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GDS Holdings Ltd (GDS) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

TECHNOLOGY · INFORMATION TECHNOLOGY SERVICES · DATA UPDATED 2026-09-12

GDS Holdings Ltd (GDS) operates in the INFORMATION TECHNOLOGY SERVICES industry and is headquartered in Shanghai, China with about 2,434 employees. Its market capitalization is roughly $4 billion. In the fiscal year ended 2025-12-31, GDS reported CNY 11.4B in revenue and CNY 950M in net income.

GDS Holdings Limited, together with its subsidiaries, engages in the development and operation of data centers in the People's Republic of China.

Interactive charts & full statements → Open the GDS valuation workbench →

GDS Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31
Total Revenue	CNY 12.2B	CNY 11.4B	CNY 10.3B	CNY 10.0B	CNY 9.3B	CNY 7.8B	CNY 5.7B	CNY 4.1B	CNY 2.8B	CNY 1.6B	CNY 1.1B	CNY 704M	CNY 468M
Gross Profit	CNY 2.9B	CNY 2.6B	CNY 2.2B	CNY 1.9B	CNY 1.9B	CNY 1.8B	CNY 1.6B	CNY 1.0B	CNY 622M	CNY 408M	CNY 266M	CNY 189M	CNY 80M
Gross Margin %	23.9%	22.6%	21.5%	19.3%	20.8%	22.8%	27.0%	25.3%	22.3%	25.3%	25.2%	26.8%	17.1%
Operating Income (EBIT)	CNY 2.1B	CNY 1.5B	CNY 1.2B	(CNY 2.5B)	CNY 552M	CNY 570M	CNY 673M	CNY 480M	CNY 168M	CNY 82M	(CNY 42M)	(CNY 1M)	(CNY 76M)
Operating Margin %	16.9%	13.4%	11.2%	-24.7%	5.9%	7.3%	11.7%	11.6%	6.0%	5.1%	-4.0%	-0.2%	-16.2%
Net Income	CNY 3.7B	CNY 950M	CNY 3.3B	(CNY 4.3B)	(CNY 1.3B)	(CNY 1.2B)	(CNY 685M)	(CNY 442M)	(CNY 430M)	(CNY 327M)	(CNY 276M)	(CNY 99M)	(CNY 130M)
Net Margin %	30.7%	8.3%	32.0%	-43.1%	-13.6%	-15.2%	-11.9%	-10.7%	-15.4%	-20.2%	-26.2%	-14.0%	-27.8%
EBITDA	CNY 7.0B	CNY 6.1B	CNY 1.3B	CNY 1.4B	CNY 898M	CNY 706M	CNY 2.4B	CNY 1.6B	CNY 958M	CNY 457M	CNY 208M	CNY 151M	CNY 80M
Earnings Per Share (EPS)	CNY 14.20	CNY 4.62	CNY 17.92	CNY -23.38	CNY -6.93	CNY -6.54	CNY -4.17	CNY -3.21	CNY -3.48	CNY -3.33	CNY -7.39	CNY -2.04	CNY -38.17
Shares Outstanding (M)	259M	206M	184M	184M	183M	182M	164M	138M	124M	98M	37M	—	3M

CNY; CNYM / CNYB as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

GDS Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	CNY 3.1B	CNY 3.4B	CNY 2.9B	CNY 2.9B	CNY 2.9B	CNY 2.7B	CNY 2.7B	CNY 2.6B
Gross Profit	CNY 600M	CNY 1.1B	CNY 547M	CNY 639M	CNY 689M	CNY 645M	CNY 578M	CNY 558M
Gross Margin %	19.5%	33.6%	19.0%	22.1%	23.8%	23.7%	21.5%	21.3%
Operating Income (EBIT)	CNY 438M	CNY 908M	CNY 358M	CNY 362M	CNY 415M	CNY 365M	CNY 282M	CNY 305M
Operating Margin %	14.2%	27.0%	12.4%	12.6%	14.3%	13.4%	10.5%	11.7%
Net Income	CNY 833M	CNY 2.6B	(CNY 461M)	CNY 726M	(CNY 72M)	CNY 763M	CNY 4.2B	(CNY 192M)
Net Margin %	27.1%	78.7%	-16.0%	25.1%	-2.5%	28.0%	155.7%	-7.3%
EBITDA	CNY 1.3B	CNY 1.8B	CNY 1.2B	CNY 2.6B	CNY 1.3B	CNY 2.3B	CNY 1.1B	CNY 1.1B
Earnings Per Share (EPS)	CNY 3.21	CNY 10.43	CNY -2.37	CNY 2.93	CNY -0.32	CNY 3.40	CNY 22.77	CNY -1.04
Shares Outstanding (M)	259M	254M	194M	248M	225M	225M	—	184M

CNY; CNYM / CNYB as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

GDS Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31
Cash from Operations (CFO)	CNY 3.5B	CNY 3.4B	CNY 2M	CNY 2.1B	CNY 2.9B	CNY 1.2B	CNY 321M	CNY 293M	(CNY 13M)	(CNY 175M)	(CNY 150M)	(CNY 80M)	CNY 28M
Capital Expenditures (CapEx)	CNY 4.3B	CNY 4.7B	CNY 3M	CNY 6.3B	CNY 7.8B	CNY 9.7B	CNY 8.0B	CNY 4.6B	CNY 4.3B	CNY 1.8B	CNY 988M	CNY 733M	CNY 248M
Free Cash Flow (FCF)	(CNY 781M)	(CNY 1.3B)	(CNY 1M)	(CNY 4.2B)	(CNY 4.9B)	(CNY 8.5B)	(CNY 7.7B)	(CNY 4.3B)	(CNY 4.3B)	(CNY 1.9B)	(CNY 1.1B)	(CNY 813M)	(CNY 220M)
FCF Margin %	-6.4%	-11.6%	-0.0%	-42.1%	-53.0%	-108.7%	-134.2%	-103.3%	-153.0%	-119.7%	-107.8%	-115.6%	-47.1%
Dividends Paid	—	CNY 54M	CNY 0M	CNY 54M	CNY 52M	CNY 49M	CNY 65M	CNY 25M	CNY 25M	CNY 25M	CNY 77M	CNY 0M	CNY 77M

CNY; CNYM / CNYB as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

GDS Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	CNY 1.4B	CNY 448M	CNY 960M	CNY 737M	CNY 493M	CNY 968M	CNY 929M	CNY 642M
Capital Expenditures (CapEx)	CNY 1.2B	CNY 770M	CNY 896M	CNY 1.4B	CNY 853M	CNY 3.2B	CNY 381M	CNY 788M
Free Cash Flow (FCF)	CNY 162M	(CNY 322M)	CNY 64M	(CNY 685M)	(CNY 360M)	(CNY 2.2B)	CNY 548M	(CNY 147M)
FCF Margin %	5.2%	-9.6%	2.2%	-23.7%	-12.4%	-82.0%	20.4%	-5.6%
Dividends Paid	—	CNY 13M	—	—	—	CNY 13M	—	—

CNY; CNYM / CNYB as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

GDS Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31
Total Assets	CNY 85.8B	CNY 80.0B	CNY 73.6B	CNY 74.4B	CNY 74.8B	CNY 71.6B	CNY 57.3B	CNY 31.5B	CNY 20.9B	CNY 13.1B	CNY 8.2B	CNY 5.1B	CNY 3.9B
Cash & Cash Equivalents	CNY 14.9B	CNY 14.3B	CNY 7.9B	CNY 7.7B	CNY 8.6B	CNY 10.0B	CNY 16.3B	CNY 5.8B	CNY 2.2B	CNY 1.9B	CNY 1.8B	CNY 924M	CNY 607M
Total Liabilities	CNY 52.6B	CNY 52.3B	CNY 50.0B	CNY 54.3B	CNY 50.6B	CNY 47.1B	CNY 31.7B	CNY 21.2B	CNY 15.4B	CNY 8.7B	CNY 5.2B	CNY 3.1B	CNY 1.7B
Total Debt (Short + Long-Term)	CNY 40.9B	CNY 39.3B	CNY 35.6B	CNY 38.7B	CNY 34.1B	CNY 27.0B	CNY 15.0B	CNY 11.5B	CNY 8.7B	CNY 4.3B	CNY 3.3B	CNY 2.1B	CNY 600M
Total Shareholders' Equity	CNY 32.4B	CNY 26.9B	CNY 23.5B	CNY 20.0B	CNY 24.1B	CNY 24.5B	CNY 25.6B	CNY 10.3B	CNY 5.5B	CNY 4.5B	CNY 3.0B	CNY 2.1B	CNY 2.1B

CNY; CNYM / CNYB as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive GDS viewer.

Other Companies in INFORMATION TECHNOLOGY SERVICES

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PSN · Parsons Corp — $5 billion
APLD · Applied Digital Corporation — $5 billion
CIFR · Cipher Mining Inc — $4 billion
KD · Kyndryl Holdings Inc — $3 billion
PENG · Penguin Solutions, Inc. — $3 billion
CSQR · Csquare, Inc. — $2 billion

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