Vipshop Holdings Ltd
VIPS- Exchange
- NYSE
- Industry
- Retail-Catalog & Mail-Order Houses
- SEC CIK
- 0001529192
No open-market purchases or sales by Vipshop Holdings Ltd insiders were filed in the last 90 days; 286 institutions reported holding it in 13F filings for Q2 2026, worth $3.33B in total; HHLR Advisors (Hillhouse) is the only superinvestor holding it.
- Currency
- CNY
- Source
- SEC XBRL data (10-K, 10-Q, 20-F, 40-F)
- Updated
- Oct 8, 2026, 1:26 PM ET
Amounts are in CNY, the currency Vipshop Holdings Ltd reports in. Lines marked ≈ US$ convert key figures to US dollars.
Revenue flow, FY2025
Where the revenue went in FY2025, from the income statement below. Green is profit; orange is costs, expenses and taxes. Percentages are shares of revenue; hover over a band or a bar for the exact amount.
Income statement
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F |
| Reported | – | – | – | – | – |
| Revenue | CNY 105.9B≈ US$14.7B | CNY 108.4B≈ US$15.1B | CNY 112.9B≈ US$15.9B | CNY 103.2B≈ US$15.4B | CNY 117.1B≈ US$18.1B |
| Cost of revenue | CNY 81.4B | CNY 83.0B | CNY 87.1B | CNY 81.5B | CNY 94.0B |
| Gross profit | CNY 24.5B | CNY 25.5B | CNY 25.7B | CNY 21.6B | CNY 23.1B |
| Operating expenses | CNY 17.4B | CNY 17.2B | CNY 17.4B | CNY 16.1B | CNY 18.4B |
| Selling, general and administrative | CNY 4.37B | CNY 3.99B | CNY 4.15B | CNY 4.46B | CNY 4.19B |
| Operating income | CNY 8.14B | CNY 9.17B | CNY 9.10B | CNY 6.20B | CNY 5.58B |
| Interest expense | CNY 90.0M | CNY 57.7M | CNY 22.9M | CNY 24.3M | CNY 14.5M |
| Income tax | CNY 1.80B | CNY 2.32B | CNY 1.87B | CNY 1.76B | CNY 1.22B |
| Net income | CNY 7.24B≈ US$1.01B | CNY 7.84B≈ US$1.09B | CNY 8.20B≈ US$1.16B | CNY 6.31B≈ US$939.9M | CNY 4.69B≈ US$727.5M |
| EPS, basic | CNY 72.37 | CNY 72.97 | CNY 73.32 | CNY 49.51 | CNY 34.38 |
| EPS, diluted | CNY 70.74 | CNY 71.76 | CNY 72.11 | CNY 49.15 | CNY 33.74 |
| Weighted shares, basic | 100.1M | 106.1M | 110.7M | 127.2M | 136.2M |
| Weighted shares, diluted | 102.4M | 107.9M | 112.6M | 128.2M | 138.7M |
| Margins and growth | |||||
| Gross margin | 23.1% | 23.5% | 22.8% | 21.0% | 19.7% |
| Operating margin | 7.7% | 8.5% | 8.1% | 6.0% | 4.8% |
| Net margin | 6.8% | 7.2% | 7.3% | 6.1% | 4.0% |
| Revenue growth, year over year | −2.3% | −3.9% | +9.4% | −11.9% | +14.9% |
| Net income growth, year over year | −7.6% | −4.4% | +29.9% | +34.5% | −20.7% |
Balance sheet
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F |
| Reported | – | – | – | – | – |
| Cash and equivalents | CNY 23.0B | CNY 26.4B | CNY 25.4B | CNY 21.9B | CNY 16.3B |
| Short-term investments | CNY 5.78B | CNY 1.87B | CNY 1.98B | CNY 1.60B | CNY 5.38B |
| Accounts receivable | CNY 889.2M | CNY 915.2M | CNY 778.8M | CNY 567.7M | CNY 459.1M |
| Inventory | CNY 5.15B | CNY 5.03B | CNY 5.64B | CNY 5.52B | CNY 6.87B |
| Total current assets | CNY 39.6B | CNY 37.8B | CNY 37.6B | CNY 33.7B | CNY 32.8B |
| Property, plant and equipment | CNY 18.3B | CNY 18.3B | CNY 16.9B | CNY 16.2B | CNY 14.4B |
| Goodwill | CNY 755.2M | CNY 755.2M | CNY 755.2M | CNY 755.2M | CNY 589.2M |
| Intangible assets | CNY 324.1M | CNY 327.8M | CNY 332.8M | CNY 336.6M | CNY 320.9M |
| Total assets | CNY 78.8B≈ US$11.3B | CNY 74.9B≈ US$10.3B | CNY 72.3B≈ US$10.2B | CNY 65.5B≈ US$9.49B | CNY 62.3B≈ US$9.77B |
