Revenue growth remains in a contractionary phase with a 2.31% year-over-year decline, though the company maintains a stable gross margin of 22.9% as of 2025Q4.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Sales/Revenue | 105.92B | 108.42B | 112.86B | 103.15B | 117.06B | 101.86B | 92.99B | 84.52B | 72.91B | 56.59B | 40.2B | 23.13B | 10.42B | 4.31B | 1.43B | 216.1M | 19.15M |
| Revenue Growth % | -2.31% | -3.93% | 9.41% | -11.88% | 14.92% | 9.53% | 10.02% | 15.93% | 28.84% | 40.76% | 73.82% | 121.95% | 141.55% | 202.2% | 560.6% | 1028.4% | - |
| Cost of Goods Sold | 81.43B | 82.95B | 87.14B | 81.54B | 93.95B | 80.57B | 72.31B | 67.45B | 56.62B | 42.99B | 30.31B | 17.38B | 7.92B | 3.35B | 1.16B | 194.83M | 17.59M |
| COGS % of Revenue | 76.88% | 76.51% | 77.21% | 79.04% | 80.26% | 79.1% | 77.76% | 79.81% | 77.65% | 75.97% | 75.38% | 75.13% | 75.97% | 77.68% | 80.92% | 90.15% | 91.85% |
| Gross Profit | 24.49B | 25.47B | 25.72B | 21.62B | 23.11B | 21.29B | 20.68B | 17.07B | 16.29B | 13.6B | 9.9B | 5.75B | 2.5B | 962.89M | 272.4M | 21.28M | 1.56M |
| Gross Margin % | 23.12% | 23.49% | 22.79% | 20.96% | 19.74% | 20.9% | 22.24% | 20.19% | 22.35% | 24.03% | 24.62% | 24.87% | 24.03% | 22.32% | 19.08% | 9.85% | 8.15% |
| Gross Profit Growth % | -3.85% | -0.98% | 18.99% | -6.45% | 8.56% | 2.93% | 21.16% | 4.76% | 19.84% | 37.39% | 72.07% | 129.64% | 160.1% | 253.48% | 1180.32% | 1262.85% | - |
| Operating Expenses | 16.35B | 16.3B | 16.62B | 15.42B | 17.52B | 15.43B | 15.91B | 14.65B | 13.6B | 10.89B | 7.83B | 4.92B | 2.17B | 1.04B | 944.38M | 76.77M | 10.99M |
| OpEx % of Revenue | 15.44% | 15.03% | 14.72% | 14.95% | 14.97% | 15.14% | 17.11% | 17.33% | 18.66% | 19.24% | 19.47% | 21.26% | 20.86% | 24.07% | 66.15% | 35.52% | 57.38% |
| Selling, General & Admin | 15.66B | 15.32B | 15.49B | 14.3B | 16.87B | 14.86B | 14.17B | 13.4B | 12.33B | 9.68B | 7.06B | 4.4B | 1.98B | 962.03M | 947.93M | 77.29M | 11.39M |
| SG&A % of Revenue | 14.78% | 14.13% | 13.73% | 13.86% | 14.41% | 14.59% | 15.24% | 15.86% | 16.91% | 17.1% | 17.56% | 19.03% | 18.99% | 22.3% | 66.4% | 35.76% | 59.5% |
| Research & Development | 1.76B | 1.89B | 1.77B | 1.61B | 1.52B | 1.22B | 1.57B | 2B | 1.81B | 1.56B | 1.08B | 671M | 248.13M | 91.28M | 34.67M | 3.73M | 704.89K |
| R&D % of Revenue | 1.66% | 1.75% | 1.57% | 1.56% | 1.3% | 1.2% | 1.69% | 2.37% | 2.48% | 2.76% | 2.68% | 2.9% | 2.38% | 2.12% | 2.43% | 1.73% | 3.68% |
| Other Operating Expenses | -1.06B | -915.21M | -645.32M | -485.53M | -862.66M | -660.83M | 170.43M | -757.06M | -531.05M | -354.03M | -308.43M | -153.98M | -53.49M | 0 | -38.22M | -4.25M | -1.11M |
| Operating Income | 8.14B | 9.17B | 9.1B | 6.2B | 5.58B | 5.86B | 4.77B | 2.42B | 2.69B | 2.71B | 2.07B | 833.69M | 330.6M | -78.09M | -671.98M | -55.49M | -9.43M |
| Operating Margin % | 7.68% | 8.46% | 8.07% | 6.01% | 4.77% | 5.75% | 5.13% | 2.86% | 3.69% | 4.78% | 5.15% | 3.6% | 3.17% | -1.81% | -47.07% | -25.68% | -49.23% |
| Operating Income Growth % | -11.31% | 0.76% | 46.9% | 11.02% | -4.74% | 22.77% | 97.16% | -10.01% | -0.64% | 30.77% | 148.36% | 152.18% | 523.37% | 88.38% | -1110.96% | -488.59% | - |
| EBITDA | 9.56B | 10.6B | 10.41B | 7.43B | 6.69B | 6.87B | 5.62B | 3.24B | 3.75B | 3.68B | 2.65B | 1.19B | 386.27M | -49.84M | -663.38M | -54.81M | -9.15M |
| EBITDA Margin % | 9.02% | 9.77% | 9.22% | 7.2% | 5.72% | 6.74% | 6.04% | 3.83% | 5.15% | 6.51% | 6.6% | 5.16% | 3.71% | -1.16% | -46.47% | -25.36% | -47.75% |
| EBITDA Growth % | -9.79% | 1.81% | 40.03% | 11.07% | -2.55% | 22.19% | 73.48% | -13.67% | 1.89% | 38.88% | 122.1% | 209.08% | 875.05% | 92.49% | -1110.39% | -499.27% | - |
| D&A (Non-Cash Add-back) | 1.42B | 1.42B | 1.3B | 1.23B | 1.11B | 1.01B | 846.13M | 818.13M | 1.06B | 974.95M | 581.04M | 360.21M | 55.68M | 28.25M | 8.6M | 684.44K | 282.13K |
