Vipshop Reports Unaudited Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Vipshop (NYSE: VIPS) reported unaudited Q4 and full-year 2025 results on Feb 26, 2026. Q4 revenue was RMB32.5 billion (US$4.6B) and FY revenue was RMB105.9 billion (US$15.1B). Q4 net income attributable to shareholders rose to RMB2.6 billion (US$370.3M); FY net income was RMB7.2 billion (US$1.0B). The company generated RMB5.5 billion cash from operations in Q4 and RMB7.5 billion for FY2025. Vipshop returned US$944.1 million to shareholders in 2025 via dividends and buybacks and repurchased US$305.4 million of ADSs in Q4. Q1 2026 revenue guidance: RMB26.3–27.6 billion (0%–5% YoY).
Positive
- Returned US$944.1 million to shareholders in 2025
- Cash and restricted cash of RMB24.1 billion and short-term investments RMB5.8 billion
- Net cash from operating activities: RMB5.5 billion in Q4 and RMB7.5 billion for FY2025
- Repurchased US$305.4 million of ADSs in Q4 under a US$1.0 billion program
Negative
- Total net revenues declined to RMB32.5 billion in Q4 2025 from RMB33.2 billion year-ago
- Full-year revenue fell to RMB105.9 billion from RMB108.4 billion in 2024
- Total orders decreased to 206.0 million in Q4 from 217.5 million year-ago
- Active customers slipped to 45.3 million in Q4 from 45.7 million year-ago
Key Figures
Market Reality Check
Peers on Argus
VIPS is up about 1.89% while momentum peers like W and JD are down 1.36% and 2.69%, respectively. Broader internet retail peers show mixed moves (e.g., CHWY +4.09%, ETSY -1.94%), suggesting today’s action is more company-specific than sector-driven.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 20 | Q3 2025 earnings | Positive | -7.0% | Revenue, GMV and net income grew, but shares fell sharply post-print. |
| Aug 14 | Q2 2025 earnings | Negative | +5.9% | Revenues and net income declined year over year, yet stock moved higher. |
| May 20 | Q1 2025 earnings | Negative | -7.2% | Revenue, profit, customers and orders fell, and shares declined accordingly. |
| Feb 21 | Q4/FY 2024 earnings | Neutral | +1.4% | Revenues dipped but dividend and repurchases supported a modest positive reaction. |
| Nov 19 | Q3 2024 earnings | Negative | -4.5% | Top-line, GMV, profit and customers declined, leading to a share-price drop. |
Earnings releases have produced mixed reactions, with 3 aligned moves and 2 clear divergences between fundamentals and price.
Over the last five earnings releases from Nov 2024 through Nov 2025, Vipshop has generally reported flat-to-declining revenues but maintained solid profitability and ongoing shareholder returns. Some quarters, like Q3 2025, showed revenue and profit growth yet the stock fell, while others with softer top-line trends saw gains. This new Q4/FY 2025 report, with slightly lower revenues but continued profit and cash generation, fits the pattern of stable operations against a volatile share-price response.
Historical Comparison
Across the last five earnings-related releases, VIPS shares moved an average of -2.27%, often reacting sharply and not always in line with revenue or profit trends.
From Q4 2024 through Q3 2025, Vipshop’s earnings pattern shows largely flat or modestly declining revenues with maintained profitability and recurring capital returns via dividends and buybacks.
Market Pulse Summary
This announcement details Q4 and FY 2025 results showing revenues of RMB105.9 billion and net income of RMB7.2 billion, both slightly below the prior year, alongside strong Q4 profitability. Vipshop underscores significant cash of RMB24.1 billion, free cash flow generation, and about US$944.1 million returned via dividends and buybacks. Investors may monitor revenue growth, customer trends, and execution on the 0–5% Q1 2026 revenue outlook.
Key Terms
gmv financial
non-gaap financial
ads financial
free cash flow financial
AI-generated analysis. Not financial advice.
Conference Call to Be Held at 7:00 A.M.
