity interest held (as a percent)	100.00%
Beijing Wodong Tianjun Information Technology Co., Ltd. ("Beijing Wodong Tianjun")
Organization
Equity interest held (as a percent)	100.00%
JD Health International Inc.
Organization
Equity interest held (as a percent)	67.00%
JD Jiankang Limited
Organization
Equity interest held (as a percent)	100.00%
JD Industrial Technology Limited
Organization
Equity interest held (as a percent)	100.00%
JINGDONG Industrials, Inc
Organization
Equity interest held (as a percent)	71.00%
Jingdong Logistics Supply Chain Co., Ltd.
Organization
Equity interest held (as a percent)	63.00%
Jiangsu Huiji Space Technology Co., Ltd. ("Jiangsu Huiji")
Organization
Equity interest held (as a percent)	100.00%
JD Sunflower Investment Limited("JD Sunflower")
Organization
Equity interest held (as a percent)	100.00%

Leases

12 Months Ended

Dec. 31, 2025

Leases

Leases

16.

Leases

The Group has operating leases for warehouses, stores, office spaces, delivery centers and other corporate assets that the Group utilizes under lease arrangements.

A summary of supplemental information related to operating leases as of December 31, 2024 and 2025 is as follows:


	As of December 31,
	2024			2025
	(RMB in millions)
Operating lease ROU assets		24,532			31,128
Operating lease liabilities-current		7,606			9,399
Operating lease liabilities-non-current		18,106			23,708

Total operating lease liabilities		25,712			33,107

Weighted average remaining lease term		7.2 years			7.1 years
Weighted average discount rate		4.2	%		3.6	%

A summary of lease cost recognized in the Group’s consolidated statements of operations and comprehensive income and supplemental cash flow information related to operating leases is as follows:


	For the year ended December 31,
	2023		2024		2025
	(RMB in millions)
Operating lease cost		8,917		8,934		9,213
Short-term lease cost		3,358		3,263		3,405

Total		12,275		12,197		12,618

Cash paid for operating leases		9,086		9,546		10,012

A summary of maturity of operating lease liabilities under the Group’s

non-cancelable

operating leases as of December 31, 2025 is as follows:


	As of December 31, 202 5
	(RMB in millions)
2026		9,616
2027		6,267
2028		4,419
2029		3,409
2030		2,729
2031 and thereafter		11,737

Total lease payments		38,177
Less: interest		(5,070	)

Present value of operating lease liabilities		33,107

As of December 31, 2025, the Group has no significant lease contract that has been entered into but not yet commenced.

Unsecured senior notes (Details 2) - CNY (¥)
¥ in Millions

Dec. 31, 2025

Dec. 31, 2024

Debt Instrument [Line Items]

Total

^[1]

¥ 41,675

¥ 31,705

Unsecured Senior Note

Debt Instrument [Line Items]

3,514

4,885

2,016

10,415

Convertible Notes Payable

Debt Instrument [Line Items]

14,058

¥ 14,058

[1]	As of December 31, 2025, the major long-term debts were listed as below.

Commitments and contingencies

12 Months Ended

Dec. 31, 2025

Commitments and contingencies

Commitments and contingencies

31.	Commitments and contingencies

Capital commitments

The Group’s capital commitments primarily relate to commitments on construction and purchase of office buildings and warehouses. Total capital commitments contracted but not yet reflected in the consolidated financial statements amounted to RMB2,682 million as of December 31, 2025. All of these capital commitments will be fulfilled in the following years according to the construction progress.

Investment commitments

The Group’s investment commitments primarily related to capital contribution obligation for certain fund investments. Total investment commitments contracted but not yet reflected in the consolidated financial statements amounted to RMB1,510 million as of December 31, 2025.

Long-term debt obligations

The Group’s long-term debt obligations include unsecured senior notes and long-term debts. The amounts exclude the corresponding interest payable. The expected repayment schedule of the unsecured senior notes and long-term debts have been disclosed in Note 15 and Note 30, respectively.

Legal proceedings

From time to time, the Group is subject to legal proceedings and claims in the ordinary course of business. Third parties assert patent infringement claims against the Group from time to time in the form of letters, lawsuits and other forms of communication. In addition, from time to time, the Group receives notification from customers claiming that they are entitled to indemnification or other obligations from the Group related to infringement claims made against them by third parties. Litigation, even if the Group is ultimately successful, can be costly and divert management’s attention away from the

day-to-day

operations of the Group. The Group records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Group reviews the need for any such liability on a regular basis. The Group has not recorded any material liabilities in this regard as of December 31, 2025.

Debts and lines of credit (Tables)

12 Months Ended

Dec. 31, 2025

Line of Credit Facility [Abstract]

Schedule of long-term borrowings

As of December 31, 2025, the long-term debts, including the portion due within one year which were recorded in “short-term debts”, will be repaid according to the following schedule:


	As of December 31, 2025
	(RMB in millions)
2026		3,197
2027		1,302
2028		13,111
2029		2,320
2030		9,667
2031 and thereafter		15,275

		44,872

Schedule of debt

As of December 31, 2025, the Group’s debts were classified into different types as follows:


	As of December 31,
	2024		2025
	(RMB in millions)
Short-term debts		7,581		8,014
Short-term debts (*)		3,902		4,817
Long-term debts due within one year (**)		3,679		3,197
Long-term debts (**)		31,705		41,675

Total		39,286		49,689

(*)	As of December 31, 2025, all short-term debts were unsecured, and the weighted average interest rate for the outstanding short-term debts was 1.7% per annum.

(**)	As of December 31, 2025, the major long-term debts were listed as below.

Debts and lines of credit (Details 2)
¥ in Millions, $ in Millions

Dec. 31, 2025

CNY (¥)

Dec. 31, 2025

USD ($)

Dec. 31, 2024

CNY (¥)

Debt Instrument [Line Items]

Short-term debts

¥ 8,014

$ 1,146

¥ 7,581

Short-term debts

^[1]

4,817

3,902

Long-term debts due within one year

^[2]

3,197

3,679

Long-term debts

^[2]

41,675

31,705

Total

¥ 49,689

¥ 39,286

[1]	As of December 31, 2025, all short-term debts were unsecured, and the weighted average interest rate for the outstanding short-term debts was 1.7% per annum.
[2]	As of December 31, 2025, the major long-term debts were listed as below.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
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-Section S99
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- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

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+ Details

Inventories, net (Tables)

12 Months Ended

Dec. 31, 2025

Inventories, net

Schedule of Inventories, net

Inventories, net consist of the following:


	As of December 31,
	2024			2025
	(RMB in millions)
Products		91,631			98,171
Packing materials and others		1,782			2,044

Inventories		93,413			100,215
Inventory valuation allowance		(4,087	)		(4,787	)

Inventories, net		89,326			95,428

Property, equipment and software, net

12 Months Ended

Dec. 31, 2025

Property, equipment and software, net

Property, equipment and software, net

9.	Property, equipment and software, net

Property, equipment and software, net consist of the following:


	As of December 31,
	2024			2025
	(RMB in millions)
Land, building and building improvement		70,977			78,716
Logistics, warehouse and other heavy equipment		18,061			20,337
Vehicles		8,981			11,433
Leasehold improvement		5,895			7,656
Electronic equipment		2,947			3,259
Office equipment		757			1,255
Software		1,072			1,121

Total		108,690			123,777
Less: accumulated depreciation and impairment		(25,953	)		(32,428	)

Net carrying amount		82,737			91,349

Depreciation expenses were RMB6,088 million, RMB6,958 million and RMB7,655 million for the years ended December 31, 2023, 2024 and 2025, respectively. For the years ended December 31, 2023, 2024 and 2025, the Group recorded impairment losses of RMB819 million, RMB716 million and nil, respectively.

Principal activities and organization (Tables)

12 Months Ended

Dec. 31, 2025

Principal activities and organization

Schedule of percentage of legal ownership in major subsidiaries, VIEs and VIEs' subsidiaries

As of December 31, 2025, the Company’s major subsidiaries, consolidated VIEs and consolidated VIEs’ subsidiaries are as follows:


	Equity interest held	Place and date of incorporation
Subsidiaries
Beijing Jingdong Century Trade Co., Ltd. (“Jingdong Century”)	100%	Beijing, China, April 2007
Jiangsu Jingdong Information Technology Co., Ltd.	100%	Jiangsu, China, June 2009
Shanghai Shengdayuan Information Technology Co., Ltd.	100%	Shanghai, China, April 2011
JD Logistics Holding Limited	63%	Hong Kong, China, August 2011
Jingdong Technology Group Corporation	100%	Cayman Islands, November 2011
JINGDONG Property, Inc.	75%	Cayman Islands, January 2012
JD Logistics, Inc.	63%	Cayman Islands, January 2012
Jingdong E-Commerce (Trade) Hong Kong Co., Ltd.	100%	Hong Kong, China, February 2012
JD.com International Limited	100%	Hong Kong, China, February 2012
Beijing Jingdong Shangke Information Technology Co., Ltd. (“Beijing Shangke”)	100%	Beijing, China, March 2012
Chongqing Jingdong Haijia E-commerce Co., Ltd. (“Chongqing Haijia”)	100%	Chongqing, China, June 2014
JD.com Investment Limited	100%	British Virgin Islands (“BVI”), January 2015
JD Asia Development Limited	75%	British Virgin Islands, February 2015
Suqian Hanbang Investment Management Co., Ltd.	100%	Jiangsu, China, January 2016
Jiangsu Xinchuan Hailian Supply Chain Management Co., Ltd.	63%	Jiangsu, China, May 2017
JD Assets Holding Limited	100%	Cayman Islands, March 2018
JD Property Holding Limited	100%	Cayman Islands, March 2018
Beijing Wodong Tianjun Information Technology Co., Ltd. (“Beijing Wodong Tianjun”)	100%	Beijing, China, May 2018
JD Health International Inc.	67%	Cayman Islands, November 2018
JD Jiankang Limited	100%	British Virgin Islands, April 2019
JD Industrial Technology Limited	100%	British Virgin Islands, October 2019
JINGDONG Industrials, Inc.	71%	Cayman Islands, November 2019
Jingdong Logistics Supply Chain Co., Ltd.	63%	Jiangsu, China, June 2020
Jiangsu Huiji Space Technology Co., Ltd.	100%	Jiangsu, China, March 2019
JD Sunflower Investment Limited(“JD Sunflower”)	100%	British Virgin Islands, February 2016

Consolidated VIEs
Beijing Jingdong 360 Degree E-commerce Co., Ltd. (“Jingdong 360”)		Beijing, China, April 2007
Jiangsu Yuanzhou E-commerce Co., Ltd. (“Jiangsu Yuanzhou”)		Jiangsu, China, September 2010
Jiangsu Jingdong Bangneng Investment Management Co., Ltd. (“Jingdong Bangneng”)		Jiangsu, China, August 2015
Xi’an Jingdong Xincheng Information Technology Co., Ltd. (“Xi’an Jingdong Xincheng”)		Shaanxi, China, June 2017
Suqian Hanyu Technology Co., Ltd. (“Suqian Hanyu”)		Jiangsu, China, December 2024

Consolidated VIEs’ Subsidiaries
Beijing Jingbangda Trade Co., Ltd. (“Beijing Jingbangda”)		Beijing, China, August 2012
Suqian Juhe Digital Enterprise Management Co., Ltd. (“Suqian Juhe”)		Jiangsu, China, June 2020

Schedule of consolidated financial information


	As of December 31,
	2024		2025
	(RMB in millions)
Total assets		85,451		64,501
Total liabilities		71,509		58,143


	For the year ended December 31,
	2023		2024		2025
	(RMB in millions)
Total net revenues		145,795		166,067		173,149
Net income		2,503		6,263		8,043


	For the year ended December 31,
	2023			2024			2025
	(RMB in millions)
Net cash provided by operating activities		3,291			10,968			1,343
Net cash provided by/(used in) investing activities		3,324			(3,482	)		7,873
Net cash used in financing activities		(900	)		(9,782	)		(12,805	)

Net increase/(decrease) in cash, cash equivalents, and restricted cash		5,715			(2,296	)		(3,589	)
Cash, cash equivalents, and restricted cash at beginning of year		5,190			10,905			8,609

Cash, cash equivalents, and restricted cash at end of year		10,905			8,609			5,020

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Commitments and contingencies (Details 1) ¥ in Millions	Dec. 31, 2025 CNY (¥)
Investment Commitment
Capital commitments and Long-Term Debt Obligations
Investment commitments primarily related to capital contribution obligation	¥ 1,510
Capital commitments
Capital commitments and Long-Term Debt Obligations
Total commitments contracted but not yet reflected	¥ 2,682

Taxation (Tables)

12 Months Ended

Dec. 31, 2025

Taxation

Schedule of components of income/(loss) before tax

The components of income/(loss) before tax are as follows:


	For the year ended December 31,
	2023			2024		2025
	(RMB in millions)
Income/(loss) before tax
Income from Chinese mainland operations		33,130			47,693		22,047
(Loss)/income from non-Chinese mainland operations		(1,480	)		3,845		3,276

Total income before tax		31,650			51,538		25,323

Schedule of reconciliation of the differences between statutory income tax rate and the effective income tax rate

Reconciliation of difference between the PRC statutory income tax rate and the Group’s effective income tax rate for the years ended December 31, 2023 and 2024 is as follows:


	For the year ended December 31,
	2023			2024
Statutory income tax rate		25.0	%		25.0	%
Tax effect of preferential tax rates and tax holiday		(7.6	)%		(4.2	)%
Tax effect of tax-exempt entities		3.3	%		(0.6	)%
Effect on tax rates in different tax jurisdiction		(0.9	)%		(0.5	)%
Tax effect of non-deductible expenses		0.1	%		0.6	%
Tax effect of non-taxable income		(0.5	)%		(0.3	)%
Tax effect of Super Deduction and others		(9.6	)%		(4.0	)%
Changes in valuation allowance		9.1	%		(7.3	)%
Effect on withholding income tax		7.6	%		4.6	%

Effective tax rates		26.5	%		13.3	%

Upon adoption of ASU 2023-09, as described in Note 2, reconciliation of difference between the PRC statutory income tax rate and the Group’s effective income tax rate for the year ended December 31, 2025 is as follows:


	For the year ended December 31,
	2025
	Amount			Percent
	(RMB in millions)

Chinese mainland statutory income tax		6,331			25.0	%
Other jurisdictions’ tax effects
Hong Kong		(840	)		(3.3	)%
Effect on tax rates in different tax jurisdictions		(369	)		(1.5	) %
Non-taxable or non-deductible items		(313	)		(1.2	)%
Others		(158	)		(0.6	)%
Cayman		(449	)		(1.8	)%
Other jurisdictions		762			3.0	%
Effect of changes in tax laws or rates enacted in the current period		—			0.0	%
Effect of cross-border tax laws
Withholding tax on undistributed dividends		1,056			4.2	%
Others		(2	)		(0.0	)%
Tax credits		—			0.0	%
Changes in valuation allowance		1,348			5.3	%
Non-taxable or non-deductible items
Share of results of equity investees		(1,735	)		(6.9	)%
Others		791			3.2	%
Changes in unrecognized tax benefits		—			0.0	%
Preferential tax rates and tax holiday		(2,716	)		(10.7	)%
Super Deduction		(2,267	)		(9.0	)%
Other adjustments		(98	)		(0.4	)%

Effective tax rates		2,181			8.6	%

Summary of income tax holiday

The following table sets forth the effect of tax holiday:


	For the year ended December 31,
	2023		2024		2025
Tax holiday effect (RMB in millions)		2,397		2,152		2,716
Effect of tax holiday on basic net income per share (RMB)		0.76		0.72		0.95
Effect of tax holiday on diluted net income per share (RMB)		0.76		0.70		0.91

Schedule of deferred tax assets and deferred tax liabilities

c.	Deferred tax assets and deferred tax liabilities


	As of December 31,
	2024			2025
	(RMB in millions)
Deferred tax assets
- Net operating loss carry forwards and others		13,185			17,303
- Deferred revenues		357			374
- Inventory valuation allowance		1,022			1,197
- Allowance for doubtful accounts		1,118			1,202
- Unrealized fair value losses for certain investments		92			51
Less: valuation allowance		(13,315	)		(14,890	)

Net deferred tax assets		2,459			5,237

Deferred tax liabilities
- Long-lived assets arisen from business combinations and asset acquisitions		5,982			6,065
- Withholding tax on undistributed earnings		2,570			1,244
- Accelerated tax depreciation and others		946			710

Total deferred tax liabilities		9,498			8,019

Schedule of movement of valuation allowance

The movements of valuation allowance of deferred tax assets are as follows:


	For the year ended December 31,
	2023			2024			2025
	(RMB in millions)
Balance at beginning of the year		14,276			17,057			13,315
Additions		6,630			1,680			9,568
Reversals		(3,849	)		(5,422	)		(7,993	)

Balance at end of the year		17,057			13,315			14,890

Schedule of Components of Income Tax Expense (Benefit)

Income tax benefits/(expenses) consist of:


	For the year ended December 31,
	2023			2024			2025
	(RMB in millions)
Current income tax expenses		(7,524	)		(8,022	)		(6,923	)
Deferred tax (expenses)/benefits		(869	)		1,144			4,742

Total income tax expenses		(8,393	)		(6,878	)		(2,181	)

Goodwill (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill [Abstract]

Schedule of changes in the carrying amount of goodwill

The changes in the carrying amount of goodwill are as follows:


	JD Retail			JD Logistics		New Businesses			Total
	(RMB in millions)
Transaction in 2023
Impairment		—			—		(3,143	)		(3,143	)
Balance as of December 31, 2023
Goodwill		11,418			6,983		7,322			25,723
Accumulated impairment losses		(7	)		—		(5,736	)		(5,743	)

		11,411			6,983		1,586			19,980

Transaction in 2024
Additions		6,576			—		—			6,576
Disposal of a subsidiary		(48	)		—		—			(48	)
Impairment		(799	)		—		—			(799	)
Balance as of December 31, 2024
Goodwill		17,946			6,983		7,322			32,251
Accumulated impairment losses		(806	)		—		(5,736	)		(6,542	)

		17,140			6,983		1,586			25,709

Transaction in 2025
Additions		1,885			—		—			1,885
Impairment		(1,303	)		—		—			(1,303	)
Balance as of December 31, 2025
Goodwill		19,831			6,983		7,322			34,136
Accumulated impairment losses		(2,109	)		—		(5,736	)		(7,845	)

		17,722			6,983		1,586			26,291

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Debts and lines of credit (Details 2) (Parenthetical)	12 Months Ended
Debts and lines of credit (Details 2) (Parenthetical)	Dec. 31, 2025
Line of Credit Facility [Abstract]
Weighted average interest rate for the outstanding short-term debts	1.70%

Taxation (Details 3) ¥ in Millions, $ in Millions	12 Months Ended
Taxation (Details 3) ¥ in Millions, $ in Millions	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Income/(loss) before tax
Income from Chinese mainland operations	¥ 22,047		¥ 47,693	¥ 33,130
Income/(loss) from non-Chinese mainland operations	3,276		3,845	(1,480)
Total income before tax	¥ 25,323	$ 3,621	¥ 51,538	¥ 31,650

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases

Summary of supplemental information related to operating leases

A summary of supplemental information related to operating leases as of December 31, 2024 and 2025 is as follows:


	As of December 31,
	2024			2025
	(RMB in millions)
Operating lease ROU assets		24,532			31,128
Operating lease liabilities-current		7,606			9,399
Operating lease liabilities-non-current		18,106			23,708

Total operating lease liabilities		25,712			33,107

Weighted average remaining lease term		7.2 years			7.1 years
Weighted average discount rate		4.2	%		3.6	%

Summary of lease cost recognized and supplemental cash flow information related to operating leases

A summary of lease cost recognized in the Group’s consolidated statements of operations and comprehensive income and supplemental cash flow information related to operating leases is as follows:


	For the year ended December 31,
	2023		2024		2025
	(RMB in millions)
Operating lease cost		8,917		8,934		9,213
Short-term lease cost		3,358		3,263		3,405

Total		12,275		12,197		12,618

Cash paid for operating leases		9,086		9,546		10,012

Summary of maturity of lease liabilities

A summary of maturity of operating lease liabilities under the Group’s

non-cancelable

operating leases as of December 31, 2025 is as follows:


	As of December 31, 202 5
	(RMB in millions)
2026		9,616
2027		6,267
2028		4,419
2029		3,409
2030		2,729
2031 and thereafter		11,737

Total lease payments		38,177
Less: interest		(5,070	)

Present value of operating lease liabilities		33,107

Land use rights, net (Tables)

12 Months Ended

Dec. 31, 2025

Land use rights, net

Schedule of land use rights, net

Land use rights, net consist of the following:


	As of December 31,
	2024			2025
	(RMB in millions)
Land use rights		40,650			41,715
Less: accumulated amortization and impairment		(3,817	)		(4,837	)

Net carrying amount		36,833			36,878

Schedule of amortization expenses related to the land use rights for future periods

As of December 31, 2025, amortization expenses related to the land use rights for future periods are estimated to be as follows:


	For the year ended December 31,
	2026		2027		2028		2029		2030		2031 and thereafter
	(RMB in millions)
Amortization expenses		969		969		969		969		969		32,033

Inventories, net

12 Months Ended

Dec. 31, 2025

Inventories, net

Inventories, net

8.	Inventories, net

Inventories, net consist of the following:


	As of December 31,
	2024			2025
	(RMB in millions)
Products		91,631			98,171
Packing materials and others		1,782			2,044

Inventories		93,413			100,215
Inventory valuation allowance		(4,087	)		(4,787	)

Inventories, net		89,326			95,428

Accounts payable (Details 2) - CNY (¥) ¥ in Millions	12 Months Ended
Accounts payable (Details 2) - CNY (¥) ¥ in Millions	Dec. 31, 2025	Dec. 31, 2024
Accounts payable
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Accounts Payable, Current
Balance at beginning of the year	¥ 15,294	¥ 21,316
Additions	126,598	144,047
Payments	(123,971)	(150,069)
Balance at end of the year	17,921	15,294
JD Technology
Accounts payable
Balance at beginning of the year	15,233
Balance at end of the year	¥ 17,834	¥ 15,233

Debts and lines of credit (Details 4) ¥ in Millions	Dec. 31, 2025 CNY (¥)
Lines of credit and loan facilities
Line of credit reserved for issuances of bank acceptance and bank guarantee	¥ 243,097
Unsecured revolving lines of credit
Lines of credit and loan facilities
Revolving lines of credit	¥ 303,950

