Conference Call to Be Held at 7:00 A.M. U.S. Eastern Time on February 26, 2026
Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China (“Vipshop” or the “Company”), today announced its unaudited financial results for the quarter and full year ended December 31, 2025.
Fourth Quarter and Full Year 2025 Highlights
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Total net revenues for the fourth quarter of 2025 were RMB32.5 billion (US$4.6 billion), compared with RMB33.2 billion in the prior year period. Total net revenues for the full year of 2025 were RMB105.9 billion (US$15.1 billion), compared with RMB108.4 billion in the prior year.
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GMV[1] for the fourth quarter of 2025 increased by 0.6% year over year to RMB66.6 billion from RMB66.2 billion in the prior year period. GMV for the full year of 2025 increased by 2.0% year over year to RMB213.5 billion from RMB209.3 billion in the prior year.
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Gross profit for the fourth quarter of 2025 was RMB7.4 billion (US$1.1 billion), compared with RMB7.6 billion in the prior year period. Gross profit for the full year of 2025 was RMB24.5 billion (US$3.5 billion), compared with RMB25.5 billion in the prior year.
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Net income attributable to Vipshop's shareholders for the fourth quarter of 2025 increased by 5.8% year over year to RMB2.6 billion (US$370.3 million) from RMB2.4 billion in the prior year period. Net income attributable to Vipshop's shareholders for the full year of 2025 was RMB7.2 billion (US$1.0 billion), compared with RMB7.7 billion in the prior year.
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Non-GAAP net income attributable to Vipshop's shareholders
[2]
for the fourth quarter of 2025 was RMB2.9 billion (US$408.7 million), compared with RMB3.0 billion in the prior year period. Non-GAAP net income attributable to Vipshop's shareholders for the full year of 2025 was RMB8.7 billion (US$1.3 billion), compared with RMB9.0 billion in the prior year.
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The number of active customers
[3] for the fourth quarter of 2025 was 45.3 million, compared with 45.7 million in the prior year period. The number of active customers for the full year of 2025 was 84.8 million, compared with 84.7 million in the prior year.
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Total orders
[4] for the fourth quarter of 2025 were 206.0 million, compared with 217.5 million in the prior year period. Total orders for the full year of 2025 were 732.4 million, compared with 757.5 million in the prior year.
Mr. Eric Shen, Chairman and Chief Executive Officer of Vipshop, stated, “In 2025, we navigated a dynamic landscape by focusing on strategic realignment and ensuring operational resilience, which lays a strong foundation for long-term quality growth. Throughout the year, leveraging the agility inherent in our off-price retailer model, we enhanced our merchandising capabilities while deepening customer engagement and loyalty. Notably, AI-driven enhancements delivered greater operational efficiency while enabling a more engaging customer experience. Building on this, we are now dedicated to strengthening our growth flywheel by sharpening our excellence across merchandising, customer engagement and operations, while embedding AI deeper into our core operations. We expect this to drive sustainable and profitable growth in 2026 and beyond.”
Mr. Mark Wang, Chief Financial Officer of Vipshop, further commented, “We concluded 2025 with stable topline performance and robust profitability, demonstrating clear financial resilience. This provides the flexibility to both reinvest strategically in the business and return meaningful capital to shareholders, as evidenced by the US$944.1 million returned in 2025 through dividends and share repurchases. Looking ahead, we are steadily rebuilding business momentum with continued focus on quality growth and disciplined investment. This positions us confidently for sustained growth and value creation in the future.”
Fourth Quarter 2025 Financial Results
REVENUES
Total net revenues for the fourth quarter of 2025 were RMB32.5 billion (US$4.6 billion), compared with RMB33.2 billion in the prior year period.
GROSS PROFIT
Gross profit for the fourth quarter of 2025 was RMB7.4 billion (US$1.1 billion), compared with RMB7.6 billion in the prior year period. Gross margin for the fourth quarter of 2025 was 22.9%, compared with 23.0% in the prior year period.
OPERATING EXPENSES
Total operating expenses for the fourth quarter of 2025 decreased by 3.7% year over year to RMB4.9 billion (US$697.7 million) from RMB5.1 billion in the prior year period. As a percentage of total net revenues, total operating expenses for the fourth quarter of 2025 decreased to 15.0% from 15.2% in the prior year period.
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Fulfillment expenses
for the fourth quarter of 2025 decreased by 1.0% year over year to RMB2.4 billion (US$348.6 million) from RMB2.5 billion in the prior year period. As a percentage of total net revenues, fulfillment expenses for the fourth quarter of 2025 were 7.5%, compared with 7.4% in the prior year period.
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Marketing expenses
for the fourth quarter of 2025 decreased by 6.1% year over year to RMB873.7 million (US$124.9 million) from RMB930.3 million in the prior year period. As a percentage of total net revenues, marketing expenses for the fourth quarter of 2025 decreased to 2.7% from 2.8% in the prior year period.
