VNET Group, Inc. (VNET)

VNET Group Income Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue	9,949	8,259	7,413	7,065	6,190
Revenue Growth (YoY)	20.46%	11.41%	4.92%	14.14%	28.18%
Cost of Revenue	7,757	6,427	6,120	5,707	4,752
Gross Profit	2,192	1,832	1,292	1,358	1,438
Selling, General & Admin	1,076	922.79	808.06	954.86	1,098
Research & Development	261.13	246.61	322.22	306.84	188.49
Other Operating Expenses	-27.76	-114.59	-106.27	-60.01	-
Operating Expenses	1,412	1,163	1,393	1,237	1,305
Operating Income	780.3	669.44	-100.02	121.16	133.39
Interest Expense	-598.63	-400.98	-312.17	-273.31	-334.95
Interest & Investment Income	37.36	27.96	41.8	31.57	31.9
Earnings From Equity Investments	6.88	7.97	3.28	1.93	-38.67
Currency Exchange Gain (Loss)	5.52	-19.24	-78.97	-523.24	110.04
Other Non Operating Income (Expenses)	-277.19	25.44	11.26	-9.27	11.22
EBT Excluding Unusual Items	-45.75	310.59	-434.82	-651.16	-87.07
Impairment of Goodwill	-	-	-1,364	-	-
Gain (Loss) on Sale of Investments	-	-	-11.17	-	-6.3
Gain (Loss) on Sale of Assets	469.84	-	-	-	-
Asset Writedown	-	-	-506.69	-	-109.27
Other Unusual Items	-	172.06	-165.93	22.63	829.15
Pretax Income	424.09	482.65	-2,483	-628.53	626.51
Income Tax Expense	557.51	234.23	114.37	133.46	111.41
Earnings From Continuing Operations	-133.42	248.42	-2,597	-761.99	515.1
Minority Interest in Earnings	-118.42	-65.22	-46.67	-13.96	-15
Net Income	-251.84	183.2	-2,644	-775.95	500.1
Preferred Dividends & Other Adjustments	-	15.08	-	-	5.83
Net Income to Common	-251.84	168.12	-2,644	-775.95	494.27
Shares Outstanding (Basic)	269	266	150	148	144
Shares Outstanding (Diluted)	271	290	150	148	152
Shares Change (YoY)	-6.69%	93.35%	1.62%	-2.72%	27.16%
EPS (Basic)	-0.94	0.63	-17.60	-5.25	3.43
EPS (Diluted)	-0.96	0.14	-17.60	-5.25	-2.14
Free Cash Flow	-	-2,918	-903.97	-555.39	-1,304
Free Cash Flow Per Share	-	-10.05	-6.02	-3.76	-8.58
Gross Margin	22.04%	22.18%	17.44%	19.23%	23.23%
Operating Margin	7.84%	8.11%	-1.35%	1.71%	2.15%
Profit Margin	-2.53%	2.04%	-35.66%	-10.98%	7.99%
Free Cash Flow Margin	-	-35.34%	-12.19%	-7.86%	-21.07%
EBITDA	4,121	2,268	1,707	1,717	1,401
EBITDA Margin	41.42%	27.46%	23.03%	24.30%	22.63%
D&A For EBITDA	3,340	1,598	1,807	1,596	1,268
EBIT	780.3	669.44	-100.02	121.16	133.39
EBIT Margin	7.84%	8.11%	-1.35%	1.71%	2.15%
Effective Tax Rate	131.46%	48.53%	-	-	17.78%
Advertising Expenses	-	9.36	9.83	6.83	7.27

Updated Mar 16, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q