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Vipshop vs Wayfair: revenue, profit, margins and growth compared

Vipshop brought in $15.1B of revenue in fiscal 2025, Wayfair $12.5B in fiscal 2025. Revenue changed by +2.0% at Vipshop and +5.1% at Wayfair on the year before, so Wayfair grew faster. Vipshop kept 6.8% of its revenue as net profit, Wayfair -2.5%. Free cash flow was $782M at Vipshop and $464M at Wayfair.

Side by side, latest fiscal year

VIPSW
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$15.1B$12.5B
Revenue growth+2.0%+5.1%
Net income$1B-$313M
Net margin6.8%-2.5%
Free cash flow$782M$464M
Free cash flow margin5.2%3.7%
Earnings per share (diluted)$10.12-$2.44
Cash$3.3B$1.5B
Debtn/a$3.3B
Price to earningsn/an/a
Market value$5.9B$13.4B
Dividend yieldn/an/a
Rank by revenue in sector#85 of 778 · Consumer discretionary#103 of 778 · Consumer discretionary

Over the years

Revenue
VIPS FY2018: $12.3BVIPS FY2019: $13.4BVIPS FY2020: $15.6BVIPS FY2021: $18.4BVIPS FY2022: $15BVIPS FY2023: $15.9BVIPS FY2024: $14.9BVIPS FY2025: $15.1BW FY2018: $6.8BW FY2019: $9.1BW FY2020: $14.1BW FY2021: $13.7BW FY2022: $12.2BW FY2023: $12BW FY2024: $11.9BW FY2025: $12.5BFY18FY19FY20FY21FY22FY23FY24FY25
VIPS $15.1BW $12.5B
Net income
VIPS FY2018: $309.6MVIPS FY2019: $577MVIPS FY2020: $905.3MVIPS FY2021: $734.6MVIPS FY2022: $913.2MVIPS FY2023: $1.1BVIPS FY2024: $1.1BVIPS FY2025: $1BW FY2018: -$504.1MW FY2019: -$985MW FY2020: $185MW FY2021: -$131MW FY2022: -$1.3BW FY2023: -$738MW FY2024: -$492MW FY2025: -$313MFY18FY19FY20FY21FY22FY23FY24FY25
VIPS $1BW -$313M
Net margin
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%W FY2018: -7.4%W FY2019: -10.8%W FY2020: 1.3%W FY2021: -1.0%W FY2022: -10.9%W FY2023: -6.1%W FY2024: -4.2%W FY2025: -2.5%FY18FY19FY20FY21FY22FY23FY24FY25
VIPS 6.8%W -2.5%
Revenue growth
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%W FY2019: +34.6%W FY2020: +55.0%W FY2021: -3.1%W FY2022: -10.9%W FY2023: -1.8%W FY2024: -1.3%W FY2025: +5.1%FY19FY20FY21FY22FY23FY24FY25
VIPS +2.0%W +5.1%
Free cash flow
VIPS FY2018: $469.2MVIPS FY2019: $1.3BVIPS FY2020: $1.5BVIPS FY2021: $629.6MVIPS FY2022: $1.2BVIPS FY2023: $1.7BVIPS FY2024: $877.6MVIPS FY2025: $782MW FY2018: -$74.3MW FY2019: -$469MW FY2020: $1.2BW FY2021: $309MW FY2022: -$860MW FY2023: $201MW FY2024: $244MW FY2025: $464MFY18FY19FY20FY21FY22FY23FY24FY25
VIPS $782MW $464M

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

Questions about Vipshop and Wayfair

Which is bigger by revenue, Vipshop or Wayfair?

Vipshop is bigger by revenue: $15.1B in fiscal 2025, against $12.5B for Wayfair in fiscal 2025.

Which keeps more of its revenue as profit, Vipshop or Wayfair?

Vipshop had a net margin of 6.8% in fiscal 2025; Wayfair had -2.5% in fiscal 2025.

Which grew revenue faster, Vipshop or Wayfair?

In their latest fiscal years revenue changed by +2.0% at Vipshop and +5.1% at Wayfair.

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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