GDS Holdings Limited Reports First Quarter 2026 Results
Rhea-AI Summary
GDS (NASDAQ:GDS; HKEX:9698) reported unaudited Q1 2026 results with net revenue of RMB3,367.1M, up 23.6% Y-o-Y, and net income of RMB2,652.1M, up 247.1%.
Adjusted EBITDA reached RMB1,948.7M, up 47.2%. GDS completed a US$385M partial sale of DayOne shares and a US$300M convertible preferred share private placement, and reaffirmed full-year 2026 revenue and EBITDA guidance.
AI-generated analysis. Not financial advice.
Positive
- Net revenue up 23.6% Y-o-Y to RMB3,367.1M
- Net income up 247.1% Y-o-Y to RMB2,652.1M
- Adjusted EBITDA up 47.2% Y-o-Y to RMB1,948.7M
- Adjusted EBITDA margin rose to 57.9% from 48.6%
- Cash and cash equivalents of RMB14,822.5M at March 31, 2026
- US$385M cash inflow from partial sale of DayOne shares
- US$300M Series B convertible preferred share financing completed
- Total area committed and pre-committed up 11.7% Y-o-Y to 725,485 sqm
- Area utilized up 12.7% Y-o-Y to 520,929 sqm
- Pre-commitment rate for area under construction increased to 84.4%
- Company reaffirmed full-year 2026 revenue and Adjusted EBITDA guidance
Negative
- Total short-term debt of RMB9,368.9M at March 31, 2026
- Total long-term debt of RMB36,527.7M at March 31, 2026
- Adjusted GP margin ex one-time items fell to 51.8% from 53.4%
- Utility costs as a percentage of net revenue increased Y-o-Y
- Net income includes sizable dilution gain from DayOne investment
Market Reaction – GDS
Following this news, GDS has declined 4.63%, reflecting a moderate negative market reaction. Our momentum scanner has triggered 30 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $38.54. This price movement has removed approximately $375M from the company's valuation.
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Key Figures
Market Reality Check
Peers on Argus
GDS was down 3.14% while key IT services peers were mixed: EXLS (-1.66%), EPAM (-1.28%), G (-0.41%), PSN (-1.26%) and KD (+1.26%). The lack of broad, same-direction moves points to a stock-specific reaction.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 17 | 4Q25 & FY25 earnings | Positive | +2.5% | Full-year 2025 revenue and EBITDA grew 10.8% with margins near 47%. |
| Nov 19 | 3Q25 earnings | Positive | +2.5% | 3Q25 revenue and adjusted EBITDA rose over 10% YoY with solid margins. |
| Aug 20 | 2Q25 earnings | Positive | +7.3% | Q2 2025 revenue grew 12.4% and net loss narrowed sharply versus 2024. |
| May 20 | 1Q25 earnings | Positive | +1.9% | Q1 2025 delivered double-digit revenue growth and a swing to net income. |
| Mar 19 | 4Q24 & FY24 earnings | Neutral | -14.0% | 4Q24 showed revenue growth and lower losses but included DayOne deconsolidation. |
Earnings reports have typically been followed by modest positive one-day moves, with one notable selloff after 4Q24 results despite operational improvement.
Across the past five earnings events from Mar 2024 through Mar 2026, GDS has shown steady revenue growth, expanding adjusted EBITDA margins and improving utilization of its data center footprint. Several quarters marked transitions from losses to profitability and included balance sheet actions like the China REIT IPO and asset deconsolidations. Most of these updates were followed by positive price reactions, suggesting investors often rewarded execution and growth, though the sharp negative move after 4Q24 shows sensitivity to headline net losses and structural changes.
Historical Comparison
In the past five earnings releases, GDS saw an average one-day move of 0.05%, usually modestly positive. This quarter’s earnings fit the pattern of revenue and EBITDA growth with improving utilization across the data center portfolio.
Earnings updates since 2024 show a progression from moderating net losses toward sustained profitability, with recurring revenue growth, rising adjusted EBITDA margins and higher utilization of an expanding data center footprint.
