Jun 2026 (Q2 FY26) — Aug 25, 2026
Vipshop Q2 FY26 — Resilient SVIP Growth Amidst Challenging Retail Environment
Read the full callVipshop (VIPS) earnings
- Jun 2026 (Q2 FY26)
- Dec 2025
Vipshop earnings: last reported Tue, 25 Aug 2026, for the quarter ended Jun 2026.
Guidance
What management said, and what became of it
11 of 14 judged targets kept · 8 open · verdicts reflect calls analysed to Mar 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Total net revenue guidance (Q1 FY26) | RMB 26.3 billion to RMB 27.6 billion, a year-over-year increase of approximately 0% to 5% | Dec 2025 | Our latest results landed within our guided range reflecting a dynamic quarter that was heavily influenced by late Chinese New Year. | Achieved |
| Active customer count return to growth (FY26) | Customer count to regrow in 2026, ideally faster than sales growth | Dec 2025 | Total active customers showed positive momentum, led by our SVIP members who grew by 9% year-over-year. | On Track |
| Active customer YoY growth acceleration, Q4 vs Q3 (FY25) | Customer growth accelerates in Q4 FY25 versus the Q3 FY25 year-over-year growth rate | Sep 2025 | In Q4, we had thought we should have maintained the customer growth momentum. But due to expected slowdown in consumer activity, actually, customer growth is a little bit under pressure. | Missed |
3 of Vipshop Holdings Ltd's 22 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 19 more targets are in the full ledger.
Claimed
- Active SVIP grew by 8% year-over-year, driving 54% of online spending.
- Shan Shan Outlets continued strong scale momentum with over 20% year-over-year GMV growth in H1 FY26.
- Successfully launched 2 public REITs backed by 3 mature Shan Shan Outlets properties, creating a capital recycling loop.
- Board approved a new USD 1 billion share repurchase program, reinforcing commitment to returning no less than 75% of FY25 non-GAAP net income to shareholders.
- Gross margin remained resilient at 23.3%, with strong management on gross profit.
Qualified
- Total net revenues decreased to RMB 24.7 billion from RMB 25.8 billion in the prior year period, reflecting broad-based softening in consumer sentiment.
- Non-GAAP net income attributable to shareholders was RMB 392.2 million, significantly impacted by a one-time RMB 1.56 billion withholding tax adjustment.
- Fulfillment expenses as a percentage of total net revenues increased to 8.7% from 8.2% year-over-year due to deleverage from returns.
- Q3 FY26 revenue guidance of RMB 20.3 billion to RMB 21.4 billion represents a year-over-year decrease of approximately 5% to 0%.
- Full-year revenue is expected to be slightly negative from last year due to continued soft consumer sentiment.
Price
$12.8 −0.47% · −$0.06
Performance −31.9% 1Y
1Y: $18.8 on 17 Oct 2025 → $12.8. High $20.29 (2 Dec 2025), low $12.09 (15 Sept 2026).
- Previous close
- $12.86
- 52-week range
- $12.09 – $20.29
- One year
- −32.67%
Overview
- Symbol
- VIPS
- Sector
- Consumer Discretionary
- Industry
- Retail-Catalog & Mail-Order Houses
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
11 of 14 judged targets kept · 8 open · verdicts reflect calls analysed to Mar 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Total net revenue guidance (Q1 FY26) | RMB 26.3 billion to RMB 27.6 billion, a year-over-year increase of approximately 0% to 5% | Dec 2025 | Our latest results landed within our guided range reflecting a dynamic quarter that was heavily influenced by late Chinese New Year. | Achieved |
| Active customer count return to growth (FY26) | Customer count to regrow in 2026, ideally faster than sales growth | Dec 2025 | Total active customers showed positive momentum, led by our SVIP members who grew by 9% year-over-year. | On Track |
| Active customer YoY growth acceleration, Q4 vs Q3 (FY25) | Customer growth accelerates in Q4 FY25 versus the Q3 FY25 year-over-year growth rate | Sep 2025 | In Q4, we had thought we should have maintained the customer growth momentum. But due to expected slowdown in consumer activity, actually, customer growth is a little bit under pressure. | Missed |
Claimed
- Active SVIP grew by 8% year-over-year, driving 54% of online spending.
- Shan Shan Outlets continued strong scale momentum with over 20% year-over-year GMV growth in H1 FY26.
