Vipshop Reports Unaudited First Quarter 2026 Financial Results

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Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on May 21, 2026

GUANGZHOU, China, May 21, 2026 /PRNewswire/ — Vipshop Holdings Limited (NYSE: VIPS), a leading off-price retailer in China (“Vipshop” or the “Company”), today announced its unaudited financial results for the quarter ended March 31, 2026.

First Quarter 2026 Highlights

• Total net revenues for the first quarter of 2026 increased by 1.2% year over year to RMB26.6 billion (US$3.9 billion) from RMB26.3 billion in the prior year period.
• GMV^[1] for the first quarter of 2026 increased by 8.6% year over year to RMB56.9 billion from RMB52.4 billion in the prior year period.
• Gross profit for the first quarter of 2026 increased by 6.8% year over year to RMB6.5 billion (US$941.6 million) from RMB6.1 billion in the prior year period.
• Net income attributable to Vipshop’s shareholders for the first quarter of 2026 increased by 13.6% year over year to RMB2.2 billion (US$319.8 million) from RMB1.9 billion in the prior year period.
• Non-GAAP net income attributable to Vipshop’s shareholders^[2] for the first quarter of 2026 was RMB2.31 billion (US$334.2 million), compared with RMB2.31 billion in the prior year period.
• The number of active customers^[3] for the first quarter of 2026 increased by 0.9% year over year to 41.7 million from 41.3 million in the prior year period.
• Total orders^[4] for the first quarter of 2026 increased by 3.2% year over year to 172.6 million from 167.2 million in the prior year period.

Mr. Eric Shen, Chairman and Chief Executive Officer of Vipshop, stated, “Our first-quarter performance was driven by strong apparel sales, supported by a successful Chinese New Year holiday when consumers responded enthusiastically to our seasonal, value-for-money collections. Our SVIP customer base achieved solid growth in both number and contribution, reflecting our long-standing appeal to high-value consumers. Alongside these results, we have made steady progress across our merchandising portfolio, customer engagement, and AI integration, all of which are helping to further leverage our off-price retail model for growth. With continued dedication to the brand-discount space, we remain confident in our ability to deliver sustainable, profitable growth over the long term.”

Mr. Mark Wang, Chief Financial Officer of Vipshop, further commented, “We delivered an in-line quarter, reflecting a pull-forward of demand around the Chinese New Year, which concentrated activity in the first two months. Margins remained healthy and stable, supported by a stronger mix of higher-margin categories and disciplined operations. In April, we completed our annual dividend payout, and remain committed to delivering on our full-year shareholder return promises. With a solid financial position and consistent execution, we are well positioned to fund our strategic initiatives and business growth, while driving value for our shareholders.”

First Quarter 2026 Financial Results

REVENUES

Total net revenues for the first quarter of 2026 increased by 1.2% year over year to RMB26.6 billion (US$3.9 billion) from RMB26.3 billion in the prior year period.

GROSS PROFIT

Gross profit for the first quarter of 2026 increased by 6.8% year over year to RMB6.5 billion (US$941.6 million) from RMB6.1 billion in the prior year period. Gross margin for the first quarter of 2026 increased to 24.4% from 23.2% in the prior year period.

OPERATING EXPENSES

Total operating expenses for the first quarter of 2026 were RMB4.2 billion (US$603.8 million), compared with RMB4.0 billion in the prior year period. As a percentage of total net revenues, total operating expenses for the first quarter of 2026 was 15.7%, compared with 15.3% in the prior year period.