Market Pulse Summary
This announcement highlights solid 1Q2026 execution, with net revenue of RMB3,367.1M, strong net income, and adjusted EBITDA growth alongside rising utilization of data center capacity. Management also strengthened liquidity through a US$300M convertible preferred issuance and monetization of the DayOne stake. Historically, earnings updates have shown consistent revenue expansion and margin resilience. Investors may focus on normalized EBITDA, substantial debt levels, and whether full‑year 2026 guidance for revenue and adjusted EBITDA is maintained over coming quarters.
Key Terms
adjusted ebitda financial
adjusted gross profit financial
non-gaap financial
convertible bonds payable financial
AI-generated analysis. Not financial advice.
SHANGHAI, China, May 20, 2026 (GLOBE NEWSWIRE) -- GDS Holdings Limited (“GDS Holdings”, “GDS” or the “Company”) (NASDAQ: GDS; HKEX: 9698), a leading developer and operator of high-performance data centers in China, today announced its unaudited financial results for the first quarter ended March 31, 2026.
First Quarter 2026 Financial Highlights
- Net revenue increased by
23.6% year-over-year (“Y-o-Y”) to RMB3,367.1 million (US$488.1 million ) in the first quarter of 2026 (1Q2025: RMB2,723.2 million). Net revenue excluding some one-time items was RMB2,938.0 million (US$425.9 million ), an increase of7.9% Y-o-Y. - Net income increased by
247.1% Y-o-Y to RMB2,652.1 million (US$384.5 million ) in the first quarter of 2026 (1Q2025: RMB764.1 million). - Net income margin was
78.8% in the first quarter of 2026 (1Q2025:28.1% ). - Adjusted EBITDA (non-GAAP) increased by
47.2% Y-o-Y to RMB1,948.7 million (US$282.5 million ) in the first quarter of 2026 (1Q2025: RMB1,323.8 million). Adjusted EBITDA (non-GAAP) excluding some one-time items was RMB1,430.3 million (US$207.3 million ), an increase of8.0% Y-o-Y. See “Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release. - Adjusted EBITDA margin (non-GAAP) was
57.9% in the first quarter of 2026 (1Q2025:48.6% ). Adjusted EBITDA margin (non-GAAP) excluding some one-time items was48.7% .
First Quarter 2026 Operating Highlights
- Total area committed and pre-committed increased by
11.7% Y-o-Y to 725,485 sqm as of March 31, 2026 (March 31, 2025: 649,561 sqm). - Area utilized increased by
12.7% Y-o-Y to 520,929 sqm as of March 31, 2026 (March 31, 2025: 462,423 sqm). - Area in service increased by
10.4% Y-o-Y to 674,269 sqm as of March 31, 2026 (March 31, 2025: 610,685 sqm) - Utilization rate (area utilized divided by area in service) was
77.3% as of March 31, 2026 (March 31, 2025:75.7% ).
“We started 2026 with very strong sales,” said Mr. William Huang, Chairman and Chief Executive Officer of GDS. “During the first quarter, we recorded net new bookings of around 200MW, the highest level ever for a single quarter. With AI infrastructure demand intensifying, we believe GDS is uniquely positioned to capture the next phase of growth.”
“In the first quarter, our revenue increased by
First Quarter 2026 Financial Results
Net revenue in the first quarter of 2026 was RMB3,367.1 million (US
Cost of revenue in the first quarter of 2026 was RMB2,235.6 million (US
Gross profit was RMB1,131.5 million (US
Gross profit margin was
Adjusted Gross Profit (“Adjusted GP”) (non-GAAP) is defined as gross profit excluding depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs and share-based compensation expenses allocated to cost of revenue. Adjusted GP was RMB1,952.0 million (US
Adjusted GP margin (non-GAAP) was
Selling and marketing expenses, excluding share-based compensation expenses of RMB11.6 million (US
General and administrative expenses, excluding share-based compensation expenses of RMB44.8 million (US
Research and development costs were RMB9.6 million (US
Net interest expenses for the first quarter of 2026 were RMB379.8 million (US
Foreign currency exchange loss for the first quarter of 2026 was RMB1.4 million (US
Others, net for the first quarter of 2026 was RMB97.6 million (US
Gain on deconsolidation of subsidiaries for the first quarter of 2026 was nil, compared with RMB1,057.0 million in the same period last year. The Y-o-Y decrease was mainly due to the gain on the deconsolidation of the underlying projects for the ABS transaction during the first quarter of 2025.
