NYSE$VIPS
Vipshop Holdings Ltd-ADR · Q2 2025 earnings
Q2 2025 earnings · · Before market open · Investor relations
Briefing
Vipshop reports Q2 revenue of $3.6B as GMV returns to growth; non-GAAP EPS $0.57 on healthy profitability
Vipshop Holdings reported unaudited second quarter 2025 results for the period ended June 30, 2025, with total net revenues of RMB 25.8 billion (US$3.6 billion), down slightly from RMB 26.9 billion a year ago, while GMV increased 1.7% to RMB 51.4 billion. Gross profit was RMB 6.1 billion (US$845.2 million) at a 23.5% margin. Net income attributable to shareholders was RMB 1.5 billion (US$208.0 million) with diluted EPS of US$0.41, and non-GAAP net income was US$290.0 million (EPS US$0.57). Active customers were 43.5 million and total orders 193.0 million. The company repurchased US$349.8 million of ADSs in the quarter and expects Q3 2025 net revenues of RMB 20.7-21.7 billion.
- Net revenues of RMB 25.8B (US$3.6B); GMV grew 1.7% to RMB 51.4B signaling stabilization
- Net income of US$208.0M (EPS $0.41); non-GAAP net income US$290.0M (EPS $0.57)
- Gross margin steady at 23.5%; operating margin 6.6% with income from operations of US$237.0M
- 43.5M active customers and 193.0M orders; Super VIP members growing double digits
- Repurchased US$349.8M of ADSs in Q2; US$646.0M remaining on $1.0B buyback program
Headline financials
Revenue & EPS history
Vipshop · Revenue · Quarterly
$3.6B
Revenue by segment
Vipshop · $21.4B total across 2 segments · Q3 2025
- Product revenues$19.4B—90.6%
- Other revenues$2.01B—9.4%
Forward guidance
Q3 2025 total net revenues expected between RMB 20.7 billion and RMB 21.7 billion, representing 0% to 5% year-over-year growth
Tailwinds
- GMV returned to growth driven by apparel and Super VIP member expansion
- Consistent financial discipline with healthy profitability maintained
- On track for shareholder return commitments with $614.1M returned in H1 2025
Headwinds
- Total net revenues declined slightly year over year in Q2
- Active customers decreased to 43.5M from 44.3M prior year
- Operating margin compressed to 6.6% from 8.3%
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2025
-0.8%
Avg return
Earnings day
-0.7%
Avg return
5 days after
+0.4%
Avg return
30 days after
46%
26 / 57 earnings
Positive
+28.9%
Q4 2013
Best reaction
-24.5%
Q2 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.0% | +3.6% | -6.1% | |
| Q4 2025 | +2.1% | -2.4% | -7.5% | |
| Q3 2025 | -7.0% | -0.9% | -1.6% | |
| Q2 2025 | +5.9% | +1.5% | +11.2% | |
| Q1 2025 | -7.1% | -7.2% | -4.8% | |
| Q4 2024 | +1.4% | +9.2% | +12.1% | |
| Q3 2024 | -2.4% | -4.6% | -3.8% | |
| Q1 2024 | -3.3% | -3.1% | -13.1% | |
| Q4 2023 | +11.0% | +3.5% | -4.6% | |
| Q3 2023 | +10.3% | +8.5% | +15.6% | |
| Q2 2023 | -2.6% | -1.4% | -9.5% | |
| Q1 2023 | +0.6% | +1.3% | +14.4% | |
| Q4 2022 | -0.2% | +9.7% | +10.8% | |
| Q3 2022 | +9.1% | +8.5% | +52.1% | |
| Q2 2022 | +12.1% | +9.0% | -2.2% | |
| Q1 2022 | +3.0% | -6.9% | +25.9% | |
| Q4 2021 | -9.7% | -11.9% | -5.5% | |
| Q3 2021 | -17.9% | -21.1% | -32.1% | |
| Q2 2021 | -10.3% | -4.4% | -12.3% | |
| Q1 2021 | -10.5% | -5.1% | -23.4% | |
| Q4 2020 | +3.2% | +8.1% | -13.7% | |
| Q3 2020 | +5.9% | +5.6% | +13.0% | |
| Q2 2020 | -24.5% | -28.1% | -30.4% | |
| Q1 2020 | -1.3% | +7.3% | +22.8% | |
| Q4 2019 | +25.8% | +28.2% | +7.5% | |
| Q3 2019 | +0.2% | +1.6% | +13.4% | |
| Q2 2019 | +9.6% | +26.8% | +47.3% | |
| Q1 2019 | -2.1% | -0.1% | +4.7% | |
| Q4 2018 | -9.4% | -2.0% | +0.0% | |
| Q3 2018 | +8.0% | +8.8% | +1.3% | |
| Q2 2018 | -17.4% | -21.8% | -33.8% | |
| Q1 2018 | -20.1% | -20.3% | -25.5% | |
| Q4 2017 | +14.0% | +18.0% | +18.1% | |
| Q3 2017 | -16.0% | -16.8% | +22.9% | |
| Q2 2017 | -8.7% | -17.0% | -10.2% | |
| Q1 2017 | -7.7% | -10.3% | -19.7% | |
| Q4 2016 | +7.2% | +7.2% | +13.2% | |
| Q3 2016 | -11.7% | -11.7% | -16.8% | |
| Q2 2016 | +3.5% | +3.0% | -13.1% | |
| Q1 2016 | -13.1% | — | — | |
| Q4 2015 | -8.6% | — | — | |
| Q3 2015 | +15.3% | — | — | |
| Q2 2015 | -13.3% | — | — | |
| Q1 2015 | -2.2% | — | — | |
| Q4 2014 | +15.2% | — | — | |
| Q3 2014 | -6.5% | — | — | |
| Q2 2014 | -1.0% | — | — | |
| Q1 2014 | +12.3% | — | — | |
| Q4 2013 | +28.9% | — | — | |
| Q3 2013 | +12.8% | — | — | |
| Q2 2013 | -12.8% | — | — | |
| Q1 2013 | +0.6% | — | — | |
| Q4 2010 | -5.0% | — | — | |
| Q4 2011 | -5.0% | — | — | |
| Q4 2012 | +4.3% | — | — | |
| Q3 2012 | -0.2% | — | — | |
| Q2 2012 | -10.6% | — | — | |
| Q3 2011 | — | — | — | |
| Q2 2011 | — | — | — | |
| Q1 2011 | — | — | — |
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