Vipshop Holdings Limited (VIPS) Income Statement
VIPS 2025 at a glance
Fiscal year ended December 31, 2025 · Chinese yuanVIPS revenue and net income
Where VIPS's revenue goes
2025Each bar shows an amount and its share of revenue. VIPS kept 6.8% of revenue as net income.
VIPS profit margins
VIPS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −2.3% | +0.9% | +0.8% | +10.2% |
| Gross profit | −3.8% | +4.2% | +2.8% | +9.5% |
| Operating income | −11.3% | +9.5% | +6.8% | +14.7% |
| Net income | −6.4% | +4.8% | +4.2% | +16.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
VIPS income statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥105.92B | CN¥108.42B | CN¥112.86B | CN¥103.15B | CN¥117.06B | CN¥101.86B | CN¥92.99B | CN¥84.52B | CN¥72.91B | CN¥56.59B |
| Cost of revenue | CN¥81.43B | CN¥82.95B | CN¥87.14B | CN¥81.54B | CN¥93.95B | CN¥80.57B | CN¥72.31B | CN¥67.45B | CN¥56.62B | CN¥42.99B |
| Gross profit | CN¥24.49B | CN¥25.47B | CN¥25.72B | CN¥21.62B | CN¥23.11B | CN¥21.29B | CN¥20.68B | CN¥17.07B | CN¥16.29B | CN¥13.60B |
| Research & development | CN¥1.76B | CN¥1.89B | CN¥1.77B | CN¥1.61B | CN¥1.52B | CN¥1.22B | CN¥1.57B | CN¥2.00B | CN¥1.81B | CN¥1.56B |
| Sales, general & admin | CN¥7.36B | CN¥6.97B | CN¥7.39B | CN¥7.29B | CN¥13.36B | CN¥11.85B | CN¥12.95B | CN¥12.16B | CN¥11.16B | CN¥8.41B |
| Total operating expenses | CN¥16.35B | CN¥16.30B | CN¥16.62B | CN¥15.42B | CN¥17.52B | CN¥15.43B | CN¥15.91B | CN¥14.65B | CN¥13.60B | CN¥10.89B |
| Operating income | CN¥8.14B | CN¥9.17B | CN¥9.10B | CN¥6.20B | CN¥5.58B | CN¥5.86B | CN¥4.77B | CN¥2.42B | CN¥2.69B | CN¥2.71B |
| Interest income | CN¥801.6M | CN¥809.8M | CN¥780.3M | CN¥764.0M | CN¥671.5M | CN¥449.0M | CN¥217.0M | CN¥242.9M | CN¥101.1M | CN¥107.0M |
| Interest expense | CN¥87.6M | CN¥57.7M | CN¥22.9M | CN¥24.3M | CN¥14.5M | CN¥67.4M | CN¥86.0M | CN¥159.7M | CN¥82.4M | CN¥85.2M |
| Income before taxes | CN¥9.21B | CN¥10.15B | CN¥10.07B | CN¥8.07B | CN¥5.92B | CN¥7.05B | CN¥4.97B | CN¥2.70B | CN¥2.52B | CN¥2.59B |
| Income taxes | CN¥1.80B | CN¥2.32B | CN¥1.87B | CN¥1.76B | CN¥1.22B | CN¥1.13B | CN¥983.6M | CN¥566.6M | CN¥626.1M | CN¥601.8M |
| Net income | CN¥7.24B | CN¥7.74B | CN¥8.12B | CN¥6.30B | CN¥4.68B | CN¥5.91B | CN¥4.02B | CN¥2.13B | CN¥1.95B | CN¥2.04B |
| EBITDA | CN¥11.11B | CN¥10.68B | CN¥10.62B | CN¥7.68B | CN¥6.73B | CN¥6.91B | CN¥6.46B | CN¥3.21B | CN¥3.73B | CN¥3.67B |
| Gross margin | 23.1% | 23.5% | 22.8% | 21.0% | 19.7% | 20.9% | 22.2% | 20.2% | 22.3% | 24.0% |
| Operating margin | 7.7% | 8.5% | 8.1% | 6.0% | 4.8% | 5.8% | 5.1% | 2.9% | 3.7% | 4.8% |
| Net margin | 6.8% | 7.1% | 7.2% | 6.1% | 4.0% | 5.8% | 4.3% | 2.5% | 2.7% | 3.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥24.81B | CN¥26.41B | CN¥32.47B | CN¥21.37B | CN¥25.81B | CN¥26.27B | CN¥33.22B | CN¥20.68B | CN¥26.88B | CN¥27.65B | CN¥27.65B | CN¥22.77B |
| Cost of revenue | CN¥18.95B | CN¥19.96B | CN¥25.03B | CN¥16.46B | CN¥19.75B | CN¥20.19B | CN¥25.60B | CN¥15.72B | CN¥20.53B | CN¥21.10B | CN¥21.10B | CN¥17.38B |
| Gross profit | CN¥5.85B | CN¥6.46B | CN¥7.44B | CN¥4.91B | CN¥6.05B | CN¥6.08B | CN¥7.63B | CN¥4.96B | CN¥6.34B | CN¥6.55B | CN¥6.55B | CN¥5.38B |
| Research & development | CN¥486.2M | CN¥445.5M | CN¥425.5M | CN¥438.6M | CN¥442.0M | CN¥449.1M | CN¥469.2M | CN¥454.2M | CN¥487.2M | CN¥481.9M | — | CN¥435.3M |
| Sales, general & admin | CN¥1.83B | CN¥1.67B | CN¥2.02B | CN¥1.65B | CN¥2.01B | CN¥1.68B | CN¥2.14B | CN¥1.58B | CN¥1.64B | CN¥1.62B | CN¥1.62B | CN¥1.80B |