Income tax expenses for the first quarter of 2026 were RMB108.7 million (US
Share of results of equity method investees for the first quarter of 2026 was an income of RMB2,136.5 million (US
Net income in the first quarter of 2026 was RMB2,652.1 million (US
Basic income per ordinary share in the first quarter of 2026 was RMB1.67 (US
Diluted income per ordinary share in the first quarter of 2026 was RMB1.32 (US
Basic income per American Depositary Share (“ADS”) in the first quarter of 2026 was RMB13.33 (US
Diluted income per American Depositary Share (“ADS”) in the first quarter of 2026 was RMB10.58 (US
Adjusted EBITDA (non-GAAP) is defined as net income (loss) excluding net interest expenses, income tax expenses (benefits), depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs, share-based compensation expenses, impairment losses of long-lived assets, share of results of equity method investees and gain on deconsolidation of subsidiaries. Adjusted EBITDA was RMB1,948.7 million (US
Adjusted EBITDA margin (non-GAAP) was
Liquidity
As of March 31, 2026, cash and cash equivalents were RMB14,822.5 million (US
Total short-term debt was RMB9,368.9 million (US
During the first quarter of 2026, the Company obtained new debt financing and refinancing facilities of RMB460.0 million (US
First Quarter 2026 Operating Results
Sales
Total area committed and pre-committed at the end of the first quarter of 2026 was 725,485 sqm, compared with 649,561 sqm at the end of the first quarter of 2025 and 670,106 sqm at the end of the fourth quarter of 2025, an increase of
Data Center Resources
Area in service at the end of the first quarter of 2026 was 674,269 sqm, compared with 610,685 sqm at the end of the first quarter of 2025 and 668,283 sqm at the end of the fourth quarter of 2025, an increase of
Area under construction at the end of the first quarter of 2026 was 118,411 sqm, compared with 132,208 sqm at the end of the first quarter of 2025 and 73,994 sqm at the end of the fourth quarter of 2025, a decrease of
Commitment rate for area in service was
Move-In
Area utilized at the end of the first quarter of 2026 was 520,929 sqm, compared with 462,423 sqm at the end of the first quarter of 2025 and 504,843 sqm at the end of the fourth quarter of 2025, an increase of
Utilization rate for area in service was
Partial Sale of DayOne Ordinary Shares
During the first quarter of 2026, the Company completed the US
Subsequently in April 2026, following the closing of an upsizing of DayOne’s Series C new issue, the market value of our remaining equity interest in DayOne is over US
Private Placement of US
During the first quarter of 2026, the Company completed a private placement of US
Business Outlook
The Company confirms that the previously provided guidance of total revenues for the year of 2026 of RMB12,400 million – RMB12,900 million, Adjusted EBITDA of RMB5,750 million – RMB6,000 million and capex of around RMB9,000 million remain unchanged.
This forecast reflects the Company’s preliminary view on the current business situation and market conditions, which are subject to change.
Conference Call
Management will hold a conference call at 8:00 a.m. U.S. Eastern Time on May 20, 2026 (8:00 p.m. Beijing Time on May 20, 2026) to discuss financial results and answer questions from investors and analysts.
Participants should complete online registration using the link provided below at least 15 minutes before the scheduled start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, a personal PIN and an e-mail with detailed instructions to join the conference call.
Participant Online Registration:
https://register-conf.media-server.com/register/BIdae3e37d5e2a42a7b9679deaf921ff79
A live and archived webcast of the conference call will be available on the Company's investor relations website at https://investors.gds-services.com.
