Vipshop Holdings Income Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	105,920	108,421	112,856	103,152	117,060
Revenue Growth (YoY)	-2.31%	-3.93%	9.41%	-11.88%	14.92%
Cost of Revenue	81,429	82,951	87,135	81,536	93,953
Gross Profit	24,490	25,470	25,721	21,616	23,107
Selling, General & Admin	15,655	15,319	15,651	14,538	16,931
Research & Development	1,755	1,892	1,768	1,605	1,517
Other Operating Expenses	-1,056	-915.21	-801.56	-724.83	-924.58
Operating Income	8,136	9,173	9,104	6,197	5,582
Interest Income	801.59	809.79	780.29	764.02	671.46
Interest Expense	-90.04	-57.68	-22.93	-24.26	-14.46
Other Non-Operating Income (Expense)	67.19	62.11	125.51	1,140	-366.15
Total Non-Operating Income (Expense)	778.74	814.23	882.87	1,880	290.85
Pretax Income	8,915	9,987	9,987	8,077	5,873
Provision for Income Taxes	1,799	2,316	1,866	1,759	1,223
Net Income	7,242	7,740	8,117	6,299	4,681
Minority Interest in Earnings	-126.77	-67.97	4.37	19.58	-30.5
Net Income to Common	7,242	7,740	8,117	6,299	4,681
Net Income Growth	-6.43%	-4.64%	28.86%	34.56%	-20.75%
Shares Outstanding (Basic)	500	530	553	64	68
Shares Outstanding (Diluted)	512	539	563	64	69
Shares Change (YoY)	-5.07%	-4.17%	778.24%	-7.63%	0.51%
EPS (Basic)	14.47	14.59	14.66	99.02	68.76
EPS (Diluted)	14.15	14.35	14.42	98.30	67.48
EPS Growth	-1.42%	-0.48%	-85.33%	45.67%	-21.15%
Shares Outstanding	478.85	512.71	108.46	585.91	135.79
Free Cash Flow	5,468	6,406	12,247	8,089	4,012
Free Cash Flow Growth	-14.63%	-47.70%	51.41%	101.61%	-58.13%
Free Cash Flow Per Share	10.68	11.88	21.76	126.23	57.84
Dividends Per Share	4.337	3.504	3.049	-	-
Dividend Growth	23.77%	14.91%	-	-	-
Gross Margin	23.12%	23.49%	22.79%	20.96%	19.74%
Operating Margin	7.68%	8.46%	8.07%	6.01%	4.77%
Profit Margin	6.72%	7.08%	7.20%	6.13%	3.97%
FCF Margin	5.16%	5.91%	10.85%	7.84%	3.43%
EBITDA	9,945	10,866	10,625	7,611	6,842
EBITDA Margin	9.39%	10.02%	9.41%	7.38%	5.84%
EBIT	8,136	9,173	9,104	6,197	5,582
EBIT Margin	7.68%	8.46%	8.07%	6.01%	4.77%
Effective Tax Rate	20.18%	23.18%	18.68%	21.77%	20.82%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.