VIPS

MKT CAP:$7B

Vipshop Holdings Limited

Market Cap

$7B

Consumer Cyclical·Specialty Retail·🇨🇳 China·NYSE

Consumer Cyc.·Specialty Retail·🇨🇳·NYSE

Stock Price

$14.25-$3.46 (-19.54%)

Apr 23, 2026

Company Details

Vipshop Holdings Limited operates online platforms for various brands in the People's Republic of China. It operates in Vip.com, Shan Shan Outlets, and Others segments. The company offers women's apparel, such as casual wear, jeans, dresses...

CEO

Ya Shen

IPO Date

Mar 23, 2012

Website

www.vip.com

Key Metrics TTM

Revenue

$15.5B

-2.3% YoY

Net Income

$1.1B

EPS (Diluted)

$2.07

Free Cash Flow

$0

Revenue / Share

$30.63

Gross Margin

23.1%

Operating Margin

7.7%

Net Margin

6.8%

FCF Margin

0.0%

P/S

0.5x

P/E

6.8x

Earnings Reports

FY 2025

Apr 16, 2026

NEW

$15.5B-2.3%EPS $2.07

Q4 2025

Apr 16, 2026

NEW

$4.7B-2.3%EPS $0.75

Q3 2025

Nov 20, 2025

$3.1B+3.4%EPS $0.35

Q2 2025

Aug 14, 2025

$3.8B-4.0%EPS $0.43

Q1 2025

May 20, 2025

$3.8B-5.0%EPS $0.54

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$3.7B	$732M	$187M
Q2 22	$3.6B	$734M	$185M
Q3 22	$3.2B	$684M	$166M
Q4 22	$4.6B	$1.0B	$367M
Q1 23	$4.0B	$863M	$290M
Q2 23	$4.1B	$906M	$280M
Q3 23	$3.3B	$786M	$224M
Q4 23	$5.1B	$1.2B	$536M
Q1 24	$4.0B	$956M	$403M
Q2 24	$3.9B	$927M	$326M
Q3 24	$3.0B	$724M	$194M
Q4 24	$4.9B	$1.1B	$417M
Q1 25	$3.8B	$889M	$333M
Q2 25	$3.8B	$885M	$248M
Q3 25	$3.1B	$717M	$184M
Q4 25	$4.7B	$1.1B	$424M

Valuation

Quarter	P/S	P/E
Q1 22	0.4x	10.1x
Q2 22	0.4x	10.7x
Q3 22	0.3x	6.4x
Q4 22	0.6x	9.4x
Q1 23	0.5x	8.0x
Q2 23	0.6x	7.9x
Q3 23	0.5x	8.1x
Q4 23	0.5x	7.5x
Q1 24	0.6x	7.7x
Q2 24	0.4x	5.9x
Q3 24	0.5x	7.2x
Q4 24	0.4x	6.1x
Q1 25	0.5x	7.5x
Q2 25	0.5x	7.5x
Q3 25	0.6x	9.3x
Q4 25	0.6x	9.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 20	$0	$0
Q4 20	$0	$0
Q3 22	$0	$0
Q4 22	$0	$0
Q1 23	$0	$0
Q2 23	$0	$0
Q3 23	$0	$0
Q4 23	$0	$0
Q1 24	$0	$0
Q2 24	$0	$0
Q3 24	$0	$0
Q4 24	$0	$0
Q1 25	$0	$0
Q2 25	$0	$0
Q3 25	$0	$0
Q4 25	$0	$0

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-11.1%	-10.9%
Q2 22	-17.1%	-17.3%
Q3 22	-13.3%	-15.2%
Q4 22	-7.0%	-9.5%
Q1 23	+9.1%	+6.6%
Q2 23	+13.6%	+11.6%
Q3 23	+5.3%	+3.7%
Q4 23	+9.2%	+6.0%
Q1 24	+0.4%	-2.6%
Q2 24	-3.6%	-5.1%
Q3 24	-9.2%	-8.9%
Q4 24	-4.2%	-2.0%
Q1 25	-5.0%	-3.6%
Q2 25	-4.0%	-2.2%
Q3 25	+3.4%	+3.9%
Q4 25	-2.3%	-2.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 20	$0	0.0%
Q4 20	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$39M	0.8%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$79M	2.4%
Q4 23	$42M	0.8%
Q1 24	$43M	1.1%
Q2 24	$49M	1.2%
Q3 24	$54M	1.8%
Q4 24	$79M	1.6%
Q1 25	$51M	1.3%
Q2 25	$102M	2.7%
Q3 25	$51M	1.6%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 22	$57M	$513M
Q2 22	$60M	$515M
Q3 22	$58M	$477M
Q4 22	$60M	$551M
Q1 23	$57M	$536M
Q2 23	$65M	$590M
Q3 23	$64M	$522M
Q4 23	$73M	$616M
Q1 24	$70M	$527M
Q2 24	$71M	$556M
Q3 24	$66M	$484M
Q4 24	$69M	$672M
Q1 25	$66M	$522M
Q2 25	$65M	$602M
Q3 25	$64M	$512M
Q4 25	$62M	$651M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$2.0B	$733M	$2.7B
Q2 22	$2.4B	$602M	$3.0B
Q3 22	$2.2B	$497M	$2.7B
Q4 22	$3.2B	$233M	$3.4B
Q1 23	$2.6B	$218M	$2.8B
Q2 23	$2.5B	$212M	$2.7B
Q3 23	$2.8B	$66M	$2.8B
Q4 23	$3.7B	$290M	$4.0B
Q1 24	$3.5B	$425M	$3.9B
Q2 24	$3.1B	$281M	$3.4B
Q3 24	$3.2B	$228M	$3.4B
Q4 24	$3.9B	$274M	$4.1B
Q1 25	$4.1B	$28M	$4.2B
Q2 25	$3.5B	$436M	$4.0B
Q3 25	$3.6B	$865M	$4.5B
Q4 25	$3.5B	$845M	$4.4B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	680M	-0.4%	-4.1%
Q2 22	650M	-4.5%	-7.4%
Q3 22	624M	-4.0%	-8.8%
Q4 22	610M	-2.1%	-10.6%
Q1 23	588M	-3.7%	-13.6%
Q2 23	559M	-4.9%	-13.9%
Q3 23	552M	-1.3%	-11.5%
Q4 23	552M	-0.0%	-9.6%
Q1 24	555M	+0.5%	-5.7%
Q2 24	554M	-0.2%	-1.0%
Q3 24	554M	0.0%	+0.3%
Q4 24	522M	-5.8%	-5.5%
Q1 25	522M	+0.0%	-5.9%
Q2 25	512M	-1.9%	-7.6%
Q3 25	505M	-1.4%	-8.9%
Q4 25	505M	+0.1%	-3.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$460.3K	8K
Q2 22	$447.4K	8K
Q3 22	$394.1K	8K
Q4 22	$680.9K	7K
Q1 23	$590.4K	7K
Q2 23	$597.7K	7K
Q3 23	$488.1K	7K
Q4 23	$346.1K	15K
Q1 24	$276.0K	15K
Q2 24	$268.3K	15K
Q3 24	$206.4K	15K
Q4 24	$324.4K	15K
Q1 25	$256.5K	15K
Q2 25	$252.0K	15K
Q3 25	$208.6K	15K
Q4 25	$317.0K	15K

Revenue / Employee