Non-GAAP Disclosure
Our management and board of directors use Adjusted EBITDA, Adjusted EBITDA margin, Adjusted GP and Adjusted GP margin, which are non-GAAP financial measures, to evaluate our operating performance, establish budgets and develop operational goals for managing our business. We believe that the exclusion of the income and expenses eliminated in calculating Adjusted EBITDA and Adjusted GP can provide useful and supplemental measures of our core operating performance. In particular, we believe that the use of Adjusted EBITDA as a supplemental performance measure captures the trend in our operating performance by excluding from our operating results the impact of our capital structure (primarily interest expense), asset base charges (primarily depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs and impairment losses of long-lived assets), other non-cash expenses (primarily share-based compensation expenses), and other income and expenses which we believe are not reflective of our operating performance (primarily gain or loss on deconsolidation of subsidiaries and share of results of equity method investees), whereas the use of adjusted gross profit as a supplemental performance measure captures the trend in gross profit performance of our data centers in service by excluding from our gross profit the impact of asset base charges (primarily depreciation and amortization, operating lease cost relating to prepaid land use rights and accretion expenses for asset retirement costs) and other non-cash expenses (primarily share-based compensation expenses) included in cost of revenue. In addition, we exclude the income (loss) from discontinued operations from our Adjusted EBITDA and Adjusted EBITDA margin to measure our financial performance from continuing operations, which will be consistent with our future financial performance disclosure.
We note that depreciation and amortization is a fixed cost which commences as soon as each data center enters service. However, it usually takes several years for new data centers to reach high levels of utilization and profitability. The Company incurs significant depreciation and amortization costs for its early stage data center assets. Accordingly, gross profit, which is a measure of profitability after taking into account depreciation and amortization, does not accurately reflect the Company’s core operating performance.
We also present these non-GAAP measures because we believe these non-GAAP measures are frequently used by securities analysts, investors and other interested parties as measures of the financial performance of companies in our industry.
These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, cash flows or our liquidity, investors should not consider them in isolation, or as a substitute for gross profit, net income (loss), cash flows provided by (used in) operating activities or other consolidated statements of operations and cash flow data prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures instead of their nearest GAAP equivalent. First, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted GP, and Adjusted GP margin are not substitutes for gross profit, net income (loss), cash flows provided by (used in) operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. Second, other companies may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of these non-GAAP financial measures as tools for comparison. Finally, these non-GAAP financial measures do not reflect the impact of income (loss) from discontinued operations, net interest expenses, incomes tax benefits (expenses), depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs, share-based compensation expenses, impairment losses of long-lived assets, gain on deconsolidation of subsidiaries and share of results of equity method investees, each of which have been and may continue to be incurred in our business.
