China-based JD.com ( JD ) reported fiscal second-quarter results on Thursday.

The company reported a quarterly revenue growth of 22.4% year-over-year (Y/Y) to $49.8 billion, beating the analyst consensus estimate of $46.9 billion.

JD posted an adjusted net income per ADS of 69 cents, beating the analyst consensus estimate of 44 cents.

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JD.com's ( JD ) net product revenue increased by 20.7% Y/Y at $39.42 billion. Net service revenues rose 29.1% Y/Y to $10.36 billion. 

JD Retail revenue climbed 20.6% Y/Y to $43.3 billion, Logistics revenue gained 16.6% Y/Y to $7.2 billion, and the new business revenues grew 198.8% Y/Y to $1.9 billion.

JD.com's ( JD ) marketing expenses rose 127.6% to $3.8 billion in the quarter, forming 7.6% of revenues, up by 350 bps.

Operating margin loss was (0.2)% for the quarter, compared to 3.6% Y/Y. Adjusted operating margin stood at 0.3% compared to 4.0% Y/Y, primarily attributable to increased strategic investment in new business initiatives.

JD Retail's operating margin rose 60 bps to 4.5%. 

Adjusted EBITDA decreased 77.8% Y/Y to $419 million, with a 0.8% margin, compared to 4.6% Y/Y.

JD.com ( JD ) generated $3.07 billion in free cash flow for the quarter and $3.41 billion in operating cash flow. The company held $31.2 billion in cash and equivalents as of June 30, 2025.

JD.com ( JD ) CEO Sandy Xu attributed its second-quarter growth to strong momentum in its core JD Retail business and New Businesses, particularly JD Food Delivery.

Xu pointed to gains in user traffic, active customers, and shopping frequency, noting that JD Food Delivery advanced in order volume, merchant base, and rider recruitment, supported by synergies with JD's broader retail ecosystem.

She said the company will keep its core retail segment as a foundation while investing in strategic growth areas to enhance user experience, cut costs, and improve efficiency.

JD.com ( JD ) stock declined over 6% year-to-date as investors remain wary of its food delivery business profitability.

Price Action: JD stock is trading higher by 0.34% to $32.62 at last check Thursday.

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