VNET Reports Unaudited Fourth Quarter and Full Year 2025 Financial Results

Rhea-AI Summary

VNET (Nasdaq: VNET) reported unaudited Q4 and full‑year 2025 results on March 16, 2026. Q4 net revenues rose 19.6% YoY to RMB2.69 billion; full‑year revenues rose 20.5% to RMB9.95 billion. Adjusted EBITDA was RMB805.1 million in Q4 and RMB2.98 billion for 2025. Wholesale IDC revenue and capacity expansion drove results, with 889MW in service and 452MW under construction at year‑end.

Liquidity included RMB6.58 billion in cash and equivalents; total long‑term debt was RMB16.72 billion, including RMB5.14 billion in convertible notes.

Positive

• Total net revenues +20.5% YoY to RMB9.95 billion (2025)
• Wholesale revenue +77.4% YoY to RMB3.46 billion (2025)
• Adjusted EBITDA +22.6% YoY to RMB2.98 billion (2025)
• Capacity in service 889MW as of Dec 31, 2025

Negative

• Long‑term debt RMB16.72 billion as of Dec 31, 2025
• Wholesale utilization rate slipped to 70.1% sequentially from 74.3%

News Market Reaction – VNET

-8.61%

19 alerts

-8.61% News Effect

-14.8% Trough in 10 hr 4 min

-$266M Valuation Impact

$2.83B Market Cap

1.1x Rel. Volume

On the day this news was published, VNET declined 8.61%, reflecting a notable negative market reaction. Argus tracked a trough of -14.8% from its starting point during tracking. Our momentum scanner triggered 19 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $266M from the company's valuation, bringing the market cap to $2.83B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 total net revenues: RMB2.69B Full-year 2025 total net revenues: RMB9.95B Q4 2025 adjusted EBITDA: RMB805.1M +5 more

8 metrics

Q4 2025 total net revenues RMB2.69B Fourth quarter 2025, +19.6% year-over-year

Full-year 2025 total net revenues RMB9.95B Full year 2025, +20.5% year-over-year, above guidance

Q4 2025 adjusted EBITDA RMB805.1M Fourth quarter 2025, +11.6% year-over-year

Full-year 2025 adjusted EBITDA RMB2.98B Full year 2025, +22.6% year-over-year, above guidance

Full-year 2025 net loss RMB251.8M Net loss attributable for full year 2025

Cash and equivalents RMB6.58B Cash, cash equivalents, restricted cash and short-term investments as of Dec 31, 2025

Total debt RMB19.95B RMB3.23B short-term and RMB16.72B long-term debt as of Dec 31, 2025

Wholesale capacity in service 889MW Wholesale IDC capacity in service as of Dec 31, 2025

Market Reality Check

Price: $9.36 Vol: Volume 7,572,519 is rough...

normal vol

$9.36 Last Close

Volume Volume 7,572,519 is roughly in line with 20-day average 7,802,556, indicating no unusual trading activity ahead of the release. normal

Technical Shares at $10.51 are trading above the 200-day MA of $9.03, but remain 27.42% below the 52-week high and 126.02% above the 52-week low.

Peers on Argus

VNET’s setup appears stock-specific. While VNET traded near its 200-day MA, key ...

1 Up

VNET’s setup appears stock-specific. While VNET traded near its 200-day MA, key IT services peers were mixed, with ASGN down 2.26%, DXC down .92%, and GLOB down 1.14%, while FORTY rose 2.41%. Momentum scans only flagged one peer (APLD, up 2.11%) in the same direction, below the threshold for a sector-wide move.

Previous Earnings Reports

5 past events · Latest: Nov 20 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 20	Q3 2025 earnings	Positive	-1.2%	Strong Q3 growth and raised 2025 guidance across revenue and EBITDA.
Aug 21	Q2 2025 earnings	Positive	-8.0%	Q2 revenue and wholesale IDC surging with margin improvement and outlook.
May 28	Q1 2025 earnings	Positive	-10.8%	Strong Q1 wholesale growth and higher adjusted EBITDA despite net loss.
Apr 25	2024 20-F filing	Neutral	-0.7%	Routine filing of audited 2024 financial statements on Form 20-F.
Mar 12	Q4 2024 earnings	Positive	-7.6%	Strong Q4 2024 results and wholesale IDC expansion with higher EBITDA.

Pattern Detected

Earnings and annual reporting events have frequently been followed by negative price reactions despite generally strong operational metrics and guidance raises.

Recent Company History

Over the past year, VNET’s earnings-related releases have highlighted rapid wholesale IDC growth, rising adjusted EBITDA, and expanding capacity. Q1–Q3 2025 updates showed double‑digit revenue growth and repeated strength in wholesale IDC, yet shares often fell after results. The 2024 annual report filing also saw a modest decline. Today’s Q4 and full‑year 2025 report, with RMB9.95B in revenue and RMB2.98B in adjusted EBITDA, extends this narrative of strong fundamentals contrasted with cautious market responses.

Historical Comparison

-5.7% avg move · In the last five earnings and annual results events, VNET’s average one‑day move was -5.67%, typical...

earnings

-5.7%

Average Historical Move earnings

In the last five earnings and annual results events, VNET’s average one‑day move was -5.67%, typically negative even on strong wholesale IDC and EBITDA growth, suggesting a history of cautious post‑earnings trading.

Across Q1–Q4 2025 and the 2024 annual report, VNET has consistently reported rapid wholesale IDC expansion, higher adjusted EBITDA, and increasing capacity, culminating in full‑year 2025 revenue of RMB9.95B and adjusted EBITDA of RMB2.98B that exceeded guidance.