Fourth Quarter and Full Year 2025 Highlights
- Total net revenues for the fourth quarter of 2025 were
RMB32.5 billion (US ), compared with$4.6 billion RMB33.2 billion in the prior year period. Total net revenues for the full year of 2025 wereRMB105.9 billion (US ), compared with$15.1 billion RMB108.4 billion in the prior year. - GMV[1] for the fourth quarter of 2025 increased by
0.6% year over year toRMB66.6 billion fromRMB66.2 billion in the prior year period. GMV for the full year of 2025 increased by2.0% year over year toRMB213.5 billion fromRMB209.3 billion in the prior year. - Gross profit for the fourth quarter of 2025 was
RMB7.4 billion (US ), compared with$1.1 billion RMB7.6 billion in the prior year period. Gross profit for the full year of 2025 wasRMB24.5 billion (US ), compared with$3.5 billion RMB25.5 billion in the prior year. - Net income attributable to Vipshop's shareholders for the fourth quarter of 2025 increased by
5.8% year over year toRMB2.6 billion (US ) from$370.3 million RMB2.4 billion in the prior year period. Net income attributable to Vipshop's shareholders for the full year of 2025 wasRMB7.2 billion (US ), compared with$1.0 billion RMB7.7 billion in the prior year. - Non-GAAP net income attributable to Vipshop's shareholders[2] for the fourth quarter of 2025 was
RMB2.9 billion (US ), compared with$408.7 million RMB3.0 billion in the prior year period. Non-GAAP net income attributable to Vipshop's shareholders for the full year of 2025 wasRMB8.7 billion (US ), compared with$1.3 billion RMB9.0 billion in the prior year. - The number of active customers[3] for the fourth quarter of 2025 was 45.3 million, compared with 45.7 million in the prior year period. The number of active customers for the full year of 2025 was 84.8 million, compared with 84.7 million in the prior year.
- Total orders[4] for the fourth quarter of 2025 were 206.0 million, compared with 217.5 million in the prior year period. Total orders for the full year of 2025 were 732.4 million, compared with 757.5 million in the prior year.
Mr. Eric Shen, Chairman and Chief Executive Officer of Vipshop, stated, "In 2025, we navigated a dynamic landscape by focusing on strategic realignment and ensuring operational resilience, which lays a strong foundation for long-term quality growth. Throughout the year, leveraging the agility inherent in our off-price retailer model, we enhanced our merchandising capabilities while deepening customer engagement and loyalty. Notably, AI-driven enhancements delivered greater operational efficiency while enabling a more engaging customer experience. Building on this, we are now dedicated to strengthening our growth flywheel by sharpening our excellence across merchandising, customer engagement and operations, while embedding AI deeper into our core operations. We expect this to drive sustainable and profitable growth in 2026 and beyond."
Mr. Mark Wang, Chief Financial Officer of Vipshop, further commented, "We concluded 2025 with stable topline performance and robust profitability, demonstrating clear financial resilience. This provides the flexibility to both reinvest strategically in the business and return meaningful capital to shareholders, as evidenced by the
Fourth Quarter 2025 Financial Results
REVENUES
Total net revenues for the fourth quarter of 2025 were
GROSS PROFIT
Gross profit for the fourth quarter of 2025 was
OPERATING EXPENSES
Total operating expenses for the fourth quarter of 2025 decreased by
- Fulfillment expenses for the fourth quarter of 2025 decreased by
1.0% year over year toRMB2.4 billion (US ) from$348.6 million RMB2.5 billion in the prior year period. As a percentage of total net revenues, fulfillment expenses for the fourth quarter of 2025 were7.5% , compared with7.4% in the prior year period. - Marketing expenses for the fourth quarter of 2025 decreased by
6.1% year over year toRMB873.7 million (US ) from$124.9 million RMB930.3 million in the prior year period. As a percentage of total net revenues, marketing expenses for the fourth quarter of 2025 decreased to2.7% from2.8% in the prior year period. - Technology and content expenses for the fourth quarter of 2025 decreased by
9.3% year over year toRMB425.5 million (US ) from$60.8 million RMB469.2 million in the prior year period. As a percentage of total net revenues, technology and content expenses for the fourth quarter of 2025 decreased to1.3% from1.4% in the prior year period. - General and administrative expenses for the fourth quarter of 2025 decreased by
5.2% year over year toRMB1.1 billion (US ) from$163.4 million RMB1.2 billion in the prior year period. As a percentage of total net revenues, general and administrative expenses for the fourth quarter of 2025 decreased to3.5% from3.6% in the prior year period.