| Total operating expenses | CN¥4.34B | CN¥4.14B | CN¥4.55B | CN¥3.65B | CN¥4.36B | CN¥3.81B | CN¥4.78B | CN¥3.63B | CN¥4.11B | CN¥3.79B | CN¥3.79B | CN¥3.85B |
| Operating income | CN¥1.52B | CN¥2.32B | CN¥2.90B | CN¥1.26B | CN¥1.70B | CN¥2.28B | CN¥2.85B | CN¥1.33B | CN¥2.23B | CN¥2.76B | CN¥2.76B | CN¥1.53B |
| Interest income | CN¥180.2M | CN¥180.0M | CN¥191.9M | CN¥190.8M | CN¥196.0M | CN¥222.9M | CN¥227.4M | CN¥174.7M | CN¥191.7M | CN¥216.1M | CN¥208.9M | CN¥166.2M |
| Interest expense | CN¥242.8M | CN¥29.7M | CN¥27.4M | CN¥26.4M | CN¥23.5M | CN¥10.2M | CN¥17.6M | CN¥15.9M | CN¥13.7M | CN¥10.6M | CN¥10.6M | CN¥466,000 |
| Income before taxes | CN¥7.22B | CN¥2.77B | CN¥3.23B | CN¥1.56B | CN¥1.92B | CN¥2.49B | CN¥3.30B | CN¥1.53B | CN¥2.35B | CN¥2.97B | CN¥2.96B | CN¥1.60B |
| Income taxes | CN¥3.34B | CN¥516.1M | CN¥583.0M | CN¥301.1M | CN¥407.2M | CN¥507.7M | CN¥816.4M | CN¥474.2M | CN¥405.6M | CN¥619.3M | CN¥619.3M | CN¥364.8M |
| Net income | CN¥4.31B | CN¥2.19B | CN¥2.59B | CN¥1.22B | CN¥1.49B | CN¥1.94B | CN¥2.45B | CN¥1.05B | CN¥1.93B | CN¥2.32B | CN¥2.32B | CN¥1.21B |
| EBITDA | CN¥7.46B | CN¥2.80B | CN¥3.25B | CN¥1.94B | CN¥2.30B | CN¥2.85B | CN¥3.18B | CN¥1.88B | CN¥2.69B | CN¥3.30B | CN¥2.97B | CN¥1.90B |
| Gross margin | 23.6% | 24.4% | 22.9% | 23.0% | 23.5% | 23.2% | 23.0% | 24.0% | 23.6% | 23.7% | 23.7% | 23.6% |
| Operating margin | 6.1% | 8.8% | 8.9% | 5.9% | 6.6% | 8.7% | 8.6% | 6.4% | 8.3% | 10.0% | 10.0% | 6.7% |
| Net margin | 17.4% | 8.3% | 8.0% | 5.7% | 5.8% | 7.4% | 7.4% | 5.1% | 7.2% | 8.4% | 8.4% | 5.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported in VIPS's financial statements (latest annual report filed April 16, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
VIPS financial results
In fiscal year 2025 (ended December 31, 2025), Vipshop reported revenue of CN¥105.9 billion, down 2.3% from the year before. It had net income of CN¥7.2 billion (down 6.4%), a net profit margin of 6.8%. Over five years revenue grew at an average rate of 0.8% a year. Figures are in Chinese yuan, the currency of its financial statements.
See the VIPS stock overview for the latest quote and news, or the VIPS chart for price history and technical indicators.
VIPS income statement FAQ
What is Vipshop's annual revenue?
Vipshop reported total revenue of CN¥105.9 billion for fiscal year 2025, which ended on December 31, 2025. That was down 2.3% from CN¥108.4 billion the previous year.
Is Vipshop profitable?
Yes. Vipshop reported net income of CN¥7.2 billion in fiscal 2025, a net profit margin of 6.8%; its operating margin was 7.7%.
What is Vipshop's gross margin?
Vipshop's gross margin was 23.1% in fiscal 2025: for every $100 of revenue, Vipshop kept $23 after the direct cost of its products and services.
How much does Vipshop spend on research and development?
Vipshop spent CN¥1.8 billion on research and development in fiscal 2025, 1.7% of revenue.
How fast is Vipshop growing?
Revenue grew 0.8% a year on average over the last five fiscal years, from CN¥101.9 billion to CN¥105.9 billion.
When will Vipshop report its next earnings?
Vipshop is expected to report results for the quarter ending September 30, 2026 on November 19, 2026 before the market opens.
When does Vipshop's fiscal year end?
Vipshop's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 16, 2026.