JD Stock (9618.HK): Revenue, Margins, Valuation 2026
JD.com (HKEX: 9618, Nasdaq: JD) closed at HK$111.10 on Nov 11, 2026, almost flat for the year (−0.4%) with a 3.5% dividend yield, while revenue for the June 2026 quarter fell 2.9% year on year to RMB 346.4 bn, the first decline in the eight quarters below. This is a data page, not a recommendation.
JD stock price and key numbers (9618.HK)
JD closed at HK$111.10 on Nov 11, 2026, a market cap of about HK$313 bn and down 0.4% so far this year. Q2 FY2026 revenue was RMB 346.4 bn (−2.9% year on year) at a 17.1% gross margin.
| What | Figure | As of | Read |
|---|---|---|---|
| Share price (HK line) | HK$111.10 | Nov 11, 2026 close | −0.9% on the day; 16.2% below the 52-week high of HK$132.50 (May 14, 2026) |
| Market cap | ≈ HK$313 bn | Nov 11, 2026 | Trailing P/E 18.4x, P/B 1.2x, P/S 0.2x, dividend yield 3.5% |
| Year-to-date move | −0.4% | Nov 11, 2026 close vs Dec 31, 2025 close (HK$111.60) | 1-year move −9.7%; 52-week low HK$95.80 (Jun 26, 2026) |
| Latest quarter revenue (Q2 FY2026) | RMB 346.4 bn | Reported, quarter to Jun 30, 2026 | −2.9% year on year, the first decline in eight quarters |
| Latest quarter gross margin | 17.1% | Reported | 1.2 points above the year-ago quarter (15.9%) |
Source: Winus (winus.ai) financial data (official data aggregated from global exchanges and trading partners), retrieved Nov 12, 2026 (HKT). Price, valuation and 52-week range are market-data fields for 9618.HK; revenue, margin and profit are JD.com's reported figures. Reporting currency RMB; share price HK$. Company filings: JD.com investor relations.
The rows split into a steady price and a slowing top line. The shares are about where they started the year (−0.4%) and 9.7% lower than a year ago, the dividend yield is 3.5%, and revenue growth has gone from +22.4% in Q2 FY2025 to −2.9% in the latest quarter.
JD revenue, gross margin and net profit by quarter
JD's revenue fell 2.9% year on year to RMB 346.4 bn in Q2 FY2026, the first decline in eight quarters, while gross margin rose to 17.1% and net profit grew 15.4% to RMB 7.1 bn.
JD's fiscal year is the calendar year, so Q2 FY2026 is April to June 2026. Revenue and net profit are in RMB billions. Net profit is profit attributable to shareholders of the parent.
Show data
| Period | RMB bn | Note |
|---|---|---|
| Q3 FY24 | 260.4 | |
| Q4 FY24 | 347.0 | |
| Q1 FY25 | 301.1 | |
| Q2 FY25 | 356.7 | +22.4% YoY, peak quarter |
| Q3 FY25 | 299.1 | |
| Q4 FY25 | 352.3 | +1.5% YoY |
| Q1 FY26 | 315.7 | +4.9% YoY |
| Q2 FY26 | 346.4 | −2.9% YoY |
Source: Winus (winus.ai) financial data, retrieved Nov 12, 2026 (HKT); JD.com reported figures
| Quarter | Revenue (RMB bn) | Revenue YoY | Gross margin | Net profit (RMB bn) | Net profit YoY |
|---|---|---|---|---|---|
| Q3 FY2024 | 260.4 | +5.1% | 17.3% | 11.7 | +47.8% |
| Q4 FY2024 | 347.0 | +13.4% | 15.3% | 9.9 | +190.8% |
| Q1 FY2025 | 301.1 | +15.8% | 15.9% | 10.9 | +52.7% |
| Q2 FY2025 | 356.7 | +22.4% | 15.9% | 6.2 | −51.1% |
| Q3 FY2025 | 299.1 | +14.9% | 16.9% | 5.3 | −55.0% |
| Q4 FY2025 | 352.3 | +1.5% | 15.6% | −2.7 | n/m (loss) |
| Q1 FY2026 | 315.7 | +4.9% | 16.8% | 5.1 | −53.1% |
| Q2 FY2026 | 346.4 | −2.9% | 17.1% | 7.1 | +15.4% |
Year-on-year figures from Q1 FY2025 on are computed from the quarters retrieved for this page; the first two rows are the data feed's own year-on-year fields, because the FY2023 quarters are not on this page. Net profit growth is not meaningful when the base is a loss.
Three things the table says on its own:
- Growth went from +22.4% to −2.9% in four quarters. Q2 FY2025 was the peak revenue quarter at RMB 356.7 bn; Q2 FY2026 came in 2.9% below it. The three quarters in between grew +14.9%, +1.5% and +4.9%.