We mitigate these limitations by reconciling the non-GAAP financial measure to the most comparable U.S. GAAP performance measure, all of which should be considered when evaluating our performance. We do not provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, share-based compensation, share of results of equity method investees and net income (loss); the impact of such data and related adjustments can be significant. As a result, we are not able to provide a reconciliation of forward-looking U.S. GAAP to forward-looking non-GAAP financial measures without unreasonable effort. Such forward-looking non-GAAP financial measures include the forecast for Adjusted EBITDA in the section captioned “Business Outlook” set forth in this press release.
For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this press release.
Exchange Rate
This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.8980 to US
Statement Regarding Preliminary Unaudited Financial Information
The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company’s year-end audit, which could result in significant differences from this preliminary unaudited financial information.
About GDS Holdings Limited
GDS Holdings Limited (NASDAQ: GDS; HKEX: 9698) is a leading developer and operator of high-performance data centers in China. The Company’s facilities are strategically located across the key hubs where demand for high-performance data center services is concentrated. The Company’s data centers have large net floor area, high power capacity, density and efficiency, and multiple redundancies across all critical systems. The Company is carrier and cloud-neutral, which enables its customers to access the major telecommunications networks, as well as the largest PRC and global public clouds, which are hosted in many of its facilities. The Company has a 26-year track record of service delivery, successfully fulfilling the requirements of some of the largest and most demanding customers for outsourced data center services in China. The Company’s customer base consists predominantly of hyperscale cloud service providers, large internet companies, financial institutions, telecommunications carriers, IT service providers, and large domestic private sector and multinational corporations. The Company also holds a minority equity interest in DayOne Data Centers Limited, an independent Singapore-headquartered hyperscale data center platform.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “aim,” “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “guidance,” “intend,” “is/are likely to,” “may,” “ongoing,” “plan,” “potential,” “target,” “will,” and similar statements. Among other things, statements that are not historical facts, including statements about GDS Holdings’ beliefs and expectations regarding the growth of its businesses and its revenue for the full fiscal year, the business outlook and quotations from management in this announcement, as well as GDS Holdings’ strategic and operational plans, are or contain forward-looking statements. GDS Holdings may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) on Forms 20-F and 6-K, in its current, interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of the Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause GDS Holdings’ actual results or financial performance to differ materially from those contained in any forward-looking statement, including but not limited to the following: GDS Holdings’ goals and strategies; GDS Holdings’ future business development, financial condition and results of operations; the expected growth of the market for high-performance data centers, data center solutions and related services in China and regions in which GDS Holdings’ major equity investees operate, such as South East Asia; GDS Holdings’ expectations regarding demand for and market acceptance of its high-performance data centers, data center solutions and related services; GDS Holdings’ expectations regarding building, strengthening and maintaining its relationships with new and existing customers; the results of operations, growth prospects, financial condition, regulatory environment, competitive landscape and other uncertainties associated with the business and operations of GDS Holdings’ major equity investee DayOne; the continued adoption of cloud computing and cloud service providers in China and other major markets that may impact the results of our equity investees, such as South East Asia; risks and uncertainties associated with increased investments in GDS Holdings’ business and new data center initiatives; risks