Market Pulse Summary

The stock moved -8.6% in the session following this news. A negative reaction despite robust Q4 and ...

Analysis

The stock moved -8.6% in the session following this news. A negative reaction despite robust Q4 and full‑year 2025 metrics would fit VNET’s pattern, where prior earnings with strong wholesale IDC growth and higher adjusted EBITDA still preceded declines averaging -5.67%. The market may remain focused on the full‑year net loss of RMB251.8M and sizeable total debt of RMB19.95B. Past equity and convertible financing moves also add overhang risk even when operational performance trends positively.

Key Terms

adjusted ebitda, non-gaap, american depositary share, convertible notes, +4 more

8 terms

adjusted ebitda financial

"Adjusted EBITDA (non-GAAP) increased by 11.6% to RMB805.1 million..."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-gaap financial

"Adjusted cash gross profit (non-GAAP) increased by 23.1% to RMB1.14 billion..."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

american depositary share financial

"which represents the equivalent of RMB1.02 ... per American depositary share ("ADS")"

An American Depositary Share (ADS) is a U.S.-listed certificate that represents a specified number of shares in a foreign company, held by a custodian bank; it works like a receipt that allows U.S. investors to buy and trade foreign equity on American exchanges without dealing with another country’s markets. Investors care because ADSs make foreign stocks easier to access, improve liquidity and settlement in dollars, and can affect dividend payments, voting rights and regulatory oversight compared with buying the underlying foreign shares directly.

convertible notes financial

"convertible notes of RMB5.14 billion (US$734.8 million)."

Convertible notes are a type of short-term loan that a company receives from investors, which can later be turned into company shares instead of being paid back in cash. They matter to investors because they offer a way to support a company early on while giving the potential to own a stake in its success if the company grows and later raises more funding.

monthly recurring revenue financial

"Monthly recurring revenue (MRR) per retail cabinet was RMB9,420..."

Monthly recurring revenue is the consistent income a business expects to receive each month from ongoing customer subscriptions or contracts. It’s like a steady paycheck that helps investors gauge the company's stability and growth potential, since predictable revenue makes it easier to plan and evaluate performance over time.

utilization rate technical

"Utilization rate[3] of wholesale capacity was 70.1% as of December 31, 2025..."

Utilization rate measures the percentage of a company's available capacity that is actually being used over a given period — for example, how full a factory, hospital unit, or loan facility is compared with its maximum. It matters to investors because it signals efficiency and future revenue potential: higher utilization often means better use of fixed costs and stronger demand, while very low or extremely high rates can indicate underuse, lost sales, or strained resources. Think of it like the share of seats filled in a restaurant; it helps show whether the business is making the most of what it has.

capacity committed technical

"Total capacity committed[6] was 848MW as of December 31, 2025..."

Capacity committed is the portion of a company’s production, service, or facility space that customers or partners have contractually reserved and agreed to pay for, whether they use it or not. For investors it signals predictable revenue and how fully a business will be used—like renting a fixed number of seats in advance—so higher committed capacity generally means steadier cash flow and lower risk from sudden drops in demand.

pre-commitment rate technical

"pre-commitment rate[9] for capacity under construction was 34.5%..."

The pre-commitment rate is the percentage of a new securities offering (like shares or bonds) that investors have agreed to buy before the public sale or final pricing. It shows how much of the deal is already spoken for and gives a quick read on investor confidence and how much risk the issuer faces in finding buyers — like seeing how many guests have RSVP'd before you send out the rest of the invitations.

AI-generated analysis. Not financial advice.

BEIJING, March 16, 2026 /PRNewswire/ -- VNET Group, Inc. (Nasdaq: VNET) ("VNET" or the "Company"), a leading carrier- and cloud-neutral internet data center services provider in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025.

"We closed 2025 with strong full-year results, successfully achieving our 2025 delivery plan with a record 404MW delivered and exceeding guidance on both revenues and adjusted EBITDA," said Josh Sheng Chen, Founder, Executive Chairperson and Interim Chief Executive Officer of VNET. "Our wholesale IDC business maintained exceptional momentum, driven by strong customer demand and our proven ability to scale capacity rapidly and efficiently. Our order momentum remained robust, with a total of 135MW of new wholesale orders secured in the fourth quarter of 2025. As a leading player, we remain focused on reinforcing our core strengths and developing our scalable and high-performance data centers to capture the accelerating AI-driven demand. Moving forward, we will further advance our Hyperscale 2.0 framework to achieve sustainable, high-quality growth and create long-term value for all stakeholders."

Peter Zhihua Zhang, Senior Vice President, Operational Finance of VNET, commented, "In the fourth quarter of 2025, we continued to achieve high-quality growth amid strong AI-driven demand. Total net revenues increased 19.6% year-over-year to RMB2.69 billion, led by 47.1% year-over-year growth in wholesale revenues. Adjusted EBITDA increased 11.6% year-over-year to RMB805.1 million. For the full year, total net revenues increased 20.5% year-over-year to RMB9.95 billion, and adjusted EBITDA grew 22.6% to RMB2.98 billion, both exceeding our 2025 full year guidance. We remain committed to disciplined capital allocation, advancing capital recycling and other strategic initiatives to reinforce our financial foundation and support long-term sustainable growth. Looking ahead, we are confident in our strategic direction and well-positioned to leverage this strengthened foundation to deliver sustainable long-term value."

Fourth Quarter 2025 Financial Highlights

• Total net revenues increased by 19.6% to RMB2.69 billion (US$384.2 million) from RMB2.25 billion in the same period of 2024.

• • Net revenues from the IDC business^[1] increased by 23.7% to RMB2.02 billion (US$288.3 million) from RMB1.63 billion in the same period of 2024.

• • • Net revenues from the wholesale IDC business ("wholesale revenues") increased by 47.1% to RMB978.1 million (US$139.9 million) from RMB665.2 million in the same period of 2024.
    • Net revenues from the retail IDC business ("retail revenues") increased by 7.6% to RMB1.04 billion (US$148.5 million) compared with RMB964.8 million in the same period of 2024.

• • Net revenues from the non-IDC business^[2] increased by 8.8% to RMB670.8 million (US$95.9 million) from RMB616.5 million in the same period of 2024.
• Adjusted cash gross profit (non-GAAP) increased by 23.1% to RMB1.14 billion (US$162.7 million) from RMB923.9 million in the same period of 2024. Adjusted cash gross margin (non-GAAP) was 42.3%, compared with 41.1% in the same period of 2024.
• Adjusted EBITDA (non-GAAP) increased by 11.6% to RMB805.1 million (US$115.1 million) from RMB721.3 million in the same period of 2024. Adjusted EBITDA margin (non-GAAP) was 30.0%, compared with 32.1% in the same period of 2024.

[1] IDC business refers to managed hosting services, which consists of wholesale IDC business and retail IDC business. Such categorization is based on the nature and scale of our data center projects.

[2] Non-IDC business consists of cloud services and VPN services.

Full Year 2025 Financial Highlights

• Total net revenues increased by 20.5% to RMB9.95 billion (US$1.42 billion) from RMB8.26 billion in the full year of 2024.

• • Net revenues from the IDC business increased by 28.5% to RMB7.43 billion (US$1.06 billion) from RMB5.78 billion in the full year of 2024.

• • • Wholesale revenues increased by 77.4% to RMB3.46 billion (US$494.9 million) from RMB1.95 billion in the full year of 2024.
    • Retail revenues increased by 3.5% to RMB3.96 billion (US$566.9 million) from RMB3.83 billion in the full year of 2024.

• • Net revenues from the non-IDC business increased by 1.8% to RMB2.52 billion (US$360.9 million) from RMB2.48 billion in the full year of 2024.
• Adjusted cash gross profit (non-GAAP) increased by 26.4% to RMB4.22 billion (US$603.2 million) from RMB3.34 billion in the full year of 2024. Adjusted cash gross margin (non-GAAP) was 42.4%, compared with 40.4% in the full year of 2024.
• Adjusted EBITDA (non-GAAP) increased by 22.6% to RMB2.98 billion (US$425.9 million) from RMB2.43 billion in the full year of 2024. Adjusted EBITDA margin (non-GAAP) was 29.9%, compared with 29.4% in the full year of 2024.

Fourth Quarter 2025 Operational Highlights

Wholesale IDC Business

• Capacity in service was 889MW as of December 31, 2025, compared with 783MW as of September 30, 2025, and 486MW as of December 31, 2024. Capacity under construction was 452MW as of December 31, 2025.
• Capacity utilized by customers reached 623MW as of December 31, 2025, compared with 582MW as of September 30, 2025, and 353MW as of December 31, 2024. The sequential increase during the fourth quarter of 2025 was 41MW, which was mainly contributed by the N-OR Campus 02A data center.
• Utilization rate^[3] of wholesale capacity was 70.1% as of December 31, 2025, compared with 74.3% as of September 30, 2025, and 72.6% as of December 31, 2024.

• • Utilization rate of mature wholesale capacity^[4] was 93.1% as of December 31, 2025, compared with 94.7% as of September 30, 2025, and 95.6% as of December 31, 2024.
  • Utilization rate of ramp-up wholesale capacity^[5] was 31.7% as of December 31, 2025, compared with 37.6% as of September 30, 2025, and 34.0% as of December 31, 2024.
• Total capacity committed^[6] was 848MW as of December 31, 2025, compared with 741MW as of September 30, 2025, and 479MW as of December 31, 2024.
• Commitment rate^[7] for capacity in service was 95.3% as of December 31, 2025, compared with 94.7% as of September 30, 2025, and 98.7% as of December 31, 2024.
• Total capacity pre-committed^[8] was 156MW and pre-commitment rate^[9] for capacity under construction was 34.5% as of December 31, 2025.

[3] Utilization rate is calculated by dividing capacity utilized by customers by capacity in service. [4] Mature wholesale capacity refers to wholesale data centers with utilization rate at or above 80%. [5] Ramp-up wholesale capacity refers to wholesale data centers with utilization rate below 80%. [6] Total capacity committed represents capacity committed to customers under effective agreements. [7] Commitment rate is calculated by dividing total capacity committed by total capacity in service. [8] Total capacity pre-committed is capacity under construction pre-committed to customers under effective agreements. [9] Pre-commitment rate is calculated by dividing total capacity pre-committed by total capacity under construction.

Retail IDC Business^[10]

• Capacity in service was 49,863 cabinets as of December 31, 2025, compared with 52,288 cabinets as of September 30, 2025, and 52,107 cabinets as of December 31, 2024. The decrease was primarily due to the deconsolidation of the target retail data center under the private REIT project issued in November 2025.
• Capacity utilized by customers was 31,906 cabinets as of December 31, 2025, compared with 33,907 cabinets as of September 30, 2025, and 33,068 cabinets as of December 31, 2024.
• Utilization rate of retail capacity was 64.0% as of December 31, 2025, compared with 64.8% as of September 30, 2025, and 63.5% as of December 31, 2024.