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Technology and content expenses
for the fourth quarter of 2025 decreased by 9.3% year over year to RMB425.5 million (US$60.8 million) from RMB469.2 million in the prior year period. As a percentage of total net revenues, technology and content expenses for the fourth quarter of 2025 decreased to 1.3% from 1.4% in the prior year period.
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General and administrative expenses
for the fourth quarter of 2025 decreased by 5.2% year over year to RMB1.1 billion (US$163.4 million) from RMB1.2 billion in the prior year period. As a percentage of total net revenues, general and administrative expenses for the fourth quarter of 2025 decreased to 3.5% from 3.6% in the prior year period.
INCOME FROM OPERATIONS
Income from operations for the fourth quarter of 2025 increased by 1.7% year over year to RMB2.90 billion (US$414.5 million) from RMB2.85 billion in the prior year period. Operating margin for the fourth quarter of 2025 increased to 8.9% from 8.6% in the prior year period.
Non-GAAP income from operations[5] for the fourth quarter of 2025, which excluded share-based compensation expenses, was RMB3.2 billion (US$462.6 million), compared with RMB3.4 billion in the prior year period. Non-GAAP operating margin[6] for the fourth quarter of 2025 was 10.0%, compared with 10.2% in the prior year period.
NET INCOME
Net income attributable to Vipshop's shareholders for the fourth quarter of 2025 increased by 5.8% year over year to RMB2.6 billion (US$370.3 million) from RMB2.4 billion in the prior year period. Net margin attributable to Vipshop's shareholders for the fourth quarter of 2025 increased to 8.0% from 7.4% in the prior year period. Net income attributable to Vipshop's shareholders per diluted ADS[7] for the fourth quarter of 2025 increased to RMB5.12 (US$0.73) from RMB4.69 in the prior year period.
Non-GAAP net income attributable to Vipshop's shareholders for the fourth quarter of 2025, which excluded (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment gain and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments, was RMB2.9 billion (US$408.7 million), compared with RMB3.0 billion in the prior year period. Non-GAAP net margin attributable to Vipshop's shareholders[8] for the fourth quarter of 2025 was 8.8%, compared with 9.0% in the prior year period. Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS[9] for the fourth quarter of 2025 was RMB5.66 (US$0.81), compared with RMB5.70 in the prior year period.
For the quarter ended December 31, 2025, the Company's weighted average number of ADSs used in computing diluted income per ADS was 505,342,970.
BALANCE SHEET AND CASH FLOW
As of December 31, 2025, the Company had cash and cash equivalents and restricted cash of RMB24.1 billion (US$3.4 billion) and short term investments of RMB5.8 billion (US$826.1 million).
For the quarter ended December 31, 2025, net cash generated from operating activities was RMB5.5 billion (US$781.9 million), and free cash flow[10], a non-GAAP measurement of liquidity, was as follows:
Full Year 2025 Financial Results
Total net revenues for the full year of 2025 were RMB105.9 billion (US$15.1 billion), compared with RMB108.4 billion in the prior year.
Gross profit for the full year of 2025 was RMB24.5 billion (US$3.5 billion), compared with RMB25.5 billion in the prior year. Gross margin for the full year of 2025 was 23.1%, compared with 23.5% in the prior year.
Income from operations for the full year of 2025 was RMB8.1 billion (US$1.2 billion), compared with RMB9.2 billion in the prior year. Operating margin for the full year was 7.7%, compared with 8.5% in the prior year.
Non-GAAP income from operations for the full year of 2025, which excluded share-based compensation expenses, was RMB9.9 billion (US$1.4 billion), compared with RMB10.7 billion in the prior year. Non-GAAP operating margin for the full year of 2025 was 9.3%, compared with 9.9% in the prior year.
Net income attributable to Vipshop's shareholders for the full year of 2025 was RMB7.2 billion (US$1.0 billion), compared with RMB7.7 billion in the prior year. Net margin attributable to Vipshop's shareholders for the full year of 2025 was 6.8%, compared with 7.1% in the prior year. Net income attributable to Vipshop's shareholders per diluted ADS for the full year of 2025 was RMB14.15 (US$2.02), compared with RMB14.35 in the prior year.
Non-GAAP net income attributable to Vipshop's shareholders for the full year of 2025, which excluded (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment gain and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments, was RMB8.7 billion (US$1.3 billion), compared with RMB9.0 billion in the prior year. Non-GAAP net margin attributable to Vipshop's shareholders for the full year of 2025 was 8.3%, which remained stable as compared with that in the prior year period. Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS for the full year of 2025 increased to RMB17.08 (US$2.44), compared with RMB16.75 in the prior year.
For the full year of 2025, the Company's weighted average number of ADSs used in computing diluted earnings per ADS was 511,919,450.
