Vipshop Holdings Ltd (VIPS) Operating Margin (2011 - 2026)

Vipshop Holdings (VIPS) has reported Operating Margin for 16 consecutive years, with 10.27% the latest figure, recorded in Q1 2026.

• In Q1 2026, Operating Margin rose 89.0% year-over-year to 10.27%; the TTM figure through Mar 2026 stood at 8.6% (down 15.0% YoY), while the FY2025 annual figure was 7.68%, down 78.0% from the prior year.
• Operating Margin came in at 10.27% for Q1 2026 at Vipshop Holdings, up from 9.68% in the prior quarter.
• The five-year high for Operating Margin was 11.31% in Q4 2023, with the low at 5.36% in Q1 2022.
• Average Operating Margin over 5 years is 8.07%, with a median of 7.66% recorded in 2023.
• The largest YoY upside for Operating Margin was 302 bps in 2024 against a maximum downside of 208 bps in 2024.
• Year by year, Operating Margin stood at 8.39% in 2022, then jumped by 35 bps to 11.31% in 2023, then retreated by 18 bps to 9.23% in 2024, then grew by 5 bps to 9.68% in 2025, then rose by 6 bps to 10.27% in 2026.
• According to Business Quant data, Operating Margin over the past three periods registered 10.27%, 9.68%, and 6.52% for Q1 2026, Q4 2025, and Q3 2025 respectively.