• • Utilization rate of mature retail capacity^[11] was 68.5% as of December 31, 2025, compared with 69.2% as of September 30, 2025, and 68.9% as of December 31, 2024.
  • Utilization rate of ramp-up retail capacity^[12] was 23.9% as of December 31, 2025, compared with 30.6% as of September 30, 2025, and 21.3% as of December 31, 2024.
• Monthly recurring revenue (MRR) per retail cabinet was RMB9,420 in the fourth quarter of 2025, compared with RMB8,948 in the third quarter of 2025 and RMB8,794 in the fourth quarter of 2024.

[10] For retail IDC business, since the first quarter of 2024, we have excluded a certain number of reserved cabinets from the capacity in service. Reserved cabinets include those with limited utilization, those scheduled for closure, or those planned for upgrades. As of December 31, 2024, September 30, 2025, and December 31, 2025, 3,766, 3,791 and 3,791 reserved cabinets, respectively, were excluded from retail IDC utilization rate calculations.

[11] Mature retail capacity refers to retail data centers that came into service prior to the past 24 months.

[12] Ramp-up retail capacity refers to retail data centers that entered service within the past 24 months, or mature retail data centers that underwent improvements within the past 24 months.

Fourth Quarter 2025 Financial Results

TOTAL NET REVENUES: Total net revenues in the fourth quarter of 2025 were RMB2.69 billion (US$384.2 million), representing an increase of 19.6% from RMB2.25 billion in the same period of 2024. The year-over-year increase was mainly driven by the continued growth of our wholesale IDC business.

Net revenues from IDC business increased by 23.7% to RMB2.02 billion (US$288.3 million) from RMB1.63 billion in the same period of 2024. The year-over-year increase was mainly driven by an increase in wholesale revenues.

• Wholesale revenues increased by 47.1% to RMB978.1 million (US$139.9 million) from RMB665.2 million in the same period of 2024.
• Retail revenues increased by 7.6% to RMB1.04 billion (US$148.5 million) from RMB964.8 million in the same period of 2024.

Net revenues from non-IDC business increased by 8.8% to RMB670.8 million (US$95.9 million) from RMB616.5 million in the same period of 2024.

GROSS PROFIT: Gross profit in the fourth quarter of 2025 was RMB540.4 million (US$77.3 million), representing an increase of 7.0% from RMB504.9 million in the same period of 2024. Gross margin in the fourth quarter of 2025 was 20.1%, compared with 22.5% in the same period of 2024.

ADJUSTED CASH GROSS PROFIT (non-GAAP), which excludes depreciation and amortization, and share-based compensation expenses from gross profit, increased by 23.1% to RMB1.14 billion (US$162.7 million) in the fourth quarter from RMB923.9 million in the same period of 2024. Adjusted cash gross margin (non-GAAP) in the fourth quarter of 2025 was 42.3%, compared with 41.1% in the same period of 2024.

OPERATING EXPENSES: Total operating expenses in the fourth quarter of 2025 were RMB387.4 million (US$55.4 million), compared with RMB267.9 million in the same period of 2024.

Sales and marketing expenses were RMB73.6 million (US$10.5 million) in the fourth quarter of 2025, compared with RMB73.1 million in the same period of 2024.

Research and development expenses were RMB78.7 million (US$11.2 million) in the fourth quarter of 2025, compared with RMB56.1 million in the same period of 2024.

General and administrative expenses were RMB218.9 million (US$31.3 million) in the fourth quarter of 2025, compared with RMB193.0 million in the same period of 2024.

ADJUSTED OPERATING EXPENSES (non-GAAP), which exclude share-based compensation expenses from operating expenses, were RMB380.2 million (US$54.4 million) in the fourth quarter of 2025, compared with RMB229.6 million in the same period of 2024. As a percentage of total net revenues, adjusted operating expenses (non-GAAP) in the fourth quarter of 2025 were 14.1%, compared with 10.2% in the same period of 2024.

ADJUSTED EBITDA (non-GAAP), which exclude depreciation and amortization, and share-based compensation expenses from operating profit, was RMB805.1 million (US$115.1 million) in the fourth quarter of 2025, representing an increase of 11.6% from RMB721.3 million in the same period of 2024. Adjusted EBITDA margin (non-GAAP) in the fourth quarter of 2025 was 30.0%, compared with 32.1% in the same period of 2024.

NET INCOME/LOSS ATTRIBUTABLE TO VNET GROUP, INC.: Net income attributable to VNET Group, Inc. in the fourth quarter of 2025 was RMB304.7 million (US$43.6 million), compared with a net loss attributable to VNET Group, Inc. of RMB11.1 million in the same period of 2024. The year-on-year change is mainly attributable to (i) RMB469.8 million gain on deconsolidation of a subsidiary and (ii) RMB287.4 million in fair value gains on financial instruments, partially offset by RMB388.9 million in income tax expenses in the fourth quarter of 2025.

EARNINGS/LOSS PER SHARE: Basic earnings per share and diluted loss per share in the fourth quarter of 2025 were RMB0.17 (US$0.02) and RMB0.001 (US$0.00), respectively, which represents the equivalent of RMB1.02 (US$0.12) and RMB0.01 (US$0.00) per American depositary share ("ADS"), respectively. Each ADS represents six Class A ordinary shares. Diluted earnings/loss per share is calculated using adjusted net profit/loss attributable to ordinary shareholders divided by the weighted average number of diluted shares outstanding.

