GDS Holdings Limited Reports Fourth Quarter and Full Year 2025 Results
Rhea-AI Summary
GDS (NASDAQ: GDS) reported 4Q and full‑year 2025 results on March 17, 2026. Full‑year revenue rose 10.8% YoY to RMB11,432.3M and adjusted EBITDA grew 10.8% to RMB5,403.5M, with adjusted EBITDA margin of 47.3%. 4Q revenue was RMB2,921.7M; 4Q net loss was RMB462.8M driven by a RMB1,561.2M asset impairment. Operating metrics improved: area in service 668,283 sqm and utilization 75.5%. Cash totaled RMB14,306.0M and new 2025 debt facilities totaled RMB13,875.5M.
Positive
- Revenue +10.8% YoY to RMB11,432.3M in 2025
- Adjusted EBITDA +10.8% YoY to RMB5,403.5M in 2025
- Cash balance of RMB14,306.0M as of December 31, 2025
Negative
- Impairment losses of long-lived assets RMB1,561.2M in 4Q2025
- Net loss of RMB462.8M in 4Q2025
- Adjusted EBITDA margin down to 46.7% in 4Q2025 from 48.2% prior year
News Market Reaction – GDS
On the day this news was published, GDS gained 2.55%, reflecting a moderate positive market reaction. Argus tracked a peak move of +17.2% during that session. Our momentum scanner triggered 23 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $215M to the company's valuation, bringing the market cap to $8.63B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
GDS’s move is treated as stock-specific: the momentum scanner flags it as down while only one peer (PONY) appears and is up. Core IT services peers (EXLS, KD, EPAM, G, PSN) show mixed, mostly modest moves, pointing away from a broad sector rotation.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 19 | Q3 2025 earnings | Positive | +2.5% | Revenue and adjusted EBITDA up double‑digits, swing to net income vs loss. |
| Aug 20 | Q2 2025 earnings | Positive | +7.3% | Revenue growth and sharply narrowed net loss with better utilization metrics. |
| May 20 | Q1 2025 earnings | Positive | +1.9% | Strong revenue growth and turnaround to net income with higher EBITDA margin. |
| Mar 19 | FY/Q4 2024 earnings | Positive | -14.0% | Improved loss profile and EBITDA growth after DayOne deconsolidation. |
| Nov 19 | Q3 2024 earnings | Positive | -16.2% | Strong revenue and EBITDA growth alongside reduced net loss and expansion. |
Earnings releases often showed strong operational and financial improvement, yet share reactions were mixed: three positive responses and two sharp sell-offs despite generally constructive updates.
Over the past five earnings cycles from Nov 2024 through Nov 2025, GDS steadily grew net revenue and adjusted EBITDA, with several quarters flipping from net loss to net income. Operational metrics such as area in service, area utilized, and utilization rates consistently improved. However, market reactions were uneven: some strong quarters saw gains, while others, particularly in late 2024, triggered double‑digit declines. Today’s 4Q25 and full‑year 2025 results extend the growth and profitability trend, adding more detail to that trajectory.
Historical Comparison
Across five recent earnings releases, GDS shares moved on average -3.7%, showing that even solid revenue and EBITDA growth sometimes coincided with selling pressure after results.
Earnings updates from late 2024 through 2025 show a progression from recurring net losses toward sustained net income, supported by rising utilization and large-scale monetization deals such as the C‑REIT and ABS transactions.
Market Pulse Summary
This announcement highlights continued top-line growth to RMB11,432.3M, a full-year swing to net income of RMB959.4M, and adjusted EBITDA of RMB5,403.5M with steady margins. Operationally, utilization reached 75.5%, and cash stood at RMB14,306.0M, offset by long-term debt of RMB42,561.6M and significant asset impairments. Investors may watch future quarters for trends in net margin, leverage, and data center utilization as AI-related demand evolves.
Key Terms
adjusted ebitda financial
ads financial
impairment losses of long-lived assets financial
asset retirement costs financial
deconsolidation of subsidiaries financial
AI-generated analysis. Not financial advice.
SHANGHAI, China, March 17, 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 fourth quarter and full year ended December 31, 2025.
