vs
Side-by-side financial comparison of JD.com, Inc. (JD) and NaaS Technology Inc. (NAAS). Click either name above to swap in a different company.
JD.com, Inc. is the larger business by last-quarter revenue ($53.9B vs $1.3M, roughly 42019.2× NaaS Technology Inc.). On growth, JD.com, Inc. posted the faster year-over-year revenue change (12.2% vs -95.0%).
JD.com, Inc.JDEarnings & Financial Report
JD.com, Inc., also known as JINGDONG, formerly called 360buy, is a Chinese e-commerce company headquartered in Beijing. With revenues more than US158.8 billion in 2024, JD.com is China’s largest retailer by revenue, and ranks 47 on Fortune Global 500. It is one of the two massive B2C online retailers in China by transaction volume and revenue, and is a major competitor to Alibaba-run Tmall. JD.com’s portfolio spans across retail, technology, logistics, health care, industrials, property manag...
NaaS Technology Inc. is a leading electric vehicle energy service provider based in China. It delivers one-stop solutions covering charging network operation, software and hardware support for charging station operators, and value-added services such as charging location search and payment for EV owners, serving both enterprise and individual customers across domestic and select overseas markets.
JD vs NAAS — Head-to-Head
Income Statement — Q4 2025 vs Q2 2025
| Metric | | |
|---|---|---|
| Revenue | $53.9B | $1.3M |
| Net Profit | $-78.0M | — |
| Gross Margin | 14.6% | 96.7% |
| Operating Margin | -1.5% | -58.7% |
| Net Margin | -0.1% | — |
| Revenue YoY | 12.2% | -95.0% |
| Net Profit YoY | -105.0% | — |
| EPS (diluted) | $-0.15 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $53.9B | — | ||
| Q3 25 | $42.0B | — | ||
| Q2 25 | $49.8B | $1.3M | ||
| Q1 25 | $41.5B | — | ||
| Q4 24 | $48.0B | — | ||
| Q3 24 | $37.1B | $874.1K | ||
| Q2 24 | $40.1B | $25.9M | ||
| Q1 24 | $33.5B | $1.8M |
| Q4 25 | $-78.0M | — | ||
| Q3 25 | $896.0M | — | ||
| Q2 25 | $937.0M | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.8B | $-163.4K | ||
| Q2 24 | $1.9B | $-50.0M | ||
| Q1 24 | $855.5M | $-4.4M |
| Q4 25 | 14.6% | — | ||
| Q3 25 | 16.9% | — | ||
| Q2 25 | 15.9% | 96.7% | ||
| Q1 25 | 15.9% | — | ||
| Q4 24 | 15.2% | — | ||
| Q3 24 | 17.3% | 56.6% | ||
| Q2 24 | 15.8% | 29.2% | ||
| Q1 24 | 14.8% | 25.3% |
| Q4 25 | -1.5% | — | ||
| Q3 25 | -0.4% | — | ||
| Q2 25 | -0.2% | -58.7% | ||
| Q1 25 | 3.5% | — | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 4.6% | -112.9% | ||
| Q2 24 | 3.6% | -144.2% | ||
| Q1 24 | 2.6% | -193.9% |
| Q4 25 | -0.1% | — | ||
| Q3 25 | 2.1% | — | ||
| Q2 25 | 1.9% | — | ||
| Q1 25 | 3.7% | — | ||
| Q4 24 | 3.3% | — | ||
| Q3 24 | 4.9% | -18.7% | ||
| Q2 24 | 4.7% | -193.3% | ||
| Q1 24 | 2.6% | -236.7% |
| Q4 25 | $-0.15 | — | ||
| Q3 25 | $0.24 | — | ||
| Q2 25 | $0.29 | — | ||
