Vipshop Holdings Ltd ADR's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Vipshop Holdings Ltd ADR reported revenue of $105.9B (-2.3% year on year) and net income of $7.4B (-5.5% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Total net revenues | $105.9B | $108.4B | $112.9B | $103.2B |
| Cost of revenues | ($81.4B) | ($83.0B) | ($87.1B) | ($81.5B) |
| Gross profit | $24.5B | $25.5B | $25.7B | $21.6B |
| Fulfillment expenses (Including shipping and handling expenses of RMB5,837,096, RMB5,822,405 and RMB5,822,804 for the years ended December 31, 2023, 2024 and 2025, respectively) | ($8.3B) | ($8.3B) | ($8.3B) | ($7.2B) |
| Marketing expenses | ($3.0B) | ($3.0B) | ($3.2B) | ($2.8B) |
| Technology and content expenses | ($1.8B) | ($1.9B) | ($1.8B) | ($1.6B) |
| General and administrative expenses | ($4.4B) | ($4.0B) | ($4.1B) | ($4.5B) |
| Total operating expenses | ($17.4B) | ($17.2B) | ($17.4B) | ($16.1B) |
| Other operating income | $1.1B | $915.2M | $801.6M | $724.8M |
| Income from operations | $8.1B | $9.2B | $9.1B | $6.2B |
| Impairment loss of investments | ($15.4M) | ($61.2M) | ($19.1M) | ($93.9M) |
| Interest expenses | ($90.0M) | ($57.7M) | ($22.9M) | ($24.3M) |
| Interest income | $801.6M | $809.8M | $780.3M | $764.0M |
| Exchange gain (loss) | ($62.1M) | ($24.8M) | $162.7M | $687.9M |
| Investment (loss) gain and revaluation of investments | $144.7M | $148.2M | ($18.1M) | $546.0M |
| Income before income taxes and share of income of equity method investees | $8.9B | — | — | — |
| Income tax expense | ($1.8B) | ($2.3B) | ($1.9B) | ($1.8B) |
| Share of income of equity method investees, net of tax of nil | $293.9M | $167.0M | $80.3M | ($6.6M) |
| Net income | $7.4B | $7.8B | $8.2B | $6.3B |
| Net income attributable to non-controlling interests | ($167.1M) | ($99.0M) | ($84.7M) | ($13.0M) |
| Net income attributable to Vipshop Holdings Limited's shareholders | $7.2B | $7.7B | $8.1B | $6.3B |
| -Basic (in shares) | 100.1M | 106.1M | 110.7M | 127.2M |
| -Diluted (in shares) | 102.4M | 107.9M | 112.6M | 128.2M |
| -Basic (in dollars per share) | $72.37 | $72.97 | $73.32 | $49.51 |
| -Diluted (in dollars per share) | $70.74 | $71.76 | $72.11 | $49.15 |
| Share of equity adjustments for other comprehensive income (loss) of an equity method investee | ($52.5M) | — | — | — |
| Foreign currency translation, net of tax of nil | $35.6M | $37.1M | ($11.1M) | ($610.3M) |
| Comprehensive income | $7.4B | $7.7B | $8.2B | $5.7B |
| Less: Comprehensive income attributable to non-controlling interests | $167.1M | $99.0M | $84.7M | $13.0M |
| Comprehensive income attributable to Vipshop Holdings Limited's shareholders | $7.2B | $7.6B | $8.1B | $5.7B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $23.0B | $26.4B | $25.4B | $21.9B |
| Restricted cash | $1.1B | $602.3M | $882.6M | $1.2B |
| Short-term investments | $5.8B | $1.9B | $2.0B | $1.6B |
| Accounts receivables, net | $889.2M | $915.2M | $778.8M | $567.7M |
| Amounts due from related parties, net | $762.8M | $548.1M | $553.5M | $670.2M |
| Other receivables and prepayments, net | $2.9B | $2.5B | $2.3B | $2.3B |
| Loan receivables, net | $9.2M | $6.9M | $4.4M | $882.0K |
| Inventories | $5.2B | $5.0B | $5.6B | $5.5B |
| Total current assets | $39.6B | $37.8B | $37.6B | $33.7B |
| Property and equipment, net | $18.3B | $18.3B | $16.9B | $16.2B |
| Deposits for property and equipment | $6.4M | $165.0M | $200.7M | $296.7M |
| Land use rights, net | $10.4B | $10.7B | $10.1B | $7.6B |
