Vipshop Holdings Limited (VIPS) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q4'20 | Q3'20 | Q2'20 |
|---|
| Sales/Revenue | 32.47B | 21.37B | 25.81B | 26.27B | 33.22B | 20.68B | 26.88B | 27.65B | 34.67B | 22.77B | 27.88B | 27.54B | 31.76B | 21.61B | 35.77B | 23.18B | 24.11B |
| Revenue Growth % | -2.26% | 3.36% | -3.98% | -4.98% | -4.18% | -9.18% | -3.6% | 0.4% | 9.18% | 5.32% | - | - | - | - | - | - | - |
| Cost of Goods Sold | 25.03B | 16.46B | 19.75B | 20.19B | 25.6B | 15.72B | 20.53B | 21.1B | 26.44B | 17.38B | 21.68B | 21.63B | 24.86B | 16.93B | 27.93B | 18.3B | 19.17B |
| COGS % of Revenue | 77.08% | 77.03% | 76.54% | 76.85% | 77.04% | 76.03% | 76.4% | 76.32% | 76.26% | 76.36% | 77.75% | 78.56% | 78.27% | 78.33% | 78.06% | 78.94% | 79.51% |
| Gross Profit | 7.44B | 4.91B | 6.05B | 6.08B | 7.63B | 4.96B | 6.34B | 6.55B | 8.23B | 5.38B | 6.2B | 5.9B | 6.9B | 4.68B | 7.85B | 4.88B | 4.94B |
| Gross Margin % | 22.92% | 22.97% | 23.46% | 23.15% | 22.96% | 23.97% | 23.6% | 23.68% | 23.74% | 23.64% | 22.25% | 21.44% | 21.73% | 21.67% | 21.94% | 21.06% | 20.49% |
| Gross Profit Growth % | -2.4% | -0.94% | -4.51% | -7.08% | -7.35% | -7.92% | 2.25% | 10.85% | 19.31% | 14.91% | - | - | - | - | - | - | - |
| Operating Expenses | 4.55B | 3.65B | 4.36B | 3.81B | 4.78B | 3.63B | 4.11B | 3.79B | 4.56B | 3.85B | 4.29B | 3.92B | 4.39B | 3.55B | 5.26B | 3.63B | 3.7B |
| OpEx % of Revenue | 14% | 17.06% | 16.88% | 14.49% | 14.38% | 17.53% | 15.29% | 13.69% | 13.16% | 16.9% | 15.37% | 14.23% | 13.83% | 16.4% | 14.7% | 15.67% | 15.35% |
| Selling, General & Admin | 4.45B | 3.51B | 4.12B | 3.57B | 4.6B | 3.31B | 3.81B | 3.61B | 4.22B | 3.57B | 4.04B | 3.67B | 3.77B | 3.26B | 5.1B | 3.61B | 3.51B |
| SG&A % of Revenue | 13.72% | 16.41% | 15.97% | 13.6% | 13.83% | 16.02% | 14.16% | 13.04% | 12.16% | 15.69% | 14.48% | 13.32% | 11.87% | 15.1% | 14.26% | 15.56% | 14.56% |
| Research & Development | 425.46M | 438.55M | 442.04M | 449.07M | 469.22M | 454.15M | 487.16M | 481.9M | 496.44M | 435.28M | 443.05M | 392.76M | 408.54M | 394.75M | 272.38M | 305.11M | 305.38M |
| R&D % of Revenue | 1.31% | 2.05% | 1.71% | 1.71% | 1.41% | 2.2% | 1.81% | 1.74% | 1.43% | 1.91% | 1.59% | 1.43% | 1.29% | 1.83% | 0.76% | 1.32% | 1.27% |
| Other Operating Expenses | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K |
| Operating Income | 2.9B | 1.26B | 1.7B | 2.28B | 2.85B | 1.33B | 2.23B | 2.76B | 3.67B | 1.53B | 1.92B | 1.99B | 2.51B | 1.14B | 2.59B | 1.25B | 1.24B |
| Operating Margin % | 8.93% | 5.91% | 6.58% | 8.67% | 8.58% | 6.43% | 8.31% | 9.98% | 10.58% | 6.74% | 6.87% | 7.21% | 7.9% | 5.26% | 7.24% | 5.38% | 5.14% |
| Operating Income Growth % | 1.67% | -5.08% | -23.94% | -17.5% | -22.27% | -13.29% | 16.48% | 38.98% | 46.19% | 34.85% | - | - | - | - | - | - | - |
| EBITDA | 3.25B | 1.62B | 2.05B | 2.63B | 3.21B | 1.66B | 2.56B | 3.09B | 3.99B | 1.84B | 2.23B | 2.29B | 2.82B | 1.41B | 2.84B | 1.46B | 1.45B |
| EBITDA Margin % | 10.02% | 7.57% | 7.96% | 10.02% | 9.65% | 8.01% | 9.52% | 11.16% | 11.52% | 8.09% | 7.98% | 8.33% | 8.87% | 6.54% | 7.94% | 6.3% | 6.02% |
| EBITDA Growth % | 1.48% | -2.28% | -19.73% | -14.69% | -19.71% | -10.13% | 14.97% | 34.48% | 41.74% | 30.24% | - | - | - | - | - | - | - |