LIQUIDITY: As of December 31, 2025, the aggregate amount of the Company's cash and cash equivalents, restricted cash and short-term investments was RMB6.58 billion (US$941.1 million).

Total short-term debt, consisting of short-term bank borrowings and the current portion of long-term borrowings, was RMB3.23 billion (US$462.1 million). Total long-term debt was RMB16.72 billion (US$2.39 billion), comprised of long-term borrowings of RMB11.58 billion (US$1.66 billion) and convertible notes of RMB5.14 billion (US$734.8 million).

Net cash generated from operating activities in the fourth quarter of 2025 was RMB546.4 million (US$78.1 million), compared with RMB572.2 million in the same period of 2024. During the fourth quarter of 2025, the Company obtained new debt financing, refinancing facilities and other financings of RMB1.61 billion (US$230.8 million).

Full Year 2025 Financial Results

TOTAL NET REVENUES: Total net revenues in the full year of 2025 were RMB9.95 billion (US$1.42 billion), representing an increase of 20.5% from RMB8.26 billion in the full year of 2024.

Net revenues from IDC business increased by 28.5% to RMB7.43 billion (US$1.06 billion) from RMB5.78 billion in the full year of 2024.

• Wholesale revenues increased by 77.4% to RMB3.46 billion (US$494.9 million) from RMB1.95 billion in the full year of 2024.
• Retail revenues increased by 3.5% to RMB3.96 billion (US$566.9 million) from RMB3.83 billion in the full year of 2024.

Net revenues from non-IDC business increased by 1.8% to RMB2.52 billion (US$360.9 million) from RMB2.48 billion in the full year of 2024.

GROSS PROFIT: Gross profit in the full year of 2025 was RMB2.19 billion (US$313.5 million), representing an increase of 19.7% from RMB1.83 billion in the full year of 2024. Gross margin in the full year of 2025 was 22.0%, compared with 22.2% in the full year of 2024.

ADJUSTED CASH GROSS PROFIT (non-GAAP), which excludes depreciation and amortization, and share-based compensation expenses from gross profit, was RMB4.22 billion (US$603.2 million) in the full year of 2025, compared with RMB3.34 billion in the full year of 2024. Adjusted cash gross margin (non-GAAP) in the full year of 2025 was 42.4%, compared with 40.4% in the full year of 2024.

OPERATING EXPENSES: Total operating expenses in the full year of 2025 were RMB1.41 billion (US$201.9 million), compared with RMB1.16 billion in the full year of 2024.

Sales and marketing expenses were RMB279.2 million (US$39.9 million) in the full year of 2025, compared with RMB263.8 million in the full year of 2024.

Research and development expenses were RMB261.1 million (US$37.3 million) in the full year of 2025, compared with RMB246.6 million in the full year of 2024.

General and administrative expenses were RMB796.9 million (US$114.0 million) in the full year of 2025, compared with RMB659.0 million in the full year of 2024.

ADJUSTED OPERATING EXPENSES (non-GAAP), which exclude share-based compensation expenses from operating expenses, were RMB1.39 billion (US$198.4 million) in the full year of 2025, compared with RMB1.02 billion in the full year of 2024. As a percentage of total net revenues, adjusted operating expenses (non-GAAP) in the full year of 2025 were 13.9%, compared with 12.3% in the full year of 2024.

ADJUSTED EBITDA (non-GAAP) which exclude depreciation and amortization, and share-based compensation expenses from operating profit, was RMB2.98 billion (US$425.9 million) in the full year of 2025, representing an increase of 22.6% from RMB2.43 billion in the full year of 2024. Adjusted EBITDA margin (non-GAAP) was 29.9% in the full year of 2025, compared with 29.4% in the full year of 2024.

NET INCOME/LOSS ATTRIBUTABLE TO VNET GROUP, INC.: Net loss attributable to VNET Group, Inc. in the full year of 2025 was RMB251.8 million (US$36.0 million), compared with a net income attributable to VNET Group, Inc. of RMB183.2 million in the full year of 2024. The net loss in the full year of 2025 was primarily attributable to (i) income tax expenses of RMB557.5 million and (ii) a fair value loss on financial instruments of RMB314.3 million, partially offset by gain of RMB469.8 million on the deconsolidation of a subsidiary, while the net income in the full year of 2024 included a gain on debt extinguishment of RMB246.2 million.

LOSS PER SHARE: Basic and diluted loss per share in the full year of 2025 were both RMB0.16 (US$0.02), which is equivalent to RMB0.96 (US$0.12) per ADS. Each ADS represents six Class A ordinary shares. Diluted loss per share is calculated using adjusted net loss attributable to ordinary shareholders divided by the weighted average number of diluted shares outstanding.

LIQUIDITY: Net cash generated from operating activities in the full year of 2025 was RMB1.92 billion (US$274.3 million), compared with RMB2.01 billion in the full year of 2024. During the full year of 2025, the Company obtained new debt financing, refinancing facilities and other financings of RMB7.62 billion (US$1.09 billion).

Business Outlook

For the full year of 2026, the Company expects its total net revenues to be in the range of RMB11.5 billion to RMB11.8 billion, representing year-over-year growth of 15.6% to 18.6%, and adjusted EBITDA (non-GAAP) to be in the range of RMB3,550 million to RMB3,750 million, representing year-over-year growth of 19.2% to 25.9%. In addition, the Company expects capital expenditure to be in the range of RMB10 billion to RMB12 billion for the full year of 2026.