Fourth Quarter 2025 Financial Highlights
- Net revenue increased by
8.6% year-over-year (“Y-o-Y”) to RMB2,921.7 million (US$417.8 million ) in the fourth quarter of 2025 (4Q2024: RMB2,690.7 million). - Net loss1 was RMB462.8 million (US
$66.2 million ) in the fourth quarter of 2025 (4Q2024: RMB173.4 million). - Net loss margin was
15.8% in the fourth quarter of 2025 (4Q2024:6.5% ). - Adjusted EBITDA (non-GAAP) increased by
5.2% Y-o-Y to RMB1,365.6 million (US$195.3 million ) in the fourth quarter of 2025 (4Q2024: RMB1,297.7 million). See “Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release. - Adjusted EBITDA margin (non-GAAP) was
46.7% in the fourth quarter of 2025 (4Q2024:48.2% ).
Full Year 2025 Financial Highlights
- Net revenue increased by
10.8% year-over-year (“Y-o-Y”) to RMB11,432.3 million (US$1,634.8 million ) in 2025 (2024: RMB10,322.1 million). - Net income was RMB959.4 million (US
$137.2 million ) in 2025 (2024: net loss of RMB770.9 million). - Net income margin was
8.4% in 2025 (2024: net loss margin of7.5% ). - Adjusted EBITDA (non-GAAP) increased by
10.8% Y-o-Y to RMB5,403.5 million (US$772.7 million ) in 2025 (2024: RMB4,876.4 million). See “Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release. - Adjusted EBITDA margin (non-GAAP) was
47.3% in 2025 (2024:47.2% ).
Fourth Quarter and Full Year 2025 Operating Highlights
- Total area committed and pre-committed increased by
6.4% Y-o-Y to 670,106 sqm as of December 31, 2025 (December 31, 2024: 629,997 sqm). - Area utilized increased by
11.4% Y-o-Y to 504,843 sqm as of December 31, 2025 (December 31, 2024: 453,094 sqm). - Area in service increased by
8.9% Y-o-Y to 668,283 sqm as of December 31, 2025 (December 31, 2024: 613,583 sqm) - Utilization rate (area utilized divided by area in service) was
75.5% as of December 31, 2025 (December 31,2024:73.8% ).
“We concluded 2025 on a strong note, delivering solid financial and operational results that underscore our disciplined execution and strategic focus,” said Mr. William Huang, Chairman and Chief Executive Officer of GDS. “During the year of 2025, we achieved the highest level of gross new bookings and gross move-in for the past five years. We strongly believe that demand will further accelerate during the AI era. Heading into 2026, we remain committed to disciplined and sustainable growth, viewing AI as a transformative catalyst for our long-term success.”
“In 2025, our revenue increased by
Fourth Quarter 2025 Financial Results
Net revenue in the fourth quarter of 2025 was RMB2,921.7 million (US
Cost of revenue in the fourth quarter of 2025 was RMB2,309.3 million (US
Gross profit was RMB612.4 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 RMB1,477.9 million (US
Adjusted GP margin (non-GAAP) was
Selling and marketing expenses, excluding share-based compensation expenses of RMB12.1 million (US
General and administrative expenses, excluding share-based compensation expenses of RMB46.8 million (US
Research and development costs were RMB7.7 million (US
Impairment losses of long-lived assets were RMB1,561.2 million (US
Net interest expenses for the fourth quarter of 2025 were RMB412.9 million (US
Foreign currency exchange loss for the fourth quarter of 2025 was RMB0.3 million (US
Others, net for the fourth quarter of 2025 was RMB3.2 million (US
Loss on deconsolidation of subsidiaries for the fourth quarter of 2025 was RMB62.2 million (US
Income tax expenses for the fourth quarter of 2025 were RMB23.3 million (US
Share of results of equity method investees for the fourth quarter of 2025 was an income of RMB1,230.7 million (US
Net loss in the fourth quarter of 2025 was RMB462.8 million (US
Basic and diluted loss per ordinary share in the fourth quarter of 2025 was RMB0.31 (US
Basic and diluted loss per American Depositary Share (“ADS”) in the fourth quarter of 2025 was RMB2.47 (US
Adjusted EBITDA (non-GAAP) is defined as net income (loss) excluding income (loss) from discontinued operations, 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, gain from purchase price adjustment, impairment losses of long-lived assets, share of results of equity method investees and gain on deconsolidation of subsidiaries. Adjusted EBITDA was RMB1,365.6 million (US
