VNET Group Income 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
Revenue	9,949	8,259	7,413	5,186	-
Revenue Growth (YoY)	20.46%	11.41%	42.93%	-	-
Cost of Revenue	7,757	6,427	6,120	4,156	-
Gross Profit	2,192	1,832	1,292	1,030	1,438
Selling, General & Admin	1,076	922.79	808.06	722.5	1,098
Research & Development	261.13	246.61	322.22	222.79	188.49
Other Operating Expenses	74.99	-6.69	2,133	-6.53	130.47
Total Operating Expenses	1,412	1,163	3,263	938.76	1,417
Operating Income	780.3	669.44	-1,971	138.51	21.31
Interest Income	44.24	35.93	45.08	25.58	-6.77
Interest Expense	-598.63	-400.98	-312.17	-200.46	-334.95
Other Non-Operating Income (Expense)	198.17	178.26	-244.8	-534.89	946.91
Total Non-Operating Income (Expense)	-356.21	-186.79	-511.89	-709.76	605.19
Pretax Income	417.21	474.69	-2,486	-574	665.17
Provision for Income Taxes	557.51	234.23	114.37	133.36	111.41
Net Income	-251.84	183.2	-2,644	-775.95	500.1
Minority Interest in Earnings	118.42	65.22	46.67	7.16	15
Net Income Attributable to Preferred Dividends	4.93	-	-	-	-
Net Income to Common	-251.84	183.2	-2,644	-775.95	500.1
Shares Outstanding (Basic)	269	266	150	148	144
Shares Outstanding (Diluted)	269	290	150	148	152
Shares Change (YoY)	-7.46%	93.35%	1.62%	-2.72%	27.16%
EPS (Basic)	-0.96	0.66	-17.58	-5.22	3.42
EPS (Diluted)	-0.96	0.12	-17.58	-5.22	-2.16
Shares Outstanding	270.49	273.65	257.4	890.71	890.71
Free Cash Flow	-5,738	-2,918	-903.97	-555.39	-1,304
Free Cash Flow Per Share	-21.35	-10.05	-6.02	-3.76	-8.58
Gross Margin	22.04%	22.18%	17.44%	19.86%	-
Operating Margin	7.84%	8.11%	-26.59%	2.67%	-
Profit Margin	-1.34%	3.01%	-35.04%	-13.59%	-
FCF Margin	-57.67%	-35.33%	-12.19%	-10.71%	-
EBITDA	2,906	2,268	-163.56	1,734	1,289
EBITDA Margin	29.21%	27.46%	-2.21%	33.44%	-
EBIT	780.3	669.44	-1,971	138.51	21.31
EBIT Margin	7.84%	8.11%	-26.59%	2.67%	-
Effective Tax Rate	133.63%	49.34%	-4.60%	-23.23%	16.75%

Updated Mar 16, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q