VIPS FY 2025 Earnings Report — Vipshop Holdings Limited Revenue & Financial Results | Market Cap Arena

Vipshop Holdings LimitedVIPS

FY 2025 Earnings

Reported April 16, 2026NEW

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2025	Prior Q	FY 2024	QoQ Change	YoY Change
Revenue	$15.5B	—	$15.8B	—	-2.3%
Op. Income	$1.2B	—	$1.3B	—	-11.3%
Gross Margin	23.1%	—	23.5%	—	-0.4pp
Net Margin	6.8%	—	7.1%	—	-0.3pp
EPS (Diluted)	$2.07	—	$2.10	—	-1.4%
Free Cash Flow	$0	—	$813M	—	-100.0%

Revenue Flow

Item	Amount
REVENUE	$15.5B
Cost of Revenue	$11.9B
GROSS PROFIT	$3.6B
R&D Expenses	$256M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$2.3B
Other Expenses	-$154M
Operating Expenses	$2.4B
Cost & Expenses	$14.3B
OPERATING INCOME	$1.2B
Interest Income	$114M
Interest Expense	$13M
Other Income/Expenses	$157M
INCOME BEFORE TAX	$1.3B
Income Tax Expense	$263M
Net Income from Continuing Ops	$1.1B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.1B
D&A	$208M
EBIT	$1.2B
EBITDA	$1.4B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$15.5B
Cost of Revenue	$11.9B
GROSS PROFIT	$3.6B
R&D Expenses	$256M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$2.3B
Other Expenses	-$154M
Operating Expenses	$2.4B
Cost & Expenses	$14.3B
OPERATING INCOME	$1.2B
Interest Income	$114M
Interest Expense	$13M
Other Income/Expenses	$157M
INCOME BEFORE TAX	$1.3B
Income Tax Expense	$263M
Net Income from Continuing Ops	$1.1B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.1B
D&A	$208M
EBIT	$1.2B
EBITDA	$1.4B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$1.1B
Depreciation & Amortization	$0
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	-$1.1B
Change in Working Capital	$0
OPERATING CASH FLOW	$0
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$0
NET CASH FROM INVESTING	$0
Net Debt Issuance	$0
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	$0
NET CASH FROM FINANCING	$0
FREE CASH FLOW	$0
Net Change in Cash	-$3.9B

Balance Sheet

Item	Amount
Cash & Equivalents	$3.5B
Short-Term Investments	$845M
Net Receivables	$243M
Inventory	$753M
Other Current Assets	$418M
TOTAL CURRENT ASSETS	$5.8B
PP&E (Net)	$2.7B
Goodwill	$110M
Intangible Assets	$47M
Long-Term Investments	$1.2B
Tax Assets	$111M
Other Non-Current Assets	$1.6B
TOTAL NON-CURRENT ASSETS	$5.7B
TOTAL ASSETS	$11.5B
Account Payables	$1.8B
Short-Term Debt	$854M
Deferred Revenue	$0
Other Current Liabilities	$352M
TOTAL CURRENT LIABILITIES	$4.5B
Long-Term Debt	$0
Deferred Revenue NC	$329M
Deferred Tax Liabilities	$103M
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$514M
TOTAL LIABILITIES	$5.0B
Common Stock	$6.0B
Additional Paid-In Capital	$0
Retained Earnings	$0
Treasury Stock	$0
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$6.0B
Minority Interest	$502M
TOTAL EQUITY	$6.5B
TOTAL LIABILITIES & EQUITY	$11.5B
Total Debt	$943M
Net Debt	-$2.6B