Vipshop Holdings Ltd-ADR · Q1 2026 earnings

Briefing

Vipshop grows Q1 revenue 1.2% with GMV up 8.6% and net income rising 13.6% on strong apparel demand

Vipshop Holdings reported Q1 2026 net revenues of RMB26.6 billion ($3.9 billion), up 1.2% year over year, with GMV rising 8.6% to RMB56.9 billion. Gross profit increased 6.8% to RMB6.5 billion and gross margin expanded to 24.4% from 23.2%. Net income attributable to shareholders rose 13.6% to RMB2.2 billion, with diluted EPS of RMB4.48 per ADS; non-GAAP net income was RMB2.31 billion. Active customers grew 0.9% to 41.7 million and total orders increased 3.2% to 172.6 million. Operating income was RMB2.5 billion with a 9.4% operating margin. The company held RMB28.3 billion in cash and equivalents plus RMB2.7 billion in short-term investments, and generated RMB2.0 billion in operating cash flow.

• Net revenues rose 1.2% YoY to RMB26.6B; GMV increased 8.6% to RMB56.9B
• Net income attributable to shareholders grew 13.6% to RMB2.2B; diluted EPS was RMB4.48 per ADS
• Gross margin expanded to 24.4% from 23.2%; operating margin rose to 9.4%
• Active customers reached 41.7M and total orders were 172.6M, up 0.9% and 3.2% respectively
• Q2 2026 revenue guidance is RMB24.5B to RMB25.8B, roughly flat to down 5% YoY

Headline financials

Revenue & EPS history

For Q2 2026, Vipshop expects total net revenues between RMB24.5 billion and RMB25.8 billion, representing a year-over-year decrease of approximately 5% to flat.