INCOME FROM OPERATIONS
Income from operations for the fourth quarter of 2025 increased by
Non-GAAP income from operations[5] for the fourth quarter of 2025, which excluded share-based compensation expenses, was
NET INCOME
Net income attributable to Vipshop's shareholders for the fourth quarter of 2025 increased by
Non-GAAP net income attributable to Vipshop's shareholders for the fourth quarter of 2025, which excluded (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment gain and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments, was
For the quarter ended December 31, 2025, the Company's weighted average number of ADSs used in computing diluted income per ADS was 505,342,970.
BALANCE SHEET AND CASH FLOW
As of December 31, 2025, the Company had cash and cash equivalents and restricted cash of
For the quarter ended December 31, 2025, net cash generated from operating activities was
For the three months ended | |||
Dec 31, 2024 RMB'000 | Dec 31, 2025 RMB'000 | Dec 31, 2025 US$'000 | |
Net cash generated from operating activities | 8,893,726 | 5,467,910 | 781,901 |
Reconciling items: | |||
Net impact from internet financing activities[11] | 107,166 | 9,784 | 1,399 |
Capital expenditures | (588,841) | (497,006) | (71,071) |
Free cash inflow | 8,412,051 | 4,980,688 | 712,229 |
Full Year 2025 Financial Results
Total net revenues for the full year of 2025 were
Gross profit for the full year of 2025 was
Income from operations for the full year of 2025 was
Non-GAAP income from operations for the full year of 2025, which excluded share-based compensation expenses, was
Net income attributable to Vipshop's shareholders for the full year of 2025 was
Non-GAAP net income attributable to Vipshop's shareholders for the full year of 2025, which excluded (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment gain and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments, was
For the full year of 2025, the Company's weighted average number of ADSs used in computing diluted earnings per ADS was 511,919,450.
For the full year of 2025, net cash generated from operating activities was
For the trailing twelve months ended | |||
Dec 31, 2024 RMB'000 | Dec 31, 2025 RMB'000 | Dec 31, 2025 US$'000 | |
Net cash generated from operating activities | 9,128,983 | 7,454,245 | 1,065,943 |
Reconciling items: | |||
Net impact from internet financing activities | 55,593 | (35,074) | (5,016) |
Capital expenditures | (3,562,586) | (2,066,537) | (295,511) |
Free cash inflow | 5,621,990 | 5,352,634 | 765,416 |
Share Repurchase Program
During the quarter ended December 31, 2025, the Company repurchased
Declaration of 2025 Dividend
The Company's board of directors has approved and declared an annual cash dividend for fiscal year 2025 in the amount of
Business Outlook
For the first quarter of 2026, the Company expects its total net revenues to be between
Exchange Rate
The Company's business is primarily conducted in
Conference Call Information
The Company will hold a conference call on Thursday, February 26, 2026 at 7:00 am
All participants wishing to join the conference call must pre-register online using the link provided below.
Registration Link:
https://register-conf.media-server.com/register/BId8a721cb0cc8420cab7858dc569d1e68
Once pre-registration has been completed, each participant will receive dial-in numbers and a unique access PIN via email. To join the conference, participants should use the dial-in details followed by the PIN code.
A live webcast of the earnings conference call can be accessed at https://edge.media-server.com/mmc/p/iotntvhn/. An archived webcast will be available at the Company's investor relations website at http://ir.vip.com.
