Vipshop (NYSE: VIPS) posts 2025 profit, strong cash and big shareholder payouts
Rhea-AI Filing Summary
Vipshop Holdings Limited reported unaudited fourth quarter and full year 2025 results showing stable profitability on slightly lower revenue. Fourth quarter total net revenues were RMB32.5 billion, down from RMB33.2 billion a year earlier, while net income attributable to shareholders rose to RMB2.6 billion from RMB2.4 billion.
For full year 2025, total net revenues were RMB105.9 billion versus RMB108.4 billion in the prior year. Net income attributable to shareholders was RMB7.2 billion, compared with RMB7.7 billion, and non-GAAP net income was RMB8.7 billion versus RMB9.0 billion, with non-GAAP net margin at 8.3%, similar to last year.
Vipshop generated RMB7.5 billion of operating cash flow and RMB5.35 billion of free cash inflow in 2025, ending the year with RMB24.1 billion in cash, cash equivalents and restricted cash plus RMB5.8 billion of short-term investments. The company returned US$944.1 million to shareholders in 2025 and repurchased US$305.4 million of ADSs in the fourth quarter.
The board declared a 2025 cash dividend of US$3.10 per ordinary share, or US$0.62 per ADS, with a record date of April 10, 2026 and expected payment on April 24, 2026. For the first quarter of 2026, Vipshop forecasts total net revenues between RMB26.3 billion and RMB27.6 billion, implying approximately 0% to 5% year-over-year growth.
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Insights
Vipshop posts steady profits, strong cash and large shareholder returns despite modest revenue decline.
Vipshop delivered fourth quarter 2025 revenue of
Cash generation remained strong, with 2025 operating cash flow of
Capital return is notable: management cites
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2026
Commission File Number: 001-35454
Vipshop Holdings Limited
Vipshop Headquarters, 128 Dingxin Road
Haizhu District, Guangzhou 510220
People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
EXHIBIT INDEX
| Exhibit No. | Description | |
| 99.1 | Press Release – Vipshop Reports Unaudited Fourth Quarter and Full Year 2025 Financial Results |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Vipshop Holdings Limited | |||
| By | : | /s/ Mark Wang | |
| Name: | : | Mark Wang | |
| Title: | : | Chief Financial Officer | |
Date: February 26, 2026
Exhibit 99.1
Vipshop Reports Unaudited Fourth Quarter and Full Year 2025 Financial Results
Conference Call to Be Held at 7:00 A.M. U.S. Eastern Time on February 26, 2026
Guangzhou, China, February 26, 2026 — Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China (“Vipshop” or the “Company”), today announced its unaudited financial results for the quarter and full year ended December 31, 2025.
Fourth Quarter and Full Year 2025 Highlights
| · | Total net revenues for the fourth quarter of 2025 were RMB32.5 billion (US$4.6 billion), compared with RMB33.2 billion in the prior year period. Total net revenues for the full year of 2025 were RMB105.9 billion (US$15.1 billion), compared with RMB108.4 billion in the prior year. |
| · | GMV1 for the fourth quarter of 2025 increased by 0.6% year over year to RMB66.6 billion from RMB66.2 billion in the prior year period. GMV for the full year of 2025 increased by 2.0% year over year to RMB213.5 billion from RMB209.3 billion in the prior year. |
| · | Gross profit for the fourth quarter of 2025 was RMB7.4 billion (US$1.1 billion), compared with RMB7.6 billion in the prior year period. Gross profit for the full year of 2025 was RMB24.5 billion (US$3.5 billion), compared with 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 to RMB2.6 billion (US$370.3 million) from RMB2.4 billion in the prior year period. Net income attributable to Vipshop's shareholders for the full year of 2025 was RMB7.2 billion (US$1.0 billion), compared with RMB7.7 billion in the prior year. |
| · | Non-GAAP net income attributable to Vipshop’s shareholders2 for the fourth quarter of 2025 was RMB2.9 billion (US$408.7 million), compared with RMB3.0 billion in the prior year period. Non-GAAP net income attributable to Vipshop's shareholders for the full year of 2025 was RMB8.7 billion (US$1.3 billion), compared with RMB9.0 billion in the prior year. |
| · | The number of active customers3 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. |
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.
| 1 |
| · | Total orders4 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 US$944.1 million returned in 2025 through dividends and share repurchases. Looking ahead, we are steadily rebuilding business momentum with continued focus on quality growth and disciplined investment. This positions us confidently for sustained growth and value creation in the future.”
Fourth Quarter 2025 Financial Results
REVENUES
Total net revenues for the fourth quarter of 2025 were RMB32.5 billion (US$4.6 billion), compared with RMB33.2 billion in the prior year period.
GROSS PROFIT
Gross profit for the fourth quarter of 2025 was RMB7.4 billion (US$1.1 billion), compared with RMB7.6 billion in the prior year period. Gross margin for the fourth quarter of 2025 was 22.9%, compared with 23.0% in the prior year period.
OPERATING EXPENSES
Total operating expenses for the fourth quarter of 2025 decreased by 3.7% year over year to RMB4.9 billion (US$697.7 million) from RMB5.1 billion in the prior year period. As a percentage of total net revenues, total operating expenses for the fourth quarter of 2025 decreased to 15.0% from 15.2% in the prior year period.
| • | Fulfillment expenses for the fourth quarter of 2025 decreased by 1.0% year over year to RMB2.4 billion (US$348.6 million) from RMB2.5 billion in the prior year period. As a percentage of total net revenues, fulfillment expenses for the fourth quarter of 2025 were 7.5%, compared with 7.4% in the prior year 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.
| 2 |
| • | Marketing expenses for the fourth quarter of 2025 decreased by 6.1% year over year to RMB873.7 million (US$124.9 million) from RMB930.3 million in the prior year period. As a percentage of total net revenues, marketing expenses for the fourth quarter of 2025 decreased to 2.7% from 2.8% in the prior year period. |
| • | Technology and content expenses for the fourth quarter of 2025 decreased by 9.3% year over year to RMB425.5 million (US$60.8 million) from 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 to 1.3% from 1.4% in the prior year period. |
| • | General and administrative expenses for the fourth quarter of 2025 decreased by 5.2% year over year to RMB1.1 billion (US$163.4 million) from 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 to 3.5% from 3.6% in the prior year period. |
INCOME FROM OPERATIONS
Income from operations for the fourth quarter of 2025 increased by 1.7% year over year to RMB2.90 billion (US$414.5 million) from RMB2.85 billion in the prior year period. Operating margin for the fourth quarter of 2025 increased to 8.9% from 8.6% in the prior year period.
Non-GAAP income from operations5 for the fourth quarter of 2025, which excluded share-based compensation expenses, was RMB3.2 billion (US$462.6 million), compared with RMB3.4 billion in the prior year period. Non-GAAP operating margin6 for the fourth quarter of 2025 was 10.0%, compared with 10.2% in the prior year period.
NET INCOME
Net income attributable to Vipshop’s shareholders for the fourth quarter of 2025 increased by 5.8% year over year to RMB2.6 billion (US$370.3 million) from RMB2.4 billion in the prior year period. Net margin attributable to Vipshop’s shareholders for the fourth quarter of 2025 increased to 8.0% from 7.4% in the prior year period. Net income attributable to Vipshop’s shareholders per diluted ADS7 for the fourth quarter of 2025 increased to RMB5.12 (US$0.73) from RMB4.69 in the prior year period.
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 RMB2.9 billion (US$408.7 million), compared with RMB3.0 billion in the prior year period. Non-GAAP net margin attributable to Vipshop’s shareholders8 for the fourth quarter of 2025 was 8.8%, compared with 9.0% in the prior year period. Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS9 for the fourth quarter of 2025 was RMB5.66 (US$0.81), compared with RMB5.70 in the prior year period.
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.
| 3 |
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 RMB24.1 billion (US$3.4 billion) and short term investments of RMB5.8 billion (US$826.1 million).
For the quarter ended December 31, 2025, net cash generated from operating activities was RMB5.5 billion (US$781.9 million), and free cash flow10, a non-GAAP measurement of liquidity, was as follows:
| For the three months ended | ||||||||||||
| Dec 31, 2024 RMB’000 | Dec 31, 2025 RMB’000 | Dec 31, 2025 US$’000 | ||||||||||
| Net cash generated from operating activities | 8,893,726 | 5,467,910 | 781,901 | |||||||||
| Reconciling items: | ||||||||||||
| Net impact from internet financing activities11 | 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 RMB105.9 billion (US$15.1 billion), compared with RMB108.4 billion in the prior year.
