GDS Holdings Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data GDS Holdings Ltd files with the SEC in its annual reports.

In CNY millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,056	1,616	2,792	4,122	5,739	7,819	9,268	9,782	10,322	11,432
Cost of revenue	790	1,208	2,170	3,080	4,189	6,039	7,317	7,831	8,099	8,847
Gross profit	266	408	622	1,043	1,550	1,779	1,951	1,951	2,223	2,585
Research and development	9.1	7.26	13.9	21.6	40	39.3	31.9	38.2	36.3	32.7
Selling and marketing	71.6	90.1	111	130	135	149	147	141	116	149
General and administrative	227	229	330	411	703	1,022	1,047	966	918	898
Operating income	-42.4	82.2	168	480	673	570	713	-2,207	1,152	-55.8
Interest expense	265	412	656	969	1,317	1,655	1,888	2,037	1,925	1,789
Interest income	2.07	5.6	19.2	53	29	50.4	42.2	94	89.8	154
Other non-operating income	0.28	0.44	5.44	5.57	4.95	-1.56	5.27	25.3	21.8	7.22
Pre-tax income	-285	-333	-440	-426	-548	-949	-828	-3,942	-615	713
Income tax	-8.32	-6.08	-9.39	15.7	121	242	276	-15.6	156	470
Income from continuing operations							-1,107	-3,931	-777	950
Net income	-276	-327	-430	-442	-666	-1,187	-1,269	-4,290	3,425	950
EBITDA	185	460	910	1,622	2,311	3,186	3,834	1,161	4,395	3,404
EPS, basic	-1.35	-0.42	-0.43	-0.45	-0.59	-0.90	-1.03	-2.96	2.27	0.59
EPS, diluted	-1.35	-0.42	-0.43	-0.45	-0.59	-0.90	-1.03	-2.96	2.27	0.55
Shares, basic (weighted)	299	785	990	1,103	1,254	1,453	1,464	1,468	1,475	1,521
Shares, diluted (weighted)	299	785	990	1,103	1,254	1,453	1,464	1,468	1,475	1,645

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,811	1,873	2,285	5,973	16,493	12,026	8,214	7,497	7,868	14,306
Receivables	199	365	537	880	1,480	1,733	2,406	2,493	3,022	2,467
Other current assets	49.2	42.7	111	149	173	317	427	444	361	413
Total current assets	2,210	2,454	3,037	7,085	18,319	14,464	11,951	10,984	11,613	18,547
Property, plant and equipment	4,323	8,166	13,995	19,185	29,596	40,624	46,917	40,098	40,204	38,054
Lease right-of-use assets				797	3,060	4,030	5,634	5,311	5,193	4,832
Goodwill	1,341	1,571	1,752	1,906	2,596	7,077	7,077	5,886	5,886	5,188
Intangible assets	92.6	348	482	395	785	1,283	1,048	688	481	273
Long-term investments								7.3	7,545	10,052
Other non-current assets	98.7	212	213	289	486	1,071	665	747	675	648
Total assets	8,204	13,145	20,885	31,493	57,259	71,632	74,814	74,447	73,649	79,998
Accounts payable	514	1,110	1,508	1,676	3,657	3,902	3,093	2,750	2,593	1,932
Accrued liabilities	31.2	47.4	477	818	1,396	2,680	1,017	1,145	1,289	1,205
Deferred revenue	40.7	55.6	73.1	90.3	96.7	91	156	120	91	114
Short-term debt	389	328	599	741	923	1,308	1,972	2,160	2,543	2,540
Total current liabilities	1,479	2,423	3,508	4,000	7,644	13,465	10,603	8,305	9,078	7,128
Long-term debt	1,510	3,460	5,204	8,028	10,567	18,285	23,518	23,088	21,906	23,363
Lease liabilities				710	1,543	1,884	1,618	1,344	1,280	1,203
Other non-current liabilities	112	359	341	346	349	539	268	304	297	224
Total liabilities	5,217	8,669	15,363	20,137	30,591	45,736	50,629	54,323	49,980	52,261
Total debt	1,898	3,787	5,802	8,769	11,489	19,593	25,490	25,248	24,449	25,904
Paid-in capital	4,037	5,861	7,276	12,403	28,729	28,983	29,049	29,337	29,596	31,706
Retained earnings	-859	-1,186	-1,615	-2,057	-2,724	-3,911	-5,180	-9,470	-6,044	-5,095
Other comprehensive income	-192	-201	-139	-52.7	-440	-599	-848	-974	-1,094	-829
Shareholders' equity	2,986	4,476	5,522	10,294	25,566	24,474	23,021	18,893	22,458	25,783
Minority interests					0	59.2	117	166	130	897
Total equity	2,986	4,476	5,522	10,294	25,566	24,533	23,138	19,059	22,588	26,680
Total liabilities and equity	8,204	13,145	20,885	31,493	57,259	71,632	74,814	74,447	73,649	79,998
Shares outstanding	760	941

