GDS Holdings Cash Flow 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
Net Income	959.36	-770.91	-3,926	-1,105	-1,191
Depreciation & Amortization	3,459	3,243	3,368	3,120	2,617
Stock-Based Compensation	283.38	296.49	336.62	290.82	391.28
Other Adjustments	-1,422	-5.22	2,966	-33.88	194.29
Change in Receivables	-	-665.88	-106.48	-695.82	-37.99
Changes in Accounts Payable	-	-15.63	-1.63	186.72	35.5
Changes in Accrued Expenses	-	104.01	36.89	-93.69	-121.83
Changes in Unearned Revenue	-	-45.72	2.2	49.04	24.47
Changes in Other Operating Activities	85.37	79.52	-316.97	1,143	-710.04
Operating Cash Flow	3,365	1,938	2,065	2,810	1,201
Operating Cash Flow Growth	73.61%	-6.14%	-26.50%	133.88%	274.39%
Capital Expenditures	-4,611	-3,169	-3,194	-5,866	-9,701
Sale of Property, Plant & Equipment	-	203.9	18.57	43.62	1.41
Purchases of Investments	-674.91	-	-3	-6.24	-3
Proceeds from Sale of Investments	-	-	-	-	20.87
Payments for Business Acquisitions	-	-85.19	-231.85	-3,484	-3,632
Other Investing Activities	2,246	1,210	-1,105	-1,220	-378.57
Investing Cash Flow	-3,040	-8,761	-7,343	-12,514	-13,692
Short-Term Debt Issued	-	1,893	371.33	4,632	3,775
Short-Term Debt Repaid	-	-394.82	-1,329	-8,238	-902.66
Net Short-Term Debt Issued (Repaid)	-	1,499	-957.31	-3,606	2,873
Long-Term Debt Issued	-	4,762	9,800	9,784	12,410
Long-Term Debt Repaid	-	-5,632	-6,546	-1,348	-5,177
Net Long-Term Debt Issued (Repaid)	-	-869.46	3,253	8,436	7,232
Issuance of Common Stock	-	-	-	-	2.08
Net Common Stock Issued (Repurchased)	-	-	-	-	2.08
Preferred Share Dividends Paid	-	-54.17	-53.92	-51.58	-49.22
Other Financing Activities	-	-400.69	-975.12	-1,293	-1,939
Financing Cash Flow	6,106	17,057	4,160	6,144	8,119
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-83.77	-13.59	154.3	416.2	-95.54
Net Cash Flow	6,347	10,222	-964.13	-3,144	-4,467
Free Cash Flow	-1,245	-1,231	-1,129	-3,057	-8,499
FCF Margin	-10.89%	-11.93%	-11.54%	-32.98%	-108.70%
Free Cash Flow Per Share	-6.06	-6.68	-	-	-
Levered Free Cash Flow	779.05	11,047	-10,733	-868.23	-1,517
Unlevered Free Cash Flow	-1,158	1,056	-2,321	-985.41	-7,432

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

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