• Fulfillment expenses for the first quarter of 2026 were RMB2.0 billion (US$296.7 million), compared with RMB1.9 billion in the prior year period. As a percentage of total net revenues, fulfillment expenses for the first quarter of 2026 were 7.7%, compared with 7.2% in the prior year period.
• Marketing expenses for the first quarter of 2026 decreased by 1.8% year over year to RMB719.3 million (US$104.3 million) from RMB732.1 million in the prior year period. As a percentage of total net revenues, marketing expenses for the first quarter of 2026 decreased to 2.7% from 2.8% in the prior year period.
• Technology and content expenses for the first quarter of 2026 decreased by 0.2% year over year to RMB448.2 million (US$65.0 million) from RMB449.1 million in the prior year period. As a percentage of total net revenues, technology and content expenses for the first quarter of 2026 was 1.7%, which stayed flat as compared with that in the prior year period.
• General and administrative expenses for the first quarter of 2026 were RMB950.5 million (US$137.8 million), compared with RMB950.8 million in the prior year period. As a percentage of total net revenues, general and administrative expenses for the first quarter of 2026 was 3.6%, which stayed flat as compared with that in the prior year period.

INCOME FROM OPERATIONS

Income from operations for the first quarter of 2026 increased by 9.7% year over year to RMB2.5 billion (US$362.1 million) from RMB2.3 billion in the prior year period. Operating margin for the first quarter of 2026 increased to 9.4% from 8.7% in the prior year period.

Non-GAAP income from operations^[5] for the first quarter of 2026, which excluded share-based compensation expenses, increased by 3.5% year over year to RMB2.7 billion (US$394.1 million) from RMB2.6 billion in the prior year period. Non-GAAP operating margin^[6] for the first quarter of 2026 increased to 10.2% from 10.0% in the prior year period.

NET INCOME

Net income attributable to Vipshop’s shareholders for the first quarter of 2026 increased by 13.6% year over year to RMB2.2 billion (US$319.8 million) from RMB1.9 billion in the prior year period. Net margin attributable to Vipshop’s shareholders for the first quarter of 2026 increased to 8.3% from 7.4% in the prior year period. Net income attributable to Vipshop’s shareholders per diluted ADS^[7] for the first quarter of 2026 increased to RMB4.48 (US$0.65) from RMB3.72 in the prior year period.

Non-GAAP net income attributable to Vipshop’s shareholders for the first quarter of 2026, which excluded (i) share-based compensation expenses, (ii) investment loss (gain) and revaluation of investments excluding dividends, (iii) reconciling items on the share of equity method investments, and (iv) tax effects on non-GAAP adjustments, was RMB2.31 billion (US$334.2 million), compared with RMB2.31 billion in the prior year period. Non-GAAP net margin attributable to Vipshop’s shareholders^[8] for the first quarter of 2026 was 8.7%, compared with 8.8% in the prior year period. Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS^[9] for the first quarter of 2026 increased to RMB4.68 (US$0.68) from RMB4.43 in the prior year period.

For the quarter ended March 31, 2026, the Company’s weighted average number of ADSs used in computing diluted income per ADS was 492,729,110.

BALANCE SHEET AND CASH FLOW

As of March 31, 2026, the Company had cash and cash equivalents and restricted cash of RMB28.3 billion (US$4.1 billion) and short term investments of RMB2.7 billion (US$389.2 million).

For the quarter ended March 31, 2026, net cash generated from operating activities was RMB2.0 billion (US$283.8 million), and free cash flow^[10], a non-GAAP measurement of liquidity, was as follows:

Business Outlook

For the second quarter of 2026, the Company expects its total net revenues to be between RMB24.5 billion and RMB25.8 billion, representing a year-over-year decrease of approximately 5% to 0%. These forecasts reflect the Company’s current and preliminary view on the market and operational conditions, which is subject to change.

Exchange Rate

The Company’s business is primarily conducted in China and the significant majority of revenues generated are denominated in Renminbi. This announcement contains currency translations of Renminbi amounts into U.S. dollars solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars are made at a rate of RMB6.8980 to US$1.00, the effective noon buying rate on March 31, 2026 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on March 31, 2026 or at any other rate.

Conference Call Information

The Company will hold a conference call on Thursday, May 21, 2026 at 7:30 am U.S. Eastern Time, 7:30 pm Beijing Time to discuss the financial results.