The forecast reflects the Company's current and preliminary views on the market and its operational conditions and is subject to change.

Conference Call

The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on Monday, March 16, 2026, or 8:00 PM Beijing Time on Monday, March 16, 2026.

For participants who wish to join the call, please access the links provided below to complete the online registration process.

English line:
https://s1.c-conf.com/diamondpass/10053457-whqrjy.html

Chinese line (listen-only mode):
https://s1.c-conf.com/diamondpass/10053458-y6okj5.html

Participants can choose between the English and Chinese options for pre-registration above. Please note that the Chinese option will be in listen-only mode. Upon registration, each participant will receive an email containing details for the conference call, including dial-in numbers, a conference call passcode and a unique access PIN, which will be used to join the conference call.

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.vnet.com.

A replay of the conference call will be accessible through March 24, 2026, by dialing the following numbers:

US/Canada:	1 855 883 1031
Mainland China:	400 1209 216
Hong Kong, China:	800 930 639
International:	+61 7 3107 6325
Reply PIN (English line):	10053457
Reply PIN (Chinese line):	10053458

Non-GAAP Disclosure

In evaluating its business, VNET considers and uses the following non-GAAP measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission as a supplemental measure to review and assess its operating performance: adjusted cash gross profit, adjusted cash gross margin, adjusted operating expenses, adjusted EBITDA and adjusted EBITDA margin. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. 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.

The non-GAAP financial measures are provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the Company's current financial performance and prospects for the future. These non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for, or superior to, U.S. GAAP results. In addition, the Company's calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.

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$1.00, the noon buying rate in effect on December 31, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.

Statement Regarding Unaudited Condensed Financial Information

The unaudited financial information set forth above 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 condensed financial information.

About VNET

VNET Group, Inc. is a leading carrier- and cloud-neutral internet data center services provider in China. VNET provides hosting and related services, including IDC services, cloud services, and business VPN services to improve the reliability, security, and speed of its customers' internet infrastructure. Customers may locate their servers and equipment in VNET's data centers and connect to China's internet backbone. VNET operates in more than 30 cities throughout China, servicing a diversified and loyal base of over 7,000 hosting and related enterprise customers that span numerous industries ranging from internet companies to government entities and blue-chip enterprises to small- to mid-sized enterprises.

Safe Harbor Statement

This announcement contains forward-looking statements. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "target," "believes," "estimates" and similar statements. Among other things, quotations from management in this announcement as well as VNET's strategic and operational plans contain forward-looking statements. VNET may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about VNET's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: VNET's goals and strategies; VNET's liquidity conditions; VNET's expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, VNET's services; VNET's expectations regarding keeping and strengthening its relationships with customers; VNET's plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where VNET provides solutions and services. Further information regarding these and other risks is included in VNET's reports filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and VNET undertakes no duty to update such information, except as required under applicable law.

Investor Relations Contact:

Xinyuan Liu
Tel: +86 10 8456 2121
Email: ir@vnet.com

 

 

VNET GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(Amount in thousands of Renminbi ("RMB") and US dollars ("US$"))
	As of		As of
	December 31, 2024		December 31, 2025
	RMB		RMB		US$
Assets
Current assets:
Cash and cash equivalents	1,492,436		5,523,571		789,860
Restricted cash	545,795		656,010		93,808
Short-term Investments	-		379,198		54,225
Accounts and notes receivable, net	1,655,984		2,222,106		317,757
Amounts due from related parties	336,360		429,411		61,405
Prepaid expenses and other current assets	2,789,573		2,241,570		320,542
Total current assets	6,820,148		11,451,866		1,637,597
Non-current assets:
Restricted cash	42,842		22,104		3,161
Long-term investments, net	794,688		1,062,660		151,958
Property and equipment, net	17,216,635		22,775,579		3,256,864
Intangible assets,net	1,403,787		2,004,710		286,670
Land use rights, net	766,213		867,765		124,089
Operating lease right-of-use assets, net	4,618,212		4,871,341		696,592
Deferred tax assets, net	306,623		251,572		35,974
Derivative financial instrument	6,768		11,185		1,599
Other non-current assets	381,126		1,275,380		182,377
Total non-current assets	25,536,894		33,142,296		4,739,284
Total assets	32,357,042		44,594,162		6,376,881
Liabilities and Shareholders' Equity
Current liabilities:
Short-term bank borrowings	589,000		1,172,561		167,674
Current portion of long-term borrowings	1,420,190		2,059,154		294,455
Current portion of finance lease liabilities	208,299		357,995		51,193
Current portion of operating lease liabilities	899,818		962,275		137,603
Accounts and notes payable	709,260		741,878		106,087
Amounts due to related parties	355,679		415,889		59,471
Income taxes payable	69,569		154,343		22,071
Advances from customers	1,378,806		933,920		133,549
Deferred revenue	87,830		138,671		19,830
Current portion of deferred government grants	6,727		51,062		7,302
Accrued expenses and other payables	3,618,237		5,459,465		780,693
Total current liabilities	9,343,415		12,447,213		1,779,928
Non-current liabilities:
Long-term borrowings	7,767,390		11,579,664		1,655,870
Convertible notes	1,897,738		5,138,664		734,819
Non-current portion of finance lease liabilities	1,532,309		1,643,713		235,048
Non-current portion of operating lease liabilities	3,779,293		4,001,047		572,142
Unrecognized tax benefits	107,850		118,734		16,979
Deferred tax liabilities	734,404		840,387		120,174
Deferred government grants	273,824		260,268		37,218
Total non-current liabilities	16,092,808		23,582,477		3,372,250
Mezzanine equity:
Redeemable non-controlling interests	-		1,711,591		244,754
Total mezzanine equity	-		1,711,591		244,754
Shareholders' equity
Ordinary shares	112		112		16
Treasury stock	(161,892)		(179,087)		(25,609)
Additional paid-in capital	17,298,692		17,360,323		2,482,493
Statutory reserves	107,380		116,316		16,633
Accumulated other comprehensive (loss) income	(18,504)		46,375		6,632
Accumulated deficit	(10,859,888)		(11,125,595)		(1,590,939)
Total VNET Group, Inc. shareholders' equity	6,365,900		6,218,444		889,226
Noncontrolling interest	554,919		634,437		90,723
Total shareholders' equity	6,920,819		6,852,881		979,949
Total liabilities，mezzanine equity and shareholders' equity	32,357,042		44,594,162		6,376,881