Cover Page	12 Months Ended
Cover Page	Dec. 31, 2025 shares
Document Information [Line Items]
Amendment Flag	false
Document Type	20-F
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Central Index Key	0001549802
Entity Registrant Name	JD.com, Inc.
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2025
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Annual Report	true
Document Registration Statement	false
Document Transition Report	false
Entity File Number	001-36450
Document Shell Company Report	false
Document Accounting Standard	U.S. GAAP
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	20th Floor, Building A
Entity Address, Address Line Two	No. 18 Kechuang 11 Street
Entity Address, Address Line Three	Yizhuang Economic and Technological Development Zone
Entity Address, City or Town	Daxing District
Entity Address, Postal Zip Code	101111
Entity Address, Country	CN
Auditor Name	Deloitte Touche Tohmatsu Certified Public Accountants LLP
ICFR Auditor Attestation Flag	true
Auditor Location	Beijing, the People’s Republic of China
Auditor Firm ID	1113
Document Financial Statement Error Correction [Flag]	false
Business contact
Document Information [Line Items]
Entity Address, Address Line One	20th Floor, Building A
Entity Address, Address Line Two	No. 18 Kechuang 11 Street
Entity Address, Address Line Three	Yizhuang Economic and Technological Development Zone
Entity Address, City or Town	Daxing District
Entity Address, Postal Zip Code	101111
Contact Personnel Name	Ian Su Shan
City Area Code	86
Entity Address, Country	CN
Local Phone Number	10 8911-8888
Contact Personnel Email Address	Email: ir@jd.com
American depositary shares
Document Information [Line Items]
Trading Symbol	JD
Title of 12(b) Security	American depositary shares
Security Exchange Name	NASDAQ
Class A ordinary shares
Document Information [Line Items]
Title of 12(b) Security	Class A ordinary shares
Entity Common Stock, Shares Outstanding	2,426,357,703
Class B ordinary shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	321,776,028
Ordinary shares \| HKD
Document Information [Line Items]
Trading Symbol	9618
Ordinary shares \| CNY
Document Information [Line Items]
Trading Symbol	89618

Taxation (Details) - PRC	12 Months Ended	81 Months Ended
Taxation (Details) - PRC	Dec. 31, 2025	Dec. 31, 2025
Sales of audio, video products and books
Taxation
Statutory VAT rate (as a percent)	9.00%	9.00%
Sales of other products
Taxation
Statutory VAT rate (as a percent)	13.00%	13.00%
Online advertising and other services
Taxation
Statutory VAT rate (as a percent)	6.00%
Percentage of cultural undertaking development fees	3.00%
Express Delivery Services
Taxation
Statutory VAT rate (as a percent)	6.00%
Transportation Services
Taxation
Statutory VAT rate (as a percent)	9.00%

Accounts receivable, net (Tables)

12 Months Ended

Dec. 31, 2025

Accounts receivable, net

Schedule of accounts receivable, net

Accounts receivable, net consist of the following:


	As of December 31,
	2024			2025
	(RMB in millions)
Logistics receivables		13,797			13,715
Online retail and online marketplace receivables (*)		13,206			14,310
Advertising receivables and others		658			1,397

Accounts receivable		27,661			29,422
Allowance for doubtful accounts		(2,065	)		(2,089	)

Accounts receivable, net		25,596			27,333

(*)

past-due

receivables from the Group at carrying values to absorb the risks and obtain the returns from such financing arrangements, no allowance for doubtful accounts in relation to consumer financing receivables was provided.

Schedule of movements in the allowances for doubtful accounts

The movements in the allowance for doubtful accounts are as follows:


	For the year ended December 31,
	2023			2024			2025
	(RMB in millions)
Balance at beginning of the year		(1,582	)		(1,888	)		(2,065	)
Additions		(542	)		(376	)		(739	)
Write-off		236			199			715

Balance at end of the year		(1,888	)		(2,065	)		(2,089	)

Intangible assets, net

12 Months Ended

Dec. 31, 2025

Intangible assets, net

Intangible assets, net

11.	Intangible assets, net

Intangible assets, net consist of the following:


	As of December 31, 2024
	Weighted- Average Amortization Period		Gross Carrying Amount		Accumulated Amortization			Impairment Amount			Net Carrying Amount
	Year		(RMB in millions)
Non-compete		8.0		2,467		(2,467	)		—			—
Domain names and trademarks		17.8		6,715		(2,185	)		(815	)		3,715
Customer relationship		8.7		5,157		(1,416	)		(112	)		3,629
Technology and others		5.4		2,905		(1,790	)		(666	)		449

Total		11.6		17,244		(7,858	)		(1,593	)		7,793


	As of December 31, 2025
	Weighted- Average Amortization Period		Gross Carrying Amount		Accumulated Amortization			Impairment Amount			Net Carrying Amount
	Year		(RMB in millions)
Domain names and trademarks		17.6		7,306		(2,513	)		(815	)		3,978
Customer relationship		8.7		5,531		(2,018	)		(112	)		3,401
Technology and others		5.4		2,959		(1,949	)		(666	)		344

Total		11.6		15,796		(6,480	)		(1,593	)		7,723

Amortization expenses for intangible assets were RMB1,304 million, RMB987 million and RMB1,089 million for the years ended December 31, 2023, 2024 and 2025, respectively. For the years ended December 31, 2023 and 2024, the Group recorded impairment losses of RMB902 million and RMB535 million for the

intangible assets

mainly identified from the acquisition of Dada and other offline businesses, respectively. No

impairment loss was recorded for the year ended December 31, 2025.

As of December 31, 2025, amortization expenses related to the intangible assets for future periods are estimated to be as follows:


	For the year ended December 31,
	2026		2027		2028		2029		2030		2031 and thereafter
	(RMB in millions)
Amortization expenses		1,118		1,098		949		839		540		3,179

Investment in equity investees (Details 6) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
Operating data:
Net (loss)/income	¥ 23,142	$ 3,309	¥ 44,660	¥ 23,257
Balance sheet data:
Current assets	374,421		386,698		$ 53,541
Non-current assets	320,780		311,536		45,871
Current liabilities	306,072		299,521		43,768
Non-current liabilities	95,346		85,416		13,634
Non-controlling interests	68,743		73,466		$ 9,830
Share of results of equity investees
Equity method investments
Impairment charges in connection with the equity method	88		699	266
Equity Method Investments
Operating data:
Revenues	104,075		146,583	149,237
Gross profit	56,510		70,000	48,134
(Loss)/income from operations	20,597		8,334	(274)
Net (loss)/income	17,846		4,380	(1,733)
Net (loss)/income attributable to the investees' ordinary shareholders	17,990		4,641	¥ (1,506)
Balance sheet data:
Current assets	154,476		161,218
Non-current assets	145,184		146,848
Current liabilities	122,333		124,013
Non-current liabilities	48,705		44,090
Redeemable stock	0		28,167
Non-controlling interests	¥ 4,534		¥ 4,429

Parent company only condensed financial information (Details 2)
¥ in Millions, $ in Millions

12 Months Ended

Dec. 31, 2025

CNY (¥)

Dec. 31, 2025

USD ($)

Dec. 31, 2024

CNY (¥)

Dec. 31, 2023

CNY (¥)

Condensed Statements of Operations and Comprehensive Income/(Loss)

Net revenues

¥ 1,309,085

$ 187,197

¥ 1,158,819

¥ 1,084,662

Operating expenses

Marketing

(83,953)

(12,005)

(47,953)

(40,133)

General and administrative

(11,980)

(1,713)

(8,888)

(9,710)

Income from operations

2,774

397

38,736

26,025

Other income/(expense)

Other expense, net

17,327

2,478

13,371

7,496

Income before tax

25,323

3,621

51,538

31,650

Income tax expenses

(2,181)

(312)

(6,878)

(8,393)

Other comprehensive income/(loss):

Foreign currency translation adjustments

(3,308)

(473)

1,020

1,374

Total comprehensive income attributable to the Company's ordinary shareholders

17,035

2,436

41,877

26,029

Parent company

Condensed Statements of Operations and Comprehensive Income/(Loss)

Net revenues

Operating expenses

Marketing

(6)

(1)

(5)

(4)

General and administrative

(1,546)

(221)

(155)

(204)

Income from operations

(1,526)

(218)

(149)

(208)

Other income/(expense)

Income/(loss) from subsidiaries and consolidated VIEs

21,983

3,143

41,991

24,967

Other expense, net

(826)

(118)

(483)

(591)

Income before tax

19,631

2,807

41,359

24,168

Income tax expenses

^[1]

(1)

Net income

19,631

2,807

41,359

24,167

Other comprehensive income/(loss):

Foreign currency translation adjustments

(2,596)

(371)

518

1,862

Total comprehensive income attributable to the Company's ordinary shareholders

¥ 17,035

$ 2,436

¥ 41,877

¥ 26,029

[1]	Absolute value is less than RMB1 million or US$1 million..

Property, equipment and software, net (Tables)

12 Months Ended

Dec. 31, 2025

Property, equipment and software, net

Schedule of property, equipment and software, net

Property, equipment and software, net consist of the following:


	As of December 31,
	2024			2025
	(RMB in millions)
Land, building and building improvement		70,977			78,716
Logistics, warehouse and other heavy equipment		18,061			20,337
Vehicles		8,981			11,433
Leasehold improvement		5,895			7,656
Electronic equipment		2,947			3,259
Office equipment		757			1,255
Software		1,072			1,121

Total		108,690			123,777
Less: accumulated depreciation and impairment		(25,953	)		(32,428	)

Net carrying amount		82,737			91,349

Unsecured senior notes

12 Months Ended

Dec. 31, 2025

Unsecured senior notes

Unsecured senior notes

15.	Unsecured senior notes

Senior notes due 2026

In April 2016, the Company issued unsecured senior notes with two maturity dates for an aggregate principal amount of US$1,000 million. Listed on the Singapore Stock Exchange, these notes are both fixed rate notes and senior unsecured obligations, with interest payable semi-annually in arrears on and of each year, beginning on October 29, 2016. The unsecured senior notes were issued at a discount amounting to RMB79 million. The debt issuance costs of RMB36 million were presented as a direct deduction from the principal amount of the unsecured senior notes in the consolidated balance sheets. As of December 31, 2024 and 2025, the principal amount of US$500 million was outstanding, and will be due in 2026.

Senior notes due 2030 and 2050

In January 2020, the Company issued unsecured senior notes with two maturity dates for an aggregate principal amount of US$1,000 million. Listed on the Singapore Stock Exchange, these notes are both fixed rate notes and senior unsecured obligations, with interest payable semi-annually in arrears on and of each year, beginning on July 14, 2020. The unsecured senior notes were issued at a discount amounting to RMB37 million. The debt issuance costs of RMB45 million were presented as a direct deduction from the principal amount of the unsecured senior notes in the consolidated balance sheets.

The Group repurchased the senior notes due 2030 and 2050 from the open market with a total principal amount of US$6 million (RMB42 million) at a reacquisition price of US$5 million (RMB35 million) in 2022. The repurchased Senior Notes were derecognized from the Group’s consolidated balance sheets.

Convertible Senior Notes due 2029

In May 2024, the Company completed its offering of unsecured convertible senior notes (the “Convertible Senior Notes”) in an aggregate principal amount of US$2.0 billion at par value due 2029, including the initial purchasers’ full exercise of option to purchase an additional US$250 million in aggregate principal amount of the Convertible Senior Notes. The Convertible Senior Notes bear a fixed rate of 0.25% per year and senior unsecured obligations, with interest payable semi-annually in arrears on and of each year, beginning on December 1, 2024. The debt issuance costs of RMB236 million were presented as a direct deduction from the principal amount of the Convertible Senior Notes in the consolidated balance sheets, and are amortized over the period from May 21, 2024, the date of issuance, to June 1, 2027, the first puttable date of the Convertible Senior Notes, using the effective interest method. The interest expense recognized were RMB69 million and RMB110 million for the years ended December 31, 2024 and 2025, respectively.

Holders of the Convertible Senior Notes may convert their Convertible Senior Notes at their option at any time prior to the close of business on the third scheduled trading day immediately preceding the maturity. The initial conversion rate for the Convertible Senior Notes shall be 21.8830 ADSs per US$1,000 principal amount of the Convertible Senior Notes, equivalent to an initial conversion price of approximately US$45.70 per ADS. The conversion rate shall be subject to adjustment in certain events. Upon conversion, the Company will pay or deliver, as the case may be, cash, ADSs, or a combination of cash and ADSs, at the Company’s election.

Holders of the Convertible Senior Notes have the right to require the Company to repurchase all or part of their Convertible Senior Notes on June 1, 2027 or in the event of certain fundamental changes, at a repurchase price equal to 100% of the principal amount of the Convertible Senior Notes to be repurchased, plus accrued and unpaid interest.

No embedded features that are subject to separate accounting have been identified. The conversion option is considered to be indexed to the Company’s own stock and classified in shareholders’ equity, therefore, exempted from the scope of the derivative accounting. Other embedded features including the mandatory redemption feature and the contingent call and put options upon certain changes in the tax laws or certain fundamental changes are considered clearly and closely related to the debt host, therefore, do not require bifurcation. Based on the above, the Convertible Senior Notes are accounted for as a single liability under unsecured senior notes,

non-current.

A summary of the Company’s senior notes due 2026, 2030 and 2050 (collectively “Senior Notes”) and the Convertible Senior Notes as of December 31, 2024 and 2025 is as follows:


	As of December 31,				Effective interest rate
	2024		2025		Effective interest rate
	(RMB in millions)
US$500 million 3.875% Senior Notes due 2026		3,582		3,511		4.15	%
US$700 million 3.375% Senior Notes due 2030		4,973		4,867		3.47	%
US$300 million 4.125% Senior Notes due 2050		2,024		1,980		4.25	%
US$2,000 million 0.25% Convertible Senior Notes due 2029		14,191		13,951		0.79	%

Carrying value		24,770		24,309
Unamortized discount and debt issuance costs of the Senior Notes		73		57
Unamortized debt issuance costs of the Convertible Senior Notes		186		107

Total principal amounts of unsecured senior notes		25,029		24,473

The effective interest rates include the interest charged on the notes as well as amortization of the debt discounts and debt issuance costs. The unsecured senior notes will rank senior in rights of payment to all of the Company’s existing and future obligations expressly subordinated in rights of payment to the unsecured senior notes and rank at least equal in rights of payment with all of the Company’s existing and future unsecured and unsubordinated obligations (subject to any priority rights pursuant to applicable law).

The unsecured senior notes contain covenants including, among others, limitation on liens, consolidation, merger and sale all or substantially all of the Company’s assets.

As of December 31, 2025, the principal of the Senior Notes of RMB3,514 million, RMB4,885 million and RMB2,016 million will be due in 2026, 2030 and 2050, respectively. The principal of the Convertible Senior Notes of RMB14,058 million will be due in 2029. The principal of the unsecured senior notes will be due according to the following schedule:


Principal amounts	Total		Within 1 year		Between 1 to 2 years		Between 2 to 3 years		Between 3 to 4 years		Between 4 to 5 years		Beyond 5 years
	(RMB in millions)
Senior Notes		10,415		3,514		—		—		—		4,885		2,016
Convertible Senior Notes		14,058		—		—		—		14,058		—		—

Parent company only condensed financial information

12 Months Ended

Dec. 31, 2025

Parent company only condensed financial information

Parent company only condensed financial information

34.	Parent company only condensed financial information

The Company performed a test on the restricted net assets of the consolidated subsidiaries and VIEs in accordance with Rule

5-04

S-X,

and concluded that it was applicable for the Company to disclose the financial information for the parent company only.

As of December 31, 2025, the Company did not have significant capital commitments and other significant commitments, or guarantees, except for those which have been separately disclosed in the consolidated financial statements.

Condensed Balance Sheets


	As of December 31,
	2024			2025
	RMB			RMB			US$ Note 2(g)
	(in millions, except share and per share data)
ASSETS
Cash and cash equivalents		646			5,707			816
Short-term investments		5,191			—			—
Internal balance		35,639			2,613			373
Investments in subsidiaries and consolidated VIEs		230,090			248,355			35,514
Prepayments and other assets		65			76			11

Total assets		271,631			256,751			36,714

LIABILITIES
Unsecured senior notes		24,898			24,434			3,494
Long-term debts		7,188			7,029			1,005
Accrued expenses and other liabilities		198			248			35

Total liabilities		32,284			31,711			4,534

SHAREHOLDERS’ EQUITY
Ordinary shares (US$0.00002 par value; 100,000,000,000 shares authorized; 2,865,069,999 Class A ordinary shares issued and 2,587,296,615 outstanding, 322,483,772 Class B ordinary shares issued and 316,136,640 outstanding as of December 31, 2024; 2,496,519,005 Class A ordinary shares issued and 2,426,347,757 outstanding, 321,776,028 Class B ordinary shares issued and 315,499,494 outstanding as of December 31, 2025.)		—	*		—	*		—	*
Additional paid-in capital		182,404			141,515			20,236
Statutory reserves		6,688			7,617			1,089
Treasury stock		(27,739	)		(7,874	)		(1,126	)
Retained earnings		76,573			84,957			12,149
Accumulated other comprehensive income/(loss)		1,421			(1,175	)		(168	)

Total shareholders’ equity		239,347			225,040			32,180

Total liabilities and shareholders’ equity		271,631			256,751			36,714

*	Absolute value is less than RMB1 million or US$1 million.

Condensed Statements of Operations and Comprehensive Income


	For the year ended December 31,
	2023			2024			2025
	RMB			RMB			RMB			US$ Note 2(g)
	(in millions)
Net revenues		—			11			26			4
Operating expenses
Marketing		(4	)		(5	)		(6	)		(1	)
General and administrative		(204	)		(155	)		(1,546	)		(221	)

Loss from operations		(208	)		(149	)		(1,526	)		(218	)

Other income/(expense)
Income from subsidiaries and consolidated VIEs		24,967			41,991			21,983			3,143
Other expense, net		(591	)		(483	)		(826	)		(118	)

Income before tax		24,168			41,359			19,631			2,807
Income tax expenses		(1	)		—	*		—	*		—	*

Net income		24,167			41,359			19,631			2,807

Other comprehensive income/(loss):
Foreign currency translation adjustments		1,862			518			(2,596	)		(371	)

Total comprehensive income		26,029			41,877			17,035			2,436

*	Absolute value is less than RMB1 million or US$1 million.

Condensed Statements of Cash Flows


	For the year ended December 31,
	2023			2024			2025
	RMB			RMB			RMB			US$ Note 2(g)
	(in millions)
Net cash used in operating activities		(765	)		(717	)		(982	)		(140	)
Cash flows from investing activities:
Purchase of time deposits and wealth management products		(2,833	)		(4,979	)		—			—
Maturity of time deposits and wealth management products		—			2,838			5,023			718
Cash received from internal companies		12,633			18,773			32,872			4,700

Net cash provided by investing activities		9,800			16,632			37,895			5,418

Cash flows from financing activities:
Repurchase of ordinary shares		(2,497	)		(25,912	)		(21,430	)		(3,064	)
Cash paid for dividends		(6,741	)		(8,263	)		(10,379	)		(1,484	)
Proceeds from unsecured senior notes, net of issuance costs		—			13,999			—			—
Other financing activities		33			27			33			5

Net cash used in financing activities		(9,205	)		(20,149	)		(31,776	)		(4,543	)

Effect of exchange rate changes on cash and cash equivalents		(71	)		92			(76	)		(11	)

Net (decrease)/increase in cash and cash equivalents		(241	)		(4,142	)		5,061			724
Cash and cash equivalents at beginning of year		5,029			4,788			646			92

Cash and cash equivalents at end of year		4,788			646			5,707			816

Basis of presentation

The Company’s accounting policies are the same as the Group’s accounting policies with the exception of the accounting for the investments in subsidiaries and consolidated VIEs.

For the parent company only condensed financial information, the Company records its investments in subsidiaries and consolidated VIEs under the equity method of accounting as prescribed in ASC 323. Such investments are presented in the condensed balance sheets as “Investments in subsidiaries and consolidated VIEs” and shares in the subsidiaries and consolidated VIEs’ financial results are presented as “Income from subsidiaries and consolidated VIEs” in the condensed statements of operations and comprehensive income. The parent company only condensed financial information should be read in conjunction with the Group’s consolidated financial statements.

Accumulated other comprehensive income/(loss) (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2022 CNY (¥)
Composition of accumulated other comprehensive income/(loss)
Accumulated other comprehensive Income/loss	¥ 312,813	¥ 295,766	¥ 293,783	$ 42,010	¥ 273,533
Accumulated other comprehensive income/(loss)
Composition of accumulated other comprehensive income/(loss)
Accumulated other comprehensive Income/loss	1,421	903	(1,175)		¥ (959)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Composition of accumulated other comprehensive income/(loss)
Other comprehensive income	518	1,862
Accumulated other comprehensive Income/loss	¥ 1,421	¥ 903	¥ (2,596)

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

Dividends - Additional Information (Details) $ / shares in Units, ¥ in Millions, $ in Billions	1 Months Ended			12 Months Ended
	Mar. 31, 2025 USD ($) $ / shares	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2023 USD ($) $ / shares	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Class of Stock [Line Items]
Common stock, dividends, per share, cash paid	$ 0.5	$ 0.38	$ 0.31
Dividends	$ 1.4	$ 1.2	$ 1.0	¥ 10,318	¥ 8,258	¥ 6,784
American Depositary Share
Class of Stock [Line Items]
Common stock, dividends, per share, cash paid	$ 1	$ 0.76	$ 0.62

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2025

Summary of significant accounting policies

Schedule of estimated useful lives of property, equipment and software


Category		Estimated useful lives
Electronic equipment		3 - 5 years
Software		3 - 5 years
Vehicles		3 - 6 years
Office equipment		5 years
Logistics, warehouse and other heavy equipment		5 - 10 years
Leasehold improvement		Over the shorter of the expected life of leasehold improvements or the lease term
Building		18 - 40 years
Building improvement		5 - 10 years
Land		Indefinite

Schedule of estimated useful lives of intangible assets

The estimated useful lives of major intangible assets are as follows:


Category		Estimated useful lives
Customer relationship		3 - 10 years
Technology and others		3 - 10 years
Non-compete		5 -8 years
Domain names and trademarks		5 - 20 years

Related party transactions (Details) - JD Technology - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related party transactions
Amount of over-due receivable transferred	¥ 106	¥ 176	¥ 240
Finance receivables past due over certain agreed period of time
Related party transactions
Accounts receivables transferred without recourse and derecognized	¥ 72,032	¥ 56,202	¥ 55,028

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Accrued expenses and other current liabilities (Details) ¥ in Millions, $ in Millions	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Accrued expenses and other current liabilities
Deposits	¥ 21,631		¥ 20,530
Salary and welfare	18,384		14,022
Rental fee payable	1,437		1,367
Professional fee	1,349		1,184
Accrued administrative expenses	1,316		2,360
Liabilities for return allowances	1,063		1,029
Vehicle fee	787		732
Payable related to employees' exercise of share-based awards	407		535
Interest payable	302		208
Internet data center fee	79		183
Others	3,290		3,835
Total	¥ 50,045	$ 7,157	¥ 45,985

Goodwill

12 Months Ended

Dec. 31, 2025

Goodwill [Abstract]

Goodwill

12.

