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VNET Group, Inc. - American Depositary Shares (VNET) Financial History

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

NASDAQ · DATA UPDATED 2026-09-13

VNET Group, Inc. - American Depositary Shares (VNET) operates in the NASDAQ industry and is headquartered in Beijing, China with about 2,784 employees. Its market capitalization is roughly $2 billion. In the fiscal year ended 2025-12-31, VNET reported CNY 9.7B in revenue and (CNY 250M) in net income.

VNET Group, Inc., an investment holding company, provides data center hosting and related services in China.

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

VNET 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	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Total Revenue	CNY 10.7B	CNY 9.7B	CNY 8.3B	CNY 7.4B	CNY 7.2B	CNY 6.2B	CNY 4.8B	CNY 3.8B	CNY 3.4B	CNY 3.4B	CNY 3.6B	CNY 3.6B	CNY 2.9B	CNY 2.0B	CNY 1.5B	CNY 1.0B	CNY 525M	CNY 314M
Gross Profit	CNY 2.2B	CNY 2.1B	CNY 1.8B	CNY 1.3B	CNY 1.3B	CNY 1.4B	CNY 1.1B	CNY 939M	CNY 945M	CNY 758M	CNY 712M	CNY 854M	CNY 810M	CNY 517M	CNY 426M	CNY 277M	CNY 128M	CNY 84M
Gross Margin %	20.5%	22.0%	22.2%	17.4%	18.1%	23.2%	22.3%	24.8%	27.8%	22.4%	19.6%	23.5%	28.2%	26.3%	27.9%	27.1%	24.4%	26.9%
Operating Income (EBIT)	CNY 764M	CNY 732M	CNY 669M	(CNY 2.0B)	CNY 62M	CNY 21M	CNY 117M	CNY 182M	CNY 237M	(CNY 1.4B)	(CNY 840M)	(CNY 284M)	(CNY 115M)	CNY 42M	CNY 81M	CNY 15M	(CNY 233M)	CNY 27M
Operating Margin %	7.1%	7.6%	8.1%	-26.6%	0.9%	0.3%	2.4%	4.8%	7.0%	-40.3%	-23.1%	-7.8%	-4.0%	2.1%	5.3%	1.5%	-44.3%	8.6%
Net Income	(CNY 2.4B)	(CNY 250M)	CNY 183M	(CNY 2.6B)	(CNY 790M)	CNY 500M	(CNY 2.7B)	(CNY 182M)	(CNY 205M)	(CNY 773M)	(CNY 634M)	(CNY 428M)	(CNY 348M)	(CNY 48M)	CNY 56M	CNY 18M	(CNY 255M)	(CNY 6M)
Net Margin %	-22.3%	-2.6%	2.2%	-35.7%	-11.0%	8.1%	-56.1%	-4.8%	-6.0%	-22.8%	-17.4%	-11.8%	-12.1%	-2.5%	3.7%	1.8%	-48.6%	-1.9%
EBITDA	CNY 3.7B	CNY 3.0B	CNY 2.4B	(CNY 367M)	CNY 1.2B	CNY 2.3B	(CNY 1.2B)	CNY 1.0B	CNY 895M	(CNY 209M)	(CNY 116M)	CNY 455M	CNY 328M	CNY 302M	CNY 233M	CNY 153M	(CNY 197M)	CNY 57M
Earnings Per Share (EPS)	CNY -8.77	CNY -0.93	CNY 0.63	CNY -17.60	CNY -5.34	CNY 3.29	CNY -22.68	CNY -1.64	CNY -1.82	CNY -6.89	CNY -6.16	CNY -5.22	CNY -5.21	CNY -0.79	CNY 0.95	CNY 0.35	CNY -15.90	CNY -0.50
Shares Outstanding (M)	284M	269M	290M	150M	148M	152M	119M	111M	112M	112M	103M	82M	67M	61M	59M	53M	16M	12M

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

VNET 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 2.8B	CNY 2.7B	CNY 2.6B	CNY 2.6B	CNY 2.4B	CNY 2.2B	CNY 2.2B	CNY 2.1B
Gross Profit	CNY 504M	CNY 616M	CNY 533M	CNY 536M	CNY 548M	CNY 565M	CNY 505M	CNY 481M
Gross Margin %	18.2%	22.9%	20.1%	20.9%	22.5%	25.2%	22.5%	23.2%
Operating Income (EBIT)	CNY 189M	CNY 247M	CNY 136M	CNY 192M	CNY 173M	CNY 249M	CNY 237M	CNY 176M
Operating Margin %	6.8%	9.2%	5.1%	7.5%	7.1%	11.1%	10.5%	8.5%
Net Income	(CNY 144M)	(CNY 2.2B)	CNY 296M	(CNY 307M)	(CNY 12M)	(CNY 238M)	(CNY 11M)	CNY 311M
Net Margin %	-5.2%	-82.8%	11.2%	-12.0%	-0.5%	-10.6%	-0.5%	15.0%
EBITDA	CNY 871M	CNY 893M	CNY 1.5B	CNY 446M	CNY 819M	CNY 360M	CNY 676M	CNY 791M
Earnings Per Share (EPS)	CNY -0.51	CNY -8.13	CNY 1.01	CNY -1.14	CNY -0.04	CNY -0.89	CNY -0.04	CNY 1.07
Shares Outstanding (M)	284M	274M	294M	269M	268M	266M	—	290M