Gross profit for the full year of 2025 was RMB24.5 billion (US$3.5 billion), compared with RMB25.5 billion in the prior year. Gross margin for the full year of 2025 was 23.1%, compared with 23.5% in the prior year.
Income from operations for the full year of 2025 was RMB8.1 billion (US$1.2 billion), compared with RMB9.2 billion in the prior year. Operating margin for the full year was 7.7%, compared with 8.5% in the prior year.
Non-GAAP income from operations for the full year of 2025, which excluded share-based compensation expenses, was RMB9.9 billion (US$1.4 billion), compared with RMB10.7 billion in the prior year. Non-GAAP operating margin for the full year of 2025 was 9.3%, compared with 9.9% in the prior year.
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.
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Net income attributable to Vipshop’s shareholders for the full year of 2025 was RMB7.2 billion (US$1.0 billion), compared with RMB7.7 billion in the prior year. Net margin attributable to Vipshop’s shareholders for the full year of 2025 was 6.8%, compared with 7.1% in the prior year. Net income attributable to Vipshop’s shareholders per diluted ADS for the full year of 2025 was RMB14.15 (US$2.02), compared with RMB14.35 in the prior year.
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 RMB8.7 billion (US$1.3 billion), compared with RMB9.0 billion in the prior year. Non-GAAP net margin attributable to Vipshop’s shareholders for the full year of 2025 was 8.3%, which remained stable as compared with that in the prior year period. Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS for the full year of 2025 increased to RMB17.08 (US$2.44), compared with RMB16.75 in the prior year.
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 RMB7.5 billion (US$1.1 billion), and free cash flow, a non-GAAP measurement of liquidity, was as follows:
| For the trailing twelve months ended | ||||||||||||
| Dec 31, 2024 RMB’000 | Dec 31, 2025 RMB’000 | Dec 31, 2025 US$’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 US$305.4 million of its ADSs under its current US$1.0 billion share repurchase program, which is effective through February 2027. As of December 31, 2025, the Company had an unutilized amount of US$316.0 million under this program.
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 US$3.10 per ordinary share, or US$0.62 per ADS, to holders of ordinary shares and holders of ADSs of record as of the close of business on April 10, 2026. The payment date is expected to be on April 24, 2026. Holders of the Company's ADSs will receive the cash dividends through the depositary, Deutsche Bank Trust Company Americas, subject to the terms of the deposit agreement.
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Business Outlook
For the first quarter of 2026, the Company expects its total net revenues to be between RMB26.3 billion and RMB27.6 billion, representing a year-over-year increase of approximately 0% to 5%. These forecasts reflect the Company’s current and preliminary view on the market and operational conditions, which is subject to change.
Exchange Rate
The Company’s business is primarily conducted in China and the significant majority of revenues generated are denominated in Renminbi. This announcement contains currency translations of Renminbi amounts into U.S. dollars solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars are made at a rate of RMB6.9931 to US$1.00, the effective noon buying rate on December 31, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on December 31, 2025 or at any other rate.
Conference Call Information
The Company will hold a conference call on Thursday, February 26, 2026 at 7:00 am U.S. Eastern Time, 8:00 pm Beijing Time to discuss the financial results.