| Intangible assets, net | $324.1M | $327.8M | $332.8M | $336.6M |
| Investments in equity method investees | $3.1B | $2.0B | $2.2B | $2.2B |
| Other investments | $4.8B | $3.4B | $2.9B | $2.7B |
| Other long-term assets | $351.1M | $434.2M | $147.7M | $91.8M |
| Goodwill | $755.2M | $755.2M | $755.2M | $755.2M |
| Deferred tax assets, net | $757.1M | $681.0M | $685.0M | $681.8M |
| Right-of-use assets, net | $398.8M | $433.6M | $554.1M | $891.7M |
| Total assets | $78.8B | $74.9B | $72.3B | $65.5B |
| Accounts payable (Including accounts payable of the consolidated variable interest entities ("VIEs") and VIEs' subsidiaries without recourse to the Company of RMB837 and RMB1,540 as of December 31, 2024 and 2025, respectively) | $12.5B | $15.2B | $17.3B | $15.0B |
| Advances from customers (Including advances from customers of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB367,640 and RMB387,965 as of December 31, 2024 and 2025, respectively) | $1.9B | $2.0B | $1.7B | $1.7B |
| Accrued expenses and other current liabilities (Including accrued expenses and other current liabilities of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB524,165 and RMB528,018 as of December 31, 2024 and 2025, respectively) | $9.9B | $9.7B | $9.6B | $8.4B |
| Amounts due to related parties (Including amounts due to related parties of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB 4,975 and RMB3,708 as of December 31, 2024 and 2025, respectively) | $101.8M | $5.0M | $150.4M | — |
| Deferred income (Including deferred income of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB1,066 and RMB172 as of December 31, 2024 and 2025, respectively) | $520.9M | $476.8M | $457.6M | $400.2M |
| Short-term loans | $5.8B | $2.4B | $1.4B | $2.7B |
| Operating lease liabilities (Including operating lease liabilities of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB814 and RMB6,896 as of December 31, 2024 and 2025, respectively) | $47.5M | $57.2M | $80.9M | $136.4M |
| Total current liabilities | $30.9B | $29.9B | $30.6B | $28.5B |
| Deferred tax liabilities (Including deferred tax liabilities of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB1,735 and RMB 1,735 as of December 31, 2024 and 2025, respectively) | $707.3M | — | — | — |
| Deferred income-non-current | $2.3B | $2.1B | $1.8B | $1.5B |
| Operating lease liabilities-non-current (Including operating lease liabilities-non-current of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB24 and RMB493 as of December 31, 2024 and 2025, respectively) | $557.0M | $592.0M | $689.3M | $832.9M |
| Total liabilities | $34.4B | $33.4B | $33.8B | $31.4B |
| Ordinary shares | 71.0K | 75.0K | 73.0K | 91.0K |
| Treasury shares, at cost (13,028,013 and 14,273,077 Class A shares as of December 31, 2024 and 2025, respectively) | -7.9B | -7.0B | -3.6B | -8.4B |
| Additional paid-in capital | $1.5B | $4.9B | $4.4B | $13.1B |
| Retained earnings | $48.6B | $42.9B | $36.8B | $28.7B |
| Accumulated other comprehensive loss | ($1.2B) | ($807.4M) | ($695.6M) | ($707.6M) |
| Total Vipshop Holdings Limited shareholders' equity | $41.0B | $40.0B | $37.0B | $32.8B |
| Non-controlling interests | $3.4B | $1.6B | $1.6B | $1.3B |
| Total shareholders' equity | $44.4B | $41.5B | $38.6B | $34.1B |
| Total liabilities and shareholders' equity | $78.8B | $74.9B | $72.3B | $65.5B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $7.4B | $7.8B | $8.2B | $6.3B |
| Provision for allowance for doubtful accounts | $13.8M | $44.8M | — | — |