About Vipshop Holdings Limited
Vipshop Holdings Limited is a leading online discount retailer for brands in
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
Use of Non-GAAP Financial Measures
The condensed consolidated financial information is derived from the Company's unaudited interim condensed consolidated financial statements prepared in conformity with accounting principles generally accepted in
The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with
Investor Relations Contact
Tel: +86 (20) 2233-0732
Email: IR@vipshop.com
[1] "Gross merchandise value (GMV)" is defined as the total value of all products and services sold through the Company's online channels, Shan Shan Outlets, and other offline stores during the given period, including the Company's Vipshop App mobile application, vip.com website, Vipshop WeChat Mini-Program, online stores that are operated at third-party platforms, Shan Shan Outlets, and other offline stores, which were fulfilled by either the Company or its third-party merchants, regardless of whether or not the goods were delivered or returned. GMV includes shipping charges paid by buyers to sellers. For prudent considerations, the Company does not consider products or services to be sold if the orders were placed and canceled pre-shipment and only included orders that left the Company's or other third-party vendors' warehouses. |
[2] Non-GAAP net income attributable to Vipshop's shareholders is a non-GAAP financial measure, which, for the periods presented in this press release, is defined as net income attributable to Vipshop's shareholders excluding (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment gain and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments. |
[3] "Active customers" is defined as registered members who have purchased from the Company's Vipshop mobile app, vip.com website and Vipshop WeChat Mini-Program at least once during the relevant period. |
[4] "Total orders" is defined as the total number of orders placed during the given period, including the orders for products and services sold through the Company's online channels, including the Company's Vipshop App mobile application, vip.com website, Vipshop WeChat Mini-Program, online stores that are operated at third-party platforms (excluding, for the avoidance of doubt, orders from the Company's offline stores and outlets), net of orders returned. |
[5] Non-GAAP income from operations is a non-GAAP financial measure, which is defined as income from operations excluding share-based compensation expenses. |
[6] Non-GAAP operating margin is a non-GAAP financial measure, which is defined as non-GAAP income from operations as a percentage of total net revenues. |
[7] "ADS" means American depositary share, each of which represents 0.2 Class A ordinary share. |
[8] Non-GAAP net margin attributable to Vipshop's shareholders is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop's shareholders, as a percentage of total net revenues. |
[9] Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop's shareholders, divided by the weighted average number of diluted ADSs outstanding for computing diluted earnings per ADS. |
[10] Free cash flow is a non-GAAP financial measure, which is defined as net cash from operating activities adding back the impact from internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights. |
[11] Net impact from internet financing activities represents net cash flow relating to the Company's financial products, which are primarily consumer financing and supplier financing that the Company provides to its customers and suppliers. |
