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Dingdong (Cayman) vs Vipshop: revenue, profit, margins and growth compared

Dingdong (Cayman) brought in $3.5B of revenue in fiscal 2025, Vipshop $15.1B in fiscal 2025. Revenue changed by +10.2% at Dingdong (Cayman) and +2.0% at Vipshop on the year before, so Dingdong (Cayman) grew faster. Dingdong (Cayman) kept 1.0% of its revenue as net profit, Vipshop 6.8%. Free cash flow was $51.2M at Dingdong (Cayman) and $782M at Vipshop.

Side by side, latest fiscal year

DDLVIPS
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$3.5B$15.1B
Revenue growth+10.2%+2.0%
Net income$33.1M$1B
Net margin1.0%6.8%
Free cash flow$51.2M$782M
Free cash flow margin1.5%5.2%
Earnings per share (diluted)n/a$10.12
Cash$158.3M$3.3B
Debtn/an/a
Price to earningsn/an/a
Market value$524.4M$5.9B
Dividend yieldn/an/a
Rank by revenue in sector#265 of 778 · Consumer discretionary#85 of 778 · Consumer discretionary

Over the years

Revenue
DDL FY2021: $3.2BDDL FY2022: $3.5BDDL FY2023: $2.8BDDL FY2024: $3.2BDDL FY2025: $3.5BVIPS FY2018: $12.3BVIPS FY2019: $13.4BVIPS FY2020: $15.6BVIPS FY2021: $18.4BVIPS FY2022: $15BVIPS FY2023: $15.9BVIPS FY2024: $14.9BVIPS FY2025: $15.1BFY18FY19FY20FY21FY22FY23FY24FY25
DDL $3.5BVIPS $15.1B
Net income
DDL FY2021: -$1BDDL FY2022: -$117MDDL FY2023: -$12.9MDDL FY2024: $41.7MDDL FY2025: $33.1MVIPS FY2018: $309.6MVIPS FY2019: $577MVIPS FY2020: $905.3MVIPS FY2021: $734.6MVIPS FY2022: $913.2MVIPS FY2023: $1.1BVIPS FY2024: $1.1BVIPS FY2025: $1BFY18FY19FY20FY21FY22FY23FY24FY25
DDL $33.1MVIPS $1B
Net margin
DDL FY2021: -32.0%DDL FY2022: -3.3%DDL FY2023: -0.5%DDL FY2024: 1.3%DDL FY2025: 1.0%VIPS FY2018: 2.5%VIPS FY2019: 4.3%VIPS FY2020: 5.8%VIPS FY2021: 4.0%VIPS FY2022: 6.1%VIPS FY2023: 7.2%VIPS FY2024: 7.1%VIPS FY2025: 6.8%FY18FY19FY20FY21FY22FY23FY24FY25
DDL 1.0%VIPS 6.8%
Revenue growth
DDL FY2022: +11.2%DDL FY2023: -19.9%DDL FY2024: +12.3%DDL FY2025: +10.2%VIPS FY2019: +8.7%VIPS FY2020: +16.9%VIPS FY2021: +17.7%VIPS FY2022: -18.6%VIPS FY2023: +6.3%VIPS FY2024: -6.6%VIPS FY2025: +2.0%FY19FY20FY21FY22FY23FY24FY25
DDL +10.2%VIPS +2.0%
Free cash flow
DDL FY2021: -$960.1MDDL FY2022: -$5.7MDDL FY2023: -$44.8MDDL FY2024: $113.8MDDL FY2025: $51.2MVIPS FY2018: $469.2MVIPS FY2019: $1.3BVIPS FY2020: $1.5BVIPS FY2021: $629.6MVIPS FY2022: $1.2BVIPS FY2023: $1.7BVIPS FY2024: $877.6MVIPS FY2025: $782MFY18FY19FY20FY21FY22FY23FY24FY25
DDL $51.2MVIPS $782M

Fiscal years as each company reports them; the two may end in different months.

Questions about Dingdong (Cayman) and Vipshop

Which is bigger by revenue, Dingdong (Cayman) or Vipshop?

Vipshop is bigger by revenue: $15.1B in fiscal 2025, against $3.5B for Dingdong (Cayman) in fiscal 2025.

Which keeps more of its revenue as profit, Dingdong (Cayman) or Vipshop?

Dingdong (Cayman) had a net margin of 1.0% in fiscal 2025; Vipshop had 6.8% in fiscal 2025.

Which grew revenue faster, Dingdong (Cayman) or Vipshop?

In their latest fiscal years revenue changed by +10.2% at Dingdong (Cayman) and +2.0% at Vipshop.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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