Vipshop Holdings Limited (VIPS) Cash Flow Statement

NYSE: VIPSOperating cash, capex, free cash flow and buybacks.

Where VIPS’s cash came from and went, 2025

December 31, 2025 · Chinese yuan
Cash from operations
CN¥7.45B
−18.3% vs 2024
Capital expenditures
CN¥2.07B
2.0% of revenue
Free cash flow
CN¥5.39B
5.1% margin
Returned to shareholders
CN¥6.74B
125% of free cash flow
Change in cash
−CN¥26.95B
cash at year-end CN¥24.12B
Cash from operations: CN¥7.45BCash from operationsCN¥7.45BBorrowing: CN¥3.43BBorrowingCN¥3.43BOther financing: CN¥1.37BOther financingCN¥1.37BDrawn from cash: CN¥26.95BDrawn from cashCN¥26.95BShare buybacks: CN¥4.94BShare buybacksCN¥4.94B · 13%Investments (net): CN¥3.92BInvestments (net)CN¥3.92B · 10%Capital expenditures: CN¥2.07BCapital expendituresCN¥2.07B · 5%Dividends: CN¥1.80BDividendsCN¥1.80B · 5%Currency & other: CN¥26.49BCurrency & otherCN¥26.49B · 68%CN¥39.21B
Cash from operations
CN¥7.45B
Capital expenditures
−CN¥2.07B
Investments (net)
−CN¥3.92B
Dividends
−CN¥1.80B
Share buybacks (net)
−CN¥4.94B
Net borrowing (repayment)
+CN¥3.43B
Other financing
+CN¥1.37B
Currency & other
−CN¥26.49B
Change in cash
−CN¥26.95B

Drawn to scale: where the cash came from and how it was used. Hover for values.

VIPS operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

VIPS cash flow trends, 2016–2025

MetricTrendThenLatestChange
Operating cash flowCN¥2.83B2016CN¥7.45B2025+11.4%/yr
Capital expendituresCN¥2.79B2016CN¥2.07B2025−3.3%/yr
Free cash flowCN¥45.9M2016CN¥5.39B2025+69.8%/yr
Free cash flow margin0.1%20165.1%2025+5.0 pts
Operating cash flow / net income1.4220161.032025−0.39
Stock-based compensationCN¥475.7M2016CN¥1.73B2025+15.4%/yr
Dividends paidCN¥02016CN¥1.80B2025—
Share buybacks (net)CN¥193.6M2016CN¥4.94B2025+43.3%/yr
Capex / revenue4.9%20162.0%2025−3.0 pts

Change is the average annual growth (CAGR) or the difference between the first and latest year.

VIPS cash flow by activity

OperatingInvestingFinancingChange in cash

VIPS net income vs operating cash flow

Net incomeOperating cash flow

Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).