Goodwill

The changes in the carrying amount of goodwill are as follows:


	JD Retail			JD Logistics		New Businesses			Total
	(RMB in millions)
Transaction in 2023
Impairment		—			—		(3,143	)		(3,143	)
Balance as of December 31, 2023
Goodwill		11,418			6,983		7,322			25,723
Accumulated impairment losses		(7	)		—		(5,736	)		(5,743	)

		11,411			6,983		1,586			19,980

Transaction in 2024
Additions		6,576			—		—			6,576
Disposal of a subsidiary		(48	)		—		—			(48	)
Impairment		(799	)		—		—			(799	)
Balance as of December 31, 2024
Goodwill		17,946			6,983		7,322			32,251
Accumulated impairment losses		(806	)		—		(5,736	)		(6,542	)

		17,140			6,983		1,586			25,709

Transaction in 2025
Additions		1,885			—		—			1,885
Impairment		(1,303	)		—		—			(1,303	)
Balance as of December 31, 2025
Goodwill		19,831			6,983		7,322			34,136
Accumulated impairment losses		(2,109	)		—		(5,736	)		(7,845	)

		17,722			6,983		1,586			26,291

For the year ended December 31, 2023, having considered duration and severity of the decline of Dada’s stock price, the Company assessed that it is more likely than not that the fair value of Dada reporting unit is less than its carrying amount and performed quantitative impairment test on Dada reporting unit and recognized an impairment loss of RMB

3,143

million. For the year ended December 31, 2024, the Company concluded that the carrying amounts of certain reporting units exceeded their respective fair values and recorded impairment losses of RMB

799

million. For the year ended December 31, 2025, the Company concluded that the carrying amounts of certain reporting units exceeded their respective fair values and recorded impairment losses of RMB

1,303

million. The fair value of reporting units was determined based on the discounted cash flow analysis using the assumptions including internal cash flows forecasts, long-term future growth rates and discount rates, among others.

- Definition

The entire disclosure for goodwill.

+ References + Details

Share repurchase program

12 Months Ended

Dec. 31, 2025

Share repurchase program

Share repurchase program

23.	Share repurchase program

In December 2021, the Board of Directors of the Company approved modifications to the share repurchase program authorized in 2020 (“2020 Share Repurchase Program”) pursuant to which the repurchase authorization increased from US$2.0 billion to US$3.0 billion and was extended until March 2024.

In March 2024, the Board of Directors of the Company approved a share repurchase program (“2024 Share Repurchase Program”), effective upon the expiry of the company’s 2020 Share Repurchase Program, pursuant to which the Company may repurchase up to US$3.0 billion worth of its shares (including ADSs) over the next 36 months through March 2027.

In August 2024, the Company has fully utilized the repurchase amount authorized under 2024 Share Repurchase Program, and has adopted and announced a new share repurchase program (the “New 2024 Share Repurchase Program”). Pursuant to the New 2024 Share Repurchase Program effective from September 2024, the Company may repurchase up to US$5.0 billion worth of its shares (including ADSs) over the next 36 months through the end of August 2027.

For the year

ended December 31, 2023, 2024 and 2025, the Company repurchased

11,339,490 ADSs for US$356 million

127,639,089 ADSs for US$3,645 million

91,619,731 ADSs for US$3,003

million, respectively, on the open market at prevailing market prices.

The Company accounts for the repurchased ordinary shares at cost and includes such uncancelled treasury stock as a component of the shareholders’ equity.

Leases (Details 2) - CNY (¥) ¥ in Millions	12 Months Ended
Leases (Details 2) - CNY (¥) ¥ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases
Operating lease cost	¥ 9,213	¥ 8,934	¥ 8,917
Short-term lease cost	3,405	3,263	3,358
Total	12,618	12,197	12,275
Cash paid for operating leases	¥ 10,012	¥ 9,546	¥ 9,086

Fair value measurement

12 Months Ended

Dec. 31, 2025

Fair value measurement

Fair value measurement

4.	Fair value measurement


			Fair value measurement at reporting date using
Description	Fair Value as of December 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(RMB in millions)
Assets:
Restricted cash		7,366		—		7,366		—
Short-term investments
Wealth management products		38,396		—		38,396		—
Marketable securities and other investments
Listed equity securities		2,907		2,907		—		—

Total assets		48,669		2,907		45,762		—


			Fair value measurement at reporting date using
Description	Fair Value as of December 31, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(RMB in millions)
Assets:
Restricted cash		12,137		—		12,137		—
Short-term investments
Wealth management products		15,519		—		15,519		—
Foreign exchange forward		13		—		13		—
Marketable securities and other investments
Listed equity securities		1,494		1,494		—		—
Wealth management products		36,592		—		36,592		—

Total assets		65,755		1,494		64,261		—

When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. Following is a description of the valuation techniques that the Group uses to measure the fair value of assets that the Group reports in its consolidated balance sheets at fair value on a recurring basis.

Short-term investments

Wealth management products with maturities of within one year.

The Group elected the fair value option to record wealth management products with variable interest rates and deposits indexed to foreign exchange with maturities less than one year and accounted them at fair value. For the wealth management products that have no quoted market prices, the Group estimates their fair value using the expected yield on similar instruments in the market, and classifies the valuation techniques that use these inputs as Level 2.

For the years ended December 31, 2023, 2024 and 2025, gain of RMB2,092 million, RMB1,485 million and RMB804 million resulting from changes in fair value of the

wealth management produc

under fair value option was recorded in “others, net” in the consolidated statements of operations and comprehensive income, respectively.

Marketable securities and other investments

Listed equity securities.

The Group values its listed equity securities using quoted prices for the underlying securities in active markets, and accordingly, the Group classifies the valuation techniques that use these inputs as Level 1.

For the years ended December 31, 2023, 2024 and 2025, the unrealized gains or losses of the listed equity securities were losses of RMB379 million, gains of RMB1,160 million, and gains of RMB959 million, respectively, which are recognized in “others, net” in the consolidated statements of operations and comprehensive income.

Wealth managemen

products with maturities of more than one year.

The Group elected the fair value option to record wealth management products with variable interest rates with maturities of more than one year and accounted them at fair value. For the wealth management products that have no quoted market prices, the Group estimates their fair value using the expected yield on similar instruments in the market, and classifies the valuation techniques that use these inputs as Level 2.

For the years ended December 31, 2023, 2024 and 2025, losses of RMB25 million, gains

RMB2 million and gains of RMB1,470 million resulting from changes in fair value of the wealth management products under fair value option were recorded in “others, net” in the consolidated statements of operations and comprehensive income, respectively.

Other financial instruments

The followings are other material financial instruments not measured at fair value in the consolidated balance sheets, but for which the fair value is estimated for disclosure purposes.

Time deposits.

Time deposits with original maturities of three months or less, original maturities of longer than three months and maturities of less than one year, and maturities of longer than one year have been classified as cash equivalents, short-term investments and marketable securities and other investments in the consolidated balance sheets, respectively. The fair value of the Group’s time deposits is determined based on the prevailing interest rates in the market, which have been categorized as Level 2 in the fair value hierarchy. As of December 31, 2024 and 2025, the fair value of time deposits classified as cash equivalents and short-term investments amounted to RMB91,062 million and RMB64,265 million, respectively. As of December 31, 2024 and 2025, the fair value of time deposits classified as marketable securities and other investments amounted to RMB54,176 million and RMB13,754 million, respectively.

Held-to-maturity

debt securities.

Wealth management products that the Group has positive intent and ability to hold to maturity are accounted for as

held-to-maturity

debt securities. The fair value of the Group’s

held-to-maturity

debt securities is determined based on the prevailing interest rates in the market, which have been categorized as Level 2 in the fair value hierarchy. As of December 31, 2024 and 2025, the fair value of

held-to-maturity

debt securities recorded in “short-term investments” amounted to RMB6,866 million and RMB2,355 million, respectively. As of December 31, 2024 and 2025, the fair value of

held-to-maturity

debt securities with maturities longer than one year

was

recorded in “marketable securities and other investments” amounted to RMB2,288 million and nil, respectively.

Unsecured senior notes.

The Group determines the fair value of its unsecured senior notes, using quoted prices in less active markets, and accordingly the Group categorizes the unsecured senior notes as Level 2 in the fair value hierarchy. As of December 31, 2024 and 2025, the fair value of unsecured senior notes amounted to RMB25,098 million and RMB24,002 million, respectively. Among them, the fair value of Convertible Senior Notes, as defined in Note 15, amounted to RMB15,274 million and RMB14,078 million as of December 31, 2024 and 2025, respectively.

Short-term receivables and payables.

Accounts receivable and prepayments and other current assets are financial assets with carrying values that approximate to fair value due to their short-term nature. Accounts payable, advance from customers (excluding contract liabilities) and main items in accrued expenses and other current liabilities, are financial liabilities with carrying values that approximate to fair value due to their short-term nature. The Group classifies the valuation techniques that use these inputs as Level 2 in the fair value hierarchy.

Short-term debts and long-term debts.

Interest rates under the borrowing agreements with the lending parties were determined based on the prevailing interest rates in the market. The carrying value of short-term debts and long-term debts approximates to fair value. The Group classifies the valuation techniques that use these inputs as Level 2 in the fair value hierarchy.

Assets and liabilities measured at fair value on a nonrecurring basis

Long-lived assets.

When impairment indicators are identified, the Group evaluates the impairment by comparing the carrying value of the asset or the asset group with its fair value.

The fair value of the asset or asset group is determined using income approach or market approach with unobservable inputs (Level 3), depending on the underlying nature of the asset or the asset group. The impairment losses of RMB

2,025 million, RMB1,562 million and nil were recorded in “impairment of long-lived assets” in the consolidated statements of operations and comprehensive income for the years ended December 31, 2023, 2024 and 2025, respectively. The impairment of long-lived assets w

disclosed in Note 9, Note 10 and Note 11.

Goodwill.

The Group tested for impairment on an annual basis as of December 31, and in between annual tests when the impairment indicators occur. The quantitative impairment test consists of a comparison of the fair value of each reporting unit with its carrying amount, including goodwill. The impairment loss was recorded in “impairment of goodwill” in the consolidated statements of operations and comprehensive income and disclosed in Note 12.

Investments in equity investees.

Investments in privately held companies and publicly traded companies included in “investments in equity investees” in the consolidated balance sheets are reviewed periodically for impairment using fair value measurement. In determining the investments in privately held companies without readily determinable fair value over which the Group identified impairment indicators, income approach or market approach was used, if applicable, which requires management to use unobservable inputs (Level 3), mainly including the estimates of future cash flows, discount rate, terminal growth rate, selection of comparable companies and multiples and estimated discount for lack of marketability. The impairment loss of RMB2,856 million, RMB2,968 million and RMB827 million were recorded in “others, net” in the consolidated statements of operations and comprehensive income for the years ended December 31, 2023, 2024 and 2025, respectively. As of December 31, 2024 and 2025, the accumulated impairment of the Group’s investments in privately held companies under the Measurement Alternative was RMB7,119 million and RMB7,790 million, respectively. The valuation methodology used to estimate the fair value of investments in publicly traded companies (Level 1) and privately held companies accounted for under the equity method (Level 3) and associated impairment charges are disclosed in Note 6.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Parent company only condensed financial information (Tables)

12 Months Ended

Dec. 31, 2025

Parent company only condensed financial information

Condensed Balance Sheets


	As of December 31,
	2024			2025
	RMB			RMB			US$ Note 2(g)
	(in millions, except share and per share data)
ASSETS
Cash and cash equivalents		646			5,707			816
Short-term investments		5,191			—			—
Internal balance		35,639			2,613			373
Investments in subsidiaries and consolidated VIEs		230,090			248,355			35,514
Prepayments and other assets		65			76			11

Total assets		271,631			256,751			36,714

LIABILITIES
Unsecured senior notes		24,898			24,434			3,494
Long-term debts		7,188			7,029			1,005
Accrued expenses and other liabilities		198			248			35

Total liabilities		32,284			31,711			4,534

SHAREHOLDERS’ EQUITY
Ordinary shares (US$0.00002 par value; 100,000,000,000 shares authorized; 2,865,069,999 Class A ordinary shares issued and 2,587,296,615 outstanding, 322,483,772 Class B ordinary shares issued and 316,136,640 outstanding as of December 31, 2024; 2,496,519,005 Class A ordinary shares issued and 2,426,347,757 outstanding, 321,776,028 Class B ordinary shares issued and 315,499,494 outstanding as of December 31, 2025.)		—	*		—	*		—	*
Additional paid-in capital		182,404			141,515			20,236
Statutory reserves		6,688			7,617			1,089
Treasury stock		(27,739	)		(7,874	)		(1,126	)
Retained earnings		76,573			84,957			12,149
Accumulated other comprehensive income/(loss)		1,421			(1,175	)		(168	)

Total shareholders’ equity		239,347			225,040			32,180

Total liabilities and shareholders’ equity		271,631			256,751			36,714

*	Absolute value is less than RMB1 million or US$1 million.

Condensed Statements of Operations and Comprehensive Income


	For the year ended December 31,
	2023			2024			2025
	RMB			RMB			RMB			US$ Note 2(g)
	(in millions)
Net revenues		—			11			26			4
Operating expenses
Marketing		(4	)		(5	)		(6	)		(1	)
General and administrative		(204	)		(155	)		(1,546	)		(221	)

Loss from operations		(208	)		(149	)		(1,526	)		(218	)

Other income/(expense)
Income from subsidiaries and consolidated VIEs		24,967			41,991			21,983			3,143
Other expense, net		(591	)		(483	)		(826	)		(118	)

Income before tax		24,168			41,359			19,631			2,807
Income tax expenses		(1	)		—	*		—	*		—	*

Net income		24,167			41,359			19,631			2,807

Other comprehensive income/(loss):
Foreign currency translation adjustments		1,862			518			(2,596	)		(371	)

Total comprehensive income		26,029			41,877			17,035			2,436

*	Absolute value is less than RMB1 million or US$1 million.

Condensed Statements of Cash Flows


	For the year ended December 31,
	2023			2024			2025
	RMB			RMB			RMB			US$ Note 2(g)
	(in millions)
Net cash used in operating activities		(765	)		(717	)		(982	)		(140	)
Cash flows from investing activities:
Purchase of time deposits and wealth management products		(2,833	)		(4,979	)		—			—
Maturity of time deposits and wealth management products		—			2,838			5,023			718
Cash received from internal companies		12,633			18,773			32,872			4,700

Net cash provided by investing activities		9,800			16,632			37,895			5,418

Cash flows from financing activities:
Repurchase of ordinary shares		(2,497	)		(25,912	)		(21,430	)		(3,064	)
Cash paid for dividends		(6,741	)		(8,263	)		(10,379	)		(1,484	)
Proceeds from unsecured senior notes, net of issuance costs		—			13,999			—			—
Other financing activities		33			27			33			5

Net cash used in financing activities		(9,205	)		(20,149	)		(31,776	)		(4,543	)

Effect of exchange rate changes on cash and cash equivalents		(71	)		92			(76	)		(11	)

Net (decrease)/increase in cash and cash equivalents		(241	)		(4,142	)		5,061			724
Cash and cash equivalents at beginning of year		5,029			4,788			646			92

Cash and cash equivalents at end of year		4,788			646			5,707			816

Accounts receivable, net (Details)
¥ in Millions, $ in Millions

12 Months Ended

Dec. 31, 2025

CNY (¥)

Dec. 31, 2024

CNY (¥)

Dec. 31, 2023

CNY (¥)

Dec. 31, 2025

USD ($)

Accounts receivable

Accounts receivable

¥ 29,422

¥ 27,661

Allowance for doubtful accounts

(2,089)

(2,065)

¥ (1,888)

Accounts receivable, net

27,333

25,596

$ 3,909

Movements in the allowance for doubtful accounts

Balance at beginning of the year

(2,065)

(1,888)

(1,582)

Additions

(739)

(376)

(542)

Write-off

715

199

236

Balance at end of the year

(2,089)

(2,065)

¥ (1,888)

Logistics receivables

Accounts receivable

Accounts receivable

13,715

13,797

Online retail and online marketplace receivables

Accounts receivable

Accounts receivable

^[1]

14,310

13,206

Advertising receivables and others

Accounts receivable

Accounts receivable

¥ 1,397

¥ 658

[1]

The accounts receivable in relation to consumer financing business is included in online retail and online marketplace receivables. As JD Technology performs credit risk assessment services for the individuals and purchases the past-due receivables from the Group at carrying values to absorb the risks and obtain the returns from such financing arrangements, no allowance for doubtful accounts in relation to consumer financing receivables was provided.

Land use rights, net (Details) ¥ in Millions, $ in Millions	12 Months Ended
Land use rights, net (Details) ¥ in Millions, $ in Millions	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
Land Use Rights, Net [Line Items]
Land use rights	¥ 41,715	¥ 40,650
Less: accumulated amortization and impairment	(4,837)	(3,817)
Net carrying amount	36,878	36,833		$ 5,273
Amortization expenses	1,003	959	¥ 900
Amortization expenses related to the land use rights for future periods
2026	969
2027	969
2028	969
2029	969
2030	969
2031 and thereafter	32,033
Impairment charge	¥ 0	¥ 448	¥ 210

Related party transactions (Details 2) - CNY (¥)
¥ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

JD Technology | Loan

Other income

¥ 14

¥ 0

^[1]

¥ 287

JD Technology | Services provided and products sold

Revenues

1,779

1,701

1,696

JD Technology | Payment processing and other services received

Cost of revenues and operating expenses

15,511

13,693

13,833

Property Funds | Loan

Other income

Property Funds | Services provided and products sold

Revenues

210

208

177

Property Funds | Lease and property management services received

Cost of revenues and operating expenses

¥ 1,843

¥ 1,765

¥ 1,681

[1]	Absolute value is less than RMB1 million or US$1 million.

Parent company only condensed financial information (Details 3) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Condensed Statements of Cash Flows
Net cash used in operating activities	¥ 18,991	$ 2,716	¥ 58,095	¥ 59,521
Cash flows from investing activities:
Purchase of time deposits and wealth management products	(80,193)	(11,467)	(148,462)	(268,529)
Maturity of time deposits and wealth management products	133,308	19,063	166,517	217,184
Net cash (used in)/provided by investing activities	41,832	5,982	(871)	(59,543)
Cash flows from financing activities:
Repurchase of ordinary shares	(21,430)	(3,064)	(25,912)	(2,497)
Cash paid for dividends	(10,379)	(1,484)	(8,263)	(6,741)
Proceeds from unsecured senior notes, net of issuance costs	0	0	13,999	0
Other financing activities	(695)	(100)	(432)	(773)
Net cash used in financing activities	(26,728)	(3,822)	(21,004)	(5,808)
Effect of exchange rate changes on cash and cash equivalents	(186)	(27)	98	125
Net (decrease)/increase in cash, cash equivalents, and restricted cash	33,909	4,849	36,318	(5,705)
Cash, cash equivalents, and restricted cash at beginning of year	115,716	16,547	79,398	85,115
Cash, cash equivalents, and restricted cash at end of year	149,625	21,396	115,716	79,398
Parent company
Condensed Statements of Cash Flows
Net cash used in operating activities	(982)	(140)	(717)	(765)
Cash flows from investing activities:
Purchase of time deposits and wealth management products	0	0	(4,979)	(2,833)
Maturity of time deposits and wealth management products	5,023	718	2,838	0
Cash received from internal companies	32,872	4,700	18,773	12,633
Net cash (used in)/provided by investing activities	37,895	5,418	16,632	9,800
Cash flows from financing activities:
Repurchase of ordinary shares	(21,430)	(3,064)	(25,912)	(2,497)
Cash paid for dividends	(10,379)	(1,484)	(8,263)	(6,741)
Proceeds from unsecured senior notes, net of issuance costs	0	0	13,999	0
Other financing activities	33	5	27	33
Net cash used in financing activities	(31,776)	(4,543)	(20,149)	(9,205)
Effect of exchange rate changes on cash and cash equivalents	(76)	(11)	92	(71)
Net (decrease)/increase in cash, cash equivalents, and restricted cash	5,061	724	(4,142)	(241)
Cash, cash equivalents, and restricted cash at beginning of year	646	92	4,788	5,029
Cash, cash equivalents, and restricted cash at end of year	¥ 5,707	$ 816	¥ 646	¥ 4,788

Intangible assets, net (Tables)

12 Months Ended

Dec. 31, 2025

Intangible assets, net

Schedule of intangible assets, net

Intangible assets, net consist of the following:


	As of December 31, 2024
	Weighted- Average Amortization Period		Gross Carrying Amount		Accumulated Amortization			Impairment Amount			Net Carrying Amount
	Year		(RMB in millions)
Non-compete		8.0		2,467		(2,467	)		—			—
Domain names and trademarks		17.8		6,715		(2,185	)		(815	)		3,715
Customer relationship		8.7		5,157		(1,416	)		(112	)		3,629
Technology and others		5.4		2,905		(1,790	)		(666	)		449

Total		11.6		17,244		(7,858	)		(1,593	)		7,793


	As of December 31, 2025
	Weighted- Average Amortization Period		Gross Carrying Amount		Accumulated Amortization			Impairment Amount			Net Carrying Amount
	Year		(RMB in millions)
Domain names and trademarks		17.6		7,306		(2,513	)		(815	)		3,978
Customer relationship		8.7		5,531		(2,018	)		(112	)		3,401
Technology and others		5.4		2,959		(1,949	)		(666	)		344

Total		11.6		15,796		(6,480	)		(1,593	)		7,723

Schedule of amortization expenses related to the intangible assets for future periods

As of December 31, 2025, amortization expenses related to the intangible assets for future periods are estimated to be as follows:


	For the year ended December 31,
	2026		2027		2028		2029		2030		2031 and thereafter
	(RMB in millions)
Amortization expenses		1,118		1,098		949		839		540		3,179

Principal activities and organization (Details 2) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2022 CNY (¥)
VIEs and VIEs' subsidiaries
Total assets	¥ 695,201		¥ 698,234		$ 99,412
Total liabilities	401,418		384,937		57,402
Total net revenues	1,309,085	$ 187,197	1,158,819	¥ 1,084,662
Net income	23,142	3,309	44,660	23,257
Net cash provided by operating activities	18,991	2,716	58,095	59,521
Net cash provided by/(used in) investing activities	41,832	5,982	(871)	(59,543)
Net cash used in financing activities	(26,728)	(3,822)	(21,004)	(5,808)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	33,909	4,849	36,318	(5,705)
Cash, cash equivalents, and restricted cash at beginning of year	115,716	16,547	79,398	85,115
Cash, cash equivalents, and restricted cash at end of year	149,625	$ 21,396	115,716	79,398
Total shareholders' equity(deficit) of the Group's VIEs and VIEs' subsidiaries	293,783		312,813	295,766	$ 42,010	¥ 273,533
VIEs and their subsidiaries
VIEs and VIEs' subsidiaries
Total assets	64,501		85,451
Total liabilities	58,143		71,509
Total net revenues	173,149		166,067	145,795
Net income	8,043		6,263	2,503
Net cash provided by operating activities	1,343		10,968	3,291
Net cash provided by/(used in) investing activities	7,873		(3,482)	3,324
Net cash used in financing activities	(12,805)		(9,782)	(900)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	(3,589)		(2,296)	5,715
Cash, cash equivalents, and restricted cash at beginning of year	8,609		10,905	5,190
Cash, cash equivalents, and restricted cash at end of year	5,020		8,609	10,905
Registered capitals and PRC statutory reserves of the Group's consolidated VIEs	3,397
Total shareholders' equity(deficit) of the Group's VIEs and VIEs' subsidiaries	6,358		13,942
VIEs and their subsidiaries \| JD Variable Interest Entity with the intra-company balances and transactions within the Group eliminated
VIEs and VIEs' subsidiaries
Total assets	62,964		83,392
Total liabilities	36,482		42,197
Total net revenues	¥ 88,489		¥ 101,218	¥ 85,140

Accounts payable (Tables)

12 Months Ended

Dec. 31, 2025

Accounts Payable, Current [Abstract]

Schedule of accounts payable

Accounts payable consist of the following:


	As of December 31,
	2024		2025
	(RMB in millions)
Vendor payable		157,147		149,368
Shipping charges payable and others		35,713		39,011

Total		192,860		188,379

Schedule of movement in the accounts payable

The movements in the

accounts payable

under supply chain financing arrangements are as follows, among which, RMB15,233 million and RMB17,834 million were

related to arrangements with JD Technology as of December 31, 2024 and 2025, respectively.


	For the year ended December 31,
	2024			2025
	(RMB in millions)
Balance at beginning of the year		21,316			15,294
Additions		144,047			126,598
Payments		(150,069	)		(123,971	)

Balance at end of the year		15,294			17,921

Share-based compensation (Details 2) $ / shares in Units, ¥ in Millions, $ in Millions	1 Months Ended		12 Months Ended						121 Months Ended
	May 31, 2025 $ / shares shares	May 31, 2015 $ / shares shares	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 CNY (¥) $ / shares shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 $ / shares	May 31, 2025	Dec. 31, 2025 USD ($) $ / shares shares
Number of share options
Granted (in shares) \| shares			5,272,500
Weighted Average Exercise Price
Granted (in dollars per share) \| $ / shares				$ 16.97
Additional disclosures
Share-based compensation expenses \| ¥			¥ 4,726		¥ 2,999		¥ 4,804
Share Based Compensation Arrangement By Share Based Payment Award Options Compensation Cost Not Yet Recognized \| ¥			¥ 202
RSU
Weighted-Average Grant-Date Fair Value
Granted (in dollars per share) \| $ / shares				18.27		$ 15.33		$ 18.24
Additional disclosures
Weighted average granted fair value of the RSUs granted \| $ / shares				18.27		15.33		$ 18.24
Options
Additional disclosures
Weighted average grant date fair value of options granted \| $ / shares				7.85
ShareBasedCompensationAwardExercisePeriodExtension			10 years
ShareBasedCompensationAwardExercisePeriod			10 years
ShareBasedCompensationArrangementByShareBasedPaymentAwardModificationIncrementalCompensationCostRecognized \| ¥			¥ 914
Employee benefits and share-based compensation \| ¥			¥ 1,004
Employee and non-employee \| Options
Additional disclosures
Weighted-average period over which share-based compensation expense is expected to be recognized			4 years 3 months 18 days
Non-employees \| Options \| Service-based
Number of share options
Outstanding at the beginning of the year (in shares) \| shares			40,536
Outstanding at the end of the year (in shares) \| shares			7,200		40,536
Share Incentive Plan \| Employee and non-employee \| RSU \| Service-based
Number of Shares
Unvested at the beginning of the year (in shares) \| shares			70,983,422
Granted (in shares) \| shares			31,551,310
Vested (in shares) \| shares			(21,301,372)
Forfeited or cancelled \| shares			(9,370,294)
Unvested at the end of the year (in shares) \| shares			71,863,066		70,983,422
Weighted-Average Grant-Date Fair Value
Unvested at the beginning of the year (in dollars per share) \| $ / shares				19.53
Granted (in dollars per share) \| $ / shares				18.27
Vested (in dollars per share) \| $ / shares				21.39
Forfeited or cancelled \| $ / shares				19.21
Unvested at the end of the year (in dollars per share) \| $ / shares				$ 18.47		19.53
Additional disclosures
Share-based compensation expenses \| ¥			¥ 2,442		¥ 1,024		1,840
Unrecognized share-based compensation expense related to awards other than options \| ¥			¥ 3,435	$ 3,435
Weighted-average period over which share-based compensation expense is expected to be recognized			3 years 2 months 12 days
Total fair value of RSUs vested \| ¥			¥ 2,947		¥ 1,909		2,930
Weighted average granted fair value of the RSUs granted \| $ / shares				$ 18.27
Share Incentive Plan \| Employee and non-employee \| Options \| Service-based
Number of share options
Outstanding at the beginning of the year (in shares) \| shares			17,645,740
Exercised (in shares) \| shares			(352,086)
Forfeited or cancelled \| shares			0
Outstanding at the end of the year (in shares) \| shares			22,566,154		17,645,740
Vested and expected to vest at the end of the year (in shares) \| shares			22,484,404	22,484,404						22,484,404
Exercisable at the end of the year (in shares) \| shares			17,293,654	17,293,654						17,293,654
Weighted Average Exercise Price
Outstanding at the beginning of the year (in dollars per share) \| $ / shares				$ 16.53
Exercised (in dollars per share) \| $ / shares				13.03
Forfeited or cancelled (in dollars per share) \| $ / shares				0
Outstanding at the end of the year (in dollars per share) \| $ / shares				$ 16.69		$ 16.53
Vested and expected to vest at the end of the year (in dollars per share) \| $ / shares										$ 16.7
Exercisable at the end of the year (in dollars per share) \| $ / shares										$ 16.61
Weighted Average Remaining Contractual Term (years)
Outstanding at the end of the year			9 years 3 months 18 days		6 months
Vested and expected to vest at the end of the year			9 years 3 months 18 days
Exercisable at the end of the year			9 years 3 months 18 days
Aggregate Intrinsic Value
Outstanding at the end of the year (in dollars) \| $						$ 14				$ 1
Vested and expected to vest at the end of the year (in dollars) \| $										1
Exercisable at the end of the year (in dollars) \| $										$ 1
Additional disclosures
Total intrinsic value of options exercised \| ¥			¥ 10		¥ 2		98
Share Incentive Plan \| Non-employees \| RSU \| Service-based
Number of Shares
Unvested at the beginning of the year (in shares) \| shares			1,865,542
Unvested at the end of the year (in shares) \| shares			1,957,950		1,865,542
Share Incentive Plan \| Founder [Member] \| RSU
Share-based compensation
Vesting schedule	5 years
Number of Shares
Granted (in shares) \| shares	10,000,000
Additional disclosures
Share-based compensation expenses \| ¥			¥ 367
Share Incentive Plan \| Founder [Member] \| Options
Share-based compensation
Vesting schedule	5 years								10 years
Vesting percentage (as a percent)	20.00%
Additional disclosures
Share-based compensation expenses \| ¥			¥ 1,000		¥ 21		¥ 38
Share Incentive Plan \| Founder [Member] \| Options \| Common Class A [Member]
Number of share options
Granted (in shares) \| shares	5,000,000	26,000,000
Weighted Average Exercise Price
Granted (in dollars per share) \| $ / shares	$ 17.175	$ 16.7
Share Incentive Plan \| Founder [Member] \| Options \| American Depositary Share [Member]
Weighted Average Exercise Price
Granted (in dollars per share) \| $ / shares	$ 34.35	$ 33.4
Share Incentive Plan \| Founder [Member] \| Options \| Each anniversary
Share-based compensation
Vesting percentage (as a percent)									10.00%

Accrued expenses and other current liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Accrued expenses and other current liabilities

Schedule of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:


	As of December 31,
	2024		2025
	(RMB in millions)
Deposits		20,530		21,631
Salary and welfare		14,022		18,384
Rental fee payable		1,367		1,437
Professional fee		1,184		1,349
Accrued administrative expenses		2,360		1,316
Liabilities for return allowances		1,029		1,063
Vehicle fee		732		787
Payable related to employees’ exercise of share-based awards		535		407
Interest payable		208		302
Internet data center fee		183		79
Others		3,835		3,290

Total		45,985		50,045

Consolidated Balance Sheets
¥ in Millions, $ in Millions

Dec. 31, 2025

CNY (¥)

Dec. 31, 2025

USD ($)

Dec. 31, 2024

CNY (¥)

Current assets

Cash and cash equivalents

¥ 137,488

$ 19,660

¥ 108,350

Restricted cash

12,137

1,736

7,366

Short-term investments

75,744

10,831

125,645

Accounts receivable, net

27,333

3,909

25,596

Advance to suppliers

5,856

837

7,619

Inventories, net

95,428

13,646

89,326

Prepayments and other current assets

17,898

2,559

15,951

Assets held for sale

395

2,040

Total current assets

374,421

53,541

386,698

Non-current assets

Property, equipment and software, net

91,349

13,063

82,737

Construction in progress

6,503

930

6,164

Intangible assets, net

7,723

1,104

7,793

Land use rights, net

36,878

5,273

36,833

Operating lease right-of-use assets

31,128

4,451

24,532

Goodwill

26,291

3,760

25,709

Investments in equity investees

51,978

7,433

56,850

Marketable securities and other investments

51,840

7,413

59,370

Deferred tax assets

5,237

749

2,459

Other non-current assets

11,853

1,695

9,089

Total non-current assets

320,780

45,871

311,536

Total assets

695,201

99,412

698,234

Current liabilities

Short-term debts

8,014

1,146

7,581

Accounts payable

188,379

26,938

192,860

Advance from customers

36,408

5,206

32,437

Deferred revenues

2,684

384

2,097

Taxes payable

7,008

1,002

9,487

Accrued expenses and other current liabilities

50,045

7,157

45,985

Operating lease liabilities

9,399

1,344

7,606

Unsecured senior notes

3,511

502

Liabilities held for sale

101

Total current liabilities

306,072

43,768

299,521

Non-current liabilities

Unsecured senior notes

20,798

2,974

24,770

Deferred tax liabilities

8,019

1,147

9,498

Long-term debts

41,675

5,959

31,705

Operating lease liabilities

23,708

3,390

18,106

Other non-current liabilities

1,146

164

1,337

Total non-current liabilities

95,346

13,634

85,416

Total liabilities

401,418

57,402

384,937

Commitments and contingencies

MEZZANINE EQUITY

484

JD.com, Inc. shareholders' equity

Ordinary shares (US$0.00002 par value; 100,000,000,000 shares authorized; 2,865,069,999 Class A ordinary shares issued and 2,587,296,615 outstanding, 322,483,772 Class B ordinary shares issued and 316,136,640 outstanding as of December 31, 2024; 2,496,519,005 Class A ordinary shares issued and 2,426,347,757 outstanding, 321,776,028 Class B ordinary shares issued and 315,499,494 outstanding as of December 31, 2025.)

^[1]

Additional paid-in capital

141,515

20,236

182,404

Statutory reserves

7,617

1,089

6,688

Treasury stock

(7,874)

(1,126)

(27,739)

Retained earnings

84,957

12,149

76,573

Accumulated other comprehensive income/(loss)

(1,175)

(168)

1,421

Total JD.com, Inc. shareholders' equity

225,040

32,180

239,347

Non-controlling interests

68,743

9,830

73,466

Total shareholders' equity

293,783

42,010

312,813

Total liabilities, mezzanine equity and shareholders' equity

695,201

99,412

698,234

Related Party

Current assets

Amount due from related parties

2,142

306

4,805

Current liabilities

Amount due to related parties

¥ 624

$ 89

¥ 1,367

[1]	Absolute value is less than RMB1 million or US$1 million.

Debts and lines of credit (Details 3) - Line of credit ¥ in Millions	Dec. 31, 2025 CNY (¥)
Debt Instrument [Line Items]
2026	¥ 3,197
2027	1,302
2028	13,111
2029	2,320
2030	9,667
2031 and thereafter	15,275
Total	¥ 44,872

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Others, net (Tables)

12 Months Ended

Dec. 31, 2025

Others, net

Schedule of others non-operating income (expense), net

Others, net consist of the following:


	For the year ended December 31,
	2023			2024			2025
	(RMB in millions)
(Losses)/gains from fair value change of long-term investments		(855	)		1,355			397
Interest income		9,576			9,353			9,056
Gains from acquirements or disposals of businesses and investments		89			652			55
Impairment of investments		(3,043	)		(3,299	)		(827	)
Foreign exchange (losses)/gains, net		(28	)		(111	)		309
Others		1,757			5,421			8,337

Total		7,496			13,371			17,327

Summary of significant accounting policies (Details 2)	12 Months Ended
Summary of significant accounting policies (Details 2)	Dec. 31, 2025
Minimum
Land use rights, net
Estimated useful lives (in years)	18 years
Maximum
Land use rights, net
Estimated useful lives (in years)	70 years
Customer relationship \| Minimum
Intangible assets, net
Estimated useful lives (in years)	3 years
Customer relationship \| Maximum
Intangible assets, net
Estimated useful lives (in years)	10 years
Technology and others \| Minimum
Intangible assets, net
Estimated useful lives (in years)	3 years
Technology and others \| Maximum
Intangible assets, net
Estimated useful lives (in years)	10 years
Non-compete Agreement \| Minimum
Intangible assets, net
Estimated useful lives (in years)	5 years
Non-compete Agreement \| Maximum
Intangible assets, net
Estimated useful lives (in years)	8 years
Domain names and trademarks \| Minimum
Intangible assets, net
Estimated useful lives (in years)	5 years
Domain names and trademarks \| Maximum
Intangible assets, net
Estimated useful lives (in years)	20 years

Consolidated Statements of Operations and Comprehensive Income ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Net revenues
Total net revenues	¥ 1,309,085	$ 187,197	¥ 1,158,819	¥ 1,084,662
Cost of revenues	(1,099,057)	(157,163)	(974,951)	(924,958)
Fulfillment	(88,176)	(12,609)	(70,426)	(64,558)
Marketing	(83,953)	(12,005)	(47,953)	(40,133)
Research and development	(22,229)	(3,179)	(17,031)	(16,393)
General and administrative	(11,980)	(1,713)	(8,888)	(9,710)
Impairment of goodwill	(1,303)	(186)	(799)	(3,143)
Impairment of long-lived assets	0	0	(1,562)	(2,025)
Gain on sale of development properties	387	55	1,527	2,283
Income from operations	2,774	397	38,736	26,025
Other income/(expense)
Share of results of equity investees	8,025	1,147	2,327	1,010
Interest expense	(2,803)	(401)	(2,896)	(2,881)
Others, net	17,327	2,478	13,371	7,496
Income before tax	25,323	3,621	51,538	31,650
Income tax expenses	(2,181)	(312)	(6,878)	(8,393)
Net income	23,142	3,309	44,660	23,257
Net (loss)/income attributable to non-controlling interests shareholders	3,511	502	3,301	(910)
Net income attributable to the Company's ordinary shareholders	19,631	2,807	41,359	24,167
Net income	23,142	3,309	44,660	23,257
Other comprehensive income/(loss):
Foreign currency translation adjustments	(3,308)	(473)	1,020	1,374
Total comprehensive income	19,834	2,836	45,680	24,631
Total comprehensive (loss)/income attributable to non-controlling interests shareholders	2,799	400	3,803	(1,398)
Total comprehensive income attributable to the Company's ordinary shareholders	¥ 17,035	$ 2,436	¥ 41,877	¥ 26,029
Basic
Basic \| (per share)	¥ 6.89	$ 0.99	¥ 13.83	¥ 7.69
Diluted
Diluted \| (per share)	¥ 6.45	$ 0.92	¥ 13.43	¥ 7.61
Weighted average number of shares
Basic	2,847,199,686	2,847,199,686	2,989,701,855	3,144,233,160
Diluted	2,978,037,127	2,978,037,127	3,076,061,616	3,170,542,396
ADS
Basic
Basic \| (per share)	¥ 13.79	$ 1.97	¥ 27.67	¥ 15.37
Diluted
Diluted \| (per share)	¥ 12.9	$ 1.84	¥ 26.86	¥ 15.23
Products
Net revenues
Total net revenues	¥ 1,023,802	$ 146,402	¥ 928,007	¥ 871,224
Service
Net revenues
Total net revenues	¥ 285,283	$ 40,795	¥ 230,812	¥ 213,438

Accounts receivable, net

12 Months Ended

Dec. 31, 2025

Accounts receivable, net

Accounts receivable, net

7.	Accounts receivable, net

Accounts receivable, net consist of the following:


	As of December 31,
	2024			2025
	(RMB in millions)
Logistics receivables		13,797			13,715
Online retail and online marketplace receivables (*)		13,206			14,310
Advertising receivables and others		658			1,397

Accounts receivable		27,661			29,422
Allowance for doubtful accounts		(2,065	)		(2,089	)

Accounts receivable, net		25,596			27,333

The movements in the allowance for doubtful accounts are as follows:


	For the year ended December 31,
	2023			2024			2025
	(RMB in millions)
Balance at beginning of the year		(1,582	)		(1,888	)		(2,065	)
Additions		(542	)		(376	)		(739	)
Write-off		236			199			715

Balance at end of the year		(1,888	)		(2,065	)		(2,089	)

(*)

past-due

Taxation (Details 6) - CNY (¥) ¥ / shares in Units, ¥ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effect of tax holiday
Tax holiday effect	¥ 2,716	¥ 2,152	¥ 2,397
Effect of tax holiday on basic net income per share	¥ 0.95	¥ 0.72	¥ 0.76
Effect of tax holiday on diluted net income per share	¥ 0.91	¥ 0.7	¥ 0.76

Restricted net assets (Details) ¥ in Millions	12 Months Ended
Restricted net assets (Details) ¥ in Millions	Dec. 31, 2025 CNY (¥)
Restricted net assets
Restricted net assets	¥ 78,159
The ratio of restricted net assets to the Company's total consolidated net assets	35.00%
PRC
Restricted net assets
Required minimum percentage of annual appropriations to general reserve fund or statutory surplus fund	10.00%
PRC \| General reserve fund \| Foreign invested enterprise
Restricted net assets
Required minimum percentage of annual appropriations to general reserve fund	10.00%
Maximum percentage of statutory general reserve related to entity's registered capital	50.00%
PRC \| Statutory surplus reserve \| Domestic enterprise
Restricted net assets
Required minimum percentage of annual appropriations to statutory surplus fund	10.00%
Maximum percentage of statutory surplus reserve related to entity's registered capital	50.00%

Fair value measurement (Details 3) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Investment securities
Unrealized gain/(loss) of the investment securities	¥ 959		¥ 1,160	¥ (379)
Accumulated Impairment of Measurement Alternative	7,790		7,119
Gain (loss) from changes in fair value of product	¥ 804		¥ 1,485	¥ 2,092
Investment, Type [Extensible Enumeration]	Wealth Management Product [Member]		Wealth Management Product [Member]	Wealth Management Product [Member]
Description of impairment indicators	When impairment indicators are identified, the Group evaluates the impairment by comparing the carrying value of the asset or the asset group with its fair value.	When impairment indicators are identified, the Group evaluates the impairment by comparing the carrying value of the asset or the asset group with its fair value.
Impairment of long-lived assets	¥ 0	$ 0	¥ 1,562	¥ 2,025
Others, net
Investment securities
Gain (loss) from changes in fair value of product	1,470		2	(25)
Significant Other Observable Inputs (Level 2)
Investment securities
Unsecured senior notes	24,002		25,098
Fair value of held to maturity debt securities	2,355		6,866
Convertible Notes Payable Fair Value Disclosure	14,078		15,274
Significant Other Observable Inputs (Level 2) \| Other Assets
Investment securities
Fair value of held to maturity debt securities	0		2,288
Significant Unobservable Inputs (Level 3) \| Nonrecurring basis \| Others, net
Investment securities
Impairment of investments	827		2,968	¥ 2,856
Time deposits \| Significant Other Observable Inputs (Level 2)
Investment securities
Time deposits	64,265		91,062
Other Assets, Fair Value Disclosure	¥ 13,754		¥ 54,176

Investment in equity investees (Details 2) - CNY (¥) ¥ in Millions	Dec. 31, 2025	Dec. 31, 2024
Equity method investment with the investment cost allocation
Carrying value of equity investment	¥ 31,680	¥ 34,294
JD Technology
Equity method investment with the investment cost allocation
Carrying value of equity investment	15,055
Home Credit Consumer Finance Co Ltd
Equity method investment with the investment cost allocation
Carrying value of equity investment	¥ 2,428	¥ 2,500

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Business acquisition

12 Months Ended

Dec. 31, 2025

Business Combinations [Abstract]

Business acquisition

5.	Business acquisition

In December 2024, the Group acquired additional equity interests in Hordeum Investment, L.P. (“Hordeum”) for a total cash consideration of US$344 million. Hordeum is principally engaged in retail business service. The Group held, taking into account its existing equity interests, approximately 60.8% of Hordeum’s interests and consolidated its financial results into the Group’s consolidated financial statements since December 30, 2024.