| Changes of inventory write-down | ($104.2M) | ($312.4M) | ($681.2M) | $130.7M |
| Depreciation of property and equipment | $1.5B | $1.4B | $1.3B | $1.2B |
| Amortization of deferred income | ($88.9M) | ($72.4M) | ($49.3M) | ($41.4M) |
| Impairment of long-lived assets | $0 | $0 | $156.2M | $239.3M |
| Amortization of intangible assets | $3.8M | $3.8M | $3.8M | $3.3M |
| Amortization of land use rights | $278.6M | $270.1M | $217.3M | $178.8M |
| Deferred tax assets | ($76.1M) | $4.0M | ($3.2M) | $79.0M |
| Deferred tax liabilities | ($76.5M) | $91.4M | $118.8M | ($28.7M) |
| Loss (gain) on disposal of property and equipment and land use rights | $6.5M | ($3.8M) | $5.3M | $34.8M |
| Share based compensation expenses | $1.7B | $1.5B | $1.5B | $1.2B |
| Share of income of equity method investees | ($293.9M) | ($167.0M) | ($80.3M) | $6.6M |
| Impairment loss of other investments | $15.4M | $61.2M | $19.1M | $93.9M |
| Investment gain and revaluation of investments | ($109.0M) | ($135.1M) | ($10.2M) | ($236.4M) |
| Gain on disposal of equity method investees | ($259.0K) | $0 | $0 | ($304.6M) |
| Gain on disposal of subsidiaries | ($1.9M) | — | — | — |
| (Gain) loss on disposal of other investments | $642.0K | ($4.4M) | — | ($91.0K) |
| Non-cash lease expense | $60.5M | $76.6M | $130.4M | $293.2M |
| Accounts receivables | $15.0M | ($126.2M) | ($199.9M) | ($99.3M) |
| Amounts due from related parties | ($16.8M) | ($39.5M) | ($25.2M) | ($32.6M) |
| Other receivables and prepayments | ($340.8M) | ($185.6M) | $12.6M | ($263.4M) |
| Interest receivables on short-term investments | ($27.8M) | ($19.4M) | ($6.2M) | ($12.3M) |
| Inventories | ($25.4M) | $944.7M | $601.4M | $1.5B |
| Dividends received from equity method investees | $131.7M | $156.5M | $102.5M | $149.4M |
| Accounts payable | ($2.2B) | ($2.2B) | $2.6B | $983.0M |
| Advances from customers | ($142.6M) | $345.3M | ($47.5M) | ($94.7M) |
| Accrued expenses and other current liabilities | ($216.3M) | ($356.3M) | $666.3M | ($248.5M) |
| Amounts due to related parties | ($2.4M) | ($2.5M) | ($40.1M) | ($211.0M) |
| Deferred income | $23.2M | $5.8M | $46.9M | ($66.0M) |
| Operating lease liabilities | ($69.8M) | ($74.9M) | ($127.5M) | ($318.3M) |
| Net cash generated from operating activities | $7.5B | $9.1B | $14.4B | $10.5B |
| Purchases of property and equipment | ($2.0B) | ($2.7B) | ($2.2B) | ($2.4B) |
| Purchases of land use rights | ($80.8M) | ($839.3M) | ($3.1B) | ($671.8M) |
| Government subsidies received for land use rights | $278.5M | $412.9M | $347.1M | $489.9M |
| Proceed from disposal of property and equipment and land use rights | $14.8M | $20.5M | $199.0M | $42.8M |
| Purchases of short-term investments | ($10.9B) | ($4.5B) | ($4.0B) | ($11.2B) |
| Redemption of short-term investments upon maturities | $7.0B | $4.6B | $3.6B | $15.0B |
| Investments in equity method investees and other investments | ($2.5B) | ($374.9M) | ($282.5M) | ($283.7M) |
| Proceed from disposal of equity method investments and other investments | $2.0M | — | — | — |
| Deposit paid for equity method investments | ($60.0M) | — | — | — |
| Cash paid for loan originations | ($106.9M) | ($59.8M) | ($19.8M) | ($269.3M) |
| Net inflow (outflow) for disposal of subsidiaries | ($11.5M) | — | — | — |
| Cash received from loan repayments | $103.2M | $106.3M | $62.2M | $621.3M |
| Other investing activities | ($48.2M) | $4.2M | $156.4M | $0 |
Vipshop Holdings Ltd ADR score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.