Adjusted EBITDA margin (non-GAAP) was
Full Year 2025 Financial Results
Net revenue in 2025 was RMB11,432.3 million (US
Cost of revenue in 2025 was RMB8,846.9 million (US
Gross profit was RMB2,585.4 million (US
Selling and marketing expenses, excluding share-based compensation expenses of RMB33.2 million (US
General and administrative expenses, excluding share-based compensation expenses of RMB178.6 million (US
Research and development costs were RMB32.7 million (US
Impairment losses of long-lived assets were RMB1,561.2 million (US
Net interest expenses were RMB1,634.9 million (US
Foreign currency exchange gain in 2025 was RMB1.5 million (US
Others, net was RMB38.2 million (US
Gain on deconsolidation of subsidiaries in 2025 was RMB2,364.1 million (US
Income tax expenses in 2025 were RMB469.7 million (US
Share of results of equity method investees in 2025 was an income of RMB715.9 million (US
Net income in 2025 was RMB959.4 million (US
Basic and diluted income per ordinary share in 2025 were RMB0.59 (US
Basic and diluted income per American Depositary Share (“ADS”) in 2025 were RMB4.71 (US
Adjusted EBITDA was RMB5,403.5 million (US
Liquidity
As of December 31, 2025, cash was RMB14,306.0 million (US
Total short-term debt was RMB3,648.9 million (US
During the fourth quarter of 2025, the Company obtained new debt financing and refinancing facilities of RMB855.0 million (US
During the full year of 2025, the Company obtained new debt financing and refinancing facilities of RMB13,875.5 million (US
Fourth Quarter and Full Year 2025 Operating Results
Sales
Total area committed and pre-committed at the end of the fourth quarter of 2025 was 670,106 sqm, compared with 629,997 sqm at the end of the fourth quarter of 2024 and 656,729 sqm at the end of the third quarter of 2025, an increase of
Data Center Resources
Area in service at the end of the fourth quarter of 2025 was 668,283 sqm, compared with 613,583 sqm at the end of the fourth quarter of 2024 and 653,762 sqm at the end of the third quarter of 2025, an increase of
Area under construction at the end of the fourth quarter of 2025 was 73,994 sqm, compared with 102,691 sqm at the end of the fourth quarter of 2024 and 72,764 sqm at the end of the third quarter of 2025, a decrease of
Commitment rate for area in service was
Move-In
Area utilized at the end of the fourth quarter of 2025 was 504,843 sqm, compared with 453,094 sqm at the end of the fourth quarter of 2024 and 486,607 sqm at the end of the third quarter of 2025, an increase of
Utilization rate for area in service was
Recent Development
Sale of DayOne Shares
The Company recently announced that it had entered into definitive agreements with DayOne, an independent Singapore-headquartered hyperscale data center platform in which the Company holds a minority equity investment, pursuant to which DayOne will repurchase ordinary shares of DayOne from GDS to the value of US
Private Placement of US
The Company recently announced a private placement of US
Business Outlook
For the full year of 2026, the Company expects its total revenues to be between RMB12,400 million to RMB12,900 million, implying a year-on-year increase of between approximately
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 March 17, 2026 (8:00 p.m. Beijing Time on March 17, 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/BI4db6059da5b940ca8d2b422ef37e6ef6
A live and archived webcast of the conference call will be available on the Company’s investor relations website at 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, gain from purchase price adjustment, 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 RMB6.9931 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 25-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
__________________________________
1 For comparative purpose, net loss and net loss margin for the fourth quarter of 2024 and full year 2024 are for continuing operations only.
| GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”)) | ||||||
| As of December 31, 2024 | As of December 31, 2025 | |||||
| RMB | RMB | US$ | ||||
| Assets | ||||||
| Current assets | ||||||
| Cash | 7,867,659 | 14,305,958 | 2,045,725 | |||
| Accounts receivable, net of allowance for credit losses | 3,021,956 | 2,467,358 | 352,828 | |||
| Value-added-tax (“VAT”) recoverable | 240,506 | 284,967 | 40,750 | |||
| Prepaid expenses and other current assets | 482,950 | 1,489,174 | 212,948 | |||
| Total current assets | 11,613,071 | 18,547,457 | 2,652,251 | |||
| Non-current assets | ||||||
| Long-term investments in equity investees | 7,544,555 | 10,052,348 | 1,437,467 | |||
| Property and equipment, net | 40,204,133 | 38,053,824 | 5,441,624 | |||
| Prepaid land use rights, net | 21,774 | 16,119 | 2,305 | |||
| Operating lease right-of-use assets | 5,193,408 | 4,831,624 | 690,913 | |||
| Goodwill and intangible assets, net | 6,367,493 | 5,461,058 | 780,921 | |||
| Other non-current assets | 2,704,194 | 3,036,068 | 434,152 | |||
| Total non-current assets | 62,035,557 | 61,451,041 | 8,787,382 | |||
| Total assets | 73,648,628 | 79,998,498 | 11,439,633 | |||
| Liabilities, Mezzanine Equity and Equity | ||||||
| Current liabilities | ||||||
| Short-term borrowings and current portion of long-term borrowings | 4,341,649 | 2,951,734 | 422,092 | |||
| Convertible bonds payable, current | 575 | 0 | 0 | |||
| Accounts payable | 2,593,305 | 1,932,177 | 276,298 | |||
| Accrued expenses and other payables | 1,389,072 | 1,437,173 | 205,513 | |||
| Operating lease liabilities, current | 117,345 | 110,133 | 15,749 | |||
| Finance lease and other financing obligations, current | 636,152 | 697,142 | 99,690 | |||
| Total current liabilities | 9,078,098 | 7,128,359 | 1,019,342 | |||
| Non-current liabilities | ||||||
| Long-term borrowings, excluding current portion | 21,905,985 | 23,363,213 | 3,340,895 | |||
| Convertible bonds payable, non-current | 8,576,583 | 12,144,371 | 1,736,622 | |||
| Operating lease liabilities, non-current | 1,279,726 | 1,203,487 | 172,096 | |||
| Finance lease and other financing obligations, non-current | 7,601,651 | 7,053,979 | 1,008,706 | |||
| Other long-term liabilities | 1,537,952 | 1,368,028 | 195,625 | |||
| Total non-current liabilities | 40,901,897 | 45,133,078 | 6,453,944 | |||
| Total liabilities | 49,979,995 | 52,261,437 | 7,473,286 | |||
| Mezzanine equity | ||||||
| Redeemable preferred shares | 1,080,656 | 1,056,663 | 151,101 | |||
| Total mezzanine equity | 1,080,656 | 1,056,663 | 151,101 | |||
| GDS Holdings Limited shareholders’ equity | ||||||
| Ordinary shares | 527 | 562 | 80 | |||
| Additional paid-in capital | 29,596,268 | 31,706,498 | 4,533,969 | |||
| Accumulated other comprehensive loss | (1,094,377 | ) | (829,319 | ) | (118,590 | ) |
| Accumulated deficit | (6,044,372 | ) | (5,094,729 | ) | (728,537 | ) |
| Total GDS Holdings Limited shareholders’ equity | 22,458,046 | 25,783,012 | 3,686,922 | |||
| Non-controlling interests | 129,931 | 897,386 | 128,324 | |||
| Total equity | 22,587,977 | 26,680,398 | 3,815,246 | |||
| Total liabilities, mezzanine equity and equity | 73,648,628 | 79,998,498 | 11,439,633 | |||
| GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for number of shares and per share data) | ||||||||||||||||
| Three months ended | Year ended | |||||||||||||||
| December 31, 2024 | September 30, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2025 | ||||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||
| Net revenue | ||||||||||||||||
| Service revenue | 2,690,482 | 2,886,480 | 2,920,291 | 417,596 | 10,321,888 | 11,428,077 | 1,634,193 | |||||||||