| D&A (Non-Cash Add-back) | 355.57M | 355.57M | 355.57M | 355.57M | 355.57M | 325.79M | 325.79M | 325.79M | 325.79M | 308.64M | 308.64M | 308.64M | 308.64M | 277.26M | 251.66M | 211.53M | 211.53M |
| EBIT | 3.26B | 1.59B | 1.95B | 2.5B | 2.67B | 1.55B | 2.36B | 2.98B | 3.66B | 1.6B | 2.45B | 2.27B | 2.81B | 1.96B | 2.5B | 1.25B | 1.24B |
| Net Interest Income | 142.6M | 164.39M | 172.47M | 212.71M | 209.87M | 158.76M | 177.99M | 205.5M | 194.14M | 165.78M | 181.18M | 216.26M | 193.94M | 167.37M | 148.99M | 107.66M | 79.22M |
| Interest Income | 170.03M | 190.82M | 195.95M | 222.95M | 227.43M | 174.65M | 191.66M | 216.06M | 208.91M | 166.25M | 183.17M | 221.97M | 198.25M | 176.09M | 155.25M | 112.29M | 100.29M |
| Interest Expense | 27.43M | 26.43M | 23.48M | 10.24M | 17.56M | 15.89M | 13.67M | 10.55M | 14.77M | 466K | 1.99M | 5.71M | 4.31M | 8.72M | 6.27M | 4.62M | 21.07M |
| Other Income/Expense | 335.59M | 298.81M | 227.08M | 211.18M | 450.95M | 205M | 117.75M | 207.51M | 86.31M | 61.74M | 533.27M | 281.86M | 636.38M | 815.95M | 242.59M | 251.3M | 623.98M |
| Pretax Income | 3.23B | 1.56B | 1.92B | 2.49B | 3.3B | 1.53B | 2.35B | 2.97B | 3.75B | 1.6B | 2.45B | 2.27B | 3.15B | 1.95B | 2.83B | 1.5B | 1.86B |
| Pretax Margin % | 9.96% | 7.31% | 7.46% | 9.47% | 9.94% | 7.42% | 8.74% | 10.73% | 10.83% | 7.01% | 8.79% | 8.23% | 9.9% | 9.04% | 7.92% | 6.47% | 7.73% |
| Income Tax | 583.04M | 301.06M | 407.19M | 507.67M | 816.36M | 474.22M | 405.65M | 619.29M | 771.97M | 364.83M | 339.06M | 390.14M | 903.84M | 266.41M | 384.66M | 247.76M | 324.88M |
| Effective Tax Rate % | 18.03% | 19.28% | 21.15% | 20.4% | 24.72% | 30.9% | 17.26% | 20.87% | 20.56% | 22.87% | 13.84% | 17.21% | 28.73% | 13.64% | 13.58% | 16.52% | 17.43% |
| Net Income | 2.59B | 1.22B | 1.49B | 1.94B | 2.45B | 1.05B | 1.93B | 2.32B | 2.95B | 1.21B | 2.1B | 1.86B | 2.23B | 1.69B | 2.44B | 1.24B | 1.54B |
| Net Margin % | 7.97% | 5.71% | 5.77% | 7.4% | 7.36% | 5.06% | 7.19% | 8.38% | 8.51% | 5.31% | 7.52% | 6.75% | 7.03% | 7.8% | 6.82% | 5.37% | 6.37% |
| Net Income Growth % | 5.83% | 16.77% | -22.86% | -16.14% | -17.12% | -13.49% | -7.93% | 24.64% | 32.16% | -28.36% | - | - | - | - | - | - | - |
| Net Income (Continuing) | 2.65B | 1.26B | 1.52B | 1.98B | 2.49B | 1.06B | 1.94B | 2.35B | 2.98B | 1.23B | 2.11B | 1.88B | 2.24B | 1.69B | 2.45B | 1.25B | 1.54B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 3.44B | 3.38B | 1.63B | 1.6B | 1.58B | 1.53B | 1.43B | 1.38B | 1.6B | 1.35B | 1.36B | 1.32B | 1.32B | 1.32B | 888.05M | 732.97M | 715.71M |
| EPS (Diluted) | 5.12 | 2.42 | 2.91 | 3.72 | 4.69 | 1.97 | 3.49 | 4.18 | 5.35 | 2.19 | 3.75 | 3.16 | 3.66 | 2.70 | 3.51 | 1.80 | 2.24 |
| EPS Growth % | 9.17% | 22.84% | -16.62% | -11% | -12.34% | -10.05% | -6.93% | 32.28% | 46.17% | -18.89% | - | - | - | - | - | - | - |
| EPS (Basic) | 5.24 | 2.48 | 2.94 | 3.78 | 4.77 | 2.00 | 3.55 | 4.27 | 5.44 | 2.23 | 3.81 | 3.21 | 3.69 | 2.73 | 3.60 | 1.84 | 2.28 |
| Diluted Shares Outstanding | 505.34M | 504.59M | 511.77M | 521.58M | 521.5M | 553.68M | 553.68M | 554.56M | 551.9M | 552.08M | 559.1M | 588.06M | 610.45M | 623.7M | 696.1M | 690.83M | 686.61M |
| Basic Shares Outstanding | 505.31M | 493.07M | 506.15M | 513.41M | 521.46M | 553.67M | 553.67M | 542.3M | 551.9M | 542.32M | 550.27M | 579.65M | 605.05M | 618.59M | 678.23M | 676.86M | 674.78M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |