Vipshop Holdings Limited (VIPS)

Vipshop Holdings Income Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Operating Revenue	97,399	100,735	105,613	97,250	111,257
Other Revenue	8,521	7,686	7,243	5,902	5,803
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	15,495	14,299	16,869
Research & Development	1,755	1,892	1,768	1,605	1,517
Other Operating Expenses	-1,056	-733.51	-637.88	-556.97	-754.77
Operating Expenses	16,354	16,478	16,624	15,347	17,632
Operating Income	8,136	8,992	9,097	6,269	5,475
Interest Expense	-90.04	-57.68	-22.93	-24.26	-14.46
Interest & Investment Income	801.59	809.79	780.29	764.02	671.46
Earnings From Equity Investments	293.92	166.98	80.3	-6.56	42.3
Currency Exchange Gain (Loss)	-62.09	-24.81	162.67	687.87	-37.05
EBT Excluding Unusual Items	9,079	9,886	10,097	7,690	6,137
Gain (Loss) on Sale of Investments	129.27	86.92	-37.16	452.13	-329.1
Gain (Loss) on Sale of Assets	-	3.78	-5.26	-34.79	-5.69
Asset Writedown	-	-	-156.24	-239.3	-61.92
Pretax Income	9,209	10,154	10,067	8,071	5,916
Income Tax Expense	1,799	2,316	1,866	1,759	1,223
Earnings From Continuing Operations	7,410	7,839	8,201	6,312	4,693
Minority Interest in Earnings	-167.15	-99.01	-84.68	-13.02	-11.8
Net Income	7,242	7,740	8,117	6,299	4,681
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	636	681
Shares Outstanding (Diluted)	512	539	563	641	694
Shares Change (YoY)	-5.07%	-4.17%	-12.18%	-7.63%	0.51%
EPS (Basic)	14.47	14.59	14.66	9.90	6.88
EPS (Diluted)	14.15	14.35	14.42	9.83	6.75
EPS Growth	-1.42%	-0.48%	46.71%	45.67%	-21.15%
Free Cash Flow	-	6,406	12,247	8,089	4,012
Free Cash Flow Per Share	-	11.88	21.76	12.62	5.78
Dividend Per Share	4.337	3.504	3.049	-	-
Dividend Growth	23.77%	14.91%	-	-	-
Gross Margin	23.12%	23.49%	22.79%	20.95%	19.74%
Operating Margin	7.68%	8.29%	8.06%	6.08%	4.68%
Profit Margin	6.84%	7.14%	7.19%	6.11%	4.00%
Free Cash Flow Margin	-	5.91%	10.85%	7.84%	3.43%
EBITDA	9,558	10,414	10,400	7,503	6,584
EBITDA Margin	9.02%	9.61%	9.21%	7.27%	5.62%
D&A For EBITDA	1,422	1,422	1,303	1,235	1,109
EBIT	8,136	8,992	9,097	6,269	5,475
EBIT Margin	7.68%	8.29%	8.06%	6.08%	4.68%
Effective Tax Rate	19.54%	22.80%	18.54%	21.79%	20.67%
Revenue as Reported	105,920	108,421	112,856	103,152	117,060
Advertising Expenses	-	1,970	1,820	1,750	3,280

Updated Feb 26, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q