JD.com posts first quarterly loss in nearly four years as delivery battle takes toll

South China Morning PostEN 1 min read 100% complete by Ben JiangMarch 5, 2026 at 03:01 PM

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JD.com, a Chinese e-commerce giant, reported its first quarterly loss in nearly four years, with a 2.7 billion yuan (US$392 million) deficit in the fourth quarter of last year. The company's annual profit declined by 53% to 19.6 billion yuan, marking a significant drop from the previous year's profit. Despite this, JD.com reported net income of 1.1 billion yuan for the fourth quarter and 27 billion yuan for 2022 under non-GAAP accounting principles. The quarterly loss was attributed to an ongoing food delivery battle that throttled revenue across the sector, as well as dampened consumer demand during a national subsidy programme's tapering. JD.com's Hong Kong-listed shares declined by 1.07% on the day of the announcement, bringing their year-to-date decline to 15%. The company's losses are part of a broader trend in the food delivery market.

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Hong Kong 60% China 70% JD.com ×4100%

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jd.com 100% quarterly loss 90% e-commerce 90% food delivery battle 80% profit decline 70% consumer demand 60% financial performance 50% on-demand delivery 50% earnings results 40%