Vipshop Holdings Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Vipshop Holdings Ltd files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	8,151	11,206	12,293	13,358	15,610	18,369	14,956	15,895	14,854	15,146
Cost of revenue	6,193	8,702	9,811	10,387	12,348	14,743	11,822	12,273	11,364	11,644
Gross profit	1,958	2,504	2,483	2,971	3,262	3,626	3,134	3,623	3,489	3,502
General and administrative	280	376	389	584	574	657	647	584	547	626
Operating expenses	1,620	2,172	2,241	2,378	2,473	2,895	2,341	2,453	2,358	2,490
Operating income	390	414	352	686	898	876	899	1,282	1,257	1,163
Interest expense	12.3	12.7	23.2	12.4	10.3	2.27	3.52	3.23	7.9	12.9
Interest income	15.4	15.5	35.3	31.2	68.8	105	111	110	111	115
Pre-tax income	384	391	400	710	1,076					1,275
Income tax	86.7	96.2	82.4	141	173	192	255	263	317	257
Net income to minority interests	-6.35	-8.8	0.68	-4.37	1.9	1.85	1.89	11.9	13.6	23.9
Net income	293	300	310	577	905	735	913	1,143	1,060	1,036
EBITDA	478	524	464	805	1,047	1,048	1,077	1,465	1,451	1,382
EPS, basic	2.53	2.55	2.34	4.32	6.70	5.39	7.18	10.33	10.00	10.35
EPS, diluted	2.43	2.45	2.27	4.25	6.56	5.29	7.13	10.16	9.83	10.12
Shares, basic (weighted)	116	118	132	134	135	136	127	111	106	100
Shares, diluted (weighted)	126	126	140	136	138	139	128	113	108	102

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	592	1,533	1,388	944	1,838	2,557	3,181	3,580	3,610	3,288
Short-term investments			338	438	1,123	844	231	279	257	826
Receivables	336	738	825	186	51.3	72	82.3	110	125	127
Inventory	713	1,070	781	1,107	1,171	1,077	800	795	689	737
Total current assets	2,100	3,983	3,974	3,308	4,777	5,154	4,891	5,290	5,179	5,659
Property, plant and equipment	643	1,024	1,241	1,617	2,082	2,256	2,352	2,378	2,506	2,619
Lease right-of-use assets				246	242	180	129	78	59.4	57
Goodwill	52.9	56.4	53.4	34	91	92.5	109	106	103	108
Intangible assets	104	61.6	51.4	48.5	51	50.4	48.8	46.9	44.9	46.3
Other non-current assets	73.6	56.4	57.7	87.3	15.4	46.5	13.3	20.8	59.5	50.2
Total assets	3,614	5,838	6,336	6,978	9,033	9,774	9,493	10,186	10,266	11,274
Accounts payable	1,200	1,759	1,692	1,981	2,328	2,063	2,177	2,431	2,081	1,793
Accrued liabilities	479	544	802	939	1,180	1,202	1,217	1,347	1,324	1,422
Deferred revenue	25.1	31.2	214	177	51.3	70.6	58	64.5	65.3	74.5
Short-term debt		139	195	157	160	310	390	201	329	836
Total current liabilities	2,100	2,960	3,774	3,437	4,072	4,044	4,136	4,313	4,100	4,416
Lease liabilities				200	209	150	121	97.1	81.1	79.6
Other non-current liabilities					18.6	42.7	0
Total liabilities	2,782	3,648	3,833	3,782	4,530	4,466	4,553	4,755	4,574	4,919
Total debt				9.27
Paid-in capital	451	1,340	1,365	1,431	1,658	1,919	1,898	626	673	214
Retained earnings	526	861	1,150	1,713	2,719	3,518	4,164	5,188	5,878	6,949
Treasury stock	-102					-303	-1,211	-511	-965	-1,126
Other comprehensive income	-49.5	-3.73	-4.49	-8.14	-9.04	-13.9	-103	-98	-111	-172
Shareholders' equity	826	2,197	2,511	3,135	4,367	5,121	4,749	5,206	5,476	5,864
Minority interests	7.15	-6.75	-7.42	60.7	136	188	192	225	217	492
Total equity	833	2,190	2,503	3,196	4,504	5,308	4,940	5,431	5,692	6,355
Total liabilities and equity	3,614	5,838	6,336	6,978	9,033	9,774	9,493	10,186	10,266	11,274