Vipshop Holdings Limited | ||||||||
Unaudited Condensed Consolidated Statements of Income and Comprehensive Income | ||||||||
(In thousands, except for share and per share data) | ||||||||
Three Months Ended | Twelve Months Ended | |||||||
December 31,2024 | December 31,2025 | December 31,2025 | December 31,2024 | December 31,2025 | December 31,2025 | |||
RMB'000 | RMB'000 | USD'000 | RMB'000 | RMB'000 | USD'000 | |||
Product revenues | 30,889,540 | 29,945,173 | 4,282,103 | 100,734,550 | 97,398,826 | 13,927,847 | ||
Other revenues (1) | 2,334,302 | 2,528,606 | 361,586 | 7,686,282 | 8,520,720 | 1,218,447 | ||
Total net revenues | 33,223,842 | 32,473,779 | 4,643,689 | 108,420,832 | 105,919,546 | 15,146,294 | ||
Cost of revenues | (25,596,304) | (25,029,580) | (3,579,182) | (82,951,178) | (81,429,230) | (11,644,225) | ||
Gross profit | 7,627,538 | 7,444,199 | 1,064,507 | 25,469,654 | 24,490,316 | 3,502,069 | ||
Operating expenses: | ||||||||
Fulfillment expenses (2) | (2,460,984) | (2,437,532) | (348,562) | (8,346,864) | (8,291,670) | (1,185,693) | ||
Marketing expenses | (930,293) | (873,714) | (124,939) | (2,979,654) | (2,988,995) | (427,421) | ||
Technology and content expenses | (469,223) | (425,462) | (60,840) | (1,892,434) | (1,755,123) | (250,979) | ||
General and administrative expenses | (1,205,101) | (1,142,656) | (163,398) | (3,992,657) | (4,374,425) | (625,534) | ||
Total operating expenses | (5,065,601) | (4,879,364) | (697,739) | (17,211,609) | (17,410,213) | (2,489,627) | ||
Other operating income | 289,291 | 334,011 | 47,763 | 915,208 | 1,055,843 | 150,984 | ||
Income from operations | 2,851,228 | 2,898,846 | 414,531 | 9,173,253 | 8,135,946 | 1,163,426 | ||
Investment gain and revaluation of investments | 72,649 | 23,155 | 3,311 | 148,170 | 144,723 | 20,695 | ||
Impairment loss of investments | (3,000) | - | - | (61,246) | (15,450) | (2,209) | ||
Interest expense | (17,560) | (29,882) | (4,273) | (57,676) | (90,037) | (12,875) | ||
Interest income | 227,427 | 191,864 | 27,436 | 809,792 | 801,587 | 114,625 | ||
Exchange gain (loss) | 138,633 | (17,132) | (2,450) | (24,813) | (62,086) | (8,878) | ||
Income before income tax expense and share of income of equity | 3,269,377 | 3,066,851 | 438,555 | 9,987,480 | 8,914,683 | 1,274,784 | ||
Income tax expenses | (816,363) | (583,042) | (83,374) | (2,315,515) | (1,798,963) | (257,248) | ||
Share of income of equity method investees | 32,799 | 167,582 | 23,964 | 166,980 | 293,919 | 42,030 | ||
Net income | 2,485,813 | 2,651,391 | 379,145 | 7,838,945 | 7,409,639 | 1,059,566 | ||
Net income attributable to non-controlling interests | (39,134) | (62,172) | (8,890) | (99,010) | (167,149) | (23,902) | ||
Net income attributable to Vipshop's shareholders | 2,446,679 | 2,589,219 | 370,255 | 7,739,935 | 7,242,490 | 1,035,664 | ||
Shares used in calculating earnings per share (3): | ||||||||
Weighted average number of Class A and Class B ordinary shares: | ||||||||
—Basic | 102,688,899 | 97,833,086 | 97,833,086 | 106,074,914 | 100,072,178 | 100,072,178 | ||
—Diluted | 104,300,280 | 101,068,594 | 101,068,594 | 107,855,806 | 102,383,890 | 102,383,890 | ||
Net earnings per Class A and Class B ordinary share | ||||||||
Net income attributable to Vipshop's shareholders——Basic | 23.83 | 26.47 | 3.79 | 72.97 | 72.37 | 10.35 | ||
Net income attributable to Vipshop's shareholders——Diluted | 23.46 | 25.62 | 3.66 | 71.76 | 70.74 | 10.12 | ||
Net earnings per ADS (1 ordinary share equals to 5 ADSs) | ||||||||
