Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.15B | $11.2B | $12.3B | $13.4B | $15.6B | $18.4B | $15.0B | $15.9B | $14.9B | $15.1B |
| Revenue growth | — | 37.5% | 9.7% | 8.7% | 16.9% | 17.7% | -18.6% | 6.3% | -6.6% | 2.0% |
| Gross profit | $1.96B | $2.50B | $2.48B | $2.97B | $3.26B | $3.63B | $3.13B | $3.62B | $3.49B | $3.50B |
| Gross margin | 24.0% | 22.3% | 20.2% | 22.2% | 20.9% | 19.7% | 21.0% | 22.8% | 23.5% | 23.1% |
| Operating income | $390M | $414M | $352M | $686M | $898M | $876M | $899M | $1.28B | $1.26B | $1.16B |
| Operating margin | 4.8% | 3.7% | 2.9% | 5.1% | 5.8% | 4.8% | 6.0% | 8.1% | 8.5% | 7.7% |
| Net income | $287M | $291M | $310M | $573M | $907M | $736M | $915M | $1.16B | $1.07B | $1.04B |
| Net margin | 3.5% | 2.6% | 2.5% | 4.3% | 5.8% | 4.0% | 6.1% | 7.3% | 7.2% | 6.8% |
| EPS (diluted) | $2.43 | $2.45 | $2.27 | $4.25 | $6.56 | $5.29 | $7.13 | $10.16 | $9.83 | $10.12 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $408M | $151M | $836M | $1.77B | $1.81B | $1.06B | $1.53B | $2.03B | $1.25B | $1.07B |
| Capital expenditures | $283M | $338M | $366M | $474M | $343M | $429M | $352M | $305M | $373M | $284M |
| Free cash flow | $124M | -$187M | $469M | $1.29B | $1.47B | $630M | $1.17B | $1.73B | $878M | $782M |
| Share buybacks | $27.9M | — | — | — | — | $304M | $907M | $719M | $530M | $707M |
| Dividends paid | — | — | — | — | — | — | — | — | — | $257M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $592M | $1.53B | $1.39B | $944M | $1.84B | $2.56B | $3.18B | $3.58B | $3.61B | $3.29B |
| Total assets | $3.61B | $5.84B | $6.34B | $6.98B | $9.03B | $9.77B | $9.49B | $10.2B | $10.3B | $11.3B |
| Total liabilities | $2.78B | $3.65B | $3.83B | $3.78B | $4.53B | $4.47B | $4.55B | $4.76B | $4.57B | $4.92B |
| Long-term debt | — | — | — | $9.27M | — | — | — | — | — | — |
| Shareholders' equity | $826M | $2.20B | $2.51B | $3.14B | $4.37B | $5.12B | $4.75B | $5.21B | $5.48B | $5.86B |
| Retained earnings | $526M | $861M | $1.15B | $1.71B | $2.72B | $3.52B | $4.16B | $5.19B | $5.88B | $6.95B |
| Shares (wtd avg diluted) | 126M | 126M | 140M | 136M | 138M | 139M | 128M | 113M | 108M | 102M |
Every figure is extracted from Vipshop Holdings Ltd’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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