- Gross margin has stayed in a narrow band. It ranged from 15.3% to 17.3% across the eight quarters, and the latest 17.1% is within 0.2 points of the top of that range.
- Profit swung more than revenue. Net profit went from RMB 10.9 bn in Q1 FY2025 to a RMB 2.7 bn loss in Q4 FY2025, then to RMB 7.1 bn in Q2 FY2026. This page does not carry the segment split (retail, logistics, new businesses); JD.com's results announcements do.
Gross profit moved the other way from revenue. Q2 FY2026 gross profit was RMB 59.3 bn, 4.7% above the RMB 56.6 bn of Q2 FY2025, even though revenue was 2.9% lower, because gross margin rose from 15.9% to 17.1%. Net profit was 2.1% of revenue in Q2 FY2026. Gross profit is computed as revenue times gross margin from the quarters above.
Seasonality matters here too. In the table, the June and December quarters are the four largest (RMB 346.4 bn to RMB 356.7 bn) and the March and September quarters are smaller (RMB 260.4 bn to RMB 315.7 bn), so year-on-year comparisons are cleaner than quarter-on-quarter ones.
Show data
| Period | % | Note |
|---|---|---|
| Q3 FY24 | 17.3 | Eight-quarter high |
| Q4 FY24 | 15.3 | |
| Q1 FY25 | 15.9 | |
| Q2 FY25 | 15.9 | 15.9% |
| Q3 FY25 | 16.9 | |
| Q4 FY25 | 15.6 | |
| Q1 FY26 | 16.8 | |
| Q2 FY26 | 17.1 | 17.1% |
Source: Winus (winus.ai) financial data, retrieved Nov 12, 2026 (HKT); JD.com reported figures
Show data
| Period | RMB bn | Note |
|---|---|---|
| Q3 FY24 | 11.7 | |
| Q4 FY24 | 9.9 | |
| Q1 FY25 | 10.9 | |
| Q2 FY25 | 6.2 | |
| Q3 FY25 | 5.3 | |
| Q4 FY25 | -2.7 | Net loss |
| Q1 FY26 | 5.1 | |
| Q2 FY26 | 7.1 | +15.4% YoY |
Source: Winus (winus.ai) financial data, retrieved Nov 12, 2026 (HKT); profit attributable to shareholders
JD annual revenue and net profit by year
JD's FY2025 revenue was RMB 1,309.1 bn, up 13.0% from RMB 1,158.8 bn in FY2024, while net profit fell 52.5% to RMB 19.6 bn.
| FY2024 | FY2025 | Change | |
|---|---|---|---|
| Revenue (RMB bn) | 1,158.8 | 1,309.1 | +13.0% |
| Gross margin | 15.9% | 16.0% | +0.2 pts |
| Net profit (RMB bn) | 41.4 | 19.6 | −52.5% |
Annual figures are the sum of four reported quarters; gross margin is the revenue-weighted average of those quarters, and the change is computed from unrounded values. The first half of FY2026 has already reversed the revenue trend:
| H1 FY2025 | H1 FY2026 | Change | |
|---|---|---|---|
| Revenue (RMB bn) | 657.7 | 662.1 | +0.7% |
| Gross margin | 15.9% | 17.0% | +1.1 pts |
| Net profit (RMB bn) | 17.1 | 12.2 | −28.3% |
Revenue is flat, margin is higher and profit is lower. The last four reported quarters (Q3 FY2025 to Q2 FY2026) carry RMB 14.8 bn of net profit, 24.6% below FY2025's RMB 19.6 bn.
What is the difference between JD's HK shares and its Nasdaq ADR?
JD's ordinary shares trade in Hong Kong as 9618.HK in Hong Kong dollars (HK$111.10 on Nov 11, 2026), and its American depositary shares trade on Nasdaq as JD in US dollars ($27.85 the same day).
| Listing | Ticker | Currency | Close, Nov 11, 2026 | Note |
|---|---|---|---|---|
| Hong Kong Main Board | 9618.HK | HKD | 111.10 | Winus data shows a Jun 18, 2020 listing date |
| Nasdaq | JD | USD | 27.85 | Listed May 22, 2014 |
Both lines are the same company, so revenue and profit are the same RMB figures above. The number of ordinary shares behind each ADS is not on this page (see JD.com's investor relations site), so the two prices cannot be compared one for one.
What is JD's P/E ratio, dividend yield and 52-week range?