| Equipment sales | 180 | 646 | 1,411 | 202 | 180 | 4,197 | 600 | |||||||||
| Total net revenue | 2,690,662 | 2,887,126 | 2,921,702 | 417,798 | 10,322,068 | 11,432,274 | 1,634,793 | |||||||||
| Cost of revenue | (2,112,545 | ) | (2,247,889 | ) | (2,309,275 | ) | (330,222 | ) | (8,099,439 | ) | (8,846,859 | ) | (1,265,084 | ) | ||
| Gross profit | 578,117 | 639,237 | 612,427 | 87,576 | 2,222,629 | 2,585,415 | 369,709 | |||||||||
| Operating expenses | ||||||||||||||||
| Selling and marketing expenses | (30,571 | ) | (40,232 | ) | (42,390 | ) | (6,062 | ) | (116,440 | ) | (149,363 | ) | (21,359 | ) | ||
| General and administrative expenses | (259,048 | ) | (228,357 | ) | (199,038 | ) | (28,462 | ) | (917,877 | ) | (897,867 | ) | (128,393 | ) | ||
| Research and development expenses | (6,862 | ) | (8,253 | ) | (7,732 | ) | (1,106 | ) | (36,319 | ) | (32,700 | ) | (4,676 | ) | ||
| Impairment losses of long-lived assets | 0 | 0 | (1,561,235 | ) | (223,254 | ) | 0 | (1,561,235 | ) | (223,254 | ) | |||||
| Income (loss) from continuing operations | 281,636 | 362,395 | (1,197,968 | ) | (171,308 | ) | 1,151,993 | (55,750 | ) | (7,973 | ) | |||||
| Other income (expenses): | ||||||||||||||||
| Net interest expenses | (458,745 | ) | (375,472 | ) | (412,919 | ) | (59,047 | ) | (1,834,851 | ) | (1,634,857 | ) | (233,781 | ) | ||
| Foreign currency exchange gain (loss), net | 8,117 | (644 | ) | (261 | ) | (37 | ) | 18,942 | 1,489 | 213 | ||||||
| Others, net | 29,727 | 16,068 | 3,167 | 453 | 49,057 | 38,165 | 5,458 | |||||||||
| Gain (loss) on deconsolidation of subsidiaries | 0 | 1,369,304 | (62,245 | ) | (8,901 | ) | 0 | 2,364,104 | 338,062 | |||||||
| (Loss) income from continuing operations before income taxes and share of results of equity method investees | (139,265 | ) | 1,371,651 | (1,670,226 | ) | (238,840 | ) | (614,859 | ) | 713,151 | 101,979 | |||||
| Income tax expenses | (34,144 | ) | (181,875 | ) | (23,283 | ) | (3,329 | ) | (156,053 | ) | (469,717 | ) | (67,169 | ) | ||
| Share of results of equity method investees | 0 | (461,144 | ) | 1,230,749 | 175,995 | 0 | 715,928 | 102,376 | ||||||||
| Net (loss) income from continuing operations | (173,409 | ) | 728,632 | (462,760 | ) | (66,174 | ) | (770,912 | ) | 959,362 | 137,186 | |||||
| Discontinued operations | ||||||||||||||||
| Loss from operations of discontinued operations, net of income taxes | (190,491 | ) | 0 | 0 | 0 | (400,796 | ) | 0 | 0 | |||||||
| Gain on deconsolidation of subsidiaries | 4,475,539 | 0 | 0 | 0 | 4,475,539 | 0 | 0 | |||||||||
| Income from discontinued operations | 4,285,048 | 0 | 0 | 0 | 4,074,743 | 0 | 0 | |||||||||
| Net income (loss) | 4,111,639 | 728,632 | (462,760 | ) | (66,174 | ) | 3,303,831 | 959,362 | 137,186 | |||||||
| Net (loss) income from continuing operations | (173,409 | ) | 728,632 | (462,760 | ) | (66,174 | ) | (770,912 | ) | 959,362 | 137,186 | |||||
| Net income from continuing operations attributable to non-controlling interests | (1,268 | ) | (2,657 | ) | (4,293 | ) | (614 | ) | (6,209 | ) | (9,719 | ) | (1,390 | ) | ||
| Net (loss) income from continuing operations attributable to GDS Holdings Limited shareholders | (174,677 | ) | 725,975 | (467,053 | ) | (66,788 | ) | (777,121 | ) | 949,643 | 135,796 | |||||
| Income from discontinued operations | 4,285,048 | 0 | 0 | 0 | 4,074,743 | 0 | 0 | |||||||||
| Net loss from discontinued operations attributable to non-controlling interests | 3,373 | 0 | 0 | 0 | 7,317 | 0 | 0 | |||||||||
| Net loss from discontinued operations attributable to redeemable non-controlling interests | 75,550 | 0 | 0 | 0 | 120,447 | 0 | 0 | |||||||||
| Net income from discontinued operations attributable to GDS Holdings Limited shareholders | 4,363,971 | 0 | 0 | 0 | 4,202,507 | 0 | 0 | |||||||||
| Net income (loss) attributable to GDS Holdings Limited shareholders | 4,189,294 | 725,975 | (467,053 | ) | (66,788 | ) | 3,425,386 | 949,643 | 135,796 | |||||||
| Cumulative dividend on redeemable preferred shares | (13,679 | ) | (13,663 | ) | (13,566 | ) | (1,940 | ) | (54,232 | ) | (54,305 | ) | (7,766 | ) | ||
| Net income (loss) available to GDS Holdings Limited ordinary shareholders | 4,175,615 | 712,312 | (480,619 | ) | (68,728 | ) | 3,371,154 | 895,338 | 128,030 | |||||||
| Income (loss) per ordinary share | ||||||||||||||||
| 2.81 | 0.46 | (0.31 | ) | (0.04 | ) | 2.29 | 0.59 | 0.08 | ||||||||
| 2.81 | 0.40 | (0.31 | ) | (0.04 | ) | 2.29 | 0.55 | 0.08 | ||||||||
| Weighted average number of ordinary share outstanding | ||||||||||||||||
| 1,484,083,188 | 1,541,705,225 | 1,554,302,551 | 1,554,302,551 | 1,475,079,754 | 1,520,535,019 | 1,520,535,019 | ||||||||||
| Diluted | 1,484,083,188 | 1,984,256,384 | 1,554,302,551 | 1,554,302,551 | 1,475,079,754 | 1,644,556,988 | 1,644,556,988 | |||||||||
| GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”)) | |||||||||||||||
| Three months ended | Year ended | ||||||||||||||
| December 31, 2024 | September 30, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2025 | |||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||
| Net income (loss) | 4,111,639 | 728,632 | (462,760 | ) | (66,174 | ) | 3,303,831 | 959,362 | 137,186 | ||||||
| Foreign currency translation adjustments, net of nil tax | (391,639 | ) | 71,156 | 103,487 | 14,798 | 74,741 | 222,024 | 31,749 | |||||||
| Defined benefit plan, net of nil tax | (41 | ) | 0 | 0 | 0 | (41 | ) | 0 | 0 | ||||||
| Amounts reclassified from accumulated other comprehensive loss | (96,957 | ) | 0 | 0 | 0 | (96,957 | ) | 0 | 0 | ||||||
| Other comprehensive (loss) income from share of results of equity method investees | 0 | (52,070 | ) | (4,751 | ) | (679 | ) | 0 | 43,467 | 6,216 | |||||
| Comprehensive income (loss) | 3,623,002 | 747,718 | (364,024 | ) | (52,055 | ) | 3,281,574 | 1,224,853 | 175,151 | ||||||
| Comprehensive loss (income) attributable to non-controlling interests | 6,631 | (2,668 | ) | (4,180 | ) | (598 | ) | (1,076 | ) | (10,152 | ) | (1,452 | ) | ||
| Comprehensive loss attributable to redeemable non-controlling interests | 126,721 | 0 | 0 | 0 | 24,904 | 0 | 0 | ||||||||
| Comprehensive income (loss) attributable to GDS Holdings Limited shareholders | 3,756,354 | 745,050 | (368,204 | ) | (52,653 | ) | 3,305,402 | 1,214,701 | 173,699 | ||||||
| GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”)) | |||||||||||||||
| Three months ended | Year ended | ||||||||||||||
| December 31, 2024 | September 30, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2025 | |||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||
| Net income (loss) | 4,111,639 | 728,632 | (462,760 | ) | (66,174 | ) | 3,303,831 | 959,362 | 137,186 | ||||||
| Net income from discontinued operations | (4,285,048 | ) | 0 | 0 | 0 | (4,074,743 | ) | 0 | 0 | ||||||
| Depreciation and amortization | 865,896 | 860,931 | 885,229 | 126,586 | 3,243,004 | 3,459,294 | 494,672 | ||||||||
| Amortization of debt issuance cost and debt discount | 18,290 | 16,227 | 26,454 | 3,783 | 110,724 | 96,654 | 13,821 | ||||||||
| Share-based compensation expense | 82,965 | 74,703 | 85,494 | 12,225 | 296,487 | 283,376 | 40,523 | ||||||||
| Share of results of equity method investees | 0 | 461,144 | (1,230,749 | ) | (175,995 | ) | 0 | (715,928 | ) | (102,376 | ) | ||||
