GDS Holdings Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	5,606	3,425	-4,290	-1,459	-1,265	-685.03
Depreciation & Amortization	3,440	3,243	3,368	3,120	2,592	1,612
Other Amortization	88.49	110.72	140.63	151.8	225.03	187.36
Loss (Gain) From Sale of Assets	-2,458	-31.67	-17.06	-15.03	-1.76	-0.26
Asset Writedown & Restructuring Costs	-	-	3,013	12.76	-	-
Loss (Gain) on Equity Investments	515.17	0.35	-0.11	9.93	0.97	3.38
Stock-Based Compensation	280.85	296.49	336.62	290.82	391.28	333.69
Provision & Write-off of Bad Debts	-13.17	-13.17	18.29	9.93	10.07	2.04
Other Operating Activities	-4,338	-4,268	175.07	150.84	58.6	-108.66
Change in Accounts Receivable	-665.88	-665.88	-106.48	-695.82	-37.99	-465.19
Change in Accounts Payable	-15.63	-15.63	-1.63	186.72	35.5	119.16
Change in Unearned Revenue	-45.72	-45.72	2.2	49.04	24.47	6.29
Change in Other Net Operating Assets	1,068	183.54	-280.08	1,050	-831.86	-683.69
Operating Cash Flow	3,311	1,938	2,065	2,810	1,201	320.89
Operating Cash Flow Growth	69.06%	-6.14%	-26.50%	133.88%	274.39%	9.35%
Capital Expenditures	-4,366	-3,254	-3,426	-8,154	-9,880	-8,218
Sale of Property, Plant & Equipment	203.9	203.9	18.57	43.62	1.41	16.42
Cash Acquisitions	1,157	-	-133.81	-1,217	-3,898	-1,172
Investment in Securities	-514.49	-514.49	-996.64	-1,245	-3	-4.5
Other Investing Activities	-1,286	-5,195	-2,806	-1,942	67.53	-
Investing Cash Flow	-4,806	-8,761	-7,343	-12,514	-13,692	-9,378
Short-Term Debt Issued	-	1,893	371.33	4,632	3,775	1,156
Long-Term Debt Issued	-	4,962	10,020	10,629	12,460	8,019
Total Debt Issued	6,856	6,856	10,391	15,261	16,235	9,175
Short-Term Debt Repaid	-	-394.82	-1,329	-8,238	-902.66	-438.93
Long-Term Debt Repaid	-	-6,178	-7,533	-2,486	-5,443	-4,385
Total Debt Repaid	-6,573	-6,573	-8,862	-10,724	-6,346	-4,824
Net Debt Issued (Repaid)	283.24	283.24	1,529	4,537	9,890	4,350
Issuance of Common Stock	-	-	-	-	2.08	16,053
Preferred Dividends Paid	-54.17	-54.17	-53.92	-51.58	-49.22	-65.49
Dividends Paid	-54.17	-54.17	-53.92	-51.58	-49.22	-65.49
Other Financing Activities	15,198	16,828	2,685	1,658	-1,724	-194.5
Financing Cash Flow	15,427	17,057	4,160	6,144	8,119	20,144
Foreign Exchange Rate Adjustments	-52.1	-13.59	154.3	416.2	-95.54	-566.87
Net Cash Flow	13,880	10,222	-964.13	-3,144	-4,467	10,520
Free Cash Flow	-1,055	-1,316	-1,361	-5,344	-8,679	-7,897
Free Cash Flow Margin	-9.42%	-12.75%	-13.91%	-57.66%	-111.00%	-137.60%
Free Cash Flow Per Share	-4.71	-7.14	-7.41	-29.19	-47.79	-50.40
Cash Interest Paid	2,096	2,096	2,062	1,803	1,539	1,113
Cash Income Tax Paid	389.84	389.84	302.72	343.35	252.07	211.61
Levered Free Cash Flow	-1,421	-1,266	201.54	-6,564	-8,264	-4,673
Unlevered Free Cash Flow	-402.57	-174.27	1,271	-5,542	-7,430	-4,011
Change in Working Capital	340.6	-543.7	-385.99	589.55	-809.89	-1,023

Updated Nov 19, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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