Vipshop Holdings Limited (VIPS) financial statements

Consumer Cyclical · Internet Retail · Market cap $5.8B

Vipshop Holdings Limited reported revenue of 105.9B CNY in fiscal 2025, up 7.2% a year over 9 years.

Net income was 7.2B CNY and the operating margin 7.7%, against 4.8% in 2016.

Free cash flow was 5.5B CNY, and the company returned 1.8B CNY in dividends and 4.9B CNY in net buybacks.

The diluted share count fell 19% over the period (buybacks).

Revenue and free cash flow

Fiscal years, $ billions (CNY).

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<p style="font-size:13px">Source: <a href="https://investingly.io/stocks/VIPS/financials">Vipshop Holdings Limited financials</a> on Investingly</p>

Income statement

Fiscal years, in CNY, from Vipshop Holdings Limited's 10-K filings with the SEC.

Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	56.6B CNY	72.9B CNY	84.5B CNY	93.0B CNY	101.9B CNY	117.1B CNY	103.2B CNY	112.9B CNY	108.4B CNY	105.9B CNY
Cost of revenue	43.0B CNY	56.6B CNY	67.5B CNY	72.3B CNY	80.6B CNY	94.0B CNY	81.5B CNY	87.1B CNY	83.0B CNY	81.4B CNY
Gross profit	13.6B CNY	16.3B CNY	17.1B CNY	20.7B CNY	21.3B CNY	23.1B CNY	21.6B CNY	25.7B CNY	25.5B CNY	24.5B CNY
Selling, general and admin	4.8B CNY	5.4B CNY	5.9B CNY	7.4B CNY	8.0B CNY	9.3B CNY	7.3B CNY	7.4B CNY	7.0B CNY	7.4B CNY
Operating income	2.7B CNY	2.7B CNY	2.4B CNY	4.8B CNY	5.9B CNY	5.6B CNY	6.2B CNY	9.1B CNY	9.2B CNY	8.1B CNY
Interest expense	85M CNY	82M CNY	160M CNY	86M CNY	67M CNY	14M CNY	24M CNY	23M CNY	58M CNY	90M CNY
Pre-tax income	2.7B CNY	2.5B CNY	2.7B CNY	4.9B CNY	7.0B CNY	5.9B CNY	8.1B CNY	10.0B CNY	10.0B CNY	8.9B CNY
Income tax	602M CNY	626M CNY	567M CNY	984M CNY	1.1B CNY	1.2B CNY	1.8B CNY	1.9B CNY	2.3B CNY	1.8B CNY
Net income	2.0B CNY	1.9B CNY	2.1B CNY	4.0B CNY	5.9B CNY	4.7B CNY	6.3B CNY	8.1B CNY	7.7B CNY	7.2B CNY
EPS (diluted)	16.86 CNY	15.94 CNY	15.61 CNY	29.58 CNY	42.79 CNY	33.74 CNY	49.15 CNY	72.11 CNY	71.76 CNY	70.74 CNY
Diluted shares	126M	126M	140M	136M	138M	139M	128M	113M	108M	102M
Gross margin	24.0%	22.3%	20.2%	22.2%	20.9%	19.7%	21.0%	22.8%	23.5%	23.1%
Operating margin	4.8%	3.7%	2.9%	5.1%	5.8%	4.8%	6.0%	8.1%	8.5%	7.7%
Net margin	3.6%	2.7%	2.5%	4.3%	5.8%	4.0%	6.1%	7.2%	7.1%	6.8%

Balance sheet

Fiscal years, in CNY, from Vipshop Holdings Limited's 10-K filings with the SEC.

Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Cash and short-term investments	4.1B CNY	10.2B CNY	11.9B CNY	9.6B CNY	19.3B CNY	21.7B CNY	23.5B CNY	27.4B CNY	28.2B CNY	28.8B CNY
Receivables	2.3B CNY	4.8B CNY	5.7B CNY	1.3B CNY	335M CNY	459M CNY	568M CNY	779M CNY	915M CNY	889M CNY
Inventory	4.9B CNY	7.0B CNY	5.4B CNY	7.7B CNY	7.6B CNY	6.9B CNY	5.5B CNY	5.6B CNY	5.0B CNY	5.2B CNY
Total current assets	14.6B CNY	25.9B CNY	27.3B CNY	23.0B CNY	31.2B CNY	32.8B CNY	33.7B CNY	37.6B CNY	37.8B CNY	39.6B CNY
Property, plant and equipment	4.5B CNY	6.7B CNY	8.5B CNY	11.3B CNY	13.6B CNY	14.4B CNY	16.2B CNY	16.9B CNY	18.3B CNY	18.3B CNY
Goodwill	367M CNY	367M CNY	367M CNY	237M CNY	594M CNY	589M CNY	755M CNY	755M CNY	755M CNY	755M CNY
Total assets	25.1B CNY	38.0B CNY	43.6B CNY	48.6B CNY	58.9B CNY	62.3B CNY	65.5B CNY	72.3B CNY	74.9B CNY	78.8B CNY
Total current liabilities	14.6B CNY	19.3B CNY	25.9B CNY	23.9B CNY	26.6B CNY	25.8B CNY	28.5B CNY	30.6B CNY	29.9B CNY	30.9B CNY
Total liabilities	19.3B CNY	23.7B CNY	26.4B CNY	26.3B CNY	29.6B CNY	28.5B CNY	31.4B CNY	33.8B CNY	33.4B CNY	34.4B CNY
Shareholders' equity	5.7B CNY	14.3B CNY	17.3B CNY	21.8B CNY	28.5B CNY	32.6B CNY	32.8B CNY	37.0B CNY	40.0B CNY	41.0B CNY
Net debt	-4.1B CNY	-10.0B CNY	-9.5B CNY	-6.6B CNY	-12.0B CNY	-16.3B CNY	-21.9B CNY	-25.4B CNY	-26.4B CNY	-23.0B CNY

Cash flow

Fiscal years, in CNY, from Vipshop Holdings Limited's 10-K filings with the SEC.

Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating cash flow	2.8B CNY	981M CNY	5.7B CNY	12.3B CNY	11.8B CNY	6.7B CNY	10.5B CNY	14.4B CNY	9.1B CNY	7.5B CNY
Capital spending	2.0B CNY	2.2B CNY	2.5B CNY	3.3B CNY	2.2B CNY	2.7B CNY	2.4B CNY	2.2B CNY	2.7B CNY	2.0B CNY
Free cash flow	864M CNY	-1.2B CNY	3.2B CNY	9.0B CNY	9.6B CNY	4.0B CNY	8.1B CNY	12.2B CNY	6.4B CNY	5.5B CNY
Stock-based compensation	476M CNY	667M CNY	671M CNY	688M CNY	951M CNY	1.0B CNY	1.2B CNY	1.5B CNY	1.5B CNY	1.7B CNY
Dividends paid	—	—	—	—	—	—	—	—	1.7B CNY	1.8B CNY
Share buybacks (net)	-194M CNY	—	—	—	—	-1.9B CNY	-6.3B CNY	-5.1B CNY	-3.9B CNY	-4.9B CNY
Net borrowing	—	—	—	—	-64M CNY	—	—	—	—	—
Free cash flow margin	1.5%	-1.7%	3.8%	9.7%	9.4%	3.4%	7.8%	10.9%	5.9%	5.2%
Dividends per share	—	—	—	—	—	—	—	—	15.62 CNY	17.54 CNY

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Questions

What was Vipshop Holdings Limited's revenue in 2025?

105.9B CNY in fiscal 2025, from its 10-K filing.

How much free cash flow does Vipshop Holdings Limited generate?

5.5B CNY in fiscal 2025 (operating cash flow minus capital spending).

From Vipshop Holdings Limited's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.