Net income attributable to Vipshop's shareholders——Basic | 4.77 | 5.29 | 0.76 | 14.59 | 14.47 | 2.07 | ||
Net income attributable to Vipshop's shareholders——Diluted | 4.69 | 5.12 | 0.73 | 14.35 | 14.15 | 2.02 | ||
(1) Other revenues primarily consist of product promotion and online advertising revenues, lease income mainly earned from the Shan Shan | (1) Other revenues primarily consist of product promotion and online | |||||||
(2) Fulfillment expenses include shipping and handling expenses, which amounted | (2) Fulfillment expenses include shipping and handling expenses, which | |||||||
(3) Authorized share capital is re-classified and re-designated into Class A ordinary shares and Class B ordinary shares, with each Class A | (3) Authorized share capital is re-classified and re-designated into Class A | |||||||
Three Months Ended | Twelve Months Ended | |||||||
December 31,2024 | December 31,2025 | December 31,2025 | December 31,2024 | December 31,2025 | December 31,2025 | |||
RMB'000 | RMB'000 | USD'000 | RMB'000 | RMB'000 | USD'000 | |||
Share-based compensation expenses are included in the operating | ||||||||
Fulfillment expenses | 22,747 | 15,862 | 2,268 | 84,079 | 68,092 | 9,737 | ||
Marketing expenses | 8,295 | 12,332 | 1,763 | 31,215 | 52,074 | 7,446 | ||
Technology and content expenses | 97,919 | 73,189 | 10,466 | 382,308 | 309,364 | 44,238 | ||
General and administrative expenses | 410,126 | 234,871 | 33,586 | 1,040,138 | 1,301,533 | 186,117 | ||
Total | 539,087 | 336,254 | 48,083 | 1,537,740 | 1,731,063 | 247,538 | ||
Vipshop Holdings Limited | ||||
Unaudited Condensed Consolidated Balance Sheets | ||||
(In thousands, except for share and per share data) | ||||
December 31,2024 | December 31,2025 | December 31,2025 | ||
RMB'000 | RMB'000 | USD'000 | ||
ASSETS | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 26,352,161 | 22,990,435 | 3,287,588 | |
Restricted cash | 602,342 | 1,132,729 | 161,978 | |
Short term investments | 1,872,756 | 5,777,222 | 826,132 | |
Accounts receivable, net | 915,158 | 889,220 | 127,157 | |
Amounts due from related parties,net | 548,145 | 762,781 | 109,076 | |
Other receivables and prepayments,net | 2,473,050 | 2,860,301 | 409,018 | |
Loan receivables,net | 6,878 | 9,166 | 1,311 | |
Inventories | 5,032,069 | 5,153,413 | 736,928 | |
Total current assets | 37,802,559 | 39,575,267 | 5,659,188 | |
NON-CURRENT ASSETS | ||||
Property and equipment, net | 18,292,771 | 18,311,533 | 2,618,514 | |
Deposits for property and equipment | 164,955 | 6,420 | 918 | |
Land use rights, net | 10,686,400 | 10,426,682 | 1,490,996 | |
Intangible assets, net | 327,844 | 324,067 | 46,341 | |
Investment in equity method investees | 2,002,043 | 3,136,784 | 448,554 | |
Other investments | 3,355,489 | 4,800,356 | 686,442 | |
Other long-term assets | 434,206 | 351,085 | 50,204 | |
Goodwill | 755,213 | 755,213 | 107,994 | |
Deferred tax assets, net | 681,029 | 757,113 | 108,266 | |
Operating lease right-of-use assets | 433,617 | 398,798 | 57,027 | |
Total non-current assets | 37,133,567 | 39,268,051 | 5,615,256 | |
TOTAL ASSETS | 74,936,126 | 78,843,318 | 11,274,444 | |
LIABILITIES AND EQUITY | ||||
CURRENT LIABILITIES | ||||
Short term loans | 2,399,629 | 5,844,620 | 835,770 | |
Accounts payable | 15,190,560 | 12,536,639 | 1,792,716 | |
Advance from customers | 2,035,184 | 1,890,586 | 270,350 | |
Accrued expenses and other current liabilities | 9,663,421 | 9,941,146 | 1,421,565 | |
Amounts due to related parties | 104,187 | 101,782 | 14,555 | |
Deferred income | 476,796 | 520,853 | 74,481 | |
Operating lease liabilities | 57,224 | 47,458 | 6,786 | |
