New Street Research - JD.com Inc. Sponsored ADR Class A (JD) JD 4Q25 Results: Food Delivery Investments to Further Decline in 2026

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New Street Research

Jin Yoon

JD 4Q25 Results: Food Delivery Investments to Further Decline in 2026

What’s new: JD’s reported 4Q25 revs that were above consensus and largely in line with our expectations. JD Retail could continue to be supported by resiliency in general merchandise. Investments in food delivery could continue to sequentially decline in 1Q and FY26. We lower our PT from US$42 to US$35 as core retail could remain challenging in the near term. Our updated PT of US$35 implies 13.4x FY26E P/E. We maintain our BUY rating.

Analysts:
Jin Yoon

06/03/2026 1 EN

Underlying

JD.com Inc. Sponsored ADR Class A

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US47215P1066 NASDAQ Stock Market United States

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Analysts

Jin Yoon

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JD 4Q25 Results: Food Delivery Investments to Further Decline in 2026

JD.com (9618 HK): 4Q25: Diversified Growth Driver; AI Embedded In Supply Chain Scenarios.

Greater China Daily: Friday, March 6, 2026

Besi: Another setback in Hybrid bonding adoption?

Grasping the AI Infra buildout (V): How can frontier labs fund rising compute costs?

Japanese Telcos – Q3 FY25 review: SB focusing less on customer share; this is positive

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