| EBIT | 9.3B | 8.99B | 9.1B | 6.27B | 5.47B | 5.77B | 5.51B | 2.32B | 2.62B | 2.66B | 2.06B | 805.93M | 320.17M | -78.09M | -671.09M | -55.49M | -9.43M |
| Net Interest Income | 692.16M | 752.12M | 757.36M | 739.76M | 657M | 381.66M | 131.02M | 83.13M | 18.69M | 21.85M | 181.45M | 213.37M | 96.22M | 20.82M | -2.34M | 3.74K | 321 |
| Interest Income | 779.75M | 809.79M | 780.29M | 764.02M | 671.46M | 449.02M | 217.03M | 242.87M | 101.13M | 107.04M | 267.21M | 288.62M | 96.22M | 22.21M | 769.52K | 3.74K | 321 |
| Interest Expense | 87.58M | 57.68M | 22.93M | 24.26M | 14.46M | 67.36M | 86M | 159.74M | 82.44M | 85.19M | 85.76M | 75.25M | 0 | 1.39M | 3.11M | 0 | 0 |
| Other Income/Expense | 1.07B | 981.21M | 963.17M | 1.87B | 333.16M | 1.19B | 196.61M | 278.96M | -171.87M | -113.11M | -104.09M | 163.94M | 104.55M | 23.45M | -2.22M | 3.74K | 321 |
| Pretax Income | 9.21B | 10.15B | 10.07B | 8.07B | 5.92B | 7.05B | 4.97B | 2.7B | 2.52B | 2.59B | 1.97B | 997.63M | 435.15M | -54.64M | -674.2M | -55.49M | -9.43M |
| Pretax Margin % | 8.69% | 9.37% | 8.92% | 7.82% | 5.05% | 6.92% | 5.34% | 3.19% | 3.45% | 4.58% | 4.89% | 4.31% | 4.18% | -1.27% | -47.23% | -25.68% | -49.23% |
| Income Tax | 1.8B | 2.32B | 1.87B | 1.76B | 1.22B | 1.13B | 983.55M | 566.6M | 626.14M | 601.83M | 457.75M | 247.99M | 112.42M | 4.41M | 3.11M | 3.74K | 321 |
| Effective Tax Rate % | 19.54% | 22.8% | 18.54% | 21.79% | 20.67% | 16.03% | 19.79% | 20.98% | 24.86% | 23.2% | 23.28% | 24.86% | 25.83% | -8.07% | -0.46% | -0.01% | -0% |
| Net Income | 7.24B | 7.74B | 8.12B | 6.3B | 4.68B | 5.91B | 4.02B | 2.13B | 1.95B | 2.04B | 1.59B | 851.44M | 316.95M | -59.12M | -674.2M | -55.49M | -9.43M |
| Net Margin % | 6.84% | 7.14% | 7.19% | 6.11% | 4% | 5.8% | 4.32% | 2.52% | 2.67% | 3.6% | 3.95% | 3.68% | 3.04% | -1.37% | -47.23% | -25.68% | -49.23% |
| Net Income Growth % | -6.43% | -4.64% | 28.86% | 34.56% | -20.75% | 47.06% | 88.69% | 9.19% | -4.28% | 28.13% | 86.7% | 168.63% | 636.09% | 91.23% | -1115.05% | -488.57% | - |
| Net Income (Continuing) | 7.41B | 7.84B | 8.2B | 6.31B | 4.69B | 5.92B | 3.99B | 2.13B | 1.89B | 1.99B | 1.51B | 752.59M | 321.22M | -59.12M | -674.2M | -55.49M | -9.43M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 3.44B | 1.58B | 1.6B | 1.32B | 1.2B | 888.05M | 422.54M | -51.02M | -43.94M | 49.62M | 74.08M | 148.13M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 14.15 | 14.35 | 14.42 | 9.83 | 6.75 | 8.56 | 5.90 | 3.04 | 3.19 | 3.37 | 2.65 | 1.41 | 0.55 | -0.13 | -1.33 | -0.15 | -0.03 |
| EPS Growth % | -1.39% | -0.49% | 46.69% | 45.63% | -21.14% | 45.08% | 94.08% | -4.7% | -5.34% | 27.17% | 87.94% | 156.36% | 523.08% | 90.23% | -786.67% | -492.89% | - |
| EPS (Basic) | 14.06 | 14.59 | 14.66 | 9.90 | 6.88 | 8.75 | 6.02 | 3.12 | 3.32 | 3.51 | 2.75 | 1.50 | 0.58 | -0.14 | -1.33 | -0.15 | -0.03 |
| Diluted Shares Outstanding | 511.92M | 539.28M | 562.76M | 693.73M | 693.73M | 690.18M | 680.41M | 700.42M | 628.58M | 629.09M | 600.84M | 601.14M | 577.48M | 444.25M | 505.69M | 373.17M | 373.17M |
| Basic Shares Outstanding | 511.91M | 530.38M | 562.76M | 693.73M | 680.88M | 675.39M | 667.62M | 682.06M | 587.77M | 579.79M | 578.68M | 566.55M | 544.81M | 430.55M | 505.69M | 373.17M | 373.17M |
| Dividend Payout Ratio | - | 21.77% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Structural E-commerce Market Saturation
As indicated by the most recent quarterly data, VIPS experienced a revenue decline of 2.31% year-over-year, marking a continuation of the negative growth trajectory that has persisted for several consecutive periods, suggesting that the company's core flash-sale model is facing significant headwinds in the current Chinese retail environment.