 

 

VNET GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for number of shares and per share data)
	Three months ended								Twelve months ended
	December 31, 2024		September 30, 2025		December 31, 2025				December 31, 2024		December 31, 2025
	RMB		RMB		RMB		US$		RMB		RMB		US$
Net revenues	2,246,389		2,581,747		2,687,089		384,249		8,259,069		9,949,261		1,422,725
Cost of revenues	(1,741,533)		(2,042,718)		(2,146,705)		(306,975)		(6,426,914)		(7,756,772)		(1,109,204)
Gross profit	504,856		539,029		540,384		77,274		1,832,155		2,192,489		313,521
Operating income (expenses)
Operating income	98,869		12,767		14,670		2,098		114,585		27,755		3,969
Sales and marketing expenses	(73,088)		(71,328)		(73,564)		(10,520)		(263,756)		(279,201)		(39,925)
Research and development expenses	(56,098)		(71,295)		(78,665)		(11,249)		(246,612)		(261,133)		(37,342)
General and administrative expenses	(192,954)		(185,765)		(218,853)		(31,296)		(659,030)		(796,861)		(113,950)
Allowance for doubtful debt	(44,590)		(17,664)		(30,965)		(4,428)		(107,899)		(102,749)		(14,693)
Total operating expenses	(267,861)		(333,285)		(387,377)		(55,395)		(1,162,712)		(1,412,189)		(201,941)
Operating profit	236,995		205,744		153,007		21,879		669,443		780,300		111,580
Interest income	6,162		8,724		5,014		717		27,958		37,358		5,342
Interest expense	(77,125)		(151,017)		(189,447)		(27,091)		(400,975)		(598,625)		(85,602)
Other income	1,855		7,355		41,176		5,888		52,728		55,576		7,949
Other expenses	(10,185)		(5,525)		(4,971)		(711)		(27,290)		(18,433)		(2,636)
Changes in the fair value of financial instruments	(71,575)		(337,216)		287,384		41,095		(74,112)		(314,332)		(44,949)
Gain on debt extinguishment	-		-		-		-		246,175		-		-
Gain on deconsolidation of a subsidiary	-		-		469,838		67,186		-		469,838		67,186
Foreign exchange (loss) gain	(1,327)		16,174		(29,436)		(4,209)		(19,242)		5,523		790
Income (loss) before income taxes and gain from equity method investments	84,800		(255,761)		732,565		104,754		474,685		417,205		59,660
Income tax expenses	(82,547)		(21,467)		(388,933)		(55,617)		(234,229)		(557,510)		(79,723)
Gain from equity method investments	1,197		1,919		1,710		245		7,967		6,884		984
Net income (loss)	3,450		(275,309)		345,342		49,382		248,423		(133,421)		(19,079)
Net income attributable to noncontrolling interests	(14,546)		(16,471)		(20,056)		(2,868)		(65,223)		(67,518)		(9,655)
Net income attributable to redeemable non-controlling interests	-		(15,263)		(20,613)		(2,948)		-		(50,903)		(7,279)
Net (loss) income attributable to the VNET Group, Inc.	(11,096)		(307,043)		304,673		43,566		183,200		(251,842)		(36,013)
Accretion to redemption amount of redeemable non-controlling interests	-		(23)		(4,839)		(692)		-		(4,929)		(705)
Net (loss) profit attributable to the Company's ordinary shareholders	(11,096)		(307,066)		299,834		42,874		183,200		(256,771)		(36,718)
Loss (earnings) per share
Basic	(0.01)		(0.19)		0.17		0.02		0.11		(0.16)		(0.02)
Diluted	(0.01)		(0.19)		(0.00)		(0.00)		0.02		(0.16)		(0.02)
Shares used in (loss) earnings per share computation
Basic*	1,608,291,868		1,613,726,084		1,616,275,922		1,616,275,922		1,593,594,519		1,612,272,787		1,612,272,787
Diluted*	1,608,291,868		1,613,726,084		1,762,607,179		1,762,607,179		1,742,346,367		1,625,720,609		1,625,720,609
Loss (earnings) per ADS (6 ordinary shares equal to 1 ADS)
Basic	(0.06)		(1.14)		1.02		0.12		0.66		(0.96)		(0.12)
Diluted	(0.06)		(1.14)		(0.01)		(0.00)		0.12		(0.96)		(0.12)
* Shares used in (loss) earnings per share/ADS computation were computed under weighted average method.

