JD Revenue vs GMV Explained

JD Revenue vs GMV Explained | Generated by AI

Home 2026.03

Question: Does JD.com’s reported revenue include the GMV of its platform, and does more than 1 trillion CNY in revenue represent the entire platform’s activity rather than just the advertising or fees paid by merchants?

Answer:

No, JD.com’s reported revenue does not include the full GMV (Gross Merchandise Volume, often referred to as the “GDP” or total transaction value of the platform). Instead, JD.com’s revenue primarily comes from two main sources:

Net product revenues — This is the largest portion, from direct sales where JD.com acts as the retailer (1P model). JD.com buys goods from suppliers and sells them directly to consumers, so revenue here is the full sale price minus returns/discounts, with cost of goods being a major expense.
Net service revenues — This includes commissions, advertising fees, marketplace and marketing services from third-party merchants (3P model), plus logistics services and other fees.

JD.com operates a hybrid model: a significant part is self-operated retail (direct sales), while the rest is a marketplace platform where merchants sell directly to consumers.

Recent financials show JD.com’s full-year revenue crossed 1.3 trillion CNY in 2025 (specifically RMB 1,309.1 billion), up 13% from 2024. This is JD.com’s own net revenue, not the total platform GMV.

Platform GMV (total value of goods transacted on JD.com, including both 1P and 3P sales) is much larger. For example, estimates for 2024 GMV were around 4.5 trillion CNY, and it is typically several times higher than reported revenue.
The majority of JD.com’s revenue does not belong to merchants. In direct sales (product revenue), JD.com keeps most of the sale value (after costs). In the marketplace portion (service revenue), only fees/commissions (e.g., advertising, platform fees) are JD.com’s revenue — the bulk of the transaction value goes to merchants.

The >1 trillion CNY figure (now >1.3 trillion) reflects JD.com’s consolidated business revenue, driven heavily by its direct retail operations plus growing service fees, not the entire platform’s GMV. GMV is a separate operational metric that indicates platform scale but is not part of reported revenue.

References:

Back Donate