Vipshop Holdings (VIPS) Financial Statements & Analysis

Vipshop Holdings (VIPS) Income Statement

Vipshop Holdings reported revenue of CNY 105.92B in fiscal 2025 (fiscal year ended Dec 31, 2025), down 2.3% from CNY 108.42B a year earlier. Net income was CNY 7.24B, down 6.4% year over year, a net margin of 6.8%. Gross margin was 23.1% and operating margin 7.7%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was CNY 24.81B, down 3.9% from the same quarter a year earlier.

Vipshop Holdings Income Statement Analysis

Values in billions CNY

Income Statement Balance Sheet Cash Flow Ratios

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Vipshop Holdings Limited income statement - Annual data in billions CNY
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	105.92	108.42	112.86	103.15	117.06	101.86	92.99	84.52	72.91
Cost of Revenue	81.43	82.95	87.14	81.54	93.95	80.57	72.31	67.45	56.62
Gross Profit	24.49	25.47	25.72	21.62	23.11	21.29	20.68	17.07	16.29
Operating Expenses
Research & Development	1.76	1.89	1.77	1.61	1.52	1.22	1.57	2.00	1.81
Selling, General & Administrative	15.66	15.32	15.49	14.30	16.87	14.86	14.17	13.40	12.33
Operating Expenses	16.35	16.30	16.62	15.42	17.52	15.51	15.91	14.65	13.60
Operating Income	8.14	9.17	9.10	6.20	5.58	5.77	4.77	2.42	2.69
Other Income/Expense
Interest Income	0.80	0.81	0.78	0.76	0.67	0.45	0.22	0.24	0.10
Interest Expense	-0.09	-0.06	0.02	0.02	0.01	-0.07	0.09	0.16	0.08
Other Income/Expense	0.78	0.81	0.96	1.87	0.33	1.19	0.20	0.28	-0.17
Income
Income Before Tax	9.21	10.15	10.07	8.07	5.92	7.05	4.97	2.70	2.52
Income Tax Expense	1.80	2.32	1.87	1.76	1.22	1.13	0.98	0.57	0.63
Net Income	7.24	7.74	8.12	6.30	4.68	5.91	4.02	2.13	1.95
Net Income - Continuous Operations	7.41	7.74	8.12	6.30	4.68	5.91	4.02	2.13	1.95
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	9.52	10.41	10.40	7.50	6.58	6.78	6.35	3.14	3.68
EBIT	7.99	8.99	9.10	6.27	5.47	5.77	-	-	-
Depreciation & Amortization	1.53	1.42	1.30	1.23	1.11	1.01	0.85	0.82	1.06
Earnings Per Share
Basic EPS	14.00	15.00	15.00	10.00	7.00	9.00	6.00	3.00	3.00
Diluted EPS	14.00	14.00	14.00	10.00	7.00	9.00	6.00	3.00	3.00
Basic Shares Outstanding	0.50	0.53	0.56	0.69	0.68	0.68	0.67	0.68	0.59
Diluted Shares Outstanding	0.51	0.54	0.56	0.69	0.69	0.69	0.68	0.70	0.63

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Vipshop Holdings Financial Statements

What was Vipshop Holdings's revenue in fiscal 2025?

Vipshop Holdings reported revenue of CNY 105.92B in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 2.3% from CNY 108.42B a year earlier.

Is Vipshop Holdings profitable?

Yes. Vipshop Holdings earned net income of CNY 7.24B in fiscal 2025, a net margin of 6.8%. In fiscal 2024 it earned CNY 7.74B.

What is Vipshop Holdings's operating margin?

Vipshop Holdings's operating income was CNY 8.14B on revenue of CNY 105.92B in fiscal 2025, an operating margin of 7.7%, compared with 8.5% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition