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Vipshop revenue falls as net income rises on gain
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Vipshop revenue falls as net income rises on gain

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  • Vipshop (NYSE:VIPS) reported Q2 2026 revenue of RMB24.7 billion, down from RMB25.8 billion a year earlier.
  • Net income rose 189.1% to RMB4.3 billion due mainly to a one-time RMB5.79 billion investment gain from a commercial REIT listing.
  • The company expanded its share repurchase program with a new US$1.0 billion authorization.

Vipshop (NYSE:VIPS) reported second-quarter 2026 net revenues of RMB24.7 billion, down from RMB25.8 billion in the prior-year period, while net income attributable to shareholders increased to RMB4.3 billion due to a one-time investment gain.

The company’s gross merchandise volume (GMV) reached RMB50.6 billion compared with RMB51.4 billion a year earlier, while gross profit declined slightly and gross margin decreased to 23.3% from 23.5%.

Vipshop reported income from operations of RMB1.5 billion and an operating margin of 6.2%, while net income included a RMB5.79 billion investment gain related to the listing of a commercial real estate investment trust, which increased net margin to 17.4%.

The company reported non-GAAP net income of RMB392.2 million, down from RMB2.1 billion, mainly due to a one-time withholding tax adjustment, while active customers declined to 42.3 million and total orders decreased to 182.4 million.

Vipshop ended June 30, 2026 with RMB29.9 billion in cash and cash equivalents and RMB3.6 billion in short-term investments, while repurchasing US$99.1 million of American depositary shares during the quarter.

The company also announced a new US$1 billion share repurchase authorization as it continues operating its online discount retail platform in China.

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