GDS Holdings Income Statement

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
Revenue	12,076	11,432	10,322	9,782	9,268	7,819
Revenue Growth (YoY)	13.79%	10.76%	5.52%	5.55%	18.54%	36.24%
Cost of Revenue	9,004	8,847	8,099	7,831	7,317	6,039
Gross Profit	3,072	2,585	2,223	1,951	1,952	1,779
Selling, General & Admin	989.53	1,047	1,034	1,107	1,194	1,171
Research & Development	34.37	32.7	36.32	38.16	31.91	39.34
Other Operating Expenses	1,561	1,561	-	3,013	12.76	-
Total Operating Expenses	2,585	2,641	1,071	4,158	1,238	1,210
Operating Income	-290.01	-55.75	1,152	-2,207	713.23	569.52
Interest Income	-	154.04	89.78	94.01	42.23	50.45
Interest Expense	-1,573	-1,789	-1,925	-1,937	-1,878	-1,655
Other Non-Operating Income (Expense)	1,432	2,404	68	108.16	294.37	86.02
Total Non-Operating Income (Expense)	-141	768.9	-1,767	-1,734	-1,542	-1,518
Pretax Income	345.97	713.15	-614.86	-3,942	-828.32	-948.75
Provision for Income Taxes	378.72	469.72	156.05	-15.58	276.24	242.46
Net Income	2,770	895.34	3,371	-4,344	-1,510	-1,314
Minority Interest in Earnings	-2,868	-706.21	119.34	4.66	193.87	78.83
Net Income Attributable to Preferred Dividends	65.37	54.31	54.23	53.63	51.21	49.07
Earnings From Discontinued Operations	-	-	8,277	-718.39	-161.57	-
Net Income to Common	2,770	895.34	3,371	-4,344	-1,510	-1,314
Net Income Growth	-38.17%	-73.44%	-	-	-	-
Shares Outstanding (Basic)	192	190	184	184	183	182
Shares Outstanding (Diluted)	221	206	184	184	183	182
Shares Change (YoY)	13.54%	11.49%	0.47%	0.26%	0.80%	-2.83%
EPS (Basic)	14.08	4.72	18.16	-23.68	-8.24	-7.20
EPS (Diluted)	10.80	4.40	18.16	-23.68	-8.24	-7.20
EPS Growth	-54.08%	-75.77%	-	-	-	-
Shares Outstanding	200.38	200.38	194.4	190.55	190.55	186.9
Free Cash Flow	-1,338	-1,326	-1,231	-1,129	-3,057	-8,499
Free Cash Flow Per Share	-6.06	-6.45	-6.68	-6.15	-16.70	-46.80
Gross Margin	25.44%	22.62%	21.53%	19.95%	21.06%	22.76%
Operating Margin	-2.40%	-0.49%	11.16%	-22.56%	7.70%	7.28%
Profit Margin	-0.27%	2.13%	-7.47%	-40.13%	-11.92%	-15.24%
FCF Margin	-11.08%	-11.60%	-11.93%	-11.54%	-32.98%	-108.70%
EBITDA	3,145	3,404	4,395	1,161	3,834	3,186
EBITDA Margin	26.04%	29.77%	42.58%	11.87%	41.36%	40.75%
EBIT	-290.01	-55.75	1,152	-2,207	713.23	569.52
EBIT Margin	-2.40%	-0.49%	11.16%	-22.56%	7.70%	7.28%
Effective Tax Rate	109.46%	65.86%	-25.38%	0.40%	-33.35%	-25.56%

Updated May 20, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q