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 China. Vipshop offers high quality and popular branded products to consumers throughout China at a significant discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a sizeable and growing base of customers and brand partners. For more information, please visit https://ir.vip.com/.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Vipshop’s strategic and operational plans, contain forward-looking statements. Vipshop may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Vipshop’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Vipshop’s goals and strategies; Vipshop’s future business development, results of operations and financial condition; the expected growth of the online discount retail market in China; Vipshop’s ability to attract customers and brand partners and further enhance its brand recognition; Vipshop’s expectations regarding needs for and market acceptance of flash sales products and services; competition in the discount retail industry; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Vipshop’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Vipshop does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
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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 United States of America (“U.S. GAAP”), except that comparative consolidated statements of income and cash flows for the period presented and the detailed footnote disclosures required by Accounting Standards Codification 270, Interim Reporting (“ASC270”) have been omitted. Vipshop uses non-GAAP net income attributable to Vipshop’s shareholders, non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net margin attributable to Vipshop’s shareholders, and free cash flow, each of which is a non-GAAP financial measure. For the periods presented in this press release, non-GAAP net income attributable to Vipshop’s shareholders is 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. Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS is computed using non-GAAP net income attributable to Vipshop’s shareholders divided by weighted average number of diluted ADS outstanding for computing diluted earnings per ADS. Non-GAAP income from operations is income from operations excluding share-based compensation expenses. Non-GAAP operating margin is non-GAAP income from operations as a percentage of total net revenues. Non-GAAP net margin attributable to Vipshop’s shareholders is non-GAAP net income attributable to Vipshop’s shareholders as a percentage of total net revenues. Free cash flow is 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. Impact from internet financing activities added back or deducted from free cash flow contains changes in the balances of financial products, which are primarily consumer financing and supplier financing that the Company provides to customers and suppliers. The Company believes that separate analysis and exclusion of the non-cash impact of (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 add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses these non-GAAP financial measures for planning, forecasting, and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of (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. Free cash flow enables the Company to assess liquidity and cash flow, taking into account the impact from internet financing activities and the financial resources needed for the expansion of fulfillment infrastructure, technology platform, and Shan Shan Outlets. Share-based compensation expenses have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. One of the key limitations of free cash flow is that it does not represent the residual cash flow available for discretionary expenditures.
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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 U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Vipshop Holdings Limited Reconciliations of GAAP and Non-GAAP Results” at the end of this release.
Investor Relations Contact
Tel: +86 (20) 2233-0732
Email: IR@vipshop.com
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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 method investees | 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 | ||||||||||||||||||
| 9 |
| (1) Other revenues primarily consist of product promotion and online advertising revenues, lease income mainly earned from the Shan Shan Outlets ,fees charged to third-party merchants which the Company provides platform access for sales of their products, revenue from third-party logistics services, loan facilitation service income and membership fee income. | (1) Other revenues primarily consist of product promotion and online advertising revenues, lease income mainly earned from the Shan Shan Outlets ,fees charged to third-party merchants which the Company provides platform access for sales of their products, revenue from third-party logistics services, loan facilitation service income and membership fee income. | |
| (2) Fulfillment expenses include shipping and handling expenses, which amounted RMB 1.8 billion and RMB 1.7 billion in the three month periods ended December 31,2024 and December 31,2025, respectively. | (2) Fulfillment expenses include shipping and handling expenses, which amounted RMB 5.9 billion and RMB 5.8 billion in the twelve month periods ended December 31,2024 and December 31,2025, respectively. | |
| (3) Authorized share capital is re-classified and re-designated into Class A ordinary shares and Class B ordinary shares, with each Class A ordinary share being entitled to one vote and each Class B ordinary share being entitled to ten votes on all matters that are subject to shareholder vote. | (3) Authorized share capital is re-classified and re-designated into Class A ordinary shares and Class B ordinary shares, with each Class A ordinary share being entitled to one vote and each Class B ordinary share being entitled to ten votes on all matters that are subject to shareholder vote. |
| 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 expenses as follows: | ||||||||||||||||||||||||
| 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 | ||||||||||||||||||
| 10 |
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 (US$0.0001 par value, 500 million shares authorized, 110 million shares issued, and 95.8 million shares outstanding as of December 31, 2025) (4) | 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 share repurchase program.
| 11 |
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 method investments. | ||||||||||||||||||||||||
| 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——Basic | 28.96 | 29.21 | 4.18 | 85.15 | 87.39 | 12.50 | ||||||||||||||||||
| Non-GAAP net income attributable to Vipshop's shareholders——Diluted | 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——Basic | 5.79 | 5.84 | 0.84 | 17.03 | 17.48 | 2.50 | ||||||||||||||||||
| Non-GAAP net income attributable to Vipshop's shareholders——Diluted | 5.70 | 5.66 | 0.81 | 16.75 | 17.08 | 2.44 | ||||||||||||||||||
| 12 |
FAQ
How did Vipshop (VIPS) perform in the fourth quarter of 2025?
What were Vipshop (VIPS) full year 2025 revenues and profits?
How strong was Vipshop’s (VIPS) cash flow and liquidity in 2025?
What capital returns did Vipshop (VIPS) provide to shareholders in 2025?
What dividend did Vipshop (VIPS) declare for fiscal year 2025?
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