Total current liabilities | 29,927,001 | 30,883,084 | 4,416,223 | |
NON-CURRENT LIABILITIES | ||||
Deferred tax liability | 783,863 | 707,322 | 101,146 | |
Deferred income-non current | 2,084,038 | 2,252,797 | 322,146 | |
Operating lease liabilities | 591,995 | 556,951 | 79,643 | |
Total non-current liabilities | 3,459,896 | 3,517,070 | 502,935 | |
TOTAL LIABILITIES | 33,386,897 | 34,400,154 | 4,919,158 | |
EQUITY: | ||||
Total shareholders' equity ( | 39,968,813 | 41,004,749 | 5,863,599 | |
Non-controlling interests | 1,580,416 | 3,438,415 | 491,687 | |
Total shareholders' equity | 41,549,229 | 44,443,164 | 6,355,286 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 74,936,126 | 78,843,318 | 11,274,444 | |
(4) The number of treasury stock as of December 31, 2025 was 14.3 million, all of which are Class A ordinary shares repurchased under the | ||||
Vipshop Holdings Limited | ||||||||
Reconciliations of GAAP and Non-GAAP Results | ||||||||
Three Months Ended | Twelve Months Ended | |||||||
December 31,2024 | December 31,2025 | December 31,2025 | December 31,2024 | December 31,2025 | December 31,2025 | |||
RMB'000 | RMB'000 | USD'000 | RMB'000 | RMB'000 | USD'000 | |||
Income from operations | 2,851,228 | 2,898,846 | 414,531 | 9,173,253 | 8,135,946 | 1,163,426 | ||
Share-based compensation expenses | 539,087 | 336,254 | 48,083 | 1,537,740 | 1,731,063 | 247,538 | ||
Non-GAAP income from operations | 3,390,315 | 3,235,100 | 462,614 | 10,710,993 | 9,867,009 | 1,410,964 | ||
Net income attributable to Vipshop's shareholders | 2,446,679 | 2,589,219 | 370,255 | 7,739,935 | 7,242,490 | 1,035,664 | ||
Share-based compensation expenses | 539,087 | 336,254 | 48,083 | 1,537,740 | 1,731,063 | 247,538 | ||
Impairment loss of investments | 3,000 | - | - | 61,246 | 15,450 | 2,209 | ||
Investment gain and revaluation of investments excluding dividends | (72,130) | (23,155) | (3,311) | (147,651) | (143,865) | (20,572) | ||
Reconciling items on the share of equity method investments(5) | 101,478 | (5,423) | (775) | 31,753 | 89,639 | 12,818 | ||
Tax effects on non-GAAP adjustments | (44,446) | (38,864) | (5,557) | (190,476) | (189,651) | (27,120) | ||
Non-GAAP net income attributable to Vipshop's shareholders | 2,973,668 | 2,858,031 | 408,695 | 9,032,547 | 8,745,126 | 1,250,537 | ||
(5) To exclude the GAAP to non-GAAP reconciling items relating to investment gain and revaluation of investments on the share of equity | ||||||||
Shares used in calculating earnings per share: | ||||||||
Weighted average number of Class A and Class B ordinary shares: | ||||||||
—Basic | 102,688,899 | 97,833,086 | 97,833,086 | 106,074,914 | 100,072,178 | 100,072,178 | ||
—Diluted | 104,300,280 | 101,068,594 | 101,068,594 | 107,855,806 | 102,383,890 | 102,383,890 | ||
Non-GAAP net income per Class A and Class B ordinary share | ||||||||
Non-GAAP net income attributable to Vipshop's shareholders—— | 28.96 | 29.21 | 4.18 | 85.15 | 87.39 | 12.50 | ||
Non-GAAP net income attributable to Vipshop's shareholders—— | 28.51 | 28.28 | 4.04 | 83.75 | 85.42 | 12.21 | ||
Non-GAAP net income per ADS (1 ordinary share equal to 5 ADSs) | ||||||||
Non-GAAP net income attributable to Vipshop's shareholders—— | 5.79 | 5.84 | 0.84 | 17.03 | 17.48 | 2.50 | ||
Non-GAAP net income attributable to Vipshop's shareholders—— | 5.70 | 5.66 | 0.81 | 16.75 | 17.08 | 2.44 | ||
View original content:https://www.prnewswire.com/news-releases/vipshop-reports-unaudited-fourth-quarter-and-full-year-2025-financial-results-302698110.html
SOURCE Vipshop Holdings Limited
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