All participants wishing to join the conference call must pre-register online using the link provided below.

Registration Link:
https://register-conf.media-server.com/register/BI71549415d6954eecad77793367ea5b63

Once pre-registration has been completed, each participant will receive dial-in numbers and a unique access PIN via email. To join the conference, participants should use the dial-in details followed by the PIN code.

A live webcast of the earnings conference call can be accessed at https://edge.media-server.com/mmc/p/tqxh35wg. An archived webcast will be available at the Company’s investor relations website at http://ir.vip.com.

About Vipshop Holdings Limited

Vipshop Holdings Limited is a leading off-price retailer in China. Vipshop offers high-quality and popular branded products to consumers throughout China at deep discounts through diverse online and offline channels. Since its founding in 2008, the Company has built a large and loyal customer base and extensive brand partnerships. For more information, please visit https://ir.vip.com/.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Vipshop’s strategic and operational plans, contain forward-looking statements. Vipshop may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Vipshop’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Vipshop’s goals and strategies; Vipshop’s future business development, results of operations and financial condition; the expected growth of the off-price retailer market in China; Vipshop’s ability to attract customers and brand partners and further enhance its brand recognition; Vipshop’s expectations regarding needs for and market acceptance of flash sales products and services; competition in the discount retail industry; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Vipshop’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Vipshop does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Use of Non-GAAP Financial Measures

The condensed consolidated financial information is derived from the Company’s unaudited interim condensed consolidated financial statements prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), except that comparative consolidated statements of income and cash flows for the period presented and the detailed footnote disclosures required by Accounting Standards Codification 270, Interim Reporting (“ASC270”) have been omitted. Vipshop uses non-GAAP net income attributable to Vipshop’s shareholders, non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net margin attributable to Vipshop’s shareholders, and free cash flow, each of which is a non-GAAP financial measure. For the periods presented in this press release, non-GAAP net income attributable to Vipshop’s shareholders is net income attributable to Vipshop’s shareholders excluding (i) share-based compensation expenses, (ii) investment loss (gain) and revaluation of investments excluding dividends, (iii) reconciling items on the share of equity method investments, and  (iv) tax effects on non-GAAP adjustments. Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS is computed using non-GAAP net income attributable to Vipshop’s shareholders divided by weighted average number of diluted ADS outstanding for computing diluted earnings per ADS. Non-GAAP income from operations is income from operations excluding share-based compensation expenses. Non-GAAP operating margin is non-GAAP income from operations as a percentage of total net revenues. Non-GAAP net margin attributable to Vipshop’s shareholders is non-GAAP net income attributable to Vipshop’s shareholders as a percentage of total net revenues. Free cash flow is net cash from operating activities adding back the impact from internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights. Impact from internet financing activities added back or deducted from free cash flow contains changes in the balances of financial products, which are primarily consumer financing and supplier financing that the Company provides to customers and suppliers. The Company believes that separate analysis and exclusion of the non-cash impact of (i) share-based compensation expenses, (ii) investment loss (gain) and revaluation of investments excluding dividends, (iii) reconciling items on the share of equity method investments, and (iv) tax effects on non-GAAP adjustments add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses these non-GAAP financial measures for planning, forecasting, and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of (i) share-based compensation expenses, (ii) investment loss (gain) and revaluation of investments excluding dividends, (iii) reconciling items on the share of equity method investments, and (iv) tax effects on non-GAAP adjustments. Free cash flow enables the Company to assess liquidity and cash flow, taking into account the impact from internet financing activities and the financial resources needed for the expansion of technology platform, and Shan Shan Outlets. Share-based compensation expenses have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. One of the key limitations of free cash flow is that it does not represent the residual cash flow available for discretionary expenditures.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Vipshop Holdings Limited Reconciliations of GAAP and Non-GAAP Results” at the end of this release.

Investor Relations Contact

Tel: +86 (20) 2233-0732
Email: IR@vipshop.com