| Accounts payable | CNY 12.5B | CNY 15.2B | CNY 17.3B | CNY 15.0B | CNY 13.1B |
| Short-term debt | CNY 5.84B | CNY 2.40B | CNY 1.43B | CNY 2.69B | CNY 1.98B |
| Total current liabilities | CNY 30.9B | CNY 29.9B | CNY 30.6B | CNY 28.5B | CNY 25.8B |
| Total liabilities | CNY 34.4B | CNY 33.4B | CNY 33.8B | CNY 31.4B | CNY 28.5B |
| Shareholders' equity | CNY 44.4B | CNY 41.5B | CNY 38.6B | CNY 34.1B | CNY 33.8B |
Cash flow statement
Each column is one fiscal year, newest first. Free cash flow is operating cash flow minus capital expenditures.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F |
| Reported | – | – | – | – | – |
| Operating cash flow | CNY 7.45B≈ US$1.04B | CNY 9.13B≈ US$1.27B | CNY 14.4B≈ US$2.04B | CNY 10.5B≈ US$1.57B | CNY 6.74B≈ US$1.05B |
| Capital expenditures | CNY 1.99B | CNY 2.72B | CNY 2.17B | CNY 2.43B | CNY 2.73B |
| Free cash flow | CNY 5.47B≈ US$760.9M | CNY 6.41B≈ US$890.3M | CNY 12.2B≈ US$1.73B | CNY 8.09B≈ US$1.20B | CNY 4.01B≈ US$622.0M |
| Stock-based compensation | CNY 1.73B | CNY 1.54B | CNY 1.51B | CNY 1.21B | CNY 1.01B |
| Dividends paid | CNY 1.80B | – | – | – | – |
| Share buybacks | CNY 4.94B | CNY 3.87B | CNY 5.11B | CNY 6.26B | CNY 1.94B |
| Investing cash flow | CNY -8.30B | CNY -3.57B | CNY -5.16B | CNY 1.05B | CNY -2.33B |
| Financing cash flow | CNY -1.94B | CNY -4.97B | CNY -6.15B | CNY -5.57B | CNY -58.8M |
| Net change in cash | CNY -2.83B | CNY 657.1M | CNY 3.19B | CNY 5.93B | CNY 4.36B |
| Ratio | |||||
| Stock-based compensation, % of revenue | 1.6% | 1.4% | 1.3% | 1.2% | 0.9% |
Shares outstanding
Common shares outstanding as stated on the cover of each 10-K and 10-Q. The date is the cover date, not the period end; a rising count means dilution.
| Cover date | Shares outstanding | Change in a year | Filing |
|---|---|---|---|
| Dec 31, 2012 | 101.3M | – | SEC |
Notes and known gaps
How these numbers are put together, and what they can't tell you.
- Numbers come from the XBRL data in each period's original 10-K, 10-Q, 20-F or 40-F, or its amendment. They are shown as filed: later filings don't restate earlier periods here.
- Reported is the filing date of the first 8-K with Item 2.02 (results of operations) after the period ended, no later than the 10-Q or 10-K and within 120 days. Companies that release results only in the 10-Q, and foreign companies, which use Form 6-K, have none.
- ≈ US$ figures convert CNY at FRED H.10 exchange rates (Federal Reserve): the average rate over the period for income and cash flow, and the rate on the period-end date, or the last business day before it, for the balance sheet.
Known gaps
- Foreign companies that file Form 20-F or 40-F have annual statements only: their quarterly results are furnished on Form 6-K, which has no XBRL data.
- EPS and share counts are as reported at the time, not adjusted for later stock splits.
- For ADRs, EPS is per ordinary share, not per ADS (one TSMC ADS is five ordinary shares).
- For banks, revenue may be interest income only, depending on how the bank tags its filings; cost of revenue and gross profit are usually blank.
- Companies with several share classes, such as Berkshire Hathaway, may have no EPS and no cover share count.
- Depreciation and amortization is missing for some companies that report it under their own XBRL tags.