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Side-by-side financial comparison of JD.com, Inc. (JD) and AT&T (T). Click either name above to swap in a different company.
JD.com, Inc. is the larger business by last-quarter revenue ($53.9B vs $31.5B, roughly 1.7× AT&T). AT&T runs the higher net margin — 13.3% vs -0.1%, a 13.4% gap on every dollar of revenue. On growth, JD.com, Inc. posted the faster year-over-year revenue change (12.2% vs 2.9%). JD.com, Inc. produced more free cash flow last quarter ($2.7B vs $2.5B). Over the past eight quarters, JD.com, Inc.'s revenue compounded faster (26.8% CAGR vs 2.8%).
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...
AT&T Inc., an abbreviation of its predecessor's original name, the American Telephone and Telegraph Company, is an American multinational telecommunications conglomerate headquartered at the Whitacre Tower in Downtown Dallas, Texas. AT&T is the world’s third-largest telecommunications company by revenue, the third largest wireless carrier in the United States behind T-Mobile and Verizon, and the nation's biggest fiber internet provider.
JD vs T — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $53.9B | $31.5B |
| Net Profit | $-78.0M | $4.2B |
| Gross Margin | 14.6% | — |
| Operating Margin | -1.5% | 21.1% |
| Net Margin | -0.1% | 13.3% |
| Revenue YoY | 12.2% | 2.9% |
| Net Profit YoY | -105.0% | -10.9% |
| EPS (diluted) | $-0.15 | $0.54 |
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.
| Q1 26 | — | $31.5B | ||
| Q4 25 | $53.9B | $33.5B | ||
| Q3 25 | $42.0B | $30.7B | ||
| Q2 25 | $49.8B | $30.8B | ||
| Q1 25 | $41.5B | $30.6B | ||
| Q4 24 | $48.0B | $32.3B | ||
| Q3 24 | $37.1B | $30.2B | ||
| Q2 24 | $40.1B | $29.8B |
| Q1 26 | — | $4.2B | ||
| Q4 25 | $-78.0M | $3.8B | ||
| Q3 25 | $896.0M | $9.3B | ||
| Q2 25 | $937.0M | $4.5B | ||
| Q1 25 | $1.6B | $4.4B | ||
| Q4 24 | $1.6B | $4.1B | ||
| Q3 24 | $1.8B | $-174.0M | ||
| Q2 24 | $1.9B | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | 14.6% | — | ||
| Q3 25 | 16.9% | — | ||
| Q2 25 | 15.9% | — | ||
| Q1 25 | 15.9% | — | ||
| Q4 24 | 15.2% | — | ||
| Q3 24 | 17.3% | — | ||
| Q2 24 | 15.8% | — |
| Q1 26 | — | 21.1% | ||
| Q4 25 | -1.5% | 17.3% | ||
| Q3 25 | -0.4% | 19.9% | ||
| Q2 25 | -0.2% | 21.1% | ||
| Q1 25 | 3.5% | 18.8% | ||
| Q4 24 | 2.6% | 16.5% | ||
| Q3 24 | 4.6% | 7.0% | ||
| Q2 24 | 3.6% | 19.3% |
| Q1 26 | — | 13.3% | ||
| Q4 25 | -0.1% | 11.3% | ||
| Q3 25 | 2.1% | 30.3% | ||
| Q2 25 | 1.9% | 14.6% | ||
| Q1 25 | 3.7% | 14.2% | ||
| Q4 24 | 3.3% | 12.6% | ||
| Q3 24 | 4.9% | -0.6% | ||
| Q2 24 | 4.7% | 12.1% |
| Q1 26 | — | $0.54 | ||
| Q4 25 | $-0.15 | $0.52 | ||
| Q3 25 | $0.24 | $1.29 | ||
| Q2 25 | $0.29 | $0.62 | ||
| Q1 25 | $0.50 | $0.61 | ||
| Q4 24 | $0.44 | $0.56 | ||
| Q3 24 | $0.55 | $-0.03 | ||
| Q2 24 | $0.56 | $0.49 |
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 | $12.0B |
| Total DebtLower is stronger | $41.7B | $131.6B |
