Sunil GillShein reported $41.85 billion of net revenue and $2.06 billion of net profit for 2025, the first audited figures it has ever made public, in the prospectus for its Hong Kong listing. The company went public on September 1, 2026 at a valuation of about $26.5 billion, roughly a quarter of the $100 billion it was valued at privately in 2022, and its shares fell 9% on the first day.
Until July 2026 every Shein number was a leak or an estimate. Now there is a prospectus, and this report uses it, together with the IPO coverage from Reuters, Bloomberg and CNBC. Every figure carries its year and source.
Shein statistics: the key figures
- $41.85 billion net revenue in 2025, up 8%, after $38.75 billion in 2024 (up 20.7%) and $32.10 billion in 2023.
- $2.06 billion net profit in 2025, down 38.7% from $3.37 billion in 2024. Net margin fell from 8.7% to 4.9%.
- 273 million annual active customers and 1.08 billion orders fulfilled in 2025, about four orders per customer.
- A net loss of $99 million in the first quarter of 2026 on revenue growth of 1.1%, with US revenue down 14.3%.
- Europe provides about a third of revenue; the US about 24% in 2025, down from 30% in 2023.
- Listed in Hong Kong on September 1, 2026 (stock code 00625), raising about $1.74 billion at a valuation near $26.5 billion.
Shein revenue
The prospectus gives three years of audited revenue. Growth slowed sharply in 2025 as US tariffs on small parcels took effect, and had nearly stopped by early 2026.
View as table
| Period | Value |
|---|---|
| 2023 | $32.1B |
| 2024 | $38.7B |
| 2025 | $41.8B |
Source: Shein prospectus, Hong Kong Stock Exchange, July 2026
| Year | Net revenue | Growth | Net profit | Net margin |
|---|---|---|---|---|
| 2023 | $32.10 billion | $2.79 billion | 8.7% | |
| 2024 | $38.75 billion | +20.7% | $3.37 billion | 8.7% |
| 2025 | $41.85 billion | +8.0% | $2.06 billion | 4.9% |
| Q1 2026 | Growth of 1.1% | Loss of $99 million |
The first-quarter loss includes a one-off $328 million charge from revaluing convertible preferred shares ahead of the listing, so the underlying business was still profitable, but less so. Shein's gross margin was 67.9% in 2025, which is high for a retailer and shows where the pressure sits: not in the cost of the clothes but in tariffs, logistics and marketing between the factory and the customer.
Shein customers and orders
Shein counted 273 million annual active customers in 2025 who placed 1.078 billion orders, an average of four each. It sells in about 160 markets and launched around 4,700 new styles a day in early 2026 from a base of more than 7,500 contracted manufacturers, over 90% of its revenue coming from goods shipped out of warehouses in China.
In the app stores, Temu rather than Shein was Sensor Tower's most downloaded retail app of 2025, and on Apple's official US list for the year neither app made the top ten free iPhone apps.
Where Shein sells
| Region | Share of net revenue |
|---|---|
| Europe | About one third (2025) |
| United States | About 24% (2025), down from 30% in 2023; 22% in early 2026 |
| Rest of world | The remainder, across about 160 markets |
The US decline is the story of 2025. The end of the de minimis exemption, which had let parcels under $800 enter the United States duty-free, removed the pricing edge that built Shein's American business. US revenue fell 14.3% in the first quarter of 2026, and the company warned in its prospectus of further price rises. Europe has become the larger market.
Shein's valuation and IPO
| Date | Valuation | Event |
|---|---|---|
| 2022 | $100 billion | Private funding round |
| 2023 to 2024 | $64 billion | Funding round; US and London listings attempted and abandoned |
| August 2026 | Up to $27 billion | Hong Kong IPO priced at HK$47.60 to HK$49.50 a share |
| September 1, 2026 | About $26.5 billion | Listing; shares closed down 9% on day one |
Shein sold about 280 million Class B shares for roughly HK$13.6 billion ($1.74 billion). The route to a listing took three years: a confidential US filing in 2023, a London attempt in 2024 that stalled on regulatory approval, and finally Hong Kong, with the prospectus filed on July 26, 2026.
What the numbers mean for app businesses
- Growth bought with a regulatory loophole lasts as long as the loophole. Shein's US business was built on duty-free parcels, and the 2025 numbers show what happened when that ended.
- Scale did not protect margin. Revenue rose 8% while profit fell 39%, because the costs that grew (tariffs, logistics, marketing against Temu) sit between the product and the customer, where scale does not help.
- Four orders per customer per year across 273 million customers is the real asset. A retailer that can reach that many people directly through its app has something a marketplace cannot easily take.
- Valuation followed growth down by three quarters. A company priced at $100 billion on 50% growth is worth $26 billion on 8%, and the market said so in one morning.
The scale of the app market Shein competes in is covered in the most popular apps report.
How these figures are counted
Revenue, profit, customers, orders and regional shares are from Shein's prospectus filed with the Hong Kong Stock Exchange on July 26, 2026, as reported by the outlets cited below; figures are in US dollars as Shein reports them. Valuations are from reported funding rounds and the IPO price range. "Annual active customers" is Shein's own definition of customers who placed at least one order in the year. Download rankings are Sensor Tower estimates.
FAQs
How much revenue does Shein make?
$41.85 billion in 2025, up 8%, according to its IPO prospectus. Revenue was $38.75 billion in 2024 and $32.10 billion in 2023. Growth slowed to 1.1% in the first quarter of 2026.
Is Shein profitable?
It was in 2025, with a net profit of $2.06 billion, but that was down 38.7% from 2024 and the net margin halved to 4.9%. In the first quarter of 2026 Shein reported a net loss of $99 million, which included a one-off $328 million accounting charge.
How many customers does Shein have?
273 million annual active customers in 2025, who placed 1.08 billion orders, about four each, across roughly 160 markets.
What is Shein worth?
About $26.5 billion at its Hong Kong listing on September 1, 2026, down from $64 billion in its 2023 funding round and $100 billion in 2022.
Why is Shein's US business shrinking?
The United States ended the de minimis exemption that allowed parcels under $800 to enter duty-free, which had been the basis of Shein's pricing. US revenue fell 14.3% in the first quarter of 2026, and the US share of Shein's revenue dropped from 30% in 2023 to 22%.
Are Shein's sales declining?
Not yet in total, but growth has nearly stopped. Revenue rose 8% in 2025 after 20.7% in 2024, and only 1.1% in the first quarter of 2026. Sales in the United States are declining, down 14.3% in that quarter, while Europe and other markets still grew.
Which country buys the most from Shein?
The United States is the largest single market, at about 24% of 2025 revenue (down from 30% in 2023), though Europe as a region is bigger at roughly a third. Shein sells in about 160 markets.
Sources
- Shein's Hong Kong IPO prospectus (July 26, 2026) as reported by Oninvest, July 27, 2026, and by ChinaSellers
- Reuters, Shein launches up to $1.8 billion Hong Kong IPO, August 2026
- CNBC, Shein's shares drop 9% in Hong Kong market debut, September 1, 2026
- Sensor Tower, State of Mobile 2026 (retail app rankings)
All figures were checked against the sources above on October 6, 2026.