JD trades at 18.4 times trailing earnings and 1.2 times book at the HK$111.10 close, with a 3.5% dividend yield and a 52-week range of HK$95.80 to HK$132.50 (Nov 12, 2025 to Nov 11, 2026).
| Metric | Value | Note |
|---|---|---|
| Trailing P/E | 18.4x | On the four quarters to Q2 FY2026 |
| P/B | 1.2x | |
| P/S | 0.2x | |
| Dividend yield | 3.5% | Hong Kong line |
| 52-week range | HK$95.80 – HK$132.50 | Low Jun 26, 2026; high May 14, 2026 |
Recent closes show the path. JD closed at HK$106.50 on Nov 4, rose 6.9% to HK$113.90 on Nov 5 and has slipped back about 2.5% since:
| Session | Close (HK$) | Day change |
|---|---|---|
| Nov 4, 2026 | 106.50 | −0.7% |
| Nov 5, 2026 | 113.90 | +6.9% |
| Nov 6, 2026 | 113.30 | −0.5% |
| Nov 9, 2026 | 112.30 | −0.9% |
| Nov 10, 2026 | 112.10 | −0.2% |
| Nov 11, 2026 | 111.10 | −0.9% |
The 52-week range uses intraday highs and lows from daily price bars. The price is 16.0% above the low and 16.2% below the high. The stock fell 10.4% on Aug 14, 2026 (HK$123.00 to HK$110.20) and rose 10.0% on Mar 6, 2026 (HK$96.95 to HK$106.60), the only two one-day moves above 9% in the window.
The 0.2x P/S sits on a gross margin of 17.1%, so each RMB 100 of revenue carries RMB 17.1 of gross profit. The trailing P/E rests on RMB 14.8 bn of net profit, so a quarter above the year-ago figure would lower the multiple at a constant price. That is arithmetic, not a forecast.
JD earnings: what to watch in the Q3 FY2026 results
Three numbers decide how the Q3 FY2026 report reads: revenue against RMB 299.1 bn, gross margin against 16.9%, and net profit against RMB 5.3 bn, all from Q3 FY2025.
JD.com announces its results date on its investor relations site, and the date is not in our data. The quarter covers July to September 2026. The three comparisons:
| Check | Benchmark | Why it matters |
|---|---|---|
| Revenue | RMB 299.1 bn (Q3 FY2025) and −2.9% (Q2 FY2026) | The Q3 FY2025 base grew 14.9%; a second decline would make the trend two quarters long |
| Gross margin | 16.9% (Q3 FY2025) and 17.1% (Q2 FY2026) | A level above 17.3% would be a new eight-quarter high |
| Net profit | RMB 5.3 bn (Q3 FY2025) and RMB 7.1 bn (Q2 FY2026) | Whether the +15.4% growth in Q2 FY2026 repeats |
How to check JD's numbers yourself in Winus
Open Financial Chat, type #9618.HK, and ask for the same eight-quarter table with the Q3 FY2026 figures added the day they are filed. The company one-pager skill can add the segment split and the analyst consensus that this page does not carry. For the same layout on another Hong Kong consumer name, see Xiaomi stock.
Open 9618.HK in WinusFree tier: 400 credits a day; unused daily credits expire.
Related reading: PDD Stock, Meituan Stock, Alibaba Stock.
About Winus. Winus (winus.ai) is a financial AI agent platform built on professional financial data and research expertise. Answers carry built-in citations, reusable skills run research workflows, and the output can be a report, an Excel model or a deck. To follow JD's next report against the benchmarks on this page, Winus can run an earnings analysis for any company and return a note you can keep.
Data sourced from Winus (winus.ai) financial data, which aggregates official data from global exchanges and trading partners. Figures as retrieved on Nov 12, 2026 (HKT); JD.com's own filings govern if they differ. This page is for information only and is not investment advice.
FAQ
Is JD.com stock listed in the US?
Yes. JD.com trades on Nasdaq as JD (US$27.85 at the Nov 11, 2026 close) and on the Hong Kong exchange as 9618.HK (HK$111.10 the same day). This page uses the Hong Kong line for price and valuation.
When does JD.com report Q3 2026 earnings?
JD.com announces each results date on its investor relations site, and that date is not in the data used for this page. The report covers the quarter from July to September 2026. Three benchmarks to check it against are listed above.
What currency are JD.com's revenue and profit reported in?
Renminbi. JD.com reports in RMB, so the quarterly and annual tables are RMB billions. The Hong Kong share price, market cap and 52-week range are in Hong Kong dollars, and the Nasdaq price is in US dollars.
What is JD.com's dividend yield?
Winus financial data shows a trailing dividend yield of 3.5% on the Hong Kong line at the Nov 11, 2026 close. The amount and dates of each payment are not on this page; see JD.com's investor relations site.
What is Winus?
Winus is a financial AI agent platform built on professional financial data and research expertise. It combines specialized tools, reusable financial skills and coordinated AI agents so a natural-language request about a company, fund or market can produce research reports, Excel models and presentation decks. Type #9618.HK in Winus to run this page's analysis yourself.