GDS Holdings Balance Sheet

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	14,822	14,306	7,868	7,355	8,608	9,968
Short-Term Investments	-	667.74	-	-	-	-
Cash & Short-Term Investments	14,822	14,974	7,868	7,355	8,608	9,968
Cash Growth	95.66%	90.32%	6.97%	-14.56%	-13.64%	-38.69%
Accounts Receivable	2,957	2,467	3,022	2,493	2,406	1,733
Other Receivables	290.93	563.56	294.79	214.39	164.74	229.09
Receivables	3,248	3,031	3,317	2,707	2,571	1,962
Prepaid Expenses	5,512	-	-	-	186.81	202.74
Restricted Cash	-	130.3	67.42	39.37	158.08	2,014
Other Current Assets	-	412.55	361.25	882.03	427.3	316.94
Total Current Assets	23,583	18,547	11,613	10,984	11,951	14,464
Property, Plant & Equipment	42,686	42,885	45,398	45,409	52,551	44,654
Long-Term Investments	9,337	10,052	7,545	7.3	-	-
Goodwill	-	5,188	5,886	5,886	7,077	7,077
Other Intangible Assets	5,438	289.46	502.89	710.68	1,071	1,918
Long-Term Deferred Tax Assets	-	391.22	381.27	289.85	229	186.5
Long-Term Deferred Charges	-	-	-	-	47.4	80.74
Other Long-Term Assets	3,090	2,645	2,323	11,160	1,889	3,254
Total Assets	84,135	79,998	73,649	74,447	74,814	71,632
Accounts Payable	1,912	-	-	-	-	-
Accrued Expenses	1,249	851.65	855.23	870.53	844.41	695.18
Short-Term Debt	3,223	411.4	1,799	422.41	1,652	4,640
Current Portion of Long-Term Debt	4,285	2,540	2,544	2,160	4,056	1,308
Current Portion of Leases	1,968	807.28	753.5	680.66	629.6	844.88
Current Income Taxes Payable	-	126.45	118.61	166.92	202.59	139.67
Current Unearned Revenue	-	113.83	90.98	119.89	156.13	90.99
Other Current Liabilities	-	2,277	2,918	3,885	3,063	5,747
Total Current Liabilities	12,636	7,128	9,078	8,305	10,603	13,465
Long-Term Debt	30,883	35,508	30,483	31,523	27,813	20,180
Long-Term Leases	6,828	8,257	8,881	9,238	10,534	10,817
Long-Term Unearned Revenue	-	110.05	165.08	146.18	60.44	67.15
Long-Term Deferred Tax Liabilities	-	1,144	1,241	1,282	1,410	734.28
Other Long-Term Liabilities	1,346	113.55	132.14	3,827	207.81	472.15
Total Liabilities	51,693	52,261	49,980	54,323	50,629	45,736
Common Stock	0.56	0.56	0.53	0.52	0.52	0.51
Additional Paid-In Capital	31,737	31,706	29,596	29,337	29,049	28,983
Retained Earnings	-2,446	-5,095	-6,044	-9,470	-5,180	-3,911
Comprehensive Income & Other	-869.44	-829.32	-1,094	-974.39	-848.36	-599.19
Total Common Equity	28,422	25,783	22,458	18,893	23,021	24,474
Minority Interest	900.59	897.39	129.93	165.58	116.59	463.85
Shareholders' Equity	32,442	27,737	23,669	20,124	24,185	25,896
Total Liabilities & Equity	84,135	79,998	73,649	74,447	74,814	71,632
Total Debt	47,186	47,524	44,460	44,024	44,685	37,790
Net Cash (Debt)	-32,364	-32,550	-36,592	-36,669	-36,077	-27,822
Net Cash Per Share	-152.03	-158.34	-198.45	-199.81	-197.08	-153.19
Filing Date Shares Outstanding	194.29	200.38	194.4	194.4	190.55	186.9
Total Common Shares Outstanding	194.29	200.38	194.4	190.55	190.55	186.9
Working Capital	10,947	11,419	2,535	2,678	1,348	998.63
Book Value Per Share	146.29	128.67	115.53	99.15	120.81	130.95
Tangible Book Value	22,983	20,306	16,069	12,296	14,874	15,480
Tangible Book Value Per Share	118.30	101.34	82.66	64.53	78.06	82.82
Land	-	847.43	868.82	850.24	3,302	1,553
Buildings	-	16,880	16,126	15,140	13,848	12,178
Machinery	-	26,713	25,046	21,594	19,777	17,853
Construction In Progress	-	5,640	6,564	8,658	10,828	7,234
Leasehold Improvements	-	9,169	9,103	8,706	8,444	8,231

Source: S&P Global Market Intelligence. Standard template. Financial Sources.