GDS Holdings Limited (GDS)
NASDAQ: GDS · Real-Time Price · USD
31.41
-0.57 (-1.78%)
At close: Aug 10, 2026, 4:00 PM EDT
31.50
+0.09 (0.29%)
After-hours: Aug 10, 2026, 7:42 PM EDT
GDS Holdings Cash Flow Statement
Financials in millions CNY. Fiscal year is January - December.
Millions CNY. Fiscal year is Jan - Dec.
Operating Activities
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 |
Net Income | 2,847 | 959.36 | -770.91 | -3,926 | -1,105 | -1,191 |
Depreciation & Amortization | 3,435 | 3,459 | 3,243 | 3,368 | 3,120 | 2,617 |
Stock-Based Compensation | 305.22 | 283.38 | 296.49 | 336.62 | 290.82 | 391.28 |
Other Adjustments | -4,102 | -1,431 | -5.22 | 2,966 | -33.88 | 194.29 |
Change in Receivables | - | 502 | -665.88 | -106.48 | -695.82 | -37.99 |
Changes in Accounts Payable | - | 5.43 | -15.63 | -1.63 | 186.72 | 35.5 |
Changes in Accrued Expenses | - | -11.15 | 104.01 | 36.89 | -93.69 | -121.83 |
Changes in Unearned Revenue | - | 23.88 | -45.72 | 2.2 | 49.04 | 24.47 |
Changes in Other Operating Activities | -1,013 | -426.18 | -201.77 | -610.99 | 1,091 | -710.04 |
Operating Cash Flow | 3,033 | 3,365 | 1,938 | 2,065 | 2,810 | 1,201 |
Operating Cash Flow Growth | 6.66% | 73.61% | -6.14% | -26.50% | 133.88% | 274.39% |
Investing Activities
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 |
Capital Expenditures | -4,371 | -4,691 | -3,169 | -3,194 | -5,866 | -9,701 |
Sale of Property, Plant & Equipment | - | 80.54 | 203.9 | 18.57 | 43.62 | 1.41 |
Purchases of Investments | - | -1,470 | - | -3 | -6.24 | -3 |
Proceeds from Sale of Investments | - | 3,037 | 39 | 23.63 | - | - |
Cash Acquisitions | - | -1.96 | -85.19 | -365.66 | -3,504 | -4,135 |
Proceeds from Business Divestments | 2,606 | 5.28 | 2.4 | 22.11 | 39 | 124.76 |
Other Investing Activities | 2,694 | - | -5,751 | -3,845 | -3,220 | 20.87 |
Investing Cash Flow | -3,504 | -3,040 | -8,761 | -7,343 | -12,514 | -13,692 |
Financing Activities
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 |
Short-Term Debt Issued | - | 1,943 | 1,893 | 371.33 | 4,632 | 3,775 |
Short-Term Debt Repaid | - | -3,326 | -394.82 | -1,329 | -8,238 | -902.66 |
Net Short-Term Debt Issued (Repaid) | - | -1,383 | 1,499 | -957.31 | -3,606 | 2,873 |
Long-Term Debt Issued | - | 14,637 | 4,962 | 10,020 | 10,629 | 12,460 |
Long-Term Debt Repaid | - | -7,987 | -5,632 | -6,546 | -1,348 | -5,177 |
Net Long-Term Debt Issued (Repaid) | - | 6,650 | -669.46 | 3,473 | 9,281 | 7,283 |
Issuance of Common Stock | - | 1,024 | - | - | - | 2.08 |
Net Common Stock Issued (Repurchased) | - | 1,024 | - | - | - | 2.08 |
Preferred Share Dividends Paid | - | -54.12 | -54.17 | -53.92 | -51.58 | -49.22 |
Other Financing Activities | - | -130.73 | 16,282 | 1,698 | 519.87 | -1,989 |
Financing Cash Flow | 7,712 | 6,106 | 17,057 | 4,160 | 6,144 | 8,119 |
Net Cash Flow
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 |
Foreign Exchange Rate Adjustments | -162.87 | -83.77 | -13.59 | 154.3 | 416.2 | -95.54 |
Net Cash Flow | 7,079 | 6,347 | 10,222 | -964.13 | -3,144 | -4,467 |
Free Cash Flow
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 |
Free Cash Flow | -1,338 | -1,326 | -1,231 | -1,129 | -3,057 | -8,499 |
Free Cash Flow Growth | - | - | - | - | - | - |
FCF Margin | -11.08% | -11.60% | -11.93% | -11.54% | -32.98% | -108.70% |
Free Cash Flow Per Share | -6.06 | -6.45 | -6.68 | -6.15 | -16.70 | -46.80 |
Levered Free Cash Flow | 819.98 | 4,523 | 4,115 | -2,227 | 2,652 | 985.87 |
Unlevered Free Cash Flow | -1,923 | -1,659 | 1,359 | -2,598 | -562.15 | -7,140 |