Vipshop Holdings Ltd. ADR (VIPS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$3.94	$4.02	+2.0%	—	$24.7B	—
Q1 26	$4.59	$4.68	+2.0%	—	$26.6B	—
Q2 25	$3.98	$4.06	+2.0%	—	$25.8B	—
Q1 25	$4.33	$4.43	+2.3%	—	$26.3B	—
Q4 24	$5.39	$5.7	+5.8%	—	$33.2B	—
Q3 24	$2.3	$2.47	+7.4%	—	$2.9B	—
Q2 24	$3.86	$3.91	+1.3%	—	$26.9B	—
Q1 24	$4.11	$4.66	+13.4%	—	$27.6B	—
Q4 23	$5.08	$5.79	+14.0%	—	$34.7B	—
Q3 23	$2.87	$3.33	+16.0%	—	$22.8B	—
Q2 23	$3.22	$4.3	+33.5%	—	$27.9B	—
Q1 23	$2.67	$3.52	+31.8%	—	$27.5B	—
Q4 22	$3.32	$3.65	+9.9%	—	$31.8B	—
Q3 22	$1.76	$2.56	+45.5%	—	$21.6B	—
Q2 22	$1.68	$2.45	+45.8%	—	$24.5B	—
Q1 22	$1.9	$2.09	+10.0%	—	$25.2B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$14.5	—	—	$105.9B	—
FY24	—	$14.6	—	—	$108.4B	—
FY23	—	$14.7	—	—	$112.9B	—
FY22	—	$9.9	—	—	$103.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$56.6B	$72.9B	$84.5B	$93B	$101.9B	$117.1B	$103.2B	$112.9B	$108.4B	$105.9B
YoY change	+40.8%	+28.8%	+15.9%	+10%	+9.53%	+14.9%	-11.9%	+9.41%	-3.93%	-2.31%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	56.6B	72.9B	84.5B	93B	101.9B	117.1B	103.2B	112.9B	108.4B	105.9B
Cost of revenue	43B	56.6B	67.5B	72.3B	80.6B	94B	81.5B	87.1B	83B	81.4B
Gross profit	13.6B	16.3B	17.1B	20.7B	21.3B	23.1B	21.6B	25.7B	25.5B	24.5B
Gross margin	24%	22.3%	20.2%	22.2%	20.9%	19.7%	21%	22.8%	23.5%	23.1%
Research & development	1.6B	1.8B	2B	—	—	—	—	—	—	—
Selling, general & administrative	11.2B	14.1B	15.4B	16.3B	16.1B	9.3B	7.3B	7.4B	7B	7.4B
Operating expenses	12.5B	15.5B	16.8B	15.7B	15.6B	17.7B	15.6B	16.8B	16.5B	16.5B
Operating income	2.6B	2.6B	2.3B	5B	5.7B	5.4B	6B	8.9B	9B	8B
Operating margin	4.67%	3.6%	2.74%	5.33%	5.61%	4.62%	5.81%	7.92%	8.3%	7.53%
Non-operating income, net	1.9M	-99.3M	344.6M	-143.5M	919M	-190.6M	1.3B	294.4M	240M	222.6M
Pretax income	2.7B	2.5B	2.7B	4.9B	7B	5.9B	8.1B	10B	10B	8.9B
Income tax	601.8M	626.1M	566.6M	983.6M	1.1B	1.2B	1.8B	1.9B	2.3B	1.8B
Net income	2B	1.9B	2.1B	4B	5.9B	4.7B	6.3B	8.2B	7.8B	7.4B
Net margin	3.52%	2.6%	2.52%	4.29%	5.81%	4.01%	6.12%	7.27%	7.23%	7%
EBITDA	3.8B	3.8B	3.5B	6.1B	7.3B	7.3B	8.2B	11.2B	11.5B	10.6B
EPS	3.51	3.32	3.22	6.02	8.75	6.88	9.9	14.7	14.6	14.5
Diluted EPS	3.37	3.19	3.12	5.92	8.56	6.75	9.83	14.4	14.4	14.1