For the full year of 2025, net cash generated from operating activities was RMB7.5 billion (US$1.1 billion), and free cash flow, a non-GAAP measurement of liquidity, was as follows:
Share Repurchase Program
During the quarter ended December 31, 2025, the Company repurchased US$305.4 million of its ADSs under its current US$1.0 billion share repurchase program, which is effective through February 2027. As of December 31, 2025, the Company had an unutilized amount of US$316.0 million under this program.
Declaration of 2025 Dividend
The Company's board of directors has approved and declared an annual cash dividend for fiscal year 2025 in the amount of US$3.10 per ordinary share, or US$0.62 per ADS, to holders of ordinary shares and holders of ADSs of record as of the close of business on April 10, 2026. The payment date is expected to be on April 24, 2026. Holders of the Company's ADSs will receive the cash dividends through the depositary, Deutsche Bank Trust Company Americas, subject to the terms of the deposit agreement.
Business Outlook
For the first quarter of 2026, the Company expects its total net revenues to be between RMB26.3 billion and RMB27.6 billion, representing a year-over-year increase of approximately 0% to 5%. These forecasts reflect the Company's current and preliminary view on the market and operational conditions, which is subject to change.
Exchange Rate
The Company's business is primarily conducted in China and the significant majority of revenues generated are denominated in Renminbi. This announcement contains currency translations of Renminbi amounts into U.S. dollars solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars are made at a rate of RMB6.9931 to US$1.00, the effective noon buying rate on December 31, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on December 31, 2025 or at any other rate.
Conference Call Information
The Company will hold a conference call on Thursday, February 26, 2026 at 7:00 am U.S. Eastern Time, 8:00 pm Beijing Time to discuss the financial results.
All participants wishing to join the conference call must pre-register online using the link provided below.
Registration Link:https://register-conf.media-server.com/register/BId8a721cb0cc8420cab7858dc569d1e68
Once pre-registration has been completed, each participant will receive dial-in numbers and a unique access PIN via email. To join the conference, participants should use the dial-in details followed by the PIN code.
A live webcast of the earnings conference call can be accessed at https://edge.media-server.com/mmc/p/iotntvhn/. An archived webcast will be available at the Company's investor relations website at http://ir.vip.com.
About Vipshop Holdings Limited
Vipshop Holdings Limited is a leading online discount retailer for brands in China. Vipshop offers high quality and popular branded products to consumers throughout China at a significant discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a sizeable and growing base of customers and brand partners. For more information, please visit https://ir.vip.com/.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Vipshop's strategic and operational plans, contain forward-looking statements. Vipshop may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Vipshop's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Vipshop's goals and strategies; Vipshop's future business development, results of operations and financial condition; the expected growth of the online discount retail market in China; Vipshop's ability to attract customers and brand partners and further enhance its brand recognition; Vipshop's expectations regarding needs for and market acceptance of flash sales products and services; competition in the discount retail industry; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Vipshop's filings with the SEC. All information provided in this press release is as of the date of this press release, and Vipshop does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Use of Non-GAAP Financial Measures
The condensed consolidated financial information is derived from the Company's unaudited interim condensed consolidated financial statements prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), except that comparative consolidated statements of income and cash flows for the period presented and the detailed footnote disclosures required by Accounting Standards Codification 270, Interim Reporting (“ASC270”) have been omitted. Vipshop uses non-GAAP net income attributable to Vipshop's shareholders, non-GAAP net income attributable to Vipshop's shareholders per diluted ADS, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net margin attributable to Vipshop's shareholders, and free cash flow, each of which is a non-GAAP financial measure. For the periods presented in this press release, non-GAAP net income attributable to Vipshop's shareholders is net income attributable to Vipshop's shareholders excluding (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment gain and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments. Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS is computed using non-GAAP net income attributable to Vipshop's shareholders divided by weighted average number of diluted ADS outstanding for computing diluted earnings per ADS. Non-GAAP income from operations is income from operations excluding share-based compensation expenses. Non-GAAP operating margin is non-GAAP income from operations as a percentage of total net revenues. Non-GAAP net margin attributable to Vipshop's shareholders is non-GAAP net income attributable to Vipshop's shareholders as a percentage of total net revenues. Free cash flow is net cash from operating activities adding back the impact from internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights. Impact from internet financing activities added back or deducted from free cash flow contains changes in the balances of financial products, which are primarily consumer financing and supplier financing that the Company provides to customers and suppliers. The Company believes that separate analysis and exclusion of the non-cash impact of (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment gain and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses these non-GAAP financial measures for planning, forecasting, and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment gain and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments. Free cash flow enables the Company to assess liquidity and cash flow, taking into account the impact from internet financing activities and the financial resources needed for the expansion of fulfillment infrastructure, technology platform, and Shan Shan Outlets. Share-based compensation expenses have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company's net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. One of the key limitations of free cash flow is that it does not represent the residual cash flow available for discretionary expenditures.
The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Vipshop Holdings Limited Reconciliations of GAAP and Non-GAAP Results” at the end of this release.
Investor Relations Contact
Tel: +86 (20) 2233-0732Email: IR@vipshop.com
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