| Q1 25 | $0.50 | — | ||
| Q4 24 | $0.44 | — | ||
| Q3 24 | $0.55 | — | ||
| Q2 24 | $0.56 | $-0.02 | ||
| Q1 24 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $30.5B | — |
| Total DebtLower is stronger | $41.7B | — |
| Stockholders' EquityBook value | $32.2B | — |
| Total Assets | $99.4B | — |
| Debt / EquityLower = less leverage | 1.30× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $30.5B | — | ||
| Q3 25 | $27.9B | — | ||
| Q2 25 | $29.9B | — | ||
| Q1 25 | $26.8B | — | ||
| Q4 24 | $32.1B | — | ||
| Q3 24 | $27.2B | — | ||
| Q2 24 | $27.8B | $24.7M | ||
| Q1 24 | $3.3B | — |
| Q4 25 | $41.7B | — | ||
| Q3 25 | $8.4B | — | ||
| Q2 25 | $7.9B | — | ||
| Q1 25 | $7.8B | — | ||
| Q4 24 | $31.7B | — | ||
| Q3 24 | $7.7B | — | ||
| Q2 24 | $7.8B | — | ||
| Q1 24 | $2.1B | — |
| Q4 25 | $32.2B | — | ||
| Q3 25 | $42.8B | — | ||
| Q2 25 | $41.5B | — | ||
| Q1 25 | $42.5B | — | ||
| Q4 24 | $32.8B | — | ||
| Q3 24 | $42.2B | — | ||
| Q2 24 | $39.5B | $-33.4M | ||
| Q1 24 | $5.5B | — |
| Q4 25 | $99.4B | — | ||
| Q3 25 | $100.2B | — | ||
| Q2 25 | $98.7B | — | ||
| Q1 25 | $93.4B | — | ||
| Q4 24 | $95.7B | — | ||
| Q3 24 | $91.7B | — | ||
| Q2 24 | $89.7B | $180.2M | ||
| Q1 24 | $11.5B | — |
| Q4 25 | 1.30× | — | ||
| Q3 25 | 0.20× | — | ||
| Q2 25 | 0.19× | — | ||
| Q1 25 | 0.18× | — | ||
| Q4 24 | 0.97× | — | ||
| Q3 24 | 0.18× | — | ||
| Q2 24 | 0.20× | — | ||
| Q1 24 | 0.37× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.0B | — |
| Free Cash FlowOCF − Capex | $2.7B | — |
| FCF MarginFCF / Revenue | 5.0% | — |
| Capex IntensityCapex / Revenue | 0.5% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $2.2B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.0B | — | ||
| Q3 25 | $-1.1B | — | ||
| Q2 25 | $3.4B | — | ||
| Q1 25 | $-2.5B | — | ||
| Q4 24 | $3.4B | — | ||
| Q3 24 | $-886.0M | — | ||
| Q2 24 | $7.0B | $-25.7M | ||
| Q1 24 | — | — |
| Q4 25 | $2.7B | — | ||
| Q3 25 | $-1.1B | — | ||
| Q2 25 | $3.3B | — | ||
| Q1 25 | $-2.6B | — | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $-1.4B | — | ||
| Q2 24 | $6.8B | — | ||
| Q1 24 | — | — |
| Q4 25 | 5.0% | — | ||
| Q3 25 | -2.7% | — | ||
| Q2 25 | 6.5% | — | ||
| Q1 25 | -6.4% | — | ||
| Q4 24 | 6.9% | — | ||
| Q3 24 | -3.7% | — | ||
| Q2 24 | 16.9% | — | ||
| Q1 24 | — | — |
| Q4 25 | 0.5% | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.3% | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 1.3% | — | ||
| Q2 24 | 0.5% | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | -1.26× | — | ||
| Q2 25 | 3.64× | — | ||
| Q1 25 | -1.62× | — | ||
| Q4 24 | 2.18× | — | ||
| Q3 24 | -0.48× | — | ||
| Q2 24 | 3.73× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
JD
| JD Retail | $43.2B | 80% |
| JD Logistics | $9.1B | 17% |
| New Businesses | $2.0B | 4% |
NAAS
Segment breakdown not available.