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	22.8B	34.7B	27.6B	26.9B	2.9B	33.2B	26.3B	25.8B	21.4B	32.5B	26.6B	24.7B
Cost of revenue	17.4B	26.4B	21.1B	20.5B	2.2B	25.6B	20.2B	19.8B	16.5B	25B	20.1B	19B
Gross profit	5.4B	8.2B	6.5B	6.3B	696.4M	7.6B	6.1B	6.1B	4.9B	7.4B	6.5B	5.8B
Gross margin	23.6%	23.7%	23.7%	23.6%	24%	23%	23.2%	23.5%	23%	22.9%	24.4%	23.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.8B	-3B	1.6B	1.6B	221.4M	2.1B	1.7B	2B	1.7B	2B	1.7B	1.8B
Operating expenses	3.8B	4.7B	3.8B	4.1B	509.5M	5B	3.8B	4.4B	3.6B	4.7B	4B	4.2B
Operating income	1.5B	3.5B	2.8B	2.2B	186.9M	2.7B	2.3B	1.7B	1.3B	2.7B	2.5B	1.5B
Operating margin	6.74%	10.1%	9.98%	8.31%	6.43%	8.05%	8.67%	6.58%	5.91%	8.45%	9.4%	6.15%
Non-operating income, net	-128.6M	86.3M	-5.9M	-107.4M	-4.6M	386.2M	-50.4M	18.3M	93.3M	161.5M	32.4M	5.8B
Pretax income	1.6B	3.8B	3B	2.3B	204.6M	3.3B	2.4B	1.9B	1.5B	3.1B	2.7B	7.2B
Income tax	364.8M	772M	619.3M	405.6M	66.6M	816.4M	507.7M	407.2M	301.1M	583M	519.3M	3.3B
Net income	1.2B	3B	2.3B	1.9B	149.1M	2.5B	2B	1.5B	1.3B	2.7B	2.3B	4.3B
Net margin	5.41%	8.6%	8.49%	7.24%	5.13%	7.48%	7.54%	5.88%	5.9%	8.16%	8.52%	17.6%
EBITDA	1.7B	3.7B	3B	2.4B	211.4M	2.9B	2.5B	1.9B	1.5B	2.9B	2.7B	1.7B
EPS	2.23	5.44	4.27	3.55	2	4.77	3.78	2.94	2.48	5.29	4.6	8.95
Diluted EPS	2.19	5.35	4.18	3.49	1.97	4.69	3.72	2.91	2.42	5.12	4.48	8.82

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	46.3B	49.9B	—	68.6B	137.6B	41.5B	62.9B	—	—	8.9B	8.9B
Enterprise value	45.9B	45.5B	—	61.8B	121B	23.1B	43.2B	—	—	-13.3B	-13.3B
Shares outstanding	4.2B	4.3B	4.8B	4.8B	4.9B	4.9B	4.6B	4B	530.4M	500.4M	500.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	23.2	26.4	—	17.2	23.3	8.84	9.97	—	—	1.19	1.19
P/S	0.82	0.68	—	0.74	1.35	0.35	0.61	—	—	0.08	0.08
P/B	8	3.5	—	3.08	4.68	1.23	1.85	—	—	0.2	0.2
EV/EBITDA	12.2	11.8	—	10.1	16.6	3.14	5.28	—	—	-1.26	-1.26
EV/Sales	0.81	0.62	—	0.67	1.19	0.2	0.42	—	—	-0.13	-0.13
Earnings yield	4.31%	3.79%	—	5.81%	4.3%	11.3%	10%	—	—	83.7%	83.7%
FCF yield	0.1%	-2.99%	—	11.7%	6.94%	7.64%	11.8%	—	—	60.9%	60.9%

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	24%	22.3%	20.2%	22.2%	20.9%	19.7%	21%	22.8%	23.5%	23.1%	23.1%
Operating margin	4.67%	3.6%	2.74%	5.33%	5.61%	4.62%	5.81%	7.92%	8.3%	7.53%	7.53%
Net margin	3.52%	2.6%	2.52%	4.29%	5.81%	4.01%	6.12%	7.27%	7.23%	7%	7%
ROE	34.5%	13.3%	12.4%	17.9%	20.1%	13.9%	18.5%	21.3%	18.9%	16.7%	16.7%
ROA	7.94%	4.98%	4.9%	8.21%	10%	7.53%	9.64%	11.3%	10.5%	9.4%	9.4%
ROIC	38%	20.2%	15.4%	25.6%	37.6%	27.7%	32.7%	53.8%	41.7%	28.6%	28.6%
Return on tangible assets	11.2%	6.29%	6.23%	11%	13.2%	9.93%	13.1%	16.4%	15.3%	13.3%	13.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1	1.35	1.05	0.96	1.17	1.27	1.18	1.23	1.26	1.28	1.28
Quick ratio	0.66	0.98	0.85	0.64	0.89	1.01	0.99	1.04	1.1	1.11	1.11
Debt / equity	0.76	0.4	0.39	0.13	0.09	0.1	0.11	0.06	0.08	0.15	0.15
Debt / assets	0.17	0.15	0.15	0.06	0.05	0.05	0.06	0.03	0.04	0.08	0.08
Net debt / EBITDA	-0.11	-1.16	-1.51	-1.1	-2.27	-2.51	-2.42	-2.23	-2.17	-2.09	-2.09
Interest coverage	32.3	31.8	18.2	58.5	105.2	407.1	334	436.5	174.2	100	100
Effective tax rate	22.6%	24.6%	20.6%	19.9%	16.1%	20.8%	21.8%	18.7%	23.2%	20.2%	20.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	13.5	17.1	17.6	19.2	20.8	23.7	22.4	27.9	204.4	211.7	211.7
EPS (basic)	3.51	3.32	3.22	6.02	8.75	6.88	9.9	14.7	14.6	14.5	14.5
EPS (diluted)	3.37	3.19	3.12	5.92	8.56	6.75	9.83	14.4	14.4	14.1	14.1
Book value per share	1.38	3.34	3.59	4.6	6	6.85	7.39	9.54	78.3	88.8	88.8
FCF per share	0.01	-0.35	0.45	1.66	1.95	0.64	1.61	2.27	10.5	10.8	10.8
Cash per share	1.14	2.4	2.47	1.99	3.95	4.39	5.1	6.78	53.2	57.5	57.5
Capex per share	0.46	0.51	0.52	0.68	0.39	0.47	0.52	0.49	5.1	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.45%	3%	2.98%	3.52%	1.9%	2%	2.31%	1.74%	2.49%	—	—
Capex / operating cash flow	69.9%	835.4%	83.6%	34.4%	18.2%	38.2%	22.1%	13.8%	27.4%	—	—
Payout ratio	—	—	—	—	—	—	—	—	21.5%	24.2%	24.2%
Dividend yield	—	—	—	—	—	—	—	—	—	20.3%	20.3%