 

 

VNET GROUP, INC.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amount in thousands of Renminbi ("RMB") and US dollars ("US$"))
	Three months ended								Twelve months ended
	December 31, 2024		September 30, 2025		December 31, 2025				December 31, 2024		December 31, 2025
	RMB		RMB		RMB		US$		RMB		RMB		US$
Gross profit	504,856		539,029		540,384		77,274		1,832,155		2,192,489		313,521
Plus: depreciation and amortization	414,364		511,334		596,766		85,336		1,500,348		2,024,390		289,484
Plus: share-based compensation expenses	4,652		384		507		73		4,886		1,196		171
Adjusted cash gross profit	923,872		1,050,747		1,137,657		162,683		3,337,389		4,218,075		603,176
Adjusted cash gross margin	41.1 %		40.7 %		42.3 %		42.3 %		40.4 %		42.4 %		42.4 %
Operating expenses	(267,861)		(333,285)		(387,377)		(55,395)		(1,162,712)		(1,412,189)		(201,941)
Plus: share-based compensation expenses	38,243		1,899		7,191		1,028		143,671		24,582		3,515
Adjusted operating expenses	(229,618)		(331,386)		(380,186)		(54,367)		(1,019,041)		(1,387,607)		(198,426)
Operating profit	236,995		205,744		153,007		21,879		669,443		780,300		111,580
Plus: depreciation and amortization	441,447		550,248		644,349		92,141		1,611,760		2,172,124		310,610
Plus: share-based compensation expenses	42,895		2,283		7,698		1,101		148,557		25,778		3,686
Adjusted EBITDA	721,337		758,275		805,054		115,121		2,429,760		2,978,202		425,876
Adjusted EBITDA margin	32.1 %		29.4 %		30.0 %		30.0 %		29.4 %		29.9 %		29.9 %

 

 

VNET GROUP, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Amount in thousands of Renminbi ("RMB") and US dollars ("US$"))
	Three months ended
	December 31, 2024		September 30, 2025		December 31, 2025
	RMB		RMB		RMB		US$
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash generated from operating activities	572,236		809,817		546,424		78,136
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(1,492,972)		(2,184,378)		(1,809,905)		(258,813)
Purchases of intangible assets	(82,693)		(37,074)		(91,438)		(13,075)
Proceeds from (payments for) investments	22,087		(5,000)		1,380,795		197,451
Proceeds from disposal of a subsidiary, net	-		-		755,964		108,101
Proceeds from (payments for) other investing activities	177,418		(62,689)		(791,034)		(113,116)
Net cash used in investing activities	(1,376,160)		(2,289,141)		(555,618)		(79,452)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank borrowings	1,240,147		1,867,856		1,537,209		219,818
Repayments of bank borrowings	(366,664)		(231,432)		(486,814)		(69,613)
Payments for finance leases	(25,789)		(44,824)		(84,359)		(12,063)
Contribution from noncontrolling interest in subsidiaries	-		250,657		702,659		100,479
(Payments for) proceeds from other financing activities	(62,448)		299,027		461,622		66,011
Net cash generated from financing activities	785,246		2,141,285		2,130,316		304,632
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	17,784		(808)		(673)		(96)
Net (decrease) increase in cash, cash equivalents and restricted cash	(894)		661,152		2,120,450		303,220
Cash, cash equivalents and restricted cash at beginning of period	2,081,967		3,420,083		4,081,235		583,609
Cash, cash equivalents and restricted cash at end of period	2,081,073		4,081,235		6,201,685		886,829

 

 

View original content:https://www.prnewswire.com/news-releases/vnet-reports-unaudited-fourth-quarter-and-full-year-2025-financial-results-302714407.html

SOURCE VNET Group, Inc.

FAQ

What were VNET's Q4 2025 revenues and growth (Nasdaq: VNET)?

VNET reported Q4 2025 total net revenues of RMB2.69 billion, up 19.6% year‑over‑year. According to the company, growth was driven by strong wholesale IDC demand, with wholesale revenues rising 47.1% to RMB978.1 million in the quarter.

How did VNET's adjusted EBITDA perform in 2025 (VNET)?

VNET recorded adjusted EBITDA of RMB2.98 billion for full‑year 2025, a 22.6% increase year‑over‑year. According to the company, margin improvements and scale from wholesale IDC contributed to stronger adjusted EBITDA versus 2024.

What is VNET's wholesale IDC capacity and utilization as of Dec 31, 2025?

As of December 31, 2025, VNET had 889MW capacity in service and utilization of 70.1%. According to the company, capacity under construction was 452MW, with total capacity committed at 848MW, reflecting ongoing expansion.

How strong is VNET's liquidity and debt position after 2025 results?

VNET held aggregate cash, restricted cash and short‑term investments of RMB6.58 billion as of year‑end 2025. According to the company, total long‑term debt was RMB16.72 billion, including RMB5.14 billion of convertible notes.

What drove VNET's wholesale revenue surge in 2025 (VNET)?

VNET's wholesale revenues rose 77.4% to RMB3.46 billion for 2025, driven by strong new orders and hyperscale demand. According to the company, robust order momentum and rapid capacity scaling underpinned the wholesale revenue increase.

Did VNET report net income in Q4 2025 and what factors affected it?

VNET reported Q4 2025 net income attributable of RMB304.7 million, compared with a loss in prior year. According to the company, results reflected a RMB469.8 million gain on deconsolidation and RMB287.4 million fair value gains, partially offset by RMB388.9 million tax expense.