GDS Holdings Limited (HKG:9698)
Hong Kong · Delayed Price · Currency is HKD 33.32
+0.08 (0.24%)
Aug 21, 2026, 4:08 PM HKT
GDS Holdings Cash Flow Statement
Financials in millions CNY. Fiscal year is January - December.
Millions CNY. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 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 |
Net Income | 3,743 | 949.64 | 3,425 | -4,290 | -1,459 | -1,265 |
Depreciation & Amortization | 3,429 | 3,459 | 3,242 | 3,368 | 3,120 | 2,592 |
Other Amortization | 97.77 | 97.19 | 111.34 | 141.24 | 151.8 | 225.03 |
Loss (Gain) From Sale of Assets | -1,346 | -2,403 | -31.67 | -12.05 | -15.03 | -1.76 |
Asset Writedown & Restructuring Costs | 1,561 | 1,561 | - | 3,013 | 12.76 | - |
Loss (Gain) From Sale of Investments | - | - | - | -5.01 | - | - |
Loss (Gain) on Equity Investments | -3,866 | -715.93 | 0.35 | -0.11 | 9.93 | 0.97 |
Stock-Based Compensation | 311.49 | 283.38 | 296.49 | 336.62 | 290.82 | 391.28 |
Provision & Write-off of Bad Debts | 18.8 | 18.8 | -13.17 | 18.29 | 9.93 | 10.07 |
Other Operating Activities | -17.21 | 20.89 | -4,268 | 175.07 | 150.84 | 58.6 |
Change in Accounts Receivable | 502 | 502 | -665.88 | -106.48 | -695.82 | -37.99 |
Change in Accounts Payable | 5.43 | 5.43 | -15.63 | -1.63 | 186.72 | 35.5 |
Change in Unearned Revenue | 23.88 | 23.88 | -45.72 | 2.2 | 49.04 | 24.47 |
Change in Other Net Operating Assets | -879.41 | -437.33 | 183.54 | -280.08 | 1,050 | -831.86 |
Operating Cash Flow | 3,584 | 3,365 | 1,938 | 2,065 | 2,810 | 1,201 |
Operating Cash Flow Growth | 11.44% | 73.61% | -6.14% | -26.50% | 133.88% | 274.39% |
Investing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 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 |
Capital Expenditures | -4,439 | -4,693 | -3,254 | -3,426 | -8,154 | -9,880 |
Sale of Property, Plant & Equipment | 80.54 | 80.54 | 203.9 | 18.57 | 43.62 | 1.41 |
Cash Acquisitions | 2,166 | - | - | -133.81 | -1,217 | -3,898 |
Investment in Securities | -2,499 | 1,567 | -514.49 | -996.64 | -1,245 | -3 |
Other Investing Activities | 5.28 | 5.28 | -6,918 | -2,806 | -1,942 | 67.53 |
Investing Cash Flow | -4,686 | -3,040 | -8,761 | -7,343 | -12,514 | -13,692 |
Financing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 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 |
Short-Term Debt Issued | - | 1,943 | 1,893 | 371.33 | 4,632 | 3,775 |
Long-Term Debt Issued | - | 14,637 | 4,962 | 10,020 | 10,629 | 12,460 |
Total Debt Issued | 16,580 | 16,580 | 6,856 | 10,391 | 15,261 | 16,235 |
Short-Term Debt Repaid | - | -3,326 | -394.82 | -1,329 | -8,238 | -902.66 |
Long-Term Debt Repaid | - | -8,613 | -6,178 | -7,533 | -2,486 | -5,443 |
Total Debt Repaid | -11,939 | -11,939 | -6,573 | -8,862 | -10,724 | -6,346 |
Net Debt Issued (Repaid) | 4,640 | 4,640 | 283.24 | 1,529 | 4,537 | 9,890 |
Issuance of Common Stock | 1,024 | 1,024 | - | - | - | 2.08 |
Preferred Dividends Paid | -54.12 | -54.12 | -54.17 | -53.92 | -51.58 | -49.22 |
Dividends Paid | -54.12 | -54.12 | -54.17 | -53.92 | -51.58 | -49.22 |
Other Financing Activities | -2,734 | 495.94 | 16,828 | 2,685 | 1,658 | -1,724 |
Financing Cash Flow | 2,876 | 6,106 | 17,057 | 4,160 | 6,144 | 8,119 |
Net Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 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 |
Foreign Exchange Rate Adjustments | -220.09 | -83.77 | -13.59 | 154.3 | 416.2 | -95.54 |
Net Cash Flow | 1,640 | 6,347 | 10,222 | -964.13 | -3,144 | -4,467 |
Free Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 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 |
Free Cash Flow | -854.77 | -1,328 | -1,316 | -1,361 | -5,344 | -8,679 |
Free Cash Flow Growth | - | - | - | - | - | - |
Free Cash Flow Margin | -6.97% | -11.62% | -12.75% | -13.91% | -57.66% | -111.00% |
Free Cash Flow Per Share | -3.74 | -6.46 | -7.14 | -7.41 | -29.19 | -47.79 |
Levered Free Cash Flow | -4,603 | -1,472 | -1,266 | 201.54 | -6,564 | -8,264 |
Unlevered Free Cash Flow | -3,644 | -450.87 | -174.27 | 1,271 | -5,542 | -7,430 |
Additional Metrics
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 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 Interest Paid | 1,681 | 1,681 | 2,096 | 2,062 | 1,803 | 1,539 |
Cash Income Tax Paid | 561.92 | 561.92 | 389.84 | 302.72 | 343.35 | 252.07 |
Change in Working Capital | -348.09 | 93.98 | -543.7 | -385.99 | 589.55 | -809.89 |