VIPS cash flow statement in Chinese yuan

2025202420232022202120202019201820172016
Operating activities
Net incomeCN¥7.24BCN¥7.74BCN¥8.20BCN¥6.31BCN¥4.69BCN¥5.92BCN¥3.99BCN¥2.13BCN¥1.89BCN¥1.99B
Depreciation & amortizationCN¥1.81BCN¥1.69BCN¥1.52BCN¥1.41BCN¥1.26BCN¥1.14BCN¥950.5MCN¥889.7MCN¥1.12BCN¥1.01B
Stock-based compensationCN¥1.73BCN¥1.54BCN¥1.51BCN¥1.21BCN¥1.01BCN¥951.0MCN¥688.1MCN¥671.2MCN¥667.1MCN¥475.7M
Change in working capital−CN¥2.97B−CN¥1.68BCN¥3.45BCN¥1.10B−CN¥741.4MCN¥3.56BCN¥5.01BCN¥1.61B−CN¥3.12B−CN¥1.21B
Other non-cash items−CN¥355.1M−CN¥161.6M−CN¥263.8MCN¥486.1MCN¥523.7MCN¥249.9MCN¥1.66BCN¥443.6MCN¥422.1MCN¥561.5M
Cash from operating activitiesCN¥7.45BCN¥9.13BCN¥14.41BCN¥10.52BCN¥6.74BCN¥11.82BCN¥12.29BCN¥5.75BCN¥981.3MCN¥2.83B
Investing activities
Capital expenditures−CN¥2.07B−CN¥3.56B−CN¥5.23B−CN¥3.10B−CN¥3.58B−CN¥2.27B−CN¥4.28B−CN¥3.59B−CN¥2.47B−CN¥2.79B
Investments (net)−CN¥3.92B−CN¥3.57B−CN¥5.16BCN¥1.05BCN¥976.1M−CN¥5.27B−CN¥8.24B−CN¥6.69B−CN¥2.03B−CN¥1.67B
Acquisitions & other investing—CN¥3.56BCN¥5.23BCN¥3.10BCN¥276.1MCN¥848.4MCN¥4.28BCN¥3.59BCN¥2.47BCN¥2.79B
Cash from investing activities—−CN¥3.57B−CN¥5.16BCN¥1.05B−CN¥2.33B−CN¥6.70B−CN¥8.24B−CN¥6.69B−CN¥2.03B−CN¥1.67B
Financing activities
Dividends paid−CN¥1.80B−CN¥1.68BCN¥0CN¥0——CN¥0CN¥0CN¥0CN¥0
Share repurchases & issuance (net)−CN¥4.94B−CN¥3.87B−CN¥5.11B−CN¥6.26B−CN¥1.94BCN¥0CN¥297,000CN¥3.9MCN¥5.62B−CN¥193.6M
Net borrowing (repayment)CN¥3.43BCN¥973.1M−CN¥1.21BCN¥541.0MCN¥944.3M−CN¥145.5M−CN¥6.24BCN¥628.4MCN¥1.65B−CN¥95.0M
Shares issuedCN¥0CN¥0CN¥0CN¥0CN¥0CN¥0CN¥0CN¥0CN¥0CN¥0
Other financingCN¥1.37B−CN¥392.2MCN¥173.3MCN¥143.3MCN¥935.7MCN¥124.7M−CN¥20.8M−CN¥45.4M−CN¥92.1M−CN¥104.5M
Cash from financing activities−CN¥1.94B−CN¥4.97B−CN¥6.15B−CN¥5.57B−CN¥58.8M−CN¥20.8M−CN¥6.26BCN¥587.0MCN¥7.17B−CN¥393.1M
Summary
Net change in cash−CN¥26.95BCN¥657.1MCN¥3.19BCN¥5.93BCN¥4.36BCN¥5.09B−CN¥2.32B−CN¥183.5MCN¥6.11BCN¥785.2M
Cash at end of periodCN¥24.12BCN¥26.95BCN¥26.30BCN¥23.10BCN¥17.17BCN¥12.81BCN¥7.72BCN¥10.04BCN¥10.22BCN¥4.11B
Free cash flowCN¥5.39BCN¥5.57BCN¥9.18BCN¥7.42BCN¥3.17BCN¥9.55BCN¥8.01BCN¥2.15B−CN¥1.49BCN¥45.9M
Free cash flow margin5.1%5.1%8.1%7.2%2.7%9.4%8.6%2.5%−2.0%0.1%
Capex / revenue2.0%3.3%4.6%3.0%3.1%2.2%4.6%4.3%3.4%4.9%
Operating cash flow / net income1.031.181.761.671.442.003.082.690.521.42

Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.

VIPS cash generation

In fiscal 2025 (ended December 31, 2025), Vipshop generated CN¥7.5 billion of cash from operations (down 18.3%) and spent CN¥2.1 billion on capital expenditures, leaving free cash flow of CN¥5.4 billion, 5.1% of revenue. It returned CN¥6.7 billion to shareholders through dividends (CN¥1.8 billion) and net share buybacks (CN¥4.9 billion). Cash and equivalents fell by CN¥27.0 billion over the year.

Related: VIPS income statement, VIPS balance sheet, VIPS dividend history. See the VIPS stock overview for the latest quote and news.

VIPS cash flow FAQ

What is Vipshop's free cash flow?

Vipshop's free cash flow was CN¥5.4 billion in fiscal 2025: CN¥7.5 billion of operating cash flow minus CN¥2.1 billion of capital expenditures It was CN¥5.6 billion a year earlier..

How much cash does Vipshop generate from operations?

Vipshop generated CN¥7.5 billion of cash from operating activities in fiscal 2025, 1.03 times its net income of CN¥7.2 billion.

How much does Vipshop spend on capital expenditures?

Vipshop spent CN¥2.1 billion on capital expenditures in fiscal 2025, 2.0% of revenue, compared with CN¥3.6 billion the year before.

How much stock does Vipshop buy back?

Vipshop spent CN¥4.9 billion on net share repurchases in fiscal 2025.

How much does Vipshop pay in dividends?

Vipshop paid CN¥1.8 billion in dividends in fiscal 2025, 33.3% of free cash flow.

Internet Retail: cash flow