The fair value of the previously held equity interests was estimated based on the equity value of Hordeum, which is estimated by applying the income approach. The remeasurement gain associated with the previously held equity interests of Hordeum was immaterial.

The purchase price as of the date of acquisition is comprised of:


	Amounts
	(RMB in millions)
Cash		2,473
Fair value of previously held equity interests		1,284

Total		3,757


	Amounts
	(RMB in millions)
Net assets acquired		1,011
Newly identified intangible assets		2,005
Goodwill		4,767
Deferred tax liabilities		(518	)
Non-controlling interests		(3,508	)

Total		3,757

Net assets acquired primarily consisted of advance to suppliers of RMB3,224 million as of the date of acquisition. Acquired amortizable intangible assets had a weighted-average amortization period of 8.5 years. Fair value of the

non-controlling

interests was estimated by applying the income approach.

Goodwill arising from the acquisition of Hordeum was attributable to the benefit of expected synergies, the assembled workforce, revenue growth and future market development as of the date of acquisition and assigned to JD Retail segment. Goodwill arising from the acquisition is not expected to be deductible for tax purposes.

In June 2025, the Group acquired the remaining shares of Hordeum, representing approximately 39.2% equity interest for a total cash consideration of US$337 million. Upon the completion of the transaction, Hordeum became a wholly owned subsidiary of the Group. The effect on

non-controlling

interest was a reduction of RMB2,467 million.

The Group also completed a few business acquisitions during 2024 and 2025, the consideration and impact on the consolidated financial statements of which were immaterial individually or collectively.

Neither the results of operations since the acquisition dates nor the pro forma results of operations of the acquirees were presented because the effects of the business combinations in 2024 and 2025, both individually and in aggregate, were not significant to the consolidated statements of operations and comprehensive income.

- Definition

The entire disclosure for business combination.

+ References

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+ Details

Segment reporting (Details 1) ¥ in Millions, $ in Millions	12 Months Ended
Segment reporting (Details 1) ¥ in Millions, $ in Millions	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Segment Reporting Information [Line Items]
Depreciation and amortization expenses	¥ (9,747)	$ (1,394)	¥ (8,904)	¥ (8,292)
JD Retail
Segment Reporting Information [Line Items]
Depreciation and amortization expenses	(1,655)		(978)	(594)
JD Logistics
Segment Reporting Information [Line Items]
Depreciation and amortization expenses	(5,102)		(4,650)	(4,346)
New Businesses
Segment Reporting Information [Line Items]
Depreciation and amortization expenses	¥ (1,944)		¥ (2,266)	¥ (2,071)

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Leases (Details) ¥ in Millions, $ in Millions	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Leases
Operating lease ROU assets	¥ 31,128	$ 4,451	¥ 24,532
Operating lease liabilities-current	9,399	1,344	7,606
Operating lease liabilities-non-current	23,708	$ 3,390	18,106
Total operating lease liabilities	¥ 33,107		¥ 25,712
Weighted average remaining lease term	7 years 1 month 6 days	7 years 1 month 6 days	7 years 2 months 12 days
Weighted average discount rate	3.60%	3.60%	4.20%

Accrued expenses and other current liabilities

12 Months Ended

Dec. 31, 2025

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities

14.	Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:


	As of December 31,
	2024		2025
	(RMB in millions)
Deposits		20,530		21,631
Salary and welfare		14,022		18,384
Rental fee payable		1,367		1,437
Professional fee		1,184		1,349
Accrued administrative expenses		2,360		1,316
Liabilities for return allowances		1,029		1,063
Vehicle fee		732		787
Payable related to employees’ exercise of share-based awards		535		407
Interest payable		208		302
Internet data center fee		183		79
Others		3,835		3,290

Total		45,985		50,045

Net income per share/ADS (Tables)

12 Months Ended

Dec. 31, 2025

Net income/(loss) per share

Schedule of basic and diluted net income/(loss) per share

Basic and diluted net income per share/ADS for each of the years presented are calculated as follows:


	For the year ended December 31,
	2023			2024			2025
	(RMB in millions, except share and per share data)
Net income per share
Numerator:
Net income attributable to the Company’s ordinary shareholders – basic		24,167			41,359			19,631
Impact of subsidiaries and equity method investees’ dilutive earnings		(30	)		(118	)		(533	)
Dilution impact of the Convertible Senior Notes		—			68			112

Net income attributable to the Company’s ordinary shareholders – diluted		24,137			41,309			19,210
Denominator:
Weighted average number of shares – basic (million shares)		3,144			2,990			2,847
Effects of dilutive securities:
Dilutive share options and RSUs (million shares)		27			33			41
Convertible Senior Notes (million shares)		—			53			90

Weighted average number of shares – diluted (million shares)		3,171			3,076			2,978
Basic net income per share attributable to the Company’s ordinary shareholders (RMB)		7.69			13.83			6.89
Diluted net income per share attributable to the Company’s ordinary shareholders (RMB)		7.61			13.43			6.45
Net income per ADS
Basic net income per ADS (RMB)		15.37			27.67			13.79
Diluted net income per ADS (RMB)		15.23			26.86			12.90

Share-based compensation (Details 4) - Share Options [Member]

12 Months Ended

Dec. 31, 2025

$ / shares

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum

48.00%

^[1]

Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum

49.00%

^[1]

Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Exercise Price Settlement Multiples

^[2]

Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate

2.50%

^[3]

Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term

10 years

^[4]

Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum

4.26%

^[5]

Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum

4.61%

^[5]

Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Fair Value Per Share Minimum

$ 16.35

Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Fair Value Per Share Maximum

$ 17.18

[1]	The volatility assumption was estimated based on historical volatility of the Company’s share price for the period of time close to the expected time to exercise.
[2]	The exercise multiple was estimated as the ratio of fair value of underlying shares over exercise price as at the time the option is exercised, which comes from the historical exercise pattern of the Company.
[3]	The dividend yield was estimated based on its expected dividend policy over the expected term of the options.
[4]	Assumption of the expected term were based on the vesting and contractual terms.
[5]	Risk-free interest rate for periods within the contractual life of the option is based upon the U.S. treasury yield curve in effect at the time of grant.

Debts and lines of credit

12 Months Ended

Dec. 31, 2025

Line of Credit Facility [Abstract]

Debts and lines of credit

30.	Debts and lines of credit

As of December 31, 2025, the Group’s debts were classified into different types as follows:


	As of December 31,
	2024		2025
	(RMB in millions)
Short-term debts		7,581		8,014
Short-term debts (*)		3,902		4,817
Long-term debts due within one year (**)		3,679		3,197
Long-term debts (**)		31,705		41,675

Total		39,286		49,689

(*)	As of December 31, 2025, all short-term debts were unsecured, and the weighted average interest rate for the outstanding short-term debts was 1.7% per annum.

(**)	As of December 31, 2025, the major long-term debts were listed as below.

In December 2023, the Group

entered into a RMB8,500 million term loan agreement with interest rate at

basis points below Loan Prime Rate (“LPR”) to refinance the loan and drew down RMB8,286 million, which was expected to be repaid through December 2028 in installments.

As of December 31, 2025, the Group had RMB

7,966

million long-term borrowings, among which RMB

249

million was repayable within one year.

In December

2021, the Group entered into a

five-year

US$

2,000

million unsecured term and revolving loan facility with

lead arrangers. The term and revolving loans under this facility were priced at

basis points over London Interbank Offered Rate, which was amended to the secured overnight financing rate (“SOFR”) in September 2022. In the second quarter of 2022, the

Group

drew down US$

1,000

million under the facility commitment, which will be due in 2027 and was further extended to 2030 in January 2025. As of December 31, 2025, the Group had RMB

7,029

million long-term borrowings and the undrawn balance was US$

1,000

million under the credit facilities agreement. Subsequently in March 2026, all outstanding balance

of the borrowings was early repaid in

full.

In December

2022, the Group entered into a seven-year RMB3,000 million term loan facility agreement. The term loans under this facility were priced at

145

basis points below LPR. The Group drew down RMB2,000 million and RMB1,000 million under the facility commitment in December 2022 and December 2023, respectively. In 2025, the Group repaid borrowings of RMB180 million.

As of December 31, 2025, the Group had RMB

2,760

million long-term borrowings, among which RMB

180

million was repayable within one

year.

In 2025, the Group was granted approval by the China

Securities Regulatory Commission of issuing public offering corporate bonds to professional investors with an aggregate registered principal amount of up to RMB10,000 million. During the year ended December 31, 2025, RMB6,000 million was issued in three tranches under the program, with coupon rates ranging from 1.55% to 1.87%

per annum and tenors ranging from

1 to 5 years.

As of December 31, 2025, the Group had RMB

2,000

million short-term debts and RMB

4,000 million long-term debts,

respectively.

of December 31, 2025, in addition to the above unsecured long-term debts, RMB

19,933

million debts were recorded in

long-term

debts, including the portion due within one year, with

collateral

of RMB

38,138

million which mainly comprised construction in progress, buildings, land use rights and certain subsidiary’s equity interests measured at fair value.

As of December 31, 2025, the long-term debts, including the portion due within one year which were recorded in “short-term debts”, will be repaid according to the following schedule:


	As of December 31, 2025
	(RMB in millions)
2026		3,197
2027		1,302
2028		13,111
2029		2,320
2030		9,667
2031 and thereafter		15,275

		44,872

As of December 31, 2025, the Group had agreements with reputable commercial banks for unsecured revolving lines of credit, and increased its revolving lines of credit to RMB303,950 million, which can be used for borrowings, bank acceptance, bank guarantee, etc., pursuant to the underlying agreements. The Group was in compliance with the financial covenants, if any, under those lines of credit as of December 31, 2025. As of December 31, 2025, under the lines of credit, the Group mainly had RMB243,097 million unused.

Net income per share/ADS

12 Months Ended

Dec. 31, 2025

Net income/(loss) per share

Net income per share/ADS

26.	Net income per share/ADS

Basic and diluted net income per share/ADS for each of the years presented are calculated as follows:


	For the year ended December 31,
	2023			2024			2025
	(RMB in millions, except share and per share data)
Net income per share
Numerator:
Net income attributable to the Company’s ordinary shareholders – basic		24,167			41,359			19,631
Impact of subsidiaries and equity method investees’ dilutive earnings		(30	)		(118	)		(533	)
Dilution impact of the Convertible Senior Notes		—			68			112

Net income attributable to the Company’s ordinary shareholders – diluted		24,137			41,309			19,210
Denominator:
Weighted average number of shares – basic (million shares)		3,144			2,990			2,847
Effects of dilutive securities:
Dilutive share options and RSUs (million shares)		27			33			41
Convertible Senior Notes (million shares)		—			53			90

Weighted average number of shares – diluted (million shares)		3,171			3,076			2,978
Basic net income per share attributable to the Company’s ordinary shareholders (RMB)		7.69			13.83			6.89
Diluted net income per share attributable to the Company’s ordinary shareholders (RMB)		7.61			13.43			6.45
Net income per ADS
Basic net income per ADS (RMB)		15.37			27.67			13.79
Diluted net income per ADS (RMB)		15.23			26.86			12.90

Business acquisition - Summary of purchase price as of the date of acquisition (Details) - Hordeum Investment, L.P. ¥ in Millions, $ in Millions			1 Months Ended
	Dec. 30, 2024 CNY (¥)	Dec. 30, 2024 USD ($)	Jun. 30, 2025 USD ($)
Summary of purchase price as of the date of acquisition [Line Items]
Cash	¥ 2,473	$ 344	$ 337
Fair value of previously held equity interests	1,284
Total	¥ 3,757

Segment reporting (Details 2)
¥ in Millions, $ in Millions

12 Months Ended

Dec. 31, 2025

CNY (¥)

Dec. 31, 2025

USD ($)

Dec. 31, 2024

CNY (¥)

Dec. 31, 2023

CNY (¥)

Segment Reporting Information [Line Items]

Share-based compensation

¥ (4,726)

¥ (2,999)

¥ (4,804)

Impairment of goodwill

(1,303)

$ (186)

(799)

(3,143)

Impairment of intangible assets

(535)

(902)

Total

2,774

$ 397

38,736

26,025

Unallocated items

Segment Reporting Information [Line Items]

Share-based compensation

(4,726)

(2,999)

(4,804)

Amortization of intangible assets resulting from assets and business acquisitions

(1,046)

(1,010)

(1,281)

Effects of business cooperation arrangements

(181)

(450)

(446)

Impairment of goodwill

(1,303)

(799)

(3,143)

Impairment of intangible assets

(535)

(902)

Total

^[1]

¥ (7,256)

¥ (5,793)

¥ (10,576)

[1]	A summary of unallocated items for the years presented is as follows:

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

- Definition

The net result for the period of deducting operating expenses from operating revenues.

+ References

+ Details

Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-based compensation

Schedule of share-based compensation expenses

The following table sets forth the allocation of share-based compensation expenses:


	For the year ended December 31,
	2023		2024		2025
	(RMB in millions)
Cost of revenues		133		80		87
Fulfillment		697		424		473
Marketing		426		273		313
Research and development		859		599		1,144
General and administrative		2,689		1,623		2,709

Total		4,804		2,999		4,726

Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Valuation Methodology Alternative

The weighted-average grant date fair value of options granted for the year ended December 31, 2025 was US$7.85

per share

, estimated on the grant date or modification date using the Binominal option-pricing model with the following assumptions:


	2025
Expected volatility (i)		48%~49%
Exercise multiples (ii)		2.0
Expected dividend yield (iii)		2.5%
Expected term (in years) (iv)		10.0
Risk-free interest rate (v)		4.26%~4.61%
Fair value of the underlying shares on the date of option grants (US$ per share)		16.35~17.18

(i)	The volatility assumption was estimated based on historical volatility of the Company’s share price for the period of time close to the expected time to exercise.

(ii)	The exercise multiple was estimated as the ratio of fair value of underlying shares over exercise price as at the time the option is exercised, which comes from the historical exercise pattern of the Company.

(iii)

The dividend yield was estimated based on its expected dividend policy over the expected term of the options.

(iv)	Assumption of the expected term were based on the vesting and contractual terms.

(v)	Risk-free interest rate for periods within the contractual life of the option is based upon the U.S. treasury yield curve in effect at the time of grant.

Employee and non-employee

Share-based compensation

Schedule of RSUs activity

A summary of activities of the service-based RSUs for the years ended December 31, 2025 is presented as follows:


	Number of RSUs			Weighted- Average Grant-Date Fair Value
				US$
Unvested as of January 1, 2025		70,983,422			19.53

Granted		31,551,310			18.27
Vested		(21,301,372	)		21.39
Forfeited or cancelled		(9,370,294	)		19.21

Unvested as of December 31, 2025		71,863,066			18.47

Schedule of service-based share options activity

A summary of activities of the service-based share options for the years ended December 31, 2025 is presented as follows:


	Number of Share Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
				US$		Year		US$ in millions
Outstanding as of January 1, 2025		17,645,740			16.53		0.5		14

Granted		5,272,500			16.97
Exercised		(352,086	)		13.03

Forfeited or cancelled		—			—
Outstanding as of December 31, 2025		22,566,154			16.69		9.3		1

Vested and expected to vest as of December 31, 2025		22,484,404			16.70		9.3		1
Exercisable as of December 31, 2025		17,293,654			16.61		9.3		1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Topic 718
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+ Details

Related party transactions (Details 3) - CNY (¥) ¥ in Millions	Dec. 31, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Amount due from related parties	¥ 1,919	¥ 3,124
JD Technology
Related Party Transaction [Line Items]
Amount due from related parties	456	(1,170)
JD Technology \| Loan
Related Party Transaction [Line Items]
Amount due from related parties	673	0
Property Funds
Related Party Transaction [Line Items]
Amount due from related parties	134	1,837
Property Funds \| Loan
Related Party Transaction [Line Items]
Amount due from related parties	¥ 656	¥ 2,457

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Topic 235
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
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+ Details

Investment in equity investees (Details 4) ¥ in Millions, $ in Millions		1 Months Ended	12 Months Ended
	Mar. 01, 2025	Feb. 28, 2025 CNY (¥)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥) item	Dec. 31, 2025 USD ($)	Mar. 31, 2021
Equity method investments
Investments accounted for under the equity method			¥ 31,680	¥ 34,294
Additional paid-in capital			¥ 141,515	¥ 182,404	$ 20,236
JD Technology
Equity method investments
Percentage of the issued and outstanding ordinary shares (in percentage)						41.70%
Percentage of equity interest			54.90%	43.60%	54.90%
Investments accounted for under the equity method			¥ 15,055
Recognized decrease in investment			(7,646)	¥ (726)
Additional paid-in capital			¥ (7,646)	¥ (726)
Percentage Of Voting Power Held			50.00%		50.00%
Home Credit Consumer Finance Co Ltd
Equity method investments
Percentage of the issued and outstanding ordinary shares (in percentage)				50.00%
Investments accounted for under the equity method			¥ 2,428	¥ 2,500
Home Credit Consumer Finance Co Ltd \| JD Technology
Equity method investments
Percentage of the issued and outstanding ordinary shares (in percentage)				15.00%
Yonghui Superstores Co Ltd [Member]
Equity method investments
Sale Of Stock Percentage Of Ownership Transferred		8.30%
Proceeds from Sale of Equity Method Investments		¥ 1,774
Sale Of Stock Percentage Of Ownership Disposed	3.00%
Percentage of the equity interests on a fully diluted basis (in percentage)				11.30%
Number of board seat held \| item				1
Number of board seats \| item				9
Yonghui Superstores Co Ltd [Member] \| Shares Of Results Of Equity Investees [Member]
Equity method investments
Equity Method Investment, Realized Gain (Loss) on Disposal		¥ 1,118
Yonghui Superstores Co Ltd [Member] \| Other [Member]
Equity method investments
Equity Method Investment, Realized Gain (Loss) on Disposal			¥ 91

Concentration and risks

12 Months Ended

Dec. 31, 2025

Concentration and risks

Concentration and risks

3.	Concentration and risks

Concentration of customers and suppliers

There are no customers nor suppliers from whom revenues or purchases individually represent greater than 10% of the total revenues or the total purchases of the Group for the years ended December 31, 2023, 2024 and 2025.

Concentration of credit risk

Assets that potentially subject the Group to significant concentrations of credit risk primarily consist of cash and cash equivalents, restricted cash, accounts receivable, short-term investments and certain wealth management products and time deposits with maturities more than one year recorded in “marketable securities and other investments” (collectively, “Treasury Assets”). The maximum exposure of such assets to credit risk is their carrying amounts as of the balance sheet dates. As of December 31, 2024 and 2025, majority of Treasury Assets were held at major financial institutions located in the Chinese mainland and Hong Kong which the management believes are of high credit quality. Bank failure is uncommon in China and the Group believes that those Chinese banks that hold Treasury Assets are financially sound based on publicly available information. Accounts receivable are typically unsecured and are mainly derived from revenues earned from customers in the PRC. The risk with respect to accounts receivable is mitigated by credit evaluations the Group performs on its customers and its ongoing monitoring processes of outstanding balances. Besides, JD Technology performs the related credit assessment of the consumer financing receivables recorded in the Group’s consolidated balance sheets. JD Technology purchases the consumer financing receivables past due over certain agreed period of time from the Group at carrying values without recourse and also agrees to bear other cost directly related to the consumer financing business to absorb the risks.

Currency convertibility risk

The value of RMB is subject to changes in the central government policies and to international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (the “PBOC”). Remittances in currencies other than RMB by the Group in the Chinese mainland must be processed through the PBOC or other Chinese foreign exchange regulatory bodies which require certain supporting documentation in order to process the remittance. The Group’s cash and cash equivalents, restricted cash, short-term investments and time deposits with maturities more than one year recorded in “marketable securities and other investments” denominated in RMB that are subject to such government policies amounted to RMB172,732 million and RMB131,469 million as of December 31, 2024 and 2025, respectively.

Foreign currency exchange rate risk

The RMB has fluctuated against the US$, at times significantly and unpredictably during the reporting periods. The depreciation and appreciation of the RMB against the US$ was approximately 1% and 2% for the years ended December 31, 2024 and 2025, respectively. It is difficult to predict how market forces or the PRC or U.S. government policy may impact the exchange rate between the RMB and the US$ in the future.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-3A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-2A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/275/tableOfContent

+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Segment reporting (Details)
¥ in Millions, $ in Millions

3 Months Ended

12 Months Ended

Mar. 31, 2024

segment

Dec. 31, 2025

CNY (¥)

Dec. 31, 2025

USD ($)

Dec. 31, 2024

CNY (¥)

Dec. 31, 2023

CNY (¥)

Segment Reporting Information [Line Items]

Number of Reportable Segments | segment

Net revenues

¥ 1,309,085

$ 187,197

¥ 1,158,819

¥ 1,084,662

Income/(loss) from operations

2,774

397

38,736

26,025

Including: Gain on sale of development properties

387

1,527

2,283

Impairment of long-lived assets

(1,562)

(2,025)

Operating Expenses

Share of results of equity investees

8,025

1,147

2,327

1,010

Interest expense

(2,803)

(401)

(2,896)

(2,881)

Others, net

17,327

2,478

13,371

7,496

Income before tax

25,323

$ 3,621

51,538

31,650

Operating segments

Segment Reporting Information [Line Items]

Income/(loss) from operations

10,030

44,529

36,601

Inter-segment

Segment Reporting Information [Line Items]

Net revenues

^[1]

(83,742)

(59,123)

(53,923)

Cost of Revenue

Cost of revenue

^[1]

77,325

52,844

49,053

Operating Expenses

Operating expenses

^[1],[2]

6,417

6,279

4,870

Unallocated items

Segment Reporting Information [Line Items]

Income/(loss) from operations

^[3]

(7,256)

(5,793)

(10,576)

JD Retail | Operating segments

Segment Reporting Information [Line Items]

Net revenues

1,126,399

1,015,948

945,343

Income/(loss) from operations

51,402

41,077

35,925

Cost of Revenue

Cost of revenue

(928,261)

(847,917)

(798,380)

Operating Expenses

Operating expenses

^[2]

(146,736)

(126,954)

(111,038)

JD Logistics

Operating Expenses

Revenues

80,314

55,062

50,063

JD Logistics | Operating segments

Segment Reporting Information [Line Items]

Net revenues

217,146

182,837

166,625

Income/(loss) from operations

5,269

6,317

1,005

Cost of Revenue

Cost of revenue

(198,039)

(164,689)

(154,494)

Operating Expenses

Operating expenses

^[2]

(13,838)

(11,831)

(11,126)

New Businesses | Operating segments

Segment Reporting Information [Line Items]

Net revenues

49,282

19,157

26,617

Income/(loss) from operations

(46,641)

(2,865)

(329)

Including: Gain on sale of development properties

387

1,527

2,283

Impairment of long-lived assets

(1,027)

(1,123)

Cost of Revenue

Cost of revenue

(49,995)

(15,109)

(21,004)

Operating Expenses

Operating expenses

^[2]

¥ (46,315)

¥ (7,413)

¥ (7,102)

[1]	The inter-segment eliminations mainly consist of revenues from supply chain solutions and logistics services provided by JD Logistics to JD Retail, on-demand delivery and retail services provided by Dada to JD Retail and JD Logistics, and property leasing services provided by JD Property to JD Logistics. Transactions between segments are mainly determined based on the arm’s length basis. Among them, net revenues generated from the services provided by JD Logistics to other reportable segments were RMB50,063 million, RMB55,062 million and RMB80,314 million for the years ended December 31, 2023, 2024 and 2025, respectively. Other than that, inter-segment net revenues for JD Retail and New Businesses were not material. All net revenues from each reportable segment were generated from external customers except for the inter-segment net revenues mentioned above.
[2]	A summary of depreciation and amortization expenses for the years presented is as follows：
[3]	A summary of unallocated items for the years presented is as follows:

Unsecured senior notes (Details)
$ / shares in Units, ¥ in Millions, $ in Millions

1 Months Ended

12 Months Ended

Apr. 30, 2016

CNY (¥)

item

Dec. 31, 2025

CNY (¥)

Dec. 31, 2024

CNY (¥)

Dec. 31, 2025

USD ($)

$ / shares

May 31, 2024

CNY (¥)

May 31, 2024

USD ($)

Jan. 31, 2020

CNY (¥)

Jan. 31, 2020

USD ($)

Apr. 30, 2016

USD ($)

Unsecured senior notes

Aggregate principal amount

¥ 8,300

Carrying value

3,511

¥ 0

$ 502

Carrying value

20,798

24,770

$ 2,974

Total principal amounts of Senior Notes

49,689

39,286

Future principal payments for unsecured senior notes due

Principal amount outstanding

^[1]

41,675

31,705

Interest and Debt Expense

¥ 110

American depository shares

Future principal payments for unsecured senior notes due

Debt instrument, convertible, conversion price | $ / shares

$ 45.7

Debt instrument, convertible, conversion ratio

21.883

Percentage of repurchase price to principal amount

100.00%

Unsecured senior notes

Unsecured senior notes

Number of maturities for debt issued | item

Aggregate principal amount | $

$ 2,000

$ 1,000

Carrying value

¥ 24,309

24,770

Unamortized discount and debt issuance costs

Total principal amounts of Senior Notes

24,473

25,029

Debt discount

¥ 79

¥ 37

Debt issuance costs

¥ 36

¥ 236

¥ 45

Future principal payments for unsecured senior notes due

Due in 2026

3,514

Due in 2030

4,885

Due in 2050

2,016

Principal amount outstanding

500

Take as Extension | $

$ 250

Weighted average interest rate

0.25%

Unsecured senior notes | 3.875% notes due 2026

Unsecured senior notes

Aggregate principal amount | $

$ 500

Interest rate (as a percent)

3.875%

Carrying value

¥ 3,511

Carrying value

3,582

Effective interest rate (as a percent)

4.15%

Unsecured senior notes | 3.375% notes due 2030

Unsecured senior notes

Aggregate principal amount | $

$ 700

Interest rate (as a percent)

3.375%

Carrying value

¥ 4,867

4,973

Effective interest rate (as a percent)

3.47%

Unsecured senior notes | 4.125% notes due 2050

Unsecured senior notes

Aggregate principal amount | $

$ 300

Interest rate (as a percent)

4.125%

Carrying value

¥ 1,980

2,024

Effective interest rate (as a percent)

4.25%

Unsecured senior notes | 0.25% Convertible Senior Notes due 2029

Unsecured senior notes

Aggregate principal amount | $

$ 2,000

Interest rate (as a percent)

0.25%

Carrying value

¥ 13,951

14,191

Effective interest rate (as a percent)

0.79%

Unsecured senior notes | Unsecured Senior Notes

Future principal payments for unsecured senior notes due

Debt instrument repurchase amount

¥ 42

$ 6

Take as Extension

$ 5

Convertible Notes Payable

Unsecured senior notes

Unamortized discount and debt issuance costs

107

¥ 186

Future principal payments for unsecured senior notes due

Due in 2026

Due in 2029

14,058

Principal amount outstanding

¥ 14,058

[1]	As of December 31, 2025, the major long-term debts were listed as below.

Consolidated Statements of Changes in Shareholders' Equity
¥ in Millions, $ in Millions

CNY (¥)

USD ($)

Ordinary shares

CNY (¥)

Treasury stock

CNY (¥)

Additional paid-in capital

CNY (¥)

Statutory reserves

CNY (¥)

Accumulated other comprehensive income/(loss)

CNY (¥)

Retained earnings

CNY (¥)

Non-controlling interests

CNY (¥)

Balance at Dec. 31, 2022

¥ 273,533

¥ 0

^[1]

¥ (2,493)

¥ 184,041

¥ 3,473

¥ (959)

¥ 29,304

¥ 60,167

Balance (in shares) at Dec. 31, 2022 | shares

3,179,673,067

Balance (in shares) at Dec. 31, 2022 | shares

(43,993,820)

Increase (Decrease) in Stockholders' Equity

Issuance of ordinary shares

472

¥ 0

472

Issuance of ordinary shares (in shares) | shares

3,761,270

Dividends

(6,784)

Repurchase of ordinary shares

(2,497)

¥ (2,497)

Repurchase of ordinary shares (in shares) | shares

(22,678,980)

Exercise of share-based awards

¥ 120

(73)

Exercise of share-based awards (in shares) | shares

1,485,726

Share-based compensation and vesting of share-based awards

4,872

¥ 1,461

453

2,958

Share-based compensation and vesting of share-based awards (in shares) | shares

19,416,652

Net income/(loss)

23,257

24,167

(910)

Translation adjustments and hedge of net investments in foreign operations, net of tax

1,374

1,862

(488)

Statutory reserves

2,636

(2,636)

Change of the capital from non-controlling interest shareholders

1,491

(690)

2,181

Others

Balance at Dec. 31, 2023

295,766

¥ 0

^[1]

¥ (3,409)

184,204

6,109

903

44,051

63,908

Balance (in shares) at Dec. 31, 2023 | shares

3,183,434,337

Balance (in shares) at Dec. 31, 2023 | shares

(45,770,422)

Increase (Decrease) in Stockholders' Equity

Issuance of ordinary shares

474

¥ 0

^[1]

¥ 0

^[1]

474

Issuance of ordinary shares (in shares) | shares

4,119,434

Dividends

(8,258)

Repurchase of ordinary shares

(25,912)

¥ (25,912)

Repurchase of ordinary shares (in shares) | shares

(255,278,178)

Exercise of share-based awards

¥ 12

Exercise of share-based awards (in shares) | shares

122,670

Share-based compensation and vesting of share-based awards

2,935

¥ 1,570

(589)

1,954

Share-based compensation and vesting of share-based awards (in shares) | shares

16,805,414

Net income/(loss)

44,660

41,359

3,301

Translation adjustments and hedge of net investments in foreign operations, net of tax

1,020

518

502

Statutory reserves

579

(579)

Change of the capital from non-controlling interest shareholders

(682)

(951)

269

Acquisition of subsidiaries and assets

3,532

Others

(734)

Balance at Dec. 31, 2024

¥ 312,813

¥ 0

^[1]

¥ (27,739)

182,404

6,688

1,421

76,573

73,466

Balance (in shares) at Dec. 31, 2024 | shares

3,187,553,771

Balance (in shares) at Dec. 31, 2024 | shares

(284,120,516)

Increase (Decrease) in Stockholders' Equity

Dividends

¥ (10,318)

(10,318)

Repurchase of ordinary shares

(21,430)

¥ (21,430)

Repurchase of ordinary shares (in shares) | shares

(183,239,462)

Cancellation of Class A ordinary shares

¥ 0

^[1]

¥ 38,877

(38,877)

Cancellation of Class A ordinary shares (in shares) | shares

(369,258,738)

369,258,738

Exercise of share-based awards

¥ 41

(9)

Exercise of share-based awards (in shares) | shares

352,086

Share-based compensation and vesting of share-based awards

4,716

¥ 2,377

1,060

1,279

Share-based compensation and vesting of share-based awards (in shares) | shares

21,301,372

Net income/(loss)

23,142

$ 3,309

19,631

3,511

Translation adjustments and hedge of net investments in foreign operations, net of tax

(3,308)

(2,596)

(712)

Statutory reserves

929

(929)

Change of the capital from non-controlling interest shareholders

(4,215)

4,586

(8,801)

Share of changes in the equity method investee's capital

(7,649)

Balance at Dec. 31, 2025

¥ 293,783

$ 42,010

¥ 0

^[1]

¥ (7,874)

¥ 141,515

¥ 7,617

¥ (1,175)

¥ 84,957

¥ 68,743

Balance (in shares) at Dec. 31, 2025 | shares

2,818,295,033

Balance (in shares) at Dec. 31, 2025 | shares

(76,447,782)

[1]	Absolute value is less than RMB1 million or US$1 million.

Fair value measurement (Details) ¥ in Millions, $ in Millions	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023
Assets
Marketable securities and other investments	¥ 51,840	$ 7,413	¥ 59,370
Investment, Type [Extensible Enumeration]	Wealth management products	Wealth management products	Wealth management products	Wealth management products
Recurring basis
Assets
Restricted cash	¥ 12,137		¥ 7,366
Total assets	65,755		48,669
Recurring basis \| Wealth management products
Assets
Short-term investments	15,519		38,396
Marketable securities and other investments	36,592
Recurring basis \| Listed equity securities
Assets
Marketable securities and other investments	1,494		2,907
Recurring basis \| Foreign Exchange Forward [Member]
Assets
Short-term investments	13
Recurring basis \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Total assets	1,494		2,907
Recurring basis \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Listed equity securities
Assets
Marketable securities and other investments	1,494		2,907
Recurring basis \| Significant Other Observable Inputs (Level 2)
Assets
Restricted cash	12,137		7,366
Total assets	64,261		45,762
Recurring basis \| Significant Other Observable Inputs (Level 2) \| Wealth management products
Assets
Short-term investments	15,519		¥ 38,396
Marketable securities and other investments	36,592
Recurring basis \| Significant Other Observable Inputs (Level 2) \| Foreign Exchange Forward [Member]
Assets
Short-term investments	¥ 13

Consolidated Balance Sheets (Parenthetical) ¥ in Millions, $ in Millions	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2024 CNY (¥) shares
Current liabilities, consolidated VIEs and VIEs' subsidiaries without recourse to the primary beneficiaries	¥ 306,072	¥ 299,521
Ordinary shares, shares authorized (in shares)	100,000,000,000	100,000,000,000
Class A ordinary shares
Ordinary shares, shares issued (in shares)	2,496,519,005	2,865,069,999
Ordinary shares, shares outstanding (in shares)	2,426,347,757	2,587,296,615
Class B ordinary shares
Ordinary shares, shares issued (in shares)	321,776,028	322,483,772
Ordinary shares, shares outstanding (in shares)	315,499,494	316,136,640
Consolidated VIEs and VIEs' subsidiaries without recourse to the primary beneficiaries
Current liabilities, consolidated VIEs and VIEs' subsidiaries without recourse to the primary beneficiaries \| ¥	¥ 36,482	¥ 42,197

- Definition

Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(21))
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
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-Section 50
-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147481203/810-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
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-Paragraph 25
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
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-Section S99
-Paragraph 1B
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
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-Publisher FASB
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Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
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-Topic 852
-SubTopic 10
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

+ Details

Changing in the capital from non-controlling interest shareholder

12 Months Ended

Dec. 31, 2025

Class of Stock [Line Items]

Changing in the capital from non-controlling interest shareholder

20.	Changing in the capital from non-controlling interest shareholder

JD Industrials

In August 2020, January 2021 and March 2023, JD Industrials, the Group’s subsidiary which is the leading industrials supply chain technology and service provider in China, completed series A, series

A-1

and series B preference share financing (“JD Industrials Series A,

A-1

and B Preference Shares”) with a group of third-party investors. The total amount of financing arising from JD Industrials Series A,

A-1

and B Preference Shares was approximately US$545 million. Among above, the total amount of financing arising from JD Industrials Series B Preference Shares was approximately US$210 million, with net proceeds received amounting to RMB431 million recorded as

non-controlling

interests and RMB1,031 million recorded as additional

paid-in

capital for the year ended December 31, 2023.

In December 2025, JD Industrials’ initial public offering(“IPO”) was completed with net proceeds after deducting underwriting commissions, share issuance costs and offering expenses approximately amounted to RMB2,555 million, representing 7.86%

of the issued share capital of JD Industrials. Upon the completion of JD Industrials IPO, JD Industrials’ Series A, A-1 and B Preference Share have been automatically converted into ordinary shares of JD Industrials.

Dada

In April 2025, Dada entered into an agreement and plan of merger with the Group’s wholly owned subsidiaries (“Going Private” transaction). In June 2025, Dada completed the “Going Private” transaction. Upon the merger contemplated in that agreement completion, Dada becomes the Group’s wholly owned subsidiary held by JD Sunflower. At the completion of the merger, each ADS and ordinary share of Dada was cancelled and ceased to exist in exchange for the right to receive

$2.0 per ADS and

$0.5 per share from the Company, respectively, subject to adjustments as set out in the said agreement. As the Group controls Dada both before and after the transaction, the transaction was accounted for as a common control transaction with the net assets transferred recorded at its carrying amount, and no gain or loss was recognized in the consolidated statements of operations and comprehensive income. For the year ended December 31, 2025, RMB1,116 million was recorded as a reduction of

non-controlling

interests due to this transaction.

Purchase of the

non-controlling

interests in Kuayue Express

In December 2024, JD Logistics entered into an equity transfer agreement (the “Purchase”) with certain

non-controlling

interests shareholders of Kuayue-Express Group Co., LTD. (“Kuayue Express”), a

non-wholly

owned subsidiary of JD Logistics in which JD Logistics held approximately 63.57%

equity interest before the Purchase, to acquire the remaining approximately

36.43% equity interest in Kuayue Express upon satisfying certain closing conditions at the total consideration of not more than approximately RMB6,484 million subject to adjustments as set out in the said agreement.

During the year of 2025, JD Logistics completed the first phase equity transfer and the second phase business registration of transferring in accordance with the agreement. Through the transfer, JD Logistics has completed an initial cash payment of

RMB2,145

million out of the total consideration, while the remaining

RMB4,339 million remains payable as of December 31, 2025.

Upon the expected cash payment of the second phase equity transfer in 2026, JD Logistics’ shareholding in Kuayue Express will be

raised to 90%, with the residual equity to be acquired in the final phase pursuant to the agreement.

For the year ended December 31, 2025, RMB1,728 million was recorded as a reduction of

non-controlling

interests due to this transaction.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Others, net

12 Months Ended

Dec. 31, 2025

Others, net

Others, net

18.	Others, net

Others, net consist of the following:


	For the year ended December 31,
	2023			2024			2025
	(RMB in millions)
(Losses)/gains from fair value change of long-term investments		(855	)		1,355			397
Interest income		9,576			9,353			9,056
Gains from acquirements or disposals of businesses and investments		89			652			55
Impairment of investments		(3,043	)		(3,299	)		(827	)
Foreign exchange (losses)/gains, net		(28	)		(111	)		309
Others		1,757			5,421			8,337

Total		7,496			13,371			17,327

Land use rights, net

12 Months Ended

Dec. 31, 2025

Land use rights, net

Land use rights, net

10.	Land use rights, net

Land use rights, net consist of the following:


	As of December 31,
	2024			2025
	(RMB in millions)
Land use rights		40,650			41,715
Less: accumulated amortization and impairment		(3,817	)		(4,837	)

Net carrying amount		36,833			36,878

Amortization expenses for land use rights were RMB900 million, RMB959 million and RMB1,003 million for the years ended December 31, 2023, 2024 and 2025, respectively. For the years ended December 31, 2023, 2024 and 2025, the Group recorded impairment losses of RMB210 million, RMB448 million and nil, respectively.

As of December 31, 2025, amortization expenses related to the land use rights for future periods are estimated to be as follows:


	For the year ended December 31,
	2026		2027		2028		2029		2030		2031 and thereafter
	(RMB in millions)
Amortization expenses		969		969		969		969		969		32,033

Taxation

12 Months Ended

Dec. 31, 2025

Taxation

Taxation

19.

Taxation

a.	Value added tax ( “VAT”)

The Group is subject to statutory VAT rate of 9% for revenues from sales of audio, video products and books and statutory VAT rate of 13%

for sales of other products in the Chinese mainland, started from April 1, 2019. The Group is exempted from VAT for revenues from sales of books from January 1, 2014 to December 31, 2027, in compliance with relevant VAT regulations of the Chinese mainland. The Group is subject to VAT at the rate of

% for revenues from express delivery services,

% for revenues from transportation services, and

% for revenues from online advertising and other services. The Group is also subject to cultural undertaking development fees at the rate of

% on revenues from online advertising services in the Chinese mainland, which is exempted from January 1, 2020 to December 31, 2021, and reduced by 50% from January 1, 2022 to December 31, 2027.

b.	Income tax

Cayman Islands

Under the current laws of the Cayman Islands, the Company and its subsidiaries incorporated in the Cayman Islands are not subject to tax on income or capital gains. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

British Virgin Islands

Under the current laws of the British Virgin Islands, entities incorporated in the British Virgin Islands are not subject to tax on their income or capital gains.

Hong Kong

The Group’s subsidiaries incorporated in Hong Kong are subject to a

two-tiered

income tax rate on its taxable income generated from operations in Hong Kong effective on April 1, 2018. The first HK$2 million of assessable profits earned by its subsidiaries in Hong Kong can be elected to be taxed at half the current tax rate (i.e., 8.25%) while the remaining assessable profits will continue to be taxed at the existing 16.5% tax rate. The Group performs analysis on the foreign-derived income, mainly including dividend and interest, accrued to its subsidiaries in Hong Kong, applies for Commissioner’s Opinion / Advance Ruling with the Inland Revenue Department of Hong Kong on fulfillment of exception requirements under Foreign-Sourced Income Exemption (“FSIE”) regime and pays tax for the profit subject to Hong Kong Profits Tax, if any.

Chinese mainland

Under the PRC Enterprise Income Tax Law (the “EIT Law”), the standard enterprise income tax rate for domestic enterprises and foreign invested enterprises is 25%. Most of the Group’s PRC subsidiaries and consolidated VIEs are subject to the statutory income tax rate of 25%.

The EIT Law and its implementation rules permit certain High and New Technologies Enterprises, or HNTEs, to enjoy a reduced 15%

enterprise income tax rate subject to these HNTEs meeting certain qualification criteria. In addition, the relevant EIT laws and regulations also provide that entities recognized as software enterprises (“Software Enterprises”) are able to enjoy a tax holiday consisting of a

two-year-

exemption

commencing from their first profitable calendar year and

a 50

reduction in ordinary tax rate for the following three calendar years. Beijing Shangke has qualified as HNTE and enjoyed a preferential income tax rate

of 15%

in 2023, 2024 and 2025. Beijing Wodong Tianjun has qualified as Software Enterprise and enjoyed a

50% reduction

in ordinary tax rate in 2023 and 2024, and has qualified as HNTE and enjoyed a preferential income tax rate

of 15% in 2025.

Certain enterprises will benefit from a preferential tax rate of 15% under the EIT Law if they are located in applicable PRC regions as specified in the Catalogue of Encouraged Industries in Western Regions (initially effective through the end of 2010 and further extended to 2030), or the Western Regions Catalogue, subject to certain general restrictions described in the EIT Law and the related regulations. Chongqing Haijia and certain other entities of the Group

have

qualified as the enterprises within the Catalogue of Encouraged Industries in Western Regions and enjoyed 15% preferential income tax rate.

According to the relevant laws and regulations in the PRC, enterprises engaging in research and development activities are entitled to claim 175

% of their research and development expenses so incurred as tax deductible expenses when determining their assessable profits for that year (“Super Deduction”) from January 1, 2018 and such ratio is raised to

200% from October 1, 2022 and onwards.

Withholding tax on undistributed dividends

The EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident enterprise for the PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing Rules of the EIT Law merely define the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, property, etc., of a

non-PRC

company is located.” Based on a review of surrounding facts and circumstances, the Group does not believe that it is likely that its operations outside of the PRC should be considered as a resident enterprise for the PRC tax purposes.

The EIT Law also imposes a withholding income tax of 10% on dividends distributed by a Foreign Investment Enterprise (“FIE”) to its immediate holding company outside of the Chinese mainland, if such immediate holding company is considered as a

non-resident

enterprise without any establishment or place within the Chinese mainland or if the received dividends have no connection with the establishment or place of such immediate holding company within the Chinese mainland, unless such immediate holding company’s jurisdiction of incorporation has a tax treaty with the Chinese mainland that provides for a different withholding arrangement. According to the arrangement between the Chinese mainland and Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion in August 2006, dividends paid by a FIE in the Chinese mainland to its immediate holding company in Hong Kong will be subject to withholding tax at a rate of no more than 5% (if the FIE satisfies the criteria for “beneficial owner” under Circular No. 9, which was issued by the STA in February 2018, and the foreign investor owns directly at least 25% of the shares of the FIE).

Before 2022, the Company did not record any dividend withholding tax on the retained earnings of its FIEs in the Chinese mainland, as the Company intended to reinvest all earnings in the Chinese mainland to further expand its business in the Chinese mainland, and its FIEs did not intend to declare dividends on the retained earnings to their immediate foreign holding companies.

For the years ended December 31, 2023, 2024 and 2025, the Company accrued RMB2,421 million, RMB2,362 million and RMB1,056 million withholding tax expenses associated with its earnings expected to be distributed from its FIEs in the Chinese mainland to countries or regions other than the Chinese mainland, respectively. As of December 31, 2024 and 2025, the Company has accrued withholding tax liabilities associated with all of its earnings expected to be distributed from its FIEs in the Chinese mainland to countries or regions other than the Chinese mainland, except for unrecognized deferred tax liabilities of RMB2.8 billion and RMB2.8 billion related to the remaining undistributed earnings that the Company still intends to indefinitely reinvest in the Chinese mainland, respectively.

Global Anti-base Erosion Rules

In December 2021, the Organization for Economic

Co-operation

and Development (“OECD”) introduced the Global Anti-Base Erosion (GloBE) Rules, which set out global minimum tax rules designed to ensure that large multinational businesses with group annual revenue of EUR750 million or more pay a minimum effective rate of tax of 15% on profits in all their operating countries (referred to as “Pillar Two Rules”). Countries may also implement their own domestic minimum tax regimes. Global minimum tax rules have been enacted in certain jurisdictions in which the Group is subject to income taxes. To provide transitional relief for Pillar Two Rules tax compliance and administrative burden, the OECD has introduced a Framework for Transitional

Country-by-Country

Reporting Safe Harbor applicable for a Transition Period covering from the year ended December 31, 2025 to the year ending December 31, 2026.

Certain jurisdictions in which the Group operates have implemented the Pillar Two Rules. The Company took measures to assess its exposure to Pillar Two minimum taxation and no material

top-up

taxes arose for the year ended December 31, 2025. The Group is continuing to assess the impact of the Pillar Two Rules on its future financial performance.

The components of income/(loss) before tax are as follows:


	For the year ended December 31,
	2023			2024		2025
	(RMB in millions)
Income/(loss) before tax
Income from Chinese mainland operations		33,130			47,693		22,047
(Loss)/income from non-Chinese mainland operations		(1,480	)		3,845		3,276

Total income before tax		31,650			51,538		25,323

For the year ended December 31, 2025, income tax expenses amounted to RMB1,901 million in Chinese mainland, and income tax expenses amounted to RMB280 million in jurisdictions outside Chinese mainland.

Income tax benefits/(expenses) consist of:


	For the year ended December 31,
	2023			2024			2025
	(RMB in millions)
Current income tax expenses		(7,524	)		(8,022	)		(6,923	)
Deferred tax (expenses)/benefits		(869	)		1,144			4,742

Total income tax expenses		(8,393	)		(6,878	)		(2,181	)

Reconciliation of difference between the PRC statutory income tax rate and the Group’s effective income tax rate for the years ended December 31, 2023 and 2024 is as follows:


	For the year ended December 31,
	2023			2024
Statutory income tax rate		25.0	%		25.0	%
Tax effect of preferential tax rates and tax holiday		(7.6	)%		(4.2	)%
Tax effect of tax-exempt entities		3.3	%		(0.6	)%
Effect on tax rates in different tax jurisdiction		(0.9	)%		(0.5	)%
Tax effect of non-deductible expenses		0.1	%		0.6	%
Tax effect of non-taxable income		(0.5	)%		(0.3	)%
Tax effect of Super Deduction and others		(9.6	)%		(4.0	)%
Changes in valuation allowance		9.1	%		(7.3	)%
Effect on withholding income tax		7.6	%		4.6	%

Effective tax rates		26.5	%		13.3	%


	For the year ended December 31,
	2025
	Amount			Percent
	(RMB in millions)

Chinese mainland statutory income tax		6,331			25.0	%
Other jurisdictions’ tax effects
Hong Kong		(840	)		(3.3	)%
Effect on tax rates in different tax jurisdictions		(369	)		(1.5	) %
Non-taxable or non-deductible items		(313	)		(1.2	)%
Others		(158	)		(0.6	)%
Cayman		(449	)		(1.8	)%
Other jurisdictions		762			3.0	%
Effect of changes in tax laws or rates enacted in the current period		—			0.0	%
Effect of cross-border tax laws
Withholding tax on undistributed dividends		1,056			4.2	%
Others		(2	)		(0.0	)%
Tax credits		—			0.0	%
Changes in valuation allowance		1,348			5.3	%
Non-taxable or non-deductible items
Share of results of equity investees		(1,735	)		(6.9	)%
Others		791			3.2	%
Changes in unrecognized tax benefits		—			0.0	%
Preferential tax rates and tax holiday		(2,716	)		(10.7	)%
Super Deduction		(2,267	)		(9.0	)%
Other adjustments		(98	)		(0.4	)%

Effective tax rates		2,181			8.6	%

For the year ended December 31, 2025, income taxes paid amounted to RMB8,340 million in Chinese mainland, and RMB357 million in jurisdictions outside Chinese mainland.

The following table sets forth the effect of tax holiday:


	For the year ended December 31,
	2023		2024		2025
Tax holiday effect (RMB in millions)		2,397		2,152		2,716
Effect of tax holiday on basic net income per share (RMB)		0.76		0.72		0.95
Effect of tax holiday on diluted net income per share (RMB)		0.76		0.70		0.91

c.	Deferred tax assets and deferred tax liabilities


	As of December 31,
	2024			2025
	(RMB in millions)
Deferred tax assets
- Net operating loss carry forwards and others		13,185			17,303
- Deferred revenues		357			374
- Inventory valuation allowance		1,022			1,197
- Allowance for doubtful accounts		1,118			1,202
- Unrealized fair value losses for certain investments		92			51
Less: valuation allowance		(13,315	)		(14,890	)

Net deferred tax assets		2,459			5,237

Deferred tax liabilities
- Long-lived assets arisen from business combinations and asset acquisitions		5,982			6,065
- Withholding tax on undistributed earnings		2,570			1,244
- Accelerated tax depreciation and others		946			710

Total deferred tax liabilities		9,498			8,019

As of December 31, 2025, the accumulated net operating loss that can be carried forward to offset future taxable income, mainly includes: (i) RMB8,221 million of the Company’s subsidiaries incorporated in Singapore and Hong Kong which can be carried forward indefinitely; and (ii) RMB56,257

million arose from the Company’s subsidiaries and consolidated VIEs established in the Chinese mainland and Indonesia, which will expire during the period from 2026 to 2030 except for those arose from HNTEs, which will expire during the period from 2026 to 2035.

A valuation allowance is provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group evaluates a variety of factors including the Group’s entities’ operating history, accumulated deficit, existence of taxable temporary differences and reversal periods.

Valuation allowances provided on the deferred tax assets mainly related to the net operating loss carry forwards, as the Group’s management does not believe that sufficient positive evidence exists to conclude that the benefits of such deferred tax assets are more likely than not to be realized. The amount of valuation allowance offset in deferred tax assets as of December 31, 2024 and 2025 was RMB13,315 million and RMB14,890 million, respectively.

The movements of valuation allowance of deferred tax assets are as follows:


	For the year ended December 31,
	2023			2024			2025
	(RMB in millions)
Balance at beginning of the year		14,276			17,057			13,315
Additions		6,630			1,680			9,568
Reversals		(3,849	)		(5,422	)		(7,993	)

Balance at end of the year		17,057			13,315			14,890

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Leases (Details 3) - CNY (¥) ¥ in Millions	Dec. 31, 2025	Dec. 31, 2024
Leases
2026	¥ 9,616
2027	6,267
2028	4,419
2029	3,409
2030	2,729
2031 and thereafter	11,737
Total lease payments	38,177
Less: interest	(5,070)
Present value of operating lease liabilities	¥ 33,107	¥ 25,712

Consolidated Statements of Cash Flows
¥ in Millions, $ in Millions

12 Months Ended

Dec. 31, 2025

CNY (¥)

Dec. 31, 2025

USD ($)

Dec. 31, 2024

CNY (¥)

Dec. 31, 2023

CNY (¥)

Cash flows from operating activities:

Net income

¥ 23,142

$ 3,309

¥ 44,660

¥ 23,257

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

9,747

1,394

8,904

8,292

Share-based compensation

4,726

676

2,999

4,804

Losses/(gains) from disposal of property, equipment and software

(16)

(2)

140

Deferred income tax

(4,742)

(678)

(1,144)

869

Impairment of long-lived assets and goodwill

1,303

186

2,361

5,168

Allowance for doubtful accounts

340

333

641

Impairment of investments

827

118

3,299

3,043

Losses/(gains) from fair value change of long-term investments

(397)

(57)

(1,355)

855

Gains from acquirements or disposals of businesses and investments

(55)

(8)

(652)

(89)

Gain on sale of development properties

(387)

(55)

(1,527)

(2,283)

Share of results of equity investees

(8,025)

(1,147)

(2,327)

(1,010)

Accrued interest income

(213)

(30)

(2,912)

(211)

Non-cash portion of other non-operating expense/(income), net

(216)

(31)

168

Changes in operating assets and liabilities:

Accounts receivable

(2,526)

(361)

(4,546)

(310)

Advance to suppliers

1,821

260

(1,676)

1,075

Inventories

(5,780)

(827)

(20,154)

9,891

Prepayments and other current assets

1,162

166

114

357

Amount due from related parties

(542)

(78)

(527)

(750)

Operating lease right-of-use assets

(5,931)

(848)

(3,642)

(273)

Other non-current assets

(1,059)

(151)

575

518

Accounts payable

(4,909)

(702)

27,844

4,614

Advance from customers

3,429

490

704

(2,088)

Deferred revenues

351

(462)

(1,397)

Taxes payable

(2,275)

(325)

1,913

1,311

Amount due to related parties

(875)

(125)

(1,288)

1,132

Accrued expenses and other current liabilities

3,492

499

2,241

2,149

Operating lease liabilities

6,719

961

4,254

529

Other non-current liabilities

(120)

(17)

(202)

(668)

Net cash provided by operating activities

18,991

2,716

58,095

59,521

Cash flows from investing activities:

Purchases of time deposits and wealth management products

(80,193)

(11,467)

(148,462)

(268,529)

Maturity of long-term time deposits and wealth management products

133,308

19,063

166,517

217,184

Purchases of investment securities

(60)

(9)

Disposal of investment securities

3,213

459

1,388

8,318

Prepayments and investments in equity investees

(935)

(134)

(3,146)

(1,382)

Disposal of equity investments

2,881

412

576

387

Cash paid for loan originations

(83,617)

(11,957)

(84,578)

(75,761)

Cash received from loan repayments

82,915

11,857

84,840

75,986

Purchase of property, equipment and software and intangible assets

(7,823)

(1,118)

(5,353)

(4,028)

Disposal of equipment and other assets

169

130

Cash paid for asset acquisitions, net of cash acquired

(3,607)

(516)

(4,308)

(5,468)

Purchase of land use rights

(397)

(57)

(618)

(4,981)

Cash paid for construction in progress

(5,964)

(853)

(7,848)

(11,006)

Sales of development properties

4,887

699

3,822

6,975

Cash paid for business combinations, net of cash acquired

(1,105)

(158)

(2,776)

Loans settled by/(provided to) JD Technology

(680)

(97)

3,328

Other investing activities

(1,160)

(166)

(1,056)

(696)

Net cash (used in)/provided by investing activities

41,832

5,982

(871)

(59,543)

Cash flows from financing activities:

Repurchase of ordinary shares

(21,430)

(3,064)

(25,912)

(2,497)

Proceeds from issuance of ordinary shares pursuant to share-based awards

Cash paid for dividends

(10,379)

(1,484)

(8,263)

(6,741)

Capital injection from non-controlling interest shareholders

2,650

379

1,835

Acquisition of additional equity interests in non-wholly owned subsidiaries

(7,175)

(1,026)

(829)

(778)

Proceeds from debts

34,271

4,900

13,628

30,500

Repayment of debts

(24,003)

(3,432)

(13,253)

(27,387)

Proceeds from unsecured senior notes, net of issuance costs

13,999

Other financing activities

(695)

(100)

(432)

(773)

Net cash used in financing activities

(26,728)

(3,822)

(21,004)

(5,808)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

(186)

(27)

125

Net (decrease)/increase in cash, cash equivalents, and restricted cash

33,909

4,849

36,318

(5,705)

Cash, cash equivalents, and restricted cash at beginning of year, including cash, cash equivalents, and restricted cash classified within assets held for sale

115,716

16,547

79,451

85,156

Less: cash, cash equivalents, and restricted cash classified within assets held for sale at beginning of year

^[1]

Cash, cash equivalents, and restricted cash at beginning of year

115,716

16,547

79,398

85,115

Cash, cash equivalents, and restricted cash at end of year, including cash, cash equivalents and restricted cash classified within assets held for sale

149,625

21,396

115,716

79,451

Less: cash, cash equivalents, and restricted cash classified within assets held for sale at end of year

^[1]

Cash, cash equivalents, and restricted cash at end of year

149,625

21,396

115,716

79,398

Supplemental disclosure of cash flow information:

Cash paid for income taxes

(8,697)

(1,244)

(8,807)

(5,462)

Cash paid for interest

(2,684)

(384)

(2,774)

(2,808)

Supplemental disclosures of non-cash investing and financing activities:

Right-of-use assets acquired under operating leases

¥ 16,255

$ 2,324

¥ 11,173

¥ 10,890

[1]	Absolute value is less than RMB1 million or US$1 million.

Business acquisition (Details) ¥ in Millions, $ in Millions			1 Months Ended		12 Months Ended
Business acquisition (Details) ¥ in Millions, $ in Millions	Dec. 30, 2024 CNY (¥)	Dec. 30, 2024 USD ($)	Jun. 30, 2025 CNY (¥)	Jun. 30, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024
Business Acquisition [Line Items]
Weighted-Average Amortization Period (in years)					11 years 7 months 6 days	11 years 7 months 6 days
Hordeum Investment, L.P.
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	60.80%	60.80%
Business Combination, Voting Equity Interest Acquired, Percentage			39.20%	39.20%
Cash Consideration	¥ 2,473	$ 344		$ 337
Net Assets Acquired Consisted of Advance to Suppliers					¥ 3,224
Weighted-Average Amortization Period (in years)					8 years 6 months
Noncontrolling Interest Decrease From Business Combination			¥ 2,467

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Property, equipment and software, net (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
Property, equipment and software, net
Total	¥ 123,777	¥ 108,690
Less: accumulated depreciation and impairment	(32,428)	(25,953)
Net carrying amount	91,349	82,737		$ 13,063
Depreciation expenses	7,655	6,958	¥ 6,088
Impairment losses	0	716	¥ 819
Land, building and building improvement
Property, equipment and software, net
Total	78,716	70,977
Logistics,warehouse and other heavy equipment
Property, equipment and software, net
Total	20,337	18,061
Vehicles
Property, equipment and software, net
Total	11,433	8,981
Leasehold improvement
Property, equipment and software, net
Total	7,656	5,895
Electronic equipment
Property, equipment and software, net
Total	3,259	2,947
Office equipment
Property, equipment and software, net
Total	1,255	757
Software
Property, equipment and software, net
Total	¥ 1,121	¥ 1,072

Share-based compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share-based compensation

25.	Share-based compensation

The following table sets forth the allocation of share-based compensation expenses:


	For the year ended December 31,
	2023		2024		2025
	(RMB in millions)
Cost of revenues		133		80		87
Fulfillment		697		424		473
Marketing		426		273		313
Research and development		859		599		1,144
General and administrative		2,689		1,623		2,709

Total		4,804		2,999		4,726

Share Incentive Plans

In November 2023, the Board of Directors approved a share incentive plan (“2023 Plan”) which will expire in December 2033, as a renewal of the prior share incentive plan adopted in November 2014 (“2014 Plan”, collectively with the 2023 Plan, “Share Incentive Plans”). The Company granted share-based awards to eligible employees and

non-employees

pursuant to the Share Incentive Plans, which govern the terms of the awards. The RSUs and share options are mainly scheduled to be vested over four or six years.

As of December 31, 2024 and 2025, the Group had reserved 213,472,791 and 211,980,037 ordinary shares available to be granted as share-based awards under the Share Incentive Plans.

Subsequent to June 2020, the employees’ status of JD Technology changed from

non-employees

of the Company to employees of the Company’s equity method investee. Share-based awards granted by the Company to employees of JD Technology and share-based awards granted by JD Technology to employees of the Company were insignificant for all periods presented.

(1)	Share-based compensation of the Company

RSUs

A summary of activities of the service-based RSUs for the years ended December 31, 2025 is presented as follows:


	Number of RSUs			Weighted- Average Grant-Date Fair Value
				US$
Unvested as of January 1, 2025		70,983,422			19.53

Granted		31,551,310			18.27
Vested		(21,301,372	)		21.39
Forfeited or cancelled		(9,370,294	)		19.21

Unvested as of December 31, 2025		71,863,066			18.47

As of December 31, 2024 and 2025, 1,865,542 and 1,957,950 outstanding service-based RSUs were held by

non-employees

and employees of the Company’s equity method investee, respectively, mainly including employees of JD Technology.

For the years ended December 31, 2023, 2024 and 2025, total share-based compensation expenses recognized by the Group for the service-based RSUs granted were RMB1,840 million, RMB1,024 million and RMB2,442 million, respectively.

As of December 31, 2025, there were RMB3,435 million of unrecognized share-based compensation expenses related to the service-based RSUs granted. The expenses are expected to be recognized over a weighted-average period of 3.2 years. The total fair value of service-based RSUs vested was RMB2,930 million, RMB1,909 million and RMB2,947 million for the years ended December 31, 2023, 2024 and 2025, respectively. The weighted average granted fair value of the RSUs granted during the years ended December 31, 2023, 2024 and 2025

was US$

18.24

, US$

15.33

and US$

18.27 per RSU, respectively.

In May 2025, Mr. Liu was granted 10,000,000 service-based RSUs under the Company’s Share Incentive Plans, subject to a

year vesting schedule. For the year ended December 31, 2025, total share-based compensation expense recognized for these RSUs was

RMB367 million.

Share options

A summary of activities of the service-based share options for the years ended December 31, 2025 is presented as follows:


	Number of Share Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
				US$		Year		US$ in millions
Outstanding as of January 1, 2025		17,645,740			16.53		0.5		14

Granted		5,272,500			16.97
Exercised		(352,086	)		13.03

Forfeited or cancelled		—			—
Outstanding as of December 31, 2025		22,566,154			16.69		9.3		1

Vested and expected to vest as of December 31, 2025		22,484,404			16.70		9.3		1
Exercisable as of December 31, 2025		17,293,654			16.61		9.3		1

As of December 31, 2024 and 2025, 40,536 and 7,200 outstanding share options were held by

non-employees

and employees of the Company’s equity method investee, respectively, mainly including employees of JD Technology.

The total intrinsic value of share options exercised during the years ended December 31, 2023, 2024 and 2025 was RMB98 million, RMB2 million and RMB10 million, respectively. The intrinsic value is calculated as the difference between the market value on the date of exercise and the exercise price of the share options.

For the year ended December 31, 2025, total share-based compensation expenses

recognized

for the share options granted over the vesting period were RMB1,004 million, which were insignificant for the years ended December 31, 2023 and 2024. In 2025, the Board of Directors of the Company approved extending the exercise period for the unexercised options held by the grantees under the Share Incentive Plans, for another

years upon the expiration of the existing

-year

exercise periods (“Extension of Exercise Period”). The Extension of Exercise Period generated incremental share-based compensation expenses of RMB

914

million for the year ended December 31, 2025, which was recognized in full on the date of the modification. As of December 31, 2025, there were RMB

202

million of unrecognized share-based compensation expenses related to the share options granted. The expenses are expected to be recognized over a weighted-average period of 4.3 years.

In May 2015, Mr. Liu was granted an option to acquire a

total of

26,000,000 Class A ordinary shares of the Company with an exercise price of US$16.70 per share (or US$33.40 per ADS) under the Company’s Share Incentive Plans, subject to a

10-year

vesting schedule with 10% of the awards vesting on each anniversary of the grant date.

n May 2025, Mr. Liu was granted an option to acquire a total of 5,000,000 Class A ordinary shares of the Company with an exercise price of US$17.175 per share (or US$34.35 per ADS), subject to a

5-year

vesting schedule with 20% of the awards vesting on each anniversary of the grant date. For the years ended December 31, 2023, 2024 and 2025, the total share-based compensation expenses recognized were RMB38 million, RMB21 million and RMB1,000 million, respectively.

The weighted-average grant date fair value of options granted for the year ended December 31, 2025 was US$7.85

per share

, estimated on the grant date or modification date using the Binominal option-pricing model with the following assumptions:


	2025
Expected volatility (i)		48%~49%
Exercise multiples (ii)		2.0
Expected dividend yield (iii)		2.5%
Expected term (in years) (iv)		10.0
Risk-free interest rate (v)		4.26%~4.61%
Fair value of the underlying shares on the date of option grants (US$ per share)		16.35~17.18

(i)	The volatility assumption was estimated based on historical volatility of the Company’s share price for the period of time close to the expected time to exercise.

(ii)	The exercise multiple was estimated as the ratio of fair value of underlying shares over exercise price as at the time the option is exercised, which comes from the historical exercise pattern of the Company.

(iii)

The dividend yield was estimated based on its expected dividend policy over the expected term of the options.

(iv)	Assumption of the expected term were based on the vesting and contractual terms.

(v)	Risk-free interest rate for periods within the contractual life of the option is based upon the U.S. treasury yield curve in effect at the time of grant.

(2)	Share-based compensation of subsidiaries

JD Logistics

JD Logistics adopted a

Pre-IPO

share incentive plan on March 31, 2018 and a Post- IPO share option scheme and a Post-IPO share award scheme on May 10, 2021, collectively the “JD Logistics Plan”. The JD Logistics Plan consists of share options, RSUs and other types of awards.

As of December 31, 2025, the unrecognized share-based compensation expenses related to the share options granted were insignificant.

In October 2020, share options to acquire 99,186,705 ordinary shares of JD Logistics with an exercise price of US$0.01 per share were granted to Mr. Liu according to the JD Logistics Plan. The grant was awarded to Mr. Liu to motivate him to continue leading the future success of JD Logistics. The grant by JD Logistics is subject to a

6-year

vesting schedule with 16.7% of the awards vesting on each anniversary of the grant date.

JD Logistics granted 55,937,435, 59,551,652 and 48,581,929 RSUs of JD Logistics to its employees and

non-employees

for the years ended December 31, 2023, 2024 and 2025, respectively. The estimated fair value of each RSU granted is based on market value of the JD Logistics’ shares on each date of grant. The weighted average grant date fair value of RSUs granted for the years ended December 31, 2023, 2024 and 2025 was equivalent to HK$12.93, HK$9.88 and HK$12.78 per share, respectively. For the years ended December 31, 2023, 2024 and 2025, total share-based compensation expenses for the RSUs granted under JD Logistics Plan were RMB406 million, RMB389 million and RMB385 million, respectively. As of December 31, 2025, there were RMB428 million of unrecognized share-based compensation expenses related to the RSUs granted. The expenses are expected to be recognized over a weighted-average period of 2.7 years.

JD Health

JD Health approved and adopted a

Pre-IPO

share incentive plan on September 14, 2020 and a

Post-IPO

share option scheme and a Post-IPO share award scheme on November 23, 2020, collectively the “JD Health Plan”. The JD Health Plan consists of share options, RSUs and other types of awards.

There was no share option granted from 2023 to 2025. For the years ended December 31, 2023, 2024 and 2025, total share-based compensation expenses for the share options granted under the JD Health Plan were RMB617 million, RMB141 million and RMB146 million, respectively. As of December 31, 2025, there were RMB80 million of unrecognized share-based compensation expenses related to the share options granted. The expenses are expected to be recognized over a weighted-average period of 1.4 years.

In October 2020, share options to acquire 53,042,516 ordinary shares of JD Health with an exercise price of US$0.0000005 per share were granted to Mr. Liu according to the JD Health Plan. The grant was awarded to Mr. Liu to motivate him to continue leading the future success of JD Health. The grant by JD Health is subject to a

6-year

vesting schedule with 16.7% of the awards vesting on each anniversary of the grant date.

JD Health granted 6,051,558, 8,706,890 and 5,240,780 RSUs of JD Health to its employees and

non-employees

for the years ended December 31, 2023, 2024 and 2025, respectively. The estimated fair value of each RSU granted is based on market value of the JD Health’s shares on each date of grant. The weighted average grant date fair value of RSUs granted for the years ended December 31, 2023, 2024 and 2025 was equivalent to HK$52.87, HK$30.64 and HK$35.81 per share, respectively. For the years ended December 31, 2023, 2024 and 2025, total share-based compensation expenses for the RSUs granted under the JD Health Plan were RMB1,161 million, RMB1,002 million and RMB470 million, respectively. As of December 31, 2025, there were RMB306 million of unrecognized share-based compensation expenses related to the RSUs granted. The expenses are expected to be recognized over a weighted-average period of 2.0 years.

Other Subsidiaries

Other than those disclosed above, the share-based compensation expenses of other subsidiaries in aggregate were insignificant for the years ended December 31, 2023, 2024 and 2025.

Concentration and risks (Details) - CNY (¥) ¥ in Millions	12 Months Ended
Concentration and risks (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2025	Dec. 31, 2024
Concentration and risks
Foreign currency exchange appreciation (depreciation) rate	2.00%	1.00%
Currency convertibility risk
Concentration and risks
Cash and cash equivalents, restricted cash and short-term investments	¥ 131,469	¥ 172,732

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-18

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

Unsecured senior notes (Tables)

12 Months Ended

Dec. 31, 2025

Unsecured senior notes

Schedule of unsecured senior notes

A summary of the Company’s senior notes due 2026, 2030 and 2050 (collectively “Senior Notes”) and the Convertible Senior Notes as of December 31, 2024 and 2025 is as follows:


	As of December 31,				Effective interest rate
	2024		2025		Effective interest rate
	(RMB in millions)
US$500 million 3.875% Senior Notes due 2026		3,582		3,511		4.15	%
US$700 million 3.375% Senior Notes due 2030		4,973		4,867		3.47	%
US$300 million 4.125% Senior Notes due 2050		2,024		1,980		4.25	%
US$2,000 million 0.25% Convertible Senior Notes due 2029		14,191		13,951		0.79	%

Carrying value		24,770		24,309
Unamortized discount and debt issuance costs of the Senior Notes		73		57
Unamortized debt issuance costs of the Convertible Senior Notes		186		107

Total principal amounts of unsecured senior notes		25,029		24,473

Summary of Principal Amounts due of Unsecured Senior Notes


Principal amounts	Total		Within 1 year		Between 1 to 2 years		Between 2 to 3 years		Between 3 to 4 years		Between 4 to 5 years		Beyond 5 years
	(RMB in millions)
Senior Notes		10,415		3,514		—		—		—		4,885		2,016
Convertible Senior Notes		14,058		—		—		—		14,058		—		—

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Changing in the capital from non-controlling interest shareholder (Details) $ / shares in Units, ¥ in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2025 CNY (¥) $ / ADS	Dec. 31, 2025 CNY (¥) $ / ADS	Dec. 31, 2025 $ / shares	Dec. 31, 2024 CNY (¥)	Mar. 31, 2023 CNY (¥)	Mar. 31, 2023 USD ($)
JD Industry
Class of Stock [Line Items]
Total amount received by issuance of the non-redeemable preferred preference shares \| $						$ 545
Proceeds from Issuance Initial Public Offering	¥ 2,555
Percentage of Issued Share Capital	7.86%
Dada
Class of Stock [Line Items]
Reduction of non-controlling interests		¥ 1,116
Dada \| Ordinary shares \| Merger Agreement
Class of Stock [Line Items]
Business Combination, Price Per Share \| $ / shares			$ 0.5
Kuayue Express Group Co
Class of Stock [Line Items]
Reduction of non-controlling interests		¥ 1,728
Ownership percentage	90.00%	90.00%
Consideration payable for Purchase of the non-controlling interests in Kuayue	¥ 4,339	¥ 4,339		¥ 6,484
Kuayue Express Group Co \| JD Logistics Acquisition
Class of Stock [Line Items]
Non controlling interest ownership percentage				36.43%
Subsidiary, Ownership Percentage, Parent				63.57%
Initial cash payment		¥ 2,145
Series B Preferred Shares \| JD Industry
Class of Stock [Line Items]
Total amount received by issuance of the non-redeemable preferred preference shares \| $						$ 210
Issuance non controlling interest					¥ 431
Additional Paid in Capital, Preferred Stock					¥ 1,031
American Depositary Share \| Ordinary shares \| Merger Agreement
Class of Stock [Line Items]
Business Combination, Price Per Share \| $ / ADS	2	2

Summary of significant accounting policies (Details) ¥ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Foreign currency translation
Debt Instrument, Face Amount	¥ 8,300
Convenience translation
Convenience translation rate (RMB to USD)	6.9931
Loan receivables, net
Provision for the doubtful loan receivables	¥ 0	¥ 0	¥ 0
Minimum
Loan receivables, net
Loan periods extended range	1 month
Maximum
Loan receivables, net
Loan periods extended range	24 months
Electronic equipment \| Minimum
Property, equipment and software, net
Estimated useful Lives (in Years)	3 years
Electronic equipment \| Maximum
Property, equipment and software, net
Estimated useful Lives (in Years)	5 years
Office equipment
Property, equipment and software, net
Estimated useful Lives (in Years)	5 years
Vehicles \| Minimum
Property, equipment and software, net
Estimated useful Lives (in Years)	3 years
Vehicles \| Maximum
Property, equipment and software, net
Estimated useful Lives (in Years)	6 years
Logistic,warehouse and other heavy equipment \| Minimum
Property, equipment and software, net
Estimated useful Lives (in Years)	5 years
Logistic,warehouse and other heavy equipment \| Maximum
Property, equipment and software, net
Estimated useful Lives (in Years)	10 years
Leasehold improvement
Property, equipment and software, net
Estimated useful Lives	Over the shorter of the expected life of leasehold improvements or the lease term
Software \| Minimum
Property, equipment and software, net
Estimated useful Lives (in Years)	3 years
Software \| Maximum
Property, equipment and software, net
Estimated useful Lives (in Years)	5 years
Building \| Minimum
Property, equipment and software, net
Estimated useful Lives (in Years)	18 years
Building \| Maximum
Property, equipment and software, net
Estimated useful Lives (in Years)	40 years
Building improvement \| Minimum
Property, equipment and software, net
Estimated useful Lives (in Years)	5 years
Building improvement \| Maximum
Property, equipment and software, net
Estimated useful Lives (in Years)	10 years
Land
Property, equipment and software, net
Estimated useful Lives	Indefinite
Other non-current assets
Loan receivables, net
The loan receivables with the collection period over one year	¥ 860	373
Prepayments and other current assets
Loan receivables, net
The loan receivables with the collection period less than one year	¥ 1,476	¥ 1,279

Share-based compensation (Details) - CNY (¥) ¥ in Millions	12 Months Ended
Share-based compensation (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based compensation
Share-based compensation expenses	¥ 4,726	¥ 2,999	¥ 4,804
Share Incentive Plan \| Employee and non-employee
Share-based compensation
Number of ordinary shares available for future grants	211,980,037	213,472,791
Cost of revenues
Share-based compensation
Share-based compensation expenses	¥ 87	¥ 80	133
Fulfillment
Share-based compensation
Share-based compensation expenses	473	424	697
Marketing
Share-based compensation
Share-based compensation expenses	313	273	426
Research and development
Share-based compensation
Share-based compensation expenses	1,144	599	859
General and administrative
Share-based compensation
Share-based compensation expenses	¥ 2,709	¥ 1,623	¥ 2,689

Intangible assets, net (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
Intangible assets, net
Finite-lived intangible asset, useful life	11 years 7 months 6 days	11 years 7 months 6 days
Gross Carrying Amount	¥ 15,796	¥ 17,244
Accumulated Amortization	(6,480)	(7,858)
Impairment Amount	(1,593)	(1,593)
Net Carrying Amount	7,723	7,793		$ 1,104
Amortization expenses	¥ 1,089	¥ 987	¥ 1,304
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment, Long-Lived Asset, Held-for-Use	Impairment, Long-Lived Asset, Held-for-Use	Impairment, Long-Lived Asset, Held-for-Use
Intangible assets impairment loss	¥ 0	¥ 535	¥ 902
Amortization expenses related to the intangible assets for future periods
2026	1,118
2027	1,098
2028	949
2029	839
2030	540
2031 and thereafter	¥ 3,179
Non-compete Agreement
Intangible assets, net
Finite-lived intangible asset, useful life		8 years
Gross Carrying Amount		¥ 2,467
Accumulated Amortization		¥ (2,467)
Domain names and trademarks
Intangible assets, net
Finite-lived intangible asset, useful life	17 years 7 months 6 days	17 years 9 months 18 days
Gross Carrying Amount	¥ 7,306	¥ 6,715
Accumulated Amortization	(2,513)	(2,185)
Impairment Amount	(815)	(815)
Net Carrying Amount	¥ 3,978	¥ 3,715
Customer relationship
Intangible assets, net
Finite-lived intangible asset, useful life	8 years 8 months 12 days	8 years 8 months 12 days
Gross Carrying Amount	¥ 5,531	¥ 5,157
Accumulated Amortization	(2,018)	(1,416)
Impairment Amount	(112)	(112)
Net Carrying Amount	¥ 3,401	¥ 3,629
Technology and Others
Intangible assets, net
Finite-lived intangible asset, useful life	5 years 4 months 24 days	5 years 4 months 24 days
Gross Carrying Amount	¥ 2,959	¥ 2,905
Accumulated Amortization	(1,949)	(1,790)
Impairment Amount	(666)	(666)
Net Carrying Amount	¥ 344	¥ 449

Employee benefit (Details) - CNY (¥) ¥ in Millions	12 Months Ended
Employee benefit (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Contribution Pension And Other Postretirements Plan Disclosure [Abstract]
Employee benefit expenses	¥ 18,200	¥ 14,220	¥ 12,659

Taxation (Details 2) € in Millions, ¥ in Millions, $ in Millions, $ in Millions	12 Months Ended						39 Months Ended	57 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 HKD ($)	Dec. 31, 2025 EUR (€)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 CNY (¥)	Sep. 30, 2022
Taxation
Applicable tax rate approved (as a percent)	25.00%	25.00%	25.00%	25.00%	25.00%	25.00%
Effective income tax rate	8.60%	8.60%	8.60%	8.60%	13.30%	26.50%
Income tax expenses	¥ 2,181	$ 312			¥ 6,878	¥ 8,393
Income taxes paid	¥ 8,697	$ 1,244			8,807	5,462
PRC
Taxation
Applicable tax rate approved (as a percent)	25.00%	25.00%	25.00%	25.00%
Percentage of entitled to claim announced by State Taxation Administration (as a percent)							200.00%	175.00%
Withholding tax rate on dividend distributed by FIE	10.00%	10.00%	10.00%	10.00%
Maximum rate of withholding tax for dividends paid by an FIE in China to its immediate holding company in Hong Kong under specified conditions	5.00%	5.00%	5.00%	5.00%
Minimum ownership percentage of the FIE by foreign investors to qualify for withholding tax rate limit for dividends paid by an FIE in China to its immediate holding company in Hong Kong	25.00%	25.00%	25.00%	25.00%
Accrued Withholding Tax Expenses	¥ 1,056				2,362	¥ 2,421
Unrecognized deferred tax liabilities of subsidiaries	2,800				¥ 2,800		¥ 2,800
Income tax expenses	1,901
Income taxes paid	¥ 8,340
PRC \| High and new technology enterprise
Taxation
Preferential income tax rate (as a percent)	15.00%	15.00%	15.00%	15.00%
PRC \| Beijing Jingdong Shangke Information Technology Company Limited and Other Entities \| High and new technology enterprise
Taxation
Preferential income tax rate (as a percent)	15.00%	15.00%	15.00%	15.00%	15.00%	15.00%
PRC \| Certain enterprises located in applicable PRC regions \| Encouraged industry in the Western Regions of China
Taxation
Preferential income tax rate (as a percent)	15.00%	15.00%	15.00%	15.00%
PRC \| Beijing Wodong Tianjun Information Technology Co., Ltd. \| High and new technology enterprise
Taxation
Preferential income tax rate (as a percent)	15.00%	15.00%	15.00%	15.00%
PRC \| Beijing Wodong Tianjun Information Technology Co., Ltd. \| Software enterprise
Taxation
Reduction percentage of preferential corporate income tax rate					50.00%	50.00%
PRC \| Certain entity \| Software enterprise
Taxation
Number of years exempted from income tax	2 years	2 years	2 years	2 years
Reduction percentage of preferential corporate income tax rate	50.00%	50.00%	50.00%	50.00%
Number of years half exempted income tax	3 years	3 years	3 years	3 years
Hong Kong
Taxation
The Hong Kong profits applicable for the first tier tax rate \| $			$ 2
Hong Kong \| Profit Above Two Million Hon Kong Dollar
Taxation
Profit tax rate (as a percent)	16.50%	16.50%	16.50%	16.50%
Hong Kong \| Profit Below Two Million Hong kong Dollar
Taxation
Profit tax rate (as a percent)	8.25%	8.25%	8.25%	8.25%
Pillar Two
Taxation
Effective tax payable minimum threshold limit revenue amount \| €				€ 750
Effective income tax rate	15.00%	15.00%	15.00%	15.00%
Outside CHINA
Taxation
Income tax expenses	¥ 280
Income taxes paid	¥ 357

Parent company only condensed financial information (Details)
$ / shares in Units, ¥ in Millions, $ in Millions

Dec. 31, 2025

CNY (¥)

Dec. 31, 2025

USD ($)

$ / shares

Dec. 31, 2024

CNY (¥)

Dec. 31, 2024

$ / shares

ASSETS

Cash and cash equivalents

¥ 137,488

$ 19,660

¥ 108,350

Short-term investments

75,744

10,831

125,645

Investments in subsidiaries and consolidated VIEs | ¥

31,680

34,294

Total assets

695,201

99,412

698,234

LIABILITIES

Long-term debts

41,675

5,959

31,705

Accrued expenses and other liabilities

50,045

7,157

45,985

Total liabilities

401,418

57,402

384,937

SHAREHOLDERS' EQUITY:

^[1]

Additional paid-in capital

141,515

20,236

182,404

Statutory reserves

7,617

1,089

6,688

Treasury stock

(7,874)

(1,126)

(27,739)

Retained earnings

84,957

12,149

76,573

Accumulated other comprehensive income/(loss)

(1,175)

(168)

1,421

Total JD.com, Inc. shareholders' equity

225,040

32,180

239,347

Total liabilities, mezzanine equity and shareholders' equity

¥ 695,201

$ 99,412

¥ 698,234

Ordinary shares, par value (in dollars per share) | $ / shares

$ 0.00002

Ordinary shares, shares authorized (in shares)

100,000,000,000

Class A ordinary shares

SHAREHOLDERS' EQUITY:

Ordinary shares, shares issued (in shares)

2,496,519,005

2,865,069,999

Ordinary shares, shares outstanding (in shares)

2,426,347,757

2,587,296,615

Class B ordinary shares

SHAREHOLDERS' EQUITY:

Ordinary shares, shares issued (in shares)

321,776,028

322,483,772

Ordinary shares, shares outstanding (in shares)

315,499,494

316,136,640

Parent company

ASSETS

Cash and cash equivalents

¥ 5,707

$ 816

¥ 646

Short-term investments

5,191

Internal balance

2,613

373

35,639

Investments in subsidiaries and consolidated VIEs

248,355

35,514

230,090

Prepayments and other assets

Total assets

256,751

36,714

271,631

LIABILITIES

Unsecured senior notes

24,434

3,494

24,898

Long-term debts

7,029

1,005

7,188

Accrued expenses and other liabilities

248

198

Total liabilities

31,711

4,534

32,284

SHAREHOLDERS' EQUITY:

^[1]

Additional paid-in capital

141,515

20,236

182,404

Statutory reserves

7,617

1,089

6,688

Treasury stock

(7,874)

(1,126)

(27,739)

Retained earnings

84,957

12,149

76,573

Accumulated other comprehensive income/(loss)

(1,175)

(168)

1,421

Total JD.com, Inc. shareholders' equity

225,040

32,180

239,347

Total liabilities, mezzanine equity and shareholders' equity

¥ 256,751

$ 36,714

¥ 271,631

Ordinary shares, par value (in dollars per share) | $ / shares

$ 0.00002

Ordinary shares, shares authorized (in shares)

100,000,000,000

Parent company | Class A ordinary shares

SHAREHOLDERS' EQUITY:

Ordinary shares, shares issued (in shares)

2,496,519,005

2,865,069,999

Ordinary shares, shares outstanding (in shares)

2,426,347,757

2,587,296,615

Parent company | Class B ordinary shares

SHAREHOLDERS' EQUITY:

Ordinary shares, shares issued (in shares)

321,776,028

322,483,772

Ordinary shares, shares outstanding (in shares)

315,499,494

316,136,640

[1]	Absolute value is less than RMB1 million or US$1 million.

Others, net (Details) ¥ in Millions, $ in Millions	12 Months Ended
Others, net (Details) ¥ in Millions, $ in Millions	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Others, net
(Losses)/gains from fair value change of long-term investments	¥ 397	$ 57	¥ 1,355	¥ (855)
Interest income	9,056		9,353	9,576
Gains from acquirements or disposals of businesses and investments	55	8	652	89
Impairment of investments	(827)	(118)	(3,299)	(3,043)
Foreign exchange (losses)/gains, net	309		(111)	(28)
Others	8,337		5,421	1,757
Total	¥ 17,327	$ 2,478	¥ 13,371	¥ 7,496

Ordinary shares (Details) - Class A ordinary shares - Huang River Investment Limited - USD ($) $ in Millions	1 Months Ended
	May 31, 2024	May 31, 2023	Jul. 31, 2022	Jun. 30, 2022
Ordinary shares
Shares Issued	4,119,434	3,761,270	2,164,236
Transaction with Tencent
Ordinary shares
Business combination, consideration transferred				$ 220

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Accounts payable

12 Months Ended

Dec. 31, 2025

Accounts Payable, Current [Abstract]

Accounts payable

13.	Accounts payable

Accounts payable consist of the following:


	As of December 31,
	2024		2025
	(RMB in millions)
Vendor payable		157,147		149,368
Shipping charges payable and others		35,713		39,011

Total		192,860		188,379

Financial institutions (the “Institutions”) including JD Technology offer supply chain financing services to the Group’s suppliers. Suppliers can sell one or more of the Group’s payment obligations at their sole discretion through JD Technology to the Institutions to receive funds ahead of time to meet their cash flow needs. The Group’s rights and obligations are not impacted and the original payment terms, timing or amount, remain unchanged. The Group did not provide assets pledged as security or other forms of guarantees under the supply chain financing arrangements. A supplier’s election to receive early payment from the Institutions does not change the amount that the Group must remit to the Institutions or the Group’s payment date, which mainly up to 90 days after product-acceptances or completion of sales.

The movements in the

accounts payable

under supply chain financing arrangements are as follows, among which, RMB15,233 million and RMB17,834 million were

related to arrangements with JD Technology as of December 31, 2024 and 2025, respectively.


	For the year ended December 31,
	2024			2025
	(RMB in millions)
Balance at beginning of the year		21,316			15,294
Additions		144,047			126,598
Payments		(150,069	)		(123,971	)

Balance at end of the year		15,294			17,921

Net income per share/ADS (Details) - CNY (¥) ¥ / shares in Units, ¥ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income attributable to the Company's ordinary shareholders – basic	¥ 19,631	¥ 41,359	¥ 24,167
Impact of subsidiaries and equity method investees' dilutive earnings	(533)	(118)	(30)
Dilution impact of the Convertible Senior Notes	112	68
Net income attributable to the Company's ordinary shareholders – diluted	¥ 19,210	¥ 41,309	¥ 24,137
Denominator:
Weighted average number of shares – basic (million shares)	2,847,199,686	2,989,701,855	3,144,233,160
Dilutive share options and RSUs (million shares)	41,000,000	33,000,000	27,000,000
Convertible Senior Notes (million shares)	90,000,000	53,000,000
Weighted average number of shares – diluted (million shares)	2,978,037,127	3,076,061,616	3,170,542,396
Ordinary shares
Denominator:
Basic net income per share attributable to the Company's ordinary shareholders	¥ 6.89	¥ 13.83	¥ 7.69
Diluted net income per share attributable to the Company's ordinary shareholders	6.45	13.43	7.61
American depository shares
Denominator:
Basic net income per ADS	13.79	27.67	15.37
Diluted net income per ADS	¥ 12.9	¥ 26.86	¥ 15.23