| Stockholders' EquityBook value | $32.2B | $125.6B |
| Total Assets | $99.4B | $421.2B |
| Debt / EquityLower = less leverage | 1.30× | 1.05× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $12.0B | ||
| Q4 25 | $30.5B | $18.2B | ||
| Q3 25 | $27.9B | $20.3B | ||
| Q2 25 | $29.9B | $10.5B | ||
| Q1 25 | $26.8B | $6.9B | ||
| Q4 24 | $32.1B | $3.3B | ||
| Q3 24 | $27.2B | $2.6B | ||
| Q2 24 | $27.8B | $3.1B |
| Q1 26 | — | $131.6B | ||
| Q4 25 | $41.7B | $127.1B | ||
| Q3 25 | $8.4B | $128.1B | ||
| Q2 25 | $7.9B | $123.1B | ||
| Q1 25 | $7.8B | $117.3B | ||
| Q4 24 | $31.7B | $118.4B | ||
| Q3 24 | $7.7B | $126.4B | ||
| Q2 24 | $7.8B | $125.4B |
| Q1 26 | — | $125.6B | ||
| Q4 25 | $32.2B | $126.5B | ||
| Q3 25 | $42.8B | $126.8B | ||
| Q2 25 | $41.5B | $121.4B | ||
| Q1 25 | $42.5B | $119.9B | ||
| Q4 24 | $32.8B | $118.2B | ||
| Q3 24 | $42.2B | $116.3B | ||
| Q2 24 | $39.5B | $119.3B |
| Q1 26 | — | $421.2B | ||
| Q4 25 | $99.4B | $420.2B | ||
| Q3 25 | $100.2B | $423.2B | ||
| Q2 25 | $98.7B | $405.5B | ||
| Q1 25 | $93.4B | $397.5B | ||
| Q4 24 | $95.7B | $394.8B | ||
| Q3 24 | $91.7B | $393.7B | ||
| Q2 24 | $89.7B | $398.0B |
| Q1 26 | — | 1.05× | ||
| Q4 25 | 1.30× | 1.00× | ||
| Q3 25 | 0.20× | 1.01× | ||
| Q2 25 | 0.19× | 1.01× | ||
| Q1 25 | 0.18× | 0.98× | ||
| Q4 24 | 0.97× | 1.00× | ||
| Q3 24 | 0.18× | 1.09× | ||
| Q2 24 | 0.20× | 1.05× |
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 | $7.6B |
| Free Cash FlowOCF − Capex | $2.7B | $2.5B |
| FCF MarginFCF / Revenue | 5.0% | 8.0% |
| Capex IntensityCapex / Revenue | 0.5% | 15.5% |
| Cash ConversionOCF / Net Profit | — | 1.82× |
| TTM Free Cash FlowTrailing 4 quarters | $2.2B | $17.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $7.6B | ||
| Q4 25 | $3.0B | $11.3B | ||
| Q3 25 | $-1.1B | $10.2B | ||
| Q2 25 | $3.4B | $9.8B | ||
| Q1 25 | $-2.5B | $9.0B | ||
| Q4 24 | $3.4B | $11.9B | ||
| Q3 24 | $-886.0M | $10.2B | ||
| Q2 24 | $7.0B | $9.1B |
| Q1 26 | — | $2.5B | ||
| Q4 25 | $2.7B | $4.5B | ||
| Q3 25 | $-1.1B | $5.3B | ||
| Q2 25 | $3.3B | $4.9B | ||
| Q1 25 | $-2.6B | $4.8B | ||
| Q4 24 | $3.3B | $5.1B | ||
| Q3 24 | $-1.4B | $4.9B | ||
| Q2 24 | $6.8B | $4.7B |
| Q1 26 | — | 8.0% | ||
| Q4 25 | 5.0% | 13.6% | ||
| Q3 25 | -2.7% | 17.1% | ||
| Q2 25 | 6.5% | 15.8% | ||
| Q1 25 | -6.4% | 15.6% | ||
| Q4 24 | 6.9% | 15.6% | ||
| Q3 24 | -3.7% | 16.3% | ||
| Q2 24 | 16.9% | 15.9% |
| Q1 26 | — | 15.5% | ||
| Q4 25 | 0.5% | 20.3% | ||
| Q3 25 | 0.0% | 15.9% | ||
| Q2 25 | 0.3% | 15.9% | ||
| Q1 25 | 0.3% | 14.0% | ||
| Q4 24 | 0.2% | 21.2% | ||
| Q3 24 | 1.3% | 17.5% | ||
| Q2 24 | 0.5% | 14.6% |
| Q1 26 | — | 1.82× | ||
| Q4 25 | — | 2.99× | ||
| Q3 25 | -1.26× | 1.09× | ||
| Q2 25 | 3.64× | 2.17× | ||
| Q1 25 | -1.62× | 2.08× | ||
| Q4 24 | 2.18× | 2.92× | ||
| Q3 24 | -0.48× | — | ||
| Q2 24 | 3.73× | 2.53× |
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% |
T
| Service | $25.5B | 81% |
| Equipment | $6.0B | 19% |
