GDS Holdings (GDS) financial statements

Technology · Information Technology Services · Market cap $5.5B

GDS Holdings reported revenue of 11.4B CNY in fiscal 2025, up 30.3% a year over 9 years.

Net income was 950M CNY and the operating margin -0.5%, against -4.0% in 2016.

Free cash flow was -1.3B CNY.

The diluted share count rose 450% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (CNY).

-10-50510152016201720182019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, in CNY, from GDS Holdings's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Revenue1.1B CNY1.6B CNY2.8B CNY4.1B CNY5.7B CNY7.8B CNY9.3B CNY9.8B CNY10.3B CNY11.4B CNY
Cost of revenue790M CNY1.2B CNY2.2B CNY3.1B CNY4.2B CNY6.0B CNY7.3B CNY7.8B CNY8.1B CNY8.8B CNY
Gross profit266M CNY408M CNY622M CNY1.0B CNY1.6B CNY1.8B CNY2.0B CNY2.0B CNY2.2B CNY2.6B CNY
Research and development9M CNY7M CNY14M CNY22M CNY40M CNY39M CNY32M CNY38M CNY36M CNY33M CNY
Selling, general and admin299M CNY319M CNY440M CNY541M CNY837M CNY1.2B CNY1.2B CNY1.1B CNY1.0B CNY1.0B CNY
Operating income-42M CNY82M CNY168M CNY480M CNY673M CNY570M CNY713M CNY-2.2B CNY1.2B CNY-56M CNY
Interest expense265M CNY412M CNY656M CNY969M CNY1.3B CNY1.7B CNY1.9B CNY2.0B CNY1.9B CNY1.8B CNY
Pre-tax income-285M CNY-333M CNY-440M CNY-426M CNY-548M CNY-949M CNY-828M CNY-3.9B CNY-615M CNY713M CNY
Income tax-8M CNY-6M CNY-9M CNY16M CNY121M CNY242M CNY276M CNY-16M CNY156M CNY470M CNY
Net income-276M CNY-327M CNY-430M CNY-442M CNY-666M CNY-1.2B CNY-1.3B CNY-4.3B CNY3.4B CNY950M CNY
EPS (diluted)-1.35 CNY-0.42 CNY-0.43 CNY-0.45 CNY-0.59 CNY-0.90 CNY-1.03 CNY-2.96 CNY2.27 CNY0.55 CNY
Diluted shares299M785M990M1.10B1.25B1.45B1.46B1.47B1.48B1.64B
Gross margin25.2%25.3%22.3%25.3%27.0%22.8%21.1%19.9%21.5%22.6%
Operating margin-4.0%5.1%6.0%11.6%11.7%7.3%7.7%-22.6%11.2%-0.5%
Net margin-26.2%-20.2%-15.4%-10.7%-11.6%-15.2%-13.7%-43.9%33.2%8.3%

Balance sheet

Fiscal years, in CNY, from GDS Holdings's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments1.8B CNY1.9B CNY2.2B CNY5.8B CNY16.3B CNY10.0B CNY8.6B CNY7.4B CNY7.9B CNY14.3B CNY
Receivables199M CNY365M CNY537M CNY880M CNY1.5B CNY1.7B CNY2.4B CNY2.5B CNY3.0B CNY2.5B CNY
Total current assets2.2B CNY2.5B CNY3.0B CNY7.1B CNY18.3B CNY14.5B CNY12.0B CNY11.0B CNY11.6B CNY18.5B CNY
Property, plant and equipment4.3B CNY8.2B CNY14.0B CNY19.2B CNY29.6B CNY40.6B CNY46.9B CNY40.1B CNY40.2B CNY38.1B CNY
Goodwill1.3B CNY1.6B CNY1.8B CNY1.9B CNY2.6B CNY7.1B CNY7.1B CNY5.9B CNY5.9B CNY5.2B CNY
Total assets8.2B CNY13.1B CNY20.9B CNY31.5B CNY57.3B CNY71.6B CNY74.8B CNY74.4B CNY73.6B CNY80.0B CNY
Total current liabilities1.5B CNY2.4B CNY3.5B CNY4.0B CNY7.6B CNY13.5B CNY10.6B CNY8.3B CNY9.1B CNY7.1B CNY
Long-term debt1.5B CNY3.5B CNY5.2B CNY8.0B CNY10.6B CNY18.3B CNY23.5B CNY23.1B CNY21.9B CNY23.4B CNY
Total liabilities5.2B CNY8.7B CNY15.4B CNY20.1B CNY30.6B CNY45.7B CNY50.6B CNY54.3B CNY50.0B CNY52.3B CNY
Shareholders' equity3.0B CNY4.5B CNY5.5B CNY10.3B CNY25.6B CNY24.5B CNY23.0B CNY18.9B CNY22.5B CNY25.8B CNY
Net debt87M CNY1.9B CNY3.6B CNY3.0B CNY-4.8B CNY9.6B CNY16.9B CNY17.9B CNY16.6B CNY11.6B CNY

Cash flow

Fiscal years, in CNY, from GDS Holdings's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Operating cash flow-129M CNY-168M CNY-13M CNY293M CNY321M CNY1.2B CNY2.8B CNY2.1B CNY1.9B CNY3.4B CNY
Capital spending988M CNY1.7B CNY4.3B CNY4.6B CNY8.0B CNY9.7B CNY5.9B CNY3.2B CNY3.2B CNY4.7B CNY
Free cash flow-1.1B CNY-1.9B CNY-4.3B CNY-4.3B CNY-7.7B CNY-8.5B CNY-3.1B CNY-1.1B CNY-1.2B CNY-1.3B CNY
Stock-based compensation64M CNY60M CNY106M CNY190M CNY334M CNY391M CNY291M CNY337M CNY296M CNY283M CNY
Net borrowing896M CNY1.7B CNY2.0B CNY-2.0B CNY-4.2B CNY-5.2B CNY-1.3B CNY-4.4B CNY-5.6B CNY-8.0B CNY
Free cash flow margin-105.8%-116.8%-153.1%-103.4%-134.5%-108.7%-33.0%-11.5%-11.9%-11.6%
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Questions

What was GDS Holdings's revenue in 2025?

11.4B CNY in fiscal 2025, from its 10-K filing.

How much free cash flow does GDS Holdings generate?

-1.3B CNY in fiscal 2025 (operating cash flow minus capital spending).

From GDS Holdings's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.