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%	36.24%
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)	2,404	68	108.16	294.37	86.02
Total Non-Operating Income (Expense)	768.9	-1,767	-1,734	-1,542	-1,518
Pretax Income	713.15	-614.86	-3,942	-828.32	-948.75
Provision for Income Taxes	-469.72	-156.05	15.58	-276.24	-242.46
Net Income	1,845	10,222	-12,924	-4,237	-3,766
Minority Interest in Earnings	706.21	-133.97	-5.39	185.7	76.46
Net Income Attributable to Preferred Dividends	54.31	54.23	53.63	51.21	49.07
Earnings From Discontinued Operations	0	8,149	-718.75	-323.13	-
Net Income to Common	1,845	10,222	-12,924	-4,237	-3,766
Net Income Growth	-81.95%	-	-	-	-
Shares Outstanding (Basic)	190	184	191	191	187
Shares Outstanding (Diluted)	206	184	191	191	187
Shares Change (YoY)	11.49%	-3.24%	-	1.96%	-
EPS (Basic)	4.72	18.32	-67.82	-22.24	-20.15
EPS (Diluted)	4.40	18.32	-67.82	-22.24	-20.15
EPS Growth	-75.98%	-	-	-	-
Free Cash Flow	-1,245	-1,231	-1,129	-3,057	-8,499
Free Cash Flow Per Share	-6.06	-6.68	-	-	-
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%	32.01%	-43.81%	-13.66%	-15.24%
FCF Margin	-10.89%	-11.93%	-11.54%	-32.98%	-108.70%
EBITDA	3,404	4,395	1,161	3,834	3,186
EBITDA Margin	29.77%	42.58%	11.87%	41.36%	40.75%
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	-65.87%	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