JD.com advertising spend, FY2025

JD.com (JD) reported $12B of advertising expense for the fiscal year ended Dec 31, 2025. That is 6.4% of revenue of $187B. Up 82.7% from FY2024.

Ad spend, FY2025
$12B
year ended Dec 31, 2025
Change vs prior year
+82.7%
vs FY2024
Share of revenue
6.4%
of $187B revenue
Rank by ad spend
#2
of 336 companies

Key facts

  • Ad spend is 10x its FY2015 level ($1.2B), faster than revenue (6.7x).
  • FY2025 is the highest year on file, going back to FY2014.
  • Largest increase +84.8% in FY2015; largest cut -9.9% in FY2022.
  • Ad spend has risen 3 years in a row.
  • Ad spend is 6.4% of revenue, up from 3.6% in FY2020.
  • JD.com spends more on advertising than 100% of the 336 US-listed companies tracked. Its ad-to-revenue ratio is 1.2x the median of 5.2%.

Ad spend by fiscal year

$0 $5B $10B $15B FY2014 (ended 2014-12-31): $646M FY2015 (ended 2015-12-31): $1.2B 2015 FY2016 (ended 2016-12-31): $1.5B FY2017 (ended 2017-12-31): $2.3B 2017 FY2018 (ended 2018-12-31): $2.8B FY2019 (ended 2019-12-31): $3.2B 2019 FY2020 (ended 2020-12-31): $4.2B FY2021 (ended 2021-12-31): $6.1B 2021 FY2022 (ended 2022-12-31): $5.5B FY2023 (ended 2023-12-31): $5.7B 2023 FY2024 (ended 2024-12-31): $6.6B FY2025 (ended 2025-12-31): $12B 2025 $12B

Ad spend as % of revenue

0% 2% 4% 6% 8% FY2014 (ended 2014-12-31): 3.5% FY2015 (ended 2015-12-31): 4.3% 2015 FY2016 (ended 2016-12-31): 4.1% FY2017 (ended 2017-12-31): 4.1% 2017 FY2018 (ended 2018-12-31): 4.2% FY2019 (ended 2019-12-31): 3.9% 2019 FY2020 (ended 2020-12-31): 3.6% FY2021 (ended 2021-12-31): 4.1% 2021 FY2022 (ended 2022-12-31): 3.6% FY2023 (ended 2023-12-31): 3.7% 2023 FY2024 (ended 2024-12-31): 4.1% FY2025 (ended 2025-12-31): 6.4% 2025 6.4%

History

Download CSV
Fiscal year Period end Ad spend YoY Revenue Ad / revenue Tag Filing
FY2025 Dec 31, 2025 $12B +82.7% $187B 6.4% MarketingExpense 20-F Apr 16, 2026
FY2024 Dec 31, 2024 $6.6B +16.2% $159B 4.1% MarketingExpense 20-F Apr 17, 2025
FY2023 Dec 31, 2023 $5.7B +3.2% $153B 3.7% MarketingExpense 20-F Apr 18, 2024
FY2022 Dec 31, 2022 $5.5B -9.9% $152B 3.6% MarketingExpense 20-F Apr 20, 2023
FY2021 Dec 31, 2021 $6.1B +46.1% $149B 4.1% MarketingExpense 20-F Apr 28, 2022
FY2020 Dec 31, 2020 $4.2B +30.3% $114B 3.6% MarketingExpense 20-F Apr 16, 2021
FY2019 Dec 31, 2019 $3.2B +14.1% $82.9B 3.9% MarketingExpense 20-F Apr 15, 2020
FY2018 Dec 31, 2018 $2.8B +22.0% $67.2B 4.2% MarketingExpense 20-F Apr 15, 2019
FY2017 Dec 31, 2017 $2.3B +50.6% $55.7B 4.1% MarketingExpense 20-F Apr 27, 2018
FY2016 Dec 31, 2016 $1.5B +27.5% $37.5B 4.1% MarketingExpense 20-F May 1, 2017
FY2015 Dec 31, 2015 $1.2B +84.8% $28B 4.3% MarketingExpense 20-F Apr 18, 2016
FY2014 Dec 31, 2014 $646M n/a $18.5B 3.5% MarketingExpense 20-F Apr 17, 2015

What the figure is

Total marketing expense (XBRL tag MarketingExpense). It can include marketing staff costs, not only paid media.

Compared with similar spenders

The 6 companies closest to JD.com in latest-year ad spend.

Rank Company Ad spend Ad / revenue YoY Fiscal year
2 JD.com $12B 6.4% +82.7% FY2025
3 PDD Holdings (Temu) $10.7B 17.4% +14.2% FY2025
4 Procter & Gamble $10.2B 11.7% +10.9% FY2026
5 Alphabet (Google) $9.9B 2.5% +13.8% FY2025
6 Comcast $8.9B 7.2% +9.8% FY2025
7 Booking Holdings $8.2B 30.4% +12.5% FY2025
8 Disney $6.5B 6.9% +6.6% FY2025

Full ranking of 336 companies · Biggest increases #11

Questions

How much does JD.com spend on advertising?

JD.com spent $12B on advertising in fiscal 2025, the year ended Dec 31, 2025, according to its 20-F filed Apr 16, 2026.

What percentage of revenue does JD.com spend on advertising?

6.4% of revenue in fiscal 2025 ($12B of $187B). The median across the 336 companies tracked is 5.2%.

Is JD.com spending more on advertising?

Yes. Ad spend rose 82.7% in fiscal 2025 from fiscal 2024. It has risen 3 years in a row.

How does JD.com rank by advertising spend?

#2 of 336 US-listed companies with $100M or more in ad spend, ranked on each company's latest fiscal year.

What does JD.com's advertising figure include?

Total marketing expense (XBRL tag MarketingExpense). It can include marketing staff costs, not only paid media.

Source

Filing
20-F for FY2025, filed Apr 16, 2026
Accession number
0001193125-26-157870
Company
JD.com, Inc., CIK 1549802, SIC 5990 (Retail-Retail Stores, NEC)
Data
SEC EDGAR XBRL company facts, retrieved Nov 4, 2026. Methodology.
Cite
JD.com advertising spend, FY2014-FY2025. Aleksei Trudov, io.trudov.com, from SEC EDGAR XBRL company facts (latest: 20-F filed Apr 16, 2026), retrieved Nov 4, 2026. https://io.trudov.com/company/jd-com/advertising-spend/
Download
CSV, all years · CSV, all 336 companies