The consistent negative revenue growth suggests that the company is struggling to maintain its active user base against more aggressive, subsidy-driven competitors. Investors should monitor whether this contraction reflects a permanent shift in consumer preference toward live-streaming platforms or merely a temporary cyclical downturn in discretionary apparel spending.
Based on the reported financial statements, VIPS maintains a gross margin of approximately 23.12%, a figure that has remained remarkably stable over the last ten quarters, reflecting the inherent limitations of a discount-focused business model where pricing power is constrained by the necessity of clearing brand inventory.
The stability of these margins suggests that management has successfully maintained discipline in procurement costs despite the broader revenue decline. However, the lack of margin expansion indicates that the company possesses limited ability to pass on costs or increase prices, leaving it vulnerable to any further compression in the retail sector.
According to the income statement data, VIPS has demonstrated an ability to manage operating expenses effectively, as evidenced by an operating margin of 7.68% that persists despite the top-line contraction, suggesting that the company's cost structure is sufficiently variable to adjust alongside fluctuating demand in the retail market.
The company's ability to maintain positive operating income during periods of revenue decline implies a lean corporate structure and disciplined overhead management. Nevertheless, the reliance on aggressive cost-containment to protect operating margins may eventually limit the company's capacity for future growth investments or market share expansion.
As reported in recent filings, VIPS has maintained a net margin of 6.84% while effectively eliminating stock-based compensation in the most recent quarter, which suggests a high quality of earnings compared to peers who rely heavily on equity-based incentives to manage their cash burn and employee retention.
The absence of stock-based compensation in the latest period is a notable indicator of management's focus on cash-based profitability and shareholder value preservation. Investors should investigate whether this trend is sustainable or if it reflects a temporary pause in incentive programs that could impact long-term talent retention.
Based on the provided data, the primary risk to the VIPS investment thesis is the potential for structural margin compression if the rise of live-streaming commerce continues to erode the company's unique position as the primary destination for brand inventory liquidation, as evidenced by recent revenue contraction.
Short-sellers may focus on the company's inability to return to growth, arguing that the flash-sale model is becoming obsolete in an era of real-time, algorithm-driven social commerce. The market may be underestimating the risk that the company's massive cash reserves are a sign of a mature business with few viable reinvestment opportunities.
Quick answers to the most common questions about buying VIPS stock.
For fiscal year 2025, Vipshop Holdings Limited (VIPS) reported total revenue of $105.92B. This represents a 552965.7% increase compared to $19.2M in 2009.
Vipshop Holdings Limited (VIPS) is profitable, generating $7.24B in net income for the fiscal year ending 2025 with a net profit margin of 6.8%.
Vipshop Holdings Limited (VIPS) reported an operating income of $8.14B, resulting in an operating profit margin of 7.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Vipshop Holdings Limited (VIPS) generated $24.49B in gross profit for the year, representing a gross profit margin of 23.1%. This demonstrates the company's core pricing power and production efficiency.