and uncertainties associated with strategic acquisitions and investments; GDS Holdings’ ability to maintain or grow its revenue or business; fluctuations in GDS Holdings’ operating results; changes in laws, regulations and regulatory environment that affect GDS Holdings’ business operations and those of its major equity investees; competition in GDS Holdings’ industry in China and in markets that affect the business operations of its major equity investees, such as South East Asia; GDS Holdings’ ability to monetize its existing data center assets through transactions such as public REITs, ABS Schemes, data center funds, joint ventures, sale and lease-back arrangements and private asset sales; security breaches; power outages; and fluctuations in general economic and business conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in GDS Holdings’ filings with the SEC, including its annual report on Form 20-F, and with the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release and are based on assumptions that GDS Holdings believes to be reasonable as of such date, and GDS Holdings does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
GDS Holdings Limited
Laura Chen
Phone: +86 (21) 2029-2203
Email: ir@gds-services.com
Piacente Financial Communications
Ross Warner
Phone: +86 (10) 6508-0677
Email: GDS@tpg-ir.com
Brandi Piacente
Phone: +1 (212) 481-2050
Email: GDS@tpg-ir.com
GDS Holdings Limited
| GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) | |||||||
| As of December 31, 2025 | As of March 31, 2026 | ||||||
| RMB | RMB | US$ | |||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | 14,305,958 | 14,822,493 | 2,148,810 | ||||
| Accounts receivable, net of allowance for credit losses | 2,467,358 | 2,957,449 | 428,740 | ||||
| Value-added-tax (“VAT”) recoverable | 284,967 | 290,929 | 42,176 | ||||
| Prepaid expenses and other current assets | 1,489,174 | 5,512,007 | 799,073 | ||||
| Total current assets | 18,547,457 | 23,582,878 | 3,418,799 | ||||
| Non-current assets | |||||||
| Long-term investments in equity investees | 10,052,348 | 9,337,471 | 1,353,649 | ||||
| Property and equipment, net | 38,053,824 | 37,874,775 | 5,490,689 | ||||
| Prepaid land use rights, net | 16,119 | 16,000 | 2,320 | ||||
| Operating lease right-of-use assets | 4,831,624 | 4,810,838 | 697,425 | ||||
| Goodwill and intangible assets, net | 5,461,058 | 5,422,296 | 786,068 | ||||
| Other non-current assets | 3,036,068 | 3,090,494 | 448,027 | ||||
| Total non-current assets | 61,451,041 | 60,551,874 | 8,778,178 | ||||
| Total assets | 79,998,498 | 84,134,752 | 12,196,977 | ||||
| Liabilities, Mezzanine Equity and Equity | |||||||
| Current liabilities | |||||||
| Short-term borrowings and current portion of long-term borrowings | 2,951,734 | 3,222,777 | 467,205 | ||||
| Convertible bonds payable, current | 0 | 4,284,871 | 621,176 | ||||
| Accounts payable | 1,932,177 | 1,911,943 | 277,174 | ||||
| Accrued expenses and other payables | 1,437,173 | 1,248,513 | 180,996 | ||||
| Operating lease liabilities, current | 110,133 | 106,538 | 15,445 | ||||
| Finance lease and other financing obligations, current | 697,142 | 1,861,268 | 269,827 | ||||
| Total current liabilities | 7,128,359 | 12,635,910 | 1,831,823 | ||||
| Non-current liabilities | |||||||
| Long-term borrowings, excluding current portion | 23,363,213 | 23,200,181 | 3,363,320 | ||||
| Convertible bonds payable, non-current | 12,144,371 | 7,683,099 | 1,113,815 | ||||
| Operating lease liabilities, non-current | 1,203,487 | 1,183,205 | 171,529 | ||||
| Finance lease and other financing obligations, non-current | 7,053,979 | 5,644,402 | 818,266 | ||||
| Other long-term liabilities | 1,368,028 | 1,346,196 | 195,157 | ||||
| Total non-current liabilities | 45,133,078 | 39,057,083 | 5,662,087 | ||||
| Total liabilities | 52,261,437 | 51,692,993 | 7,493,910 | ||||
| Mezzanine equity | |||||||
| Redeemable preferred shares | 1,056,663 | 3,119,496 | 452,232 | ||||
| Total mezzanine equity | 1,056,663 | 3,119,496 | 452,232 | ||||
| GDS Holdings Limited shareholders' equity | |||||||
| Ordinary shares | 562 | 562 | 81 | ||||
| Additional paid-in capital | 31,706,498 | 31,736,579 | 4,600,838 | ||||
| Accumulated other comprehensive loss | (829,319 | ) | (869,439 | ) | (126,042 | ) | |
