GDS Holdings Income Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	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
Revenue	11,432	10,322	9,782	9,268	7,819
Revenue Growth (YoY)	10.76%	5.52%	5.55%	18.54%	-
Cost of Revenue	8,847	8,099	7,831	7,317	6,039
Gross Profit	2,585	2,223	1,951	1,951	1,779
Selling, General & Admin	1,047	1,034	1,107	1,194	1,171
Research & Development	32.7	36.32	38.16	31.91	39.34
Other Operating Expenses	1,561	-	3,013	12.76	-
Total Operating Expenses	2,641	1,071	4,158	1,238	1,210
Operating Income	-55.75	1,152	-2,207	713.23	569.52
Interest Income	-	89.78	94.01	42.23	50.45
Interest Expense	-1,635	-1,925	-1,937	-1,878	-1,655
Other Non-Operating Income (Expense)	3,120	68	108.16	294.37	86.02
Total Non-Operating Income (Expense)	1,485	-1,767	-1,734	-1,542	-1,518
Pretax Income	1,429	-614.86	-3,942	-828.32	-948.75
Provision for Income Taxes	469.72	156.05	-15.58	276.24	242.46
Net Income	895.34	3,425	-4,290	-1,459	-1,265
Minority Interest in Earnings	9.72	-121.56	4.66	2.77	-4
Net Income Attributable to Preferred Dividends	54.31	54.23	53.63	241	126.72
Earnings From Discontinued Operations	0	8,149	-718.75	-323.13	-
Net Income to Common	895.34	3,425	-4,290	-1,459	-1,265
Net Income Growth	-73.86%	-	-	-	-
Shares Outstanding (Basic)	190	184	184	183	182
Shares Outstanding (Diluted)	206	184	184	183	182
Shares Change (YoY)	11.49%	0.47%	0.26%	0.79%	-
EPS (Basic)	4.72	18.16	-23.68	-8.24	-7.20
EPS (Diluted)	4.40	18.16	-23.68	-8.24	-7.20
EPS Growth	-75.77%	-	-	-	-
Shares Outstanding	200.38	194.4	190.55	190.55	186.9
Free Cash Flow	-1,245	-1,231	-1,129	-3,057	-8,499
Free Cash Flow Per Share	-6.06	-6.68	-6.15	-16.70	-46.80
Gross Margin	22.62%	21.53%	19.95%	21.06%	22.76%
Operating Margin	-0.49%	11.16%	-22.56%	7.70%	7.28%
Profit Margin	8.39%	-7.47%	-40.13%	-11.92%	-15.24%
FCF Margin	-10.89%	-11.93%	-11.54%	-32.98%	-108.70%
EBITDA	3,404	4,505	1,268	3,934	3,227
EBITDA Margin	29.77%	43.65%	12.96%	42.45%	41.27%
EBIT	-55.75	1,152	-2,207	713.23	569.52
EBIT Margin	-0.49%	11.16%	-22.56%	7.70%	7.28%
Effective Tax Rate	32.87%	-25.38%	0.40%	-33.35%	-25.56%

Updated Mar 17, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q