Yield

—

trailing twelve months

Frequency

Annual

Last dividend

$0.62

ex-dividend Apr 10, 2026

Payout ratio

24%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Apr 10, 2026	$0.62
Apr 11, 2025	$0.48
Mar 14, 2024	$0.43

Split history

Date	Ratio
Nov 4, 2014	10:1

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$22.8B	$34.7B	$27.6B	$26.9B	$2.9B	$33.2B	$26.3B	$25.8B	$21.4B	$32.5B	$26.6B	$24.7B
YoY change	+5.32%	+9.18%	+0.4%	-3.6%	-87.2%	-4.18%	-4.98%	-3.98%	+635.5%	-2.26%	+1.16%	-4.26%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	4.8B	10.2B	11.9B	9.6B	19.3B	21.7B	23.5B	27.4B	28.2B	28.8B
Receivables	2.4B	4.9B	5.6B	1.1B	36.3M	2.5M	190.7M	235.5M	226.5M	220.6M
Inventory	4.9B	7B	5.4B	7.7B	7.6B	6.9B	5.5B	5.6B	5B	5.2B
Total current assets	14.6B	25.9B	27.3B	23B	31.2B	32.8B	33.7B	37.6B	37.8B	39.6B
Property, plant & equipment	5.3B	6.1B	8.6B	12.2B	3.7B	2.4B	1.5B	-149.4M	-1.6B	-3B
Goodwill & intangibles	7.3B	7.9B	9.3B	12.4B	14.2B	15B	17.5B	22.4B	23.5B	23B
Total assets	25.1B	38B	43.6B	48.6B	58.9B	62.3B	65.5B	72.3B	74.9B	78.8B
Accounts payable	8.3B	11.4B	11.6B	13.8B	15.2B	13.1B	15B	17.3B	15.2B	12.5B
Short-term debt	—	1.7B	6.6B	1.4B	1.3B	2.3B	3B	1.7B	2.7B	6.1B
Total current liabilities	14.6B	19.3B	25.9B	23.9B	26.6B	25.8B	28.5B	30.6B	29.9B	30.9B
Long-term debt	4.4B	4.1B	0	1.5B	1.4B	952.8M	832.9M	689.3M	592M	557M
Total liabilities	19.3B	23.7B	26.4B	26.3B	29.6B	28.5B	31.4B	33.8B	33.4B	34.4B
Shareholders' equity	5.8B	14.3B	17.2B	22.2B	29.4B	33.8B	34.1B	38.6B	41.5B	44.4B
Total debt	4.4B	5.8B	6.6B	2.9B	2.7B	3.3B	3.8B	2.3B	3.3B	6.6B
Net debt	272.1M	-4.2B	-2.9B	-3.7B	-9.3B	-13B	-18.1B	-23.1B	-23.1B	-16.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	30.5B	28.8B	30.3B	32.9B
Receivables	—	—	—	—	—	—	—	—	1.1B	220.6M	734.4M	564.4M
Inventory	—	—	—	—	—	—	—	—	4.7B	5.2B	4.6B	4.3B
Total current assets	—	—	—	—	—	—	—	—	40.3B	39.6B	40B	43.8B
Property, plant & equipment	—	—	—	—	—	—	—	—	19B	-3B	18.4B	16.8B
Goodwill & intangibles	10.2B	10.5B	10.4B	1.5B	11.1B	11B	10.9B	10.9B	23.1B	23B	23B	21.7B
Total assets	—	—	—	—	—	—	—	—	78.3B	78.8B	79.9B	85.9B
Accounts payable	—	—	—	—	—	—	—	—	11.7B	12.5B	11.4B	10.4B
Short-term debt	—	—	—	—	—	—	—	—	7.9B	6.1B	6.6B	11B
Total current liabilities	—	—	—	—	—	—	—	—	31.1B	30.9B	31.7B	34.2B
Long-term debt	—	—	—	—	—	—	—	—	584.8M	557M	564.3M	554.7M
Total liabilities	—	—	—	—	—	—	—	—	34.5B	34.4B	35.3B	37.5B
Shareholders' equity	—	—	—	—	—	—	—	—	43.8B	44.4B	44.7B	48.3B
Total debt	—	—	—	—	—	—	—	—	8.5B	6.6B	7.2B	11.6B
Net debt	—	—	—	—	—	—	—	—	-16.1B	-16.4B	-20.5B	-17.7B

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Vipshop Holdings Ltd. ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement