VNET Group Income Statement

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

Millions CNY. Fiscal year is Jan - Dec.

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
Revenue	5,378	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	4,222	7,757	6,427	6,120	5,707	4,752
Gross Profit	2,243	2,192	1,832	1,292	1,358	1,438
Selling, General & Admin	1,048	1,076	922.79	808.06	954.86	1,098
Research & Development	291.95	261.13	246.61	322.22	306.84	188.49
Other Operating Expenses	124.36	74.99	-6.69	2,133	-24.6	130.47
Total Operating Expenses	1,464	1,412	1,163	3,263	1,237	1,417
Operating Income	778.7	780.3	669.44	-1,971	121.16	21.31
Interest Income	41	37.36	27.96	41.8	31.57	31.9
Interest Expense	-719.01	-598.63	-400.98	-312.17	-273.31	-334.95
Other Non-Operating Income (Expense)	56.71	198.17	178.26	-244.8	-509.88	946.91
Total Non-Operating Income (Expense)	-621.31	-363.1	-194.76	-515.17	-751.61	643.86
Pretax Income	627.23	417.21	474.69	-2,486	-630.46	665.17
Provision for Income Taxes	991.61	557.51	234.23	114.37	133.46	111.41
Net Income	-364.38	-140.31	240.46	-2,600	-763.92	553.77
Minority Interest in Earnings	181.75	111.54	57.26	43.39	12.03	53.67
Net Income Attributable to Preferred Dividends	1,703	4.93	-	-	-	-
Net Income to Common	-2,237	-256.77	183.2	-2,644	-775.95	500.1
Shares Outstanding (Basic)	270	269	266	150	148	144
Shares Outstanding (Diluted)	276	269	290	150	148	152
Shares Change (YoY)	16.06%	-7.46%	93.35%	1.62%	-2.72%	27.16%
EPS (Basic)	-8.34	-0.96	0.66	-17.58	-5.22	3.42
EPS (Diluted)	-9.36	-0.96	0.12	-17.58	-5.22	-2.16
Free Cash Flow	-5,721	-5,738	-2,993	-946.24	-639.1	-2,076
Free Cash Flow Per Share	-20.70	-21.35	-10.31	-6.30	-4.32	-13.66
Gross Margin	41.71%	22.04%	22.18%	17.44%	19.22%	23.23%
Operating Margin	14.48%	7.84%	8.11%	-26.59%	1.71%	0.34%
Profit Margin	-6.78%	-1.41%	2.91%	-35.08%	-10.81%	8.95%
FCF Margin	-106.36%	-57.67%	-36.24%	-12.76%	-9.05%	-33.53%
EBITDA	778.7	3,586	2,738	269.56	2,226	1,847
EBITDA Margin	14.48%	36.04%	33.15%	3.64%	31.51%	29.84%
EBIT	778.7	780.3	669.44	-1,971	121.16	21.31
EBIT Margin	14.48%	7.84%	8.11%	-26.59%	1.71%	0.34%
Effective Tax Rate	158.09%	133.63%	49.34%	-4.60%	-21.17%	16.75%

SEC Filings: 10-K · 10-Q