| (Gain) loss on deconsolidation of subsidiaries | 0 | (1,369,304 | ) | 62,245 | 8,901 | 0 | (2,364,104 | ) | (338,062 | ) | |||||
| Impairment losses of long-lived assets | 0 | 0 | 1,561,235 | 223,254 | 0 | 1,561,235 | 223,254 | ||||||||
| Others | (29,703 | ) | 5,989 | (12,801 | ) | (1,831 | ) | (115,941 | ) | (8,620 | ) | (1,233 | ) | ||
| Changes in operating assets and liabilities | 315,821 | (41,820 | ) | 69,210 | 9,896 | (543,700 | ) | 93,985 | 13,440 | ||||||
| Net cash provided by operating activities from continuing operations | 1,079,860 | 736,502 | 983,557 | 140,645 | 2,219,662 | 3,365,254 | 481,225 | ||||||||
| Net cash used in operating activities from discontinued operations | (150,554 | ) | 0 | 0 | 0 | (281,297 | ) | 0 | 0 | ||||||
| Net cash provided by operating activities | 929,306 | 736,502 | 983,557 | 140,645 | 1,938,365 | 3,365,254 | 481,225 | ||||||||
| Purchase of property and equipment and land use rights | (381,382 | ) | (1,421,828 | ) | (914,640 | ) | (130,791 | ) | (2,965,384 | ) | (4,610,594 | ) | (659,306 | ) | |
| Receipts (payments) related to acquisitions and investments | 27,000 | 1,715,146 | (9,828 | ) | (1,405 | ) | 1,125,023 | 2,245,505 | 321,103 | ||||||
| Purchases of time deposits | 0 | 0 | (674,910 | ) | (96,511 | ) | 0 | (674,910 | ) | (96,511 | ) | ||||
| Net cash (used in) provided by investing activities from continuing operations | (354,382 | ) | 293,318 | (1,599,378 | ) | (228,707 | ) | (1,840,361 | ) | (3,039,999 | ) | (434,714 | ) | ||
| Net cash used in investing activities from discontinued operations | (3,011,040 | ) | 0 | 0 | 0 | (6,920,177 | ) | 0 | 0 | ||||||
| Net cash (used in) provided by investing activities | (3,365,422 | ) | 293,318 | (1,599,378 | ) | (228,707 | ) | (8,760,538 | ) | (3,039,999 | ) | (434,714 | ) | ||
| Net cash (used in) provided by financing activities from continuing operations | (612,447 | ) | (822,047 | ) | 1,508,285 | 215,682 | 174,295 | 6,106,016 | 873,148 | ||||||
| Net cash provided by financing activities from discontinued operations | 11,441,448 | 0 | 0 | 0 | 16,883,042 | 0 | 0 | ||||||||
| Net cash provided by (used in) financing activities | 10,829,001 | (822,047 | ) | 1,508,285 | 215,682 | 17,057,337 | 6,106,016 | 873,148 | |||||||
| Effect of exchange rate changes on cash and restricted cash | (6,457 | ) | (29,724 | ) | (38,135 | ) | (5,454 | ) | (13,592 | ) | (83,774 | ) | (11,980 | ) | |
| Net increase of cash and restricted cash | 8,386,428 | 178,049 | 854,329 | 122,166 | 10,221,572 | 6,347,497 | 907,679 | ||||||||
| Cash and restricted cash at beginning of period | 9,753,076 | 13,321,389 | 13,586,698 | 1,942,872 | 7,917,932 | 8,093,530 | 1,157,359 | ||||||||
| Reclassification as assets of disposal group classified as held for sale | 0 | 87,260 | 0 | 0 | 0 | 0 | 0 | ||||||||
| Cash and restricted cash at end of period | 18,139,504 | 13,586,698 | 14,441,027 | 2,065,038 | 18,139,504 | 14,441,027 | 2,065,038 | ||||||||
| Less: Cash and restricted cash of discontinued operations at deconsolidation date | (10,045,974 | ) | 0 | 0 | 0 | (10,045,974 | ) | 0 | 0 | ||||||
| Cash and restricted cash of continuing operations at end of period | 8,093,530 | 13,586,698 | 14,441,027 | 2,065,038 | 8,093,530 | 14,441,027 | 2,065,038 | ||||||||
| GDS HOLDINGS LIMITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for percentage data) | |||||||||||||
| Three months ended | Year ended | ||||||||||||
| December 31, 2024 | September 30, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2025 | |||||||||
| RMB | % of net revenue | RMB | % of net revenue | RMB | US$ | % of net revenue | RMB | % of net revenue | RMB | US$ | % of net revenue | ||
