Vipshop Holdings Ltd cash flow statement

In fiscal 2025, Vipshop Holdings Ltd's operations generated $1.04bn of cash; it spent $276m on capital projects, leaving free cash flow of $761m. It returned $250m in dividends and $687m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Vipshop Holdings Ltd: cash flow statement, annual
Fiscal year	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	−7	1	112	428	530	305	427	145	871	1,780	1,713	1,046	1,567	2,037	1,269	1,037
Depreciation and amortisation	—	—	—	9	18	46	92	107	117	120	141	170	183	184	197	212
Stock-based pay	—	74	8	12	37	48	72	99	102	100	138	157	180	213	214	241
Capital spending	2	10	12	22	258	348	296	325	382	478	324	424	362	306	378	276
Free cash flow	−8	−8	99	407	272	−43	130	−180	489	1,302	1,389	622	1,205	1,731	890	761
Free cash flow after stock pay	—	−82	92	394	235	−91	58	−279	387	1,202	1,251	465	1,025	1,517	677	520
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—	—	—	234	250
Share buybacks	—	2	—	—	—	104	29	—	—	—	—	301	932	722	537	687

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Vipshop Holdings Ltd's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Vipshop Holdings Ltd.