GDS Holdings Limited (GDS) — Financial statements
Income statement, balance sheet, and cash flow for GDS Holdings Limited — annual and quarterly history with growth and margin analysis.
| Metric (CNY Millions) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
| Revenue & Gross Profit | ||||||
| Revenue | 11,121↑7.7% | 10,322↑3.7% | 9,957↑6.8% | 9,326↑19.3% | 7,819 | |
| Cost of Revenue | 8,846↑9.2% | 8,099↑0.8% | 8,034↑8.7% | 7,390↑22.4% | 6,039 | |
| Gross Profit | 2,274↑2.3% | 2,223↑15.6% | 1,922↓0.7% | 1,936↑8.8% | 1,779 | |
| Operating Expenses | ||||||
| R&D Expenses | 32↓12.4% | 36↓4.8% | 38↑6.6% | 36↓9.0% | 39 | |
| General & Administrative Expenses | 0.00↓100.0% | 918↓22.6% | 1,185↑0.0% | 1,185↑16.0% | 1,022 | |
| Selling & Marketing Expenses | 0.00↓100.0% | 116↓19.2% | 144↓4.2% | 150↑1.2% | 149 | |
| SG&A Expenses | 778↓24.8% | 1,034↓22.2% | 1,330↓0.4% | 1,336↑14.1% | 1,171 | |
| Other Expenses | 0.00 | 0.00↓100.0% | 3,013 | 0.00 | 0.00 | |
| Operating Expenses | 810↓24.4% | 1,071↓75.6% | 4,381↑219.5% | 1,371↑13.3% | 1,210 | |
| Total Costs & Expenses | 9,656↑5.3% | 9,170↓26.1% | 12,415↑41.7% | 8,761↑20.9% | 7,249 | |
| Operating Results | ||||||
| Operating Income | 1,464↑27.1% | 1,152↑146.9% | -2,459↓545.6% | 552↓3.1% | 570 | |
| Depreciation & Amortization | 3,365↑0.4% | 3,353↓7.6% | 3,628↑10.2% | 3,291↑23.8% | 2,657 | |
| EBITDA | 4,830↑7.2% | 4,505↑230.1% | 1,365↓67.4% | 4,189↑29.8% | 3,227 | |
| EBIT | 1,464↑27.1% | 1,152↑150.9% | -2,263↓352.0% | 898↑57.7% | 570 | |
| Interest & Other Income | ||||||
| Net Interest Income | -1,590↑13.3% | -1,835↑5.4% | -1,939↓5.6% | -1,836↓14.4% | -1,604 | |
| Interest Income | 0.00↓100.0% | 90↓8.0% | 98↑131.0% | 42↓16.3% | 50 | |
| Interest Expense | 1,590↓17.4% | 1,925↓5.5% | 2,037↑8.5% | 1,878↑13.5% | 1,655 | |
| Non-Operating Income | 0.00 | 0.00↑100.0% | -196↑43.5% | -346 | 0.00 | |
| Other Income / Expenses | -74↑95.8% | -1,767↑4.1% | -1,841↓19.4% | -1,542↓1.5% | -1,518 | |
| Income Before Tax | 1,390↑326.1% | -615↑85.7% | -4,300↓334.4% | -990↓4.3% | -949 | |
| Income Tax Expense | 457↑192.8% | 156↑1156.1% | -15↓105.3% | 276↑13.9% | 242 | |
| Net Income & EPS | ||||||
| Net Income from Continuing Operations | 933↑221.1% | -771↑82.0% | -4,285↓238.5% | -1,266↓6.3% | -1,191 | |
| Net Income from Discontinued Operations | 0.00↓100.0% | 4,203 | 0.00 | 0.00 | 0.00 | |
| Net Income | 924↓73.0% | 3,425↑179.8% | -4,290↓238.8% | -1,266↓6.3% | -1,191 | |
| Bottom-Line Net Income | 871↓74.2% | 3,371↑177.6% | -4,344↓187.7% | -1,510↓14.9% | -1,314 | |
| EPS (Basic) | 4.64↑201.8% | -4.56↑80.7% | -23.67↓186.9% | -8.25↓14.1% | -7.23 | |
| EPS (Diluted) | 4.24↑193.0% | -4.56↑80.7% | -23.67↓186.9% | -8.25↓14.1% | -7.23 | |
| Weighted Average Shares | 190↑3.6% | 184↑1.2% | 181↑2.5% | 177↑1.2% | 175 | |
| Weighted Average Diluted Shares | 206↑12.0% | 184↓0.0% | 184↑0.3% | 183↑0.8% | 182 | |
* All figures in Millions of CNY, except per share data. Growth rates calculated Year-over-Year (YoY). Data source: SEC Filings.