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-276	-327	-430	-442	-669	-1,191	-1,266	-4,285	3,304	959
Depreciation and amortization	227	378	742	1,142	1,638	2,617	3,120	3,368	3,243	3,459
Stock-based compensation	64.2	59.8	106	190	334	391	291	337	296	283
Deferred income tax	-10.6	-11.6	-36.6	-50.2	-89.7	-48.5	-99.2	-296	-182	-97.3
Change in receivables	-79.4	-135	-158	-342	-465	-38	-696	-106	-666	502
Change in payables	43.8	33.9	25.3	22.5	119	35.5	187	-1.63	-15.6	5.43
Cash from operations	-129	-168	-12.9	293	321	1,201	2,810	2,065	1,938	3,365
Capital expenditures	-988	-1,720	-4,261	-4,558	-8,037	-9,701	-5,866	-3,194	-3,169	-4,691
Acquisitions	-104	-253	-359	-190	-1,173	-3,452	-1,197
Cash from investing	-1,147	-2,005	-4,733	-5,131	-9,378	-13,692	-12,514	-7,343	-8,761	-3,040
Debt issued	1,270	3,086	2,814
Debt repaid	-374	-1,401	-834	-1,969	-4,187	-5,177	-1,348	-4,418	-5,632	-7,986
Stock issued		650	1,283	4,934	15,975	2.08				1,024
Cash from financing	2,129	2,356	4,877	8,362	20,144	8,119	6,144	4,160	17,057	6,106
Exchange rate effect	55.5	-74.3
Net change in cash	908	109	337	3,689	10,520	-4,467	-3,144	-964	10,222	6,347
Free cash flow	-1,117	-1,888	-4,274	-4,264	-7,716	-8,499	-3,057	-1,129	-1,231	-1,326
Interest paid	229	359	633	841	1,113	1,539	1,803	2,062	2,096	1,681
Income taxes paid	5.65	1.37	3.37	17	212	252	343	303	390	562

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	22.6%	Gross profit / revenue.
Operating margin	-0.5%	Operating income / revenue.
EBITDA margin	29.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.2%	Pre-tax income / revenue.
Net margin	8.3%	Net income / revenue.
FCF margin	-11.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	29.4%	Cash from operations / revenue.
Effective tax rate	65.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	3.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.2%	Net income / average total assets.
Return on invested capital (ROIC)	-0.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.3%	Research and development expense / revenue.
Stock-based pay / revenue	2.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	41.0%	Capital expenditures / revenue.
D&A / revenue	30.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	16.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-104.8%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-22.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-3.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	8.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-72.3%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-75.8%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	73.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	60.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	14.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	0.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	11.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	5.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.60x	Current assets / current liabilities.
Quick ratio	2.35x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.01x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	32.4%	Total debt / total assets.
Liabilities / assets	65.3%	Total liabilities / total assets.
Net debt	CN¥11.60B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.41x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-0.03x	Operating income / interest expense.
Working capital	CN¥11.42B	Current assets - current liabilities.
Goodwill and intangibles / assets	6.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	CN¥20.32B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.15x	Revenue / average total assets.
Fixed asset turnover	0.29x	Revenue / average property, plant and equipment.
Receivables turnover	4.17x	Revenue / average receivables.
Days sales outstanding	88 days	365 x average receivables / revenue.
Days payables	93 days	365 x average accounts payable / cost of revenue.
FCF conversion	-139.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	139.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	CN¥0.55	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	CN¥0.59	Net income per basic share, as reported (split-adjusted).
Revenue per share	CN¥6.95	Revenue / diluted weighted shares.
FCF per share	-CN¥0.81	Free cash flow / diluted weighted shares.
Operating cash flow per share	CN¥2.05	Cash from operations / diluted weighted shares.
Book value per share	CN¥15.68	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	CN¥12.36	Tangible book value / shares outstanding.
Cash per share	CN¥8.70	(Cash + short-term investments) / shares outstanding.

What was GDS Holdings Ltd's revenue in fiscal 2025?

GDS Holdings Ltd reported revenue of CN¥11.43B for fiscal 2025, 10.8% higher than the year before.

Was GDS Holdings Ltd profitable in fiscal 2025?

Yes. Net income was CN¥949.6M, a net margin of 8.3%.

How much free cash flow did GDS Holdings Ltd generate in fiscal 2025?

Cash from operations of CN¥3.37B minus capital expenditures of CN¥4.69B left free cash flow of -CN¥1.33B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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