| Gross profit | 578,117 | 21.5 | 639,237 | 22.1 | 612,427 | 87,576 | 21.0 | 2,222,629 | 21.5 | 2,585,415 | 369,709 | 22.6 | |
| Depreciation and amortization | 786,869 | 29.2 | 800,517 | 27.7 | 827,079 | 118,271 | 28.2 | 2,947,444 | 28.6 | 3,211,965 | 459,304 | 28.0 | |
| Operating lease cost relating to prepaid land use rights | 11,996 | 0.4 | 11,499 | 0.4 | 11,564 | 1,654 | 0.4 | 44,872 | 0.4 | 46,478 | 6,646 | 0.4 | |
| Accretion expenses for asset retirement costs | 1,709 | 0.1 | 1,797 | 0.1 | 1,776 | 254 | 0.1 | 6,827 | 0.1 | 7,218 | 1,032 | 0.1 | |
| Share-based compensation expenses | 18,002 | 0.7 | 19,505 | 0.7 | 25,045 | 3,580 | 0.9 | 92,402 | 0.9 | 64,294 | 9,194 | 0.6 | |
| Adjusted GP | 1,396,693 | 51.9 | 1,472,555 | 51.0 | 1,477,891 | 211,335 | 50.6 | 5,314,174 | 51.5 | 5,915,370 | 845,885 | 51.7 | |
| GDS HOLDINGS LIMITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for percentage data) | |||||||||||||||||||||||||
| Three months ended | Year ended | ||||||||||||||||||||||||
| December 31, 2024 | September 30, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2025 | |||||||||||||||||||||
| RMB | % of net revenue | RMB | % of net revenue | RMB | US$ | % of net revenue | RMB | % of net revenue | RMB | US$ | % of net revenue | ||||||||||||||
| Net income (loss) | 4,111,639 | 152.8 | 728,632 | 25.2 | (462,760 | ) | (66,174 | ) | (15.8 | ) | 3,303,831 | 32.0 | 959,362 | 137,186 | 8.4 | ||||||||||
| Income from discontinued operations | (4,285,048 | ) | (159.3 | ) | 0 | 0.0 | 0 | 0 | 0.0 | (4,074,743 | ) | (39.5 | ) | 0 | 0 | 0.0 | |||||||||
| Net (loss) income from continuing operations | (173,409 | ) | (6.5 | ) | 728,632 | 25.2 | (462,760 | ) | (66,174 | ) | (15.8 | ) | (770,912 | ) | (7.5 | ) | 959,362 | 137,186 | 8.4 | ||||||
| Net interest expenses | 458,745 | 17.0 | 375,472 | 13.0 | 412,919 | 59,047 | 14.1 | 1,834,851 | 17.8 | 1,634,857 | 233,781 | 14.3 | |||||||||||||
| Income tax expenses | 34,144 | 1.3 | 181,875 | 6.3 | 23,283 | 3,329 | 0.8 | 156,053 | 1.5 | 469,717 | 67,169 | 4.1 | |||||||||||||
| Share of results of equity method investees | 0 | 0.0 | 461,144 | 16.0 | (1,230,749 | ) | (175,995 | ) | (42.1 | ) | 0 | 0.0 | (715,928 | ) | (102,376 | ) | (6.3 | ) | |||||||
| (Gain) loss on deconsolidation of subsidiaries | 0 | 0.0 | (1,369,304 | ) | (47.4 | ) | 62,245 | 8,901 | 2.1 | 0 | 0.0 | (2,364,104 | ) | (338,062 | ) | (20.7 | ) | ||||||||
| Depreciation and amortization | 865,896 | 32.2 | 860,931 | 29.8 | 885,229 | 126,586 | 30.3 | 3,243,004 | 31.3 | 3,459,294 | 494,672 | 30.3 | |||||||||||||
| Operating lease cost relating to prepaid land use rights | 27,609 | 1.0 | 26,949 | 0.9 | 26,951 | 3,854 | 0.9 | 110,126 | 1.1 | 108,435 | 15,506 | 0.9 | |||||||||||||
| Accretion expenses for asset retirement costs | 1,709 | 0.1 | 1,797 | 0.1 | 1,776 | 254 | 0.1 | 6,827 | 0.1 | 7,218 | 1,032 | 0.1 | |||||||||||||
| Share-based compensation expenses | 82,965 | 3.1 | 74,703 | 2.6 | 85,494 | 12,225 | 2.9 | 296,487 | 2.9 | 283,376 | 40,523 | 2.5 | |||||||||||||
| Impairment losses of long-lived assets | 0 | 0.0 | 0 | 0.0 | 1,561,235 | 223,254 | 53.4 | 0 | 0.0 | 1,561,235 | 223,254 | 13.7 | |||||||||||||
| Adjusted EBITDA | 1,297,659 | 48.2 | 1,342,199 | 46.5 | 1,365,623 | 195,281 | 46.7 | 4,876,436 | 47.2 | 5,403,462 | 772,685 | 47.3 | |||||||||||||
FAQ
What were GDS (GDS) full-year 2025 revenue and adjusted EBITDA figures?
Why did GDS report a net loss in Q4 2025 despite annual net income?
How did GDS operating capacity and utilization change by December 31, 2025?
What is GDS's liquidity position and 2025 financing activity?