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

VNET 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	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Cash from Operations (CFO)	CNY 1.7B	CNY 1.9B	CNY 2.0B	CNY 2.1B	CNY 2.4B	CNY 1.4B	CNY 714M	CNY 707M	CNY 705M	CNY 402M	CNY 84M	CNY 217M	CNY 325M	CNY 65M	CNY 174M	CNY 166M	CNY 81M	CNY 3M
Capital Expenditures (CapEx)	CNY 7.3B	CNY 7.9B	CNY 5.1B	CNY 3.1B	CNY 3.1B	CNY 2.7B	CNY 2.5B	CNY 1.3B	CNY 453M	CNY 415M	CNY 612M	CNY 1.1B	CNY 859M	CNY 455M	CNY 581M	CNY 257M	CNY 59M	CNY 35M
Free Cash Flow (FCF)	(CNY 5.6B)	(CNY 5.9B)	(CNY 3.1B)	(CNY 997M)	(CNY 660M)	(CNY 1.3B)	(CNY 1.8B)	(CNY 568M)	CNY 252M	(CNY 13M)	(CNY 529M)	(CNY 883M)	(CNY 533M)	(CNY 391M)	(CNY 407M)	(CNY 90M)	CNY 22M	(CNY 32M)
FCF Margin %	-52.4%	-61.5%	-37.8%	-13.5%	-9.2%	-21.8%	-37.0%	-15.0%	7.4%	-0.4%	-14.5%	-24.3%	-18.5%	-19.9%	-26.7%	-8.9%	4.2%	-10.3%
Dividends Paid	—	—	—	—	—	—	CNY 3.1B	CNY 2.3B	CNY 0M	CNY 2M	CNY 1.9B	CNY 0M	CNY 0M	CNY 2.1B	—	CNY 350M	—	—

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

VNET 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 217M	CNY 174M	CNY 546M	CNY 810M	CNY 367M	CNY 196M	CNY 572M	CNY 760M
Capital Expenditures (CapEx)	CNY 1.5B	CNY 1.8B	CNY 1.8B	CNY 2.2B	CNY 1.9B	CNY 1.8B	CNY 1.5B	CNY 1.4B
Free Cash Flow (FCF)	(CNY 1.3B)	(CNY 1.6B)	(CNY 1.3B)	(CNY 1.4B)	(CNY 1.5B)	(CNY 1.6B)	(CNY 921M)	(CNY 667M)
FCF Margin %	-46.8%	-60.2%	-47.7%	-55.0%	-61.8%	-72.6%	-41.0%	-32.1%

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

VNET 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	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Total Assets	CNY 49.5B	CNY 44.6B	CNY 32.4B	CNY 30.4B	CNY 26.9B	CNY 23.1B	CNY 19.3B	CNY 14.1B	CNY 11.2B	CNY 10.0B	CNY 12.4B	CNY 10.9B	CNY 9.5B	CNY 6.3B	CNY 3.0B	CNY 2.4B	CNY 2.7B	CNY 347M
Cash & Cash Equivalents	CNY 7.2B	CNY 5.5B	CNY 1.5B	CNY 2.2B	CNY 2.7B	CNY 1.4B	CNY 3.0B	CNY 2.3B	CNY 2.6B	CNY 2.2B	CNY 3.3B	CNY 1.9B	CNY 794M	CNY 1.7B	CNY 626M	CNY 419M	CNY 88M	CNY 83M
Total Liabilities	CNY 39.5B	CNY 36.0B	CNY 25.4B	CNY 23.9B	CNY 20.0B	CNY 15.5B	CNY 12.4B	CNY 8.9B	CNY 5.8B	CNY 4.7B	CNY 5.5B	CNY 6.0B	CNY 6.5B	CNY 3.7B	CNY 1.1B	CNY 735M	CNY 440M	CNY 327M
Total Debt (Short + Long-Term)	CNY 25.1B	CNY 22.5B	CNY 12.2B	CNY 12.7B	CNY 10.8B	CNY 7.7B	CNY 6.9B	CNY 4.0B	CNY 2.5B	CNY 2.5B	CNY 2.7B	CNY 2.8B	CNY 1.6B	CNY 774M	CNY 401M	CNY 139M	CNY 60M	CNY 6M
Total Shareholders' Equity	CNY 4.1B	CNY 6.2B	CNY 6.4B	CNY 6.0B	CNY 6.6B	CNY 7.2B	CNY 6.6B	CNY 4.9B	CNY 5.1B	CNY 5.1B	CNY 6.1B	CNY 4.0B	CNY 2.2B	CNY 2.5B	CNY 1.9B	CNY 1.7B	CNY 2.1B	CNY 3M

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 VNET viewer.

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