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	287	291	310	573	907	736	915	1,155	1,074	1,060
Depreciation and amortization	88	111	112	119	149	172	179	183	194	218
Stock-based compensation	68.5	103	97.6	98.8	146	158	175	213	211	248
Change in receivables	-281	-408	-9.44	598	151	-13.8	-14.4	-28.1	-17.3	2.15
Change in inventory	-98.7	-344	42.4	-377	-80.8	144	211	84.7	129	-3.64
Change in payables	224	494	-20.5	241
Cash from operations	408	151	836	1,765	1,812	1,058	1,525	2,030	1,251	1,066
Capital expenditures	-283	-338	-366	-474	-343	-429	-352	-305	-373	-284
Acquisitions	-15.3	-0.72		-395	-87.3	-23.4	-56.2
Purchases of investments			-391	-470	-2,199	-1,342	-1,623	-558	-614	-1,566
Cash from investing	-240	-312	-974	-1,184	-1,026	-365	152	-727	-488	-1,186
Stock issued	0.83	0.92	0.57	0.04	0.14	65.9	0		0.03	0.19
Share buybacks	-27.9					-304	-907	-719	-530	-707
Dividends paid										-257
Cash from financing	-56.6	1,102	85.4	-899	-3.19	-9.23	-808	-866	-681	-277
Exchange rate effect		-0.93								-7.57
Net change in cash	113	939	-26.7	-333	780	684	860	450	90	-405
Free cash flow	124	-187	469	1,291	1,469	630	1,173	1,725	878	782
Interest paid	12.3	12.7	23.2	12.4	10.3	2.16	3.16	3.73	7.9	10.2
Income taxes paid	90.9	146	139	118	174	214	238	251	297	349

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $12.38 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	23.1%	Gross profit / revenue.
Operating margin	7.7%	Operating income / revenue.
EBITDA margin	9.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.4%	Pre-tax income / revenue.
Net margin	6.8%	Net income / revenue.
FCF margin	5.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.0%	Cash from operations / revenue.
Effective tax rate	20.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	18.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.6%	Net income / average total assets.
Return on invested capital (ROIC)	41.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.9%	Capital expenditures / revenue.
D&A / revenue	1.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-0.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	0.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	1.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-7.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	9.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	5.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-4.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	8.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	5.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-2.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	4.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	2.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	3.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	12.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	9.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-14.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-11.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-10.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-10.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-12.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-11.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	7.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-7.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-5.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.28x	Current assets / current liabilities.
Quick ratio	0.96x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.93x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	43.6%	Total liabilities / total assets.
Interest coverage	90.4x	Operating income / interest expense.
Working capital	$1.24B	Current assets - current liabilities.
Goodwill and intangibles / assets	1.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$5.71B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.41x	Revenue / average total assets.
Fixed asset turnover	5.91x	Revenue / average property, plant and equipment.
Inventory turnover	16.3x	Cost of revenue / average inventory.
Days inventory	22 days	365 x average inventory / cost of revenue.
Receivables turnover	120x	Revenue / average receivables.
Days sales outstanding	3 days	365 x average receivables / revenue.
Days payables	61 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-35 days	Days inventory + days sales outstanding - days payables.
FCF conversion	75.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	26.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$10.12	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$10.35	Net income per basic share, as reported (split-adjusted).
Revenue per share	$147.94	Revenue / diluted weighted shares.
FCF per share	$7.64	Free cash flow / diluted weighted shares.
Operating cash flow per share	$10.41	Cash from operations / diluted weighted shares.
Book value per share	$57.27	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$55.76	Tangible book value / shares outstanding.
Cash per share	$40.18	(Cash + short-term investments) / shares outstanding.
Payout ratio	24.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	32.8%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	90.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.95B	Share price x shares outstanding.
Enterprise value	$1.83B	Market cap + total debt - cash - short-term investments.
P/E	5.74x	Market cap / net income. Only when net income is positive.
P/S	0.39x	Market cap / revenue.
P/B	1.01x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.04x	Market cap / tangible book value, when positive.
P/FCF	7.60x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.58x	Market cap / cash from operations, when positive.
EV/Sales	0.12x	Enterprise value / revenue.
EV/EBIT	1.57x	Enterprise value / operating income, when both are positive.
EV/EBITDA	1.33x	Enterprise value / EBITDA, when both are positive.
EV/FCF	2.34x	Enterprise value / free cash flow, when both are positive.
FCF yield	13.2%	Free cash flow / market cap.
Earnings yield	17.4%	Net income / market cap (the inverse of P/E).
Dividend yield	4.3%	Dividends paid over the period / market cap.
Shareholder yield	16.2%	(Dividends paid + share buybacks) / market cap.
PEG	0.46x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Vipshop Holdings Ltd's revenue in fiscal 2025?

Vipshop Holdings Ltd reported revenue of $15.15B for fiscal 2025, 2% higher than the year before.

Was Vipshop Holdings Ltd profitable in fiscal 2025?

Yes. Net income was $1.04B, a net margin of 6.8%.

How much free cash flow did Vipshop Holdings Ltd generate in fiscal 2025?

Cash from operations of $1.07B minus capital expenditures of $284.0M left free cash flow of $782.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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