| Accumulated deficit | (5,094,729 | ) | (2,446,027 | ) | (354,600 | ) | |
| Total GDS Holdings Limited shareholders' equity | 25,783,012 | 28,421,675 | 4,120,277 | ||||
| Non-controlling interests | 897,386 | 900,588 | 130,558 | ||||
| Total equity | 26,680,398 | 29,322,263 | 4,250,835 | ||||
| Total liabilities, mezzanine equity and equity | 79,998,498 | 84,134,752 | 12,196,977 | ||||
| GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for number of shares and per share data) | |||||||||
| Three months ended | |||||||||
| March 31, 2025 | December 31, 2025 | March 31, 2026 | |||||||
| RMB | RMB | RMB | US$ | ||||||
| Net revenue | |||||||||
| Service revenue | 2,722,908 | 2,920,291 | 3,366,680 | 488,066 | |||||
| Equipment sales | 250 | 1,411 | 419 | 61 | |||||
| Total net revenue | 2,723,158 | 2,921,702 | 3,367,099 | 488,127 | |||||
| Cost of revenue | (2,078,333 | ) | (2,309,275 | ) | (2,235,580 | ) | (324,091 | ) | |
| Gross profit | 644,825 | 612,427 | 1,131,519 | 164,036 | |||||
| Operating expenses | |||||||||
| Selling and marketing expenses | (32,764 | ) | (42,390 | ) | (36,560 | ) | (5,300 | ) | |
| General and administrative expenses | (238,936 | ) | (199,038 | ) | (177,438 | ) | (25,723 | ) | |
| Research and development expenses | (7,889 | ) | (7,732 | ) | (9,562 | ) | (1,386 | ) | |
| Impairment losses of long-lived assets | 0 | (1,561,235 | ) | 0 | 0 | ||||
| Income (loss) from operations | 365,236 | (1,197,968 | ) | 907,959 | 131,627 | ||||
| Other income (expenses): | |||||||||
| Net interest expenses | (441,477 | ) | (412,919 | ) | (379,847 | ) | (55,066 | ) | |
| Foreign currency exchange gain (loss), net | 1,018 | (261 | ) | (1,396 | ) | (202 | ) | ||
| Others, net | 9,685 | 3,167 | 97,614 | 14,151 | |||||
| Gain (loss) on deconsolidation of subsidiaries | 1,057,045 | (62,245 | ) | 0 | 0 | ||||
| Income (loss) before income taxes and share of results of equity method investees | 991,507 | (1,670,226 | ) | 624,330 | 90,510 | ||||
| Income tax expenses | (199,701 | ) | (23,283 | ) | (108,706 | ) | (15,759 | ) | |
| Share of results of equity method investees | (27,732 | ) | 1,230,749 | 2,136,513 | 309,729 | ||||
| Net income (loss) | 764,074 | (462,760 | ) | 2,652,137 | 384,480 | ||||
| Net income attributable to non-controlling interests | (1,053 | ) | (4,293 | ) | (3,435 | ) | (498 | ) | |
| Net income (loss) attributable to GDS Holdings Limited shareholders | 763,021 | (467,053 | ) | 2,648,702 | 383,982 | ||||
| Cumulative dividend on redeemable preferred shares | (13,455 | ) | (13,566 | ) | (24,521 | ) | (3,555 | ) | |
| Net income (loss) available to GDS Holdings Limited ordinary shareholders | 749,566 | (480,619 | ) | 2,624,181 | 380,427 | ||||
| Income (loss) per ordinary share | |||||||||
| Basic | 0.49 | (0.31 | ) | 1.67 | 0.24 | ||||
| Diluted | 0.43 | (0.31 | ) | 1.32 | 0.19 | ||||
| Weighted average number of ordinary share outstanding | |||||||||
| Basic | 1,484,257,047 | 1,554,302,551 | 1,554,302,551 | 1,554,302,551 | |||||
| Diluted | 1,797,675,770 | 1,554,302,551 | 2,031,672,616 | 2,031,672,616 | |||||
| GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) | ||||||||
| Three months ended | ||||||||
| March 31, 2025 | December 31, 2025 | March 31, 2026 | ||||||
| RMB | RMB | RMB | US$ | |||||
| Net income (loss) | 764,074 | (462,760 | ) | 2,652,137 | 384,480 | |||
| Foreign currency translation adjustments, net of nil tax | 16,434 | 103,487 | 130,646 | 18,940 | ||||
| Amounts reclassified from accumulated other comprehensive loss | 0 | (21,175 | ) | (17,334 | ) | (2,513 | ) | |
| Other comprehensive (loss) income from share of results of equity method investees | (3,394 | ) | 16,424 | (153,665 | ) | (22,277 | ) | |
| Comprehensive income (loss) | 777,114 | (364,024 | ) | 2,611,784 | 378,630 | |||
| Comprehensive income attributable to non-controlling interests | (1,161 | ) | (4,180 | ) | (3,202 | ) | (464 | ) |
| Comprehensive income (loss) attributable to GDS Holdings Limited shareholders | 775,953 | (368,204 | ) | 2,608,582 | 378,166 | |||
| GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) | ||||||||
| Three months ended | ||||||||
| March 31, 2025 | December 31, 2025 | March 31, 2026 | ||||||
