Vipshop Holdings (VIPS) Operating Expenses (2011 - 2026)

Vipshop Holdings has reported Operating Expenses for 15 years, with the latest figure at -$697.7 million in Q4 2025.

• For the quarter ending Q4 2025, Operating Expenses fell 0.54% year-over-year to -$697.7 million; the trailing twelve-month figure through Dec 2025 stood at -$2.4 billion (down 2.34% YoY), and the FY2025 full-year result was $2.5 billion, up 5.58% from the prior year.
• Operating Expenses for Q4 2025 stood at -$697.7 million, down from -$554.2 million in the prior quarter.
• The five-year high for Operating Expenses was -$514.2 million in Q3 2022, with the low at -$780.4 million in Q4 2021.
• Average Operating Expenses over 5 years is -$626.3 million, with a median of -$616.4 million recorded in 2022.
• Year-over-year, Operating Expenses tumbled 58.71% in 2021 and climbed 22.0% in 2022.
• Tracing VIPS's Operating Expenses over 5 years: stood at -$780.4 million in 2021, then grew by 13.64% to -$673.9 million in 2022, then declined by 1.77% to -$685.8 million in 2023, then fell by 1.19% to -$694.0 million in 2024, then dropped by 0.54% to -$697.7 million in 2025.
• The last three Operating Expenses figures came in at -$697.7 million (Q4 2025), -$554.2 million (Q3 2025), and -$637.0 million (Q2 2025), per Business Quant data.

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