- Successfully launched 2 public REITs backed by 3 mature Shan Shan Outlets properties, creating a capital recycling loop.
- Board approved a new USD 1 billion share repurchase program, reinforcing commitment to returning no less than 75% of FY25 non-GAAP net income to shareholders.
- Gross margin remained resilient at 23.3%, with strong management on gross profit.
Qualified
- Total net revenues decreased to RMB 24.7 billion from RMB 25.8 billion in the prior year period, reflecting broad-based softening in consumer sentiment.
- Non-GAAP net income attributable to shareholders was RMB 392.2 million, significantly impacted by a one-time RMB 1.56 billion withholding tax adjustment.
- Fulfillment expenses as a percentage of total net revenues increased to 8.7% from 8.2% year-over-year due to deleverage from returns.
- Q3 FY26 revenue guidance of RMB 20.3 billion to RMB 21.4 billion represents a year-over-year decrease of approximately 5% to 0%.
- Full-year revenue is expected to be slightly negative from last year due to continued soft consumer sentiment.
The full ledger
Open Vipshop Holdings Ltd’s full ledger
A free account opens 5 company ledgers a month. All 22 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 21, 2026
Vipshop Q1 FY26 — Strong SVIP Growth and Strategic AI Integration Offset Near-Term Demand Softness
Read the full callDec 2025 (Q4 FY25) — Feb 26, 2026
Vipshop Q4 FY25 — Resilient Profitability Amidst Dynamic Market
Read the full callEvery analysed call
Vipshop earnings calls (VIPS)
Financials
What the filings say
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Reserves | 1,150 | 1,713 | 2,719 | 3,518 | 4,164 | 5,188 | 5,878 | 6,949 |
| Total liabilities | 3,833 | 3,782 | 4,530 | 4,466 | 4,553 | 4,755 | 4,574 | 4,919 |
| Fixed assets | 1,241 | 1,617 | 2,082 | 2,256 | 2,352 | 2,378 | 2,506 | 2,619 |
| Investments | 338 | 438 | 1,123 | 844 | 231 | 279 | 257 | 826 |
| Total assets | 6,336 | 6,978 | 9,033 | 9,774 | 9,493 | 10,186 | 10,266 | 11,274 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 836 | 1,765 | 1,812 | 1,058 | 1,525 | 2,030 | 1,251 | 1,066 |
| Cash from investing | -974 | -1,184 | -1,026 | -365 | 152 | -727 | -488 | -1,186 |
| Cash from financing | 85 | -899 | -3 | -9 | -808 | -866 | -681 | -277 |
| Net cash flow | -27 | -333 | 780 | 684 | 860 | 450 | 90 | -405 |
| Capital expenditure | -366 | -474 | -343 | -429 | -352 | -305 | -373 | -284 |
| Free cash flow | 469 | 1,291 | 1,469 | 630 | 1,173 | 1,725 | 878 | 782 |
Insider filings
10 filings between Apr 8, 2026 and Oct 13, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$950.9K
10 sales by 4 insiders
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Li Tianmin | — | $516.5K | Oct 13, 2026 |
| Wang Yuhua | — | $341.3K | Sep 8, 2026 |
| Yang Donghao | — | $58.6K | Sep 8, 2026 |
| Liu Chun | — | $34.6K | Oct 13, 2026 |
Latest filings (10)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 13, 2026 | Li Tianmin Chief Technology Officer | Sale | 2,394 | $153.4K |
| Oct 13, 2026 | Liu Chun Director | Sale | 181 | $11.6K |
| Sep 8, 2026 | Wang Yuhua Chief Financial Officer | Sale | 2,499 | $162.3K |
| Sep 8, 2026 | Yang Donghao Director | Sale | 479 | $31.0K |
| Jul 7, 2026 | Liu Chun Director | Sale | 174 | $11.7K |
| Jul 7, 2026 | Li Tianmin Chief Technology Officer | Sale | 2,518 | $169.8K |
| Jun 9, 2026 | Wang Yuhua Chief Financial Officer | Sale | 2,589 | $178.9K |
| Jun 9, 2026 | Yang Donghao Director | Sale | 397 | $27.5K |
| Apr 8, 2026 | Liu Chun Director | Sale | 145 | $11.3K |
| Apr 8, 2026 | Li Tianmin Chief Technology Officer | Sale | 2,482 | $193.3K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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