| RMB | RMB | RMB | US$ | |||||
| Net income (loss) | 764,074 | (462,760 | ) | 2,652,137 | 384,480 | |||
| Depreciation and amortization | 856,519 | 885,229 | 831,815 | 120,588 | ||||
| Amortization of debt issuance cost and debt discount | 31,804 | 26,454 | 20,116 | 2,916 | ||||
| Share-based compensation expense | 61,977 | 85,494 | 83,821 | 12,151 | ||||
| Share of results of equity method investees | 27,732 | (1,230,749 | ) | (2,136,513 | ) | (309,729 | ) | |
| (Gain) loss on deconsolidation of subsidiaries | (1,057,045 | ) | 62,245 | 0 | 0 | |||
| Impairment losses of long-lived assets | 0 | 1,561,235 | 0 | 0 | ||||
| Others | 8,172 | (12,801 | ) | 16,709 | 2,422 | |||
| Changes in operating assets and liabilities | 86,839 | 69,210 | (1,020,394 | ) | (147,927 | ) | ||
| Net cash provided by (used in) operating activities | 780,072 | 983,557 | 447,691 | 64,901 | ||||
| Purchase of property and equipment and land use rights | (1,009,328 | ) | (914,640 | ) | (770,045 | ) | (111,633 | ) |
| (Payments) receipts related to acquisitions and investments | (360,085 | ) | (9,828 | ) | 2,694,346 | 390,598 | ||
| Purchases of time deposits | 0 | (674,910 | ) | (4,414,802 | ) | (640,012 | ) | |
| Maturities of time deposits | 0 | 0 | 657,343 | 95,295 | ||||
| Net cash used in investing activities | (1,369,413 | ) | (1,599,378 | ) | (1,833,158 | ) | (265,752 | ) |
| Net cash provided by financing activities | 275,032 | 1,508,285 | 1,881,331 | 272,737 | ||||
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | (242 | ) | (38,135 | ) | (79,342 | ) | (11,503 | ) |
| Net (decrease) increase of cash and cash equivalents and restricted cash | (314,551 | ) | 854,329 | 416,522 | 60,383 | |||
| Cash and cash equivalents and restricted cash at beginning of period | 8,093,530 | 13,586,698 | 14,441,027 | 2,093,509 | ||||
| Cash and cash equivalents and restricted cash at end of period | 7,778,979 | 14,441,027 | 14,857,549 | 2,153,892 | ||||
| GDS HOLDINGS LIMITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for percentage data) | ||||||||
| Three months ended | ||||||||
| March 31, 2025 | December 31, 2025 | March 31, 2026 | ||||||
| RMB | % of net revenue | RMB | % of net revenue | RMB | US$ | % of net revenue | ||
| Gross profit | 644,825 | 23.7 | 612,427 | 21.0 | 1,131,519 | 164,036 | 33.6 | |
| Depreciation and amortization | 790,737 | 29.0 | 827,079 | 28.2 | 781,191 | 113,249 | 23.2 | |
| Operating lease cost relating to prepaid land use rights | 12,016 | 0.4 | 11,564 | 0.4 | 12,921 | 1,873 | 0.4 | |
| Accretion expenses for asset retirement costs | 1,828 | 0.1 | 1,776 | 0.1 | 1,855 | 269 | 0.1 | |
| Share-based compensation expenses | 6,016 | 0.2 | 25,045 | 0.9 | 24,552 | 3,559 | 0.7 | |
| Adjusted GP | 1,455,422 | 53.4 | 1,477,891 | 50.6 | 1,952,038 | 282,986 | 58.0 | |
| GDS HOLDINGS LIMITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for percentage data) | ||||||||||||||
| Three months ended | ||||||||||||||
| March 31, 2025 | December 31, 2025 | March 31, 2026 | ||||||||||||
| RMB | % of net revenue | RMB | % of net revenue | RMB | US$ | % of net revenue | ||||||||
| Net income (loss) | 764,074 | 28.1 | (462,760 | ) | (15.8 | ) | 2,652,137 | 384,480 | 78.8 | |||||
| Net interest expenses | 441,477 | 16.2 | 412,919 | 14.1 | 379,847 | 55,066 | 11.3 | |||||||
| Income tax expenses | 199,701 | 7.3 | 23,283 | 0.8 | 108,706 | 15,759 | 3.2 | |||||||
| Share of results of equity method investees | 27,732 | 1.0 | (1,230,749 | ) | (42.1 | ) | (2,136,513 | ) | (309,729 | ) | (63.5 | ) | ||
| (Gain) loss on deconsolidation of subsidiaries | (1,057,045 | ) | (38.8 | ) | 62,245 | 2.1 | 0 | 0 | 0.0 | |||||
| Depreciation and amortization | 856,519 | 31.4 | 885,229 | 30.3 | 831,815 | 120,588 | 24.7 | |||||||
| Operating lease cost relating to prepaid land use rights | 27,584 | 1.0 | 26,951 | 0.9 | 27,018 | 3,917 | 0.8 | |||||||
| Accretion expenses for asset retirement costs | 1,828 | 0.1 | 1,776 | 0.1 | 1,855 | 269 | 0.1 | |||||||
| Share-based compensation expenses | 61,977 | 2.3 | 85,494 | 2.9 | 83,821 | 12,151 | 2.5 | |||||||
| Impairment losses of long-lived assets | 0 | 0.0 | 1,561,235 | 53.4 | 0 | 0 | 0.0 | |||||||
| Adjusted EBITDA | 1,323,847 | 48.6 | 1,365,623 | 46.7 | 1,948,686 | 282,501 | 57.9 | |||||||
