VNET Group, Inc. (VNET) — Financial statements
Income statement, balance sheet, and cash flow for VNET Group, Inc. — annual and quarterly history with growth and margin analysis.
| Metric (CNY Millions) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
| Revenue & Gross Profit | ||||||
| Revenue | 9,678↑17.2% | 8,259↑11.4% | 7,413↑3.1% | 7,189↑16.1% | 6,190 | |
| Cost of Revenue | 7,545↑17.4% | 6,427↑5.0% | 6,120↑4.0% | 5,884↑23.8% | 4,752 | |
| Gross Profit | 2,133↑16.4% | 1,832↑41.8% | 1,292↓1.0% | 1,305↓9.2% | 1,438 | |
| Operating Expenses | ||||||
| R&D Expenses | 254↑3.0% | 247↓23.5% | 322↑5.0% | 307↑62.8% | 188 | |
| General & Administrative Expenses | 0.00↓100.0% | 659↑21.6% | 542↓15.7% | 643↓23.7% | 842 | |
| Selling & Marketing Expenses | 0.00↓100.0% | 264↓0.9% | 266↓14.7% | 312↑22.1% | 255 | |
| SG&A Expenses | 1,147↑24.3% | 923↑14.2% | 808↓15.4% | 955↓13.0% | 1,098 | |
| Other Expenses | 0.00↑100.0% | -7↓100.3% | 2,133↑8769.8% | -25↓118.9% | 130 | |
| Operating Expenses | 1,401↑20.5% | 1,163↓64.4% | 3,263↑162.6% | 1,243↓12.3% | 1,417 | |
| Total Costs & Expenses | 8,946↑17.9% | 7,590↓19.1% | 9,384↑31.7% | 7,127↑15.5% | 6,168 | |
| Operating Results | ||||||
| Operating Income | 732↑9.4% | 669↑134.0% | -1,971↓3267.8% | 62↑191.9% | 21 | |
| Depreciation & Amortization | 1,969↑27.4% | 1,546↓14.5% | 1,807↑12.1% | 1,613↑27.2% | 1,268 | |
| EBITDA | 2,701↑21.9% | 2,215↑704.4% | -367↓121.9% | 1,675↓26.1% | 2,268 | |
| EBIT | 732↑9.4% | 669↑130.8% | -2,174↓3594.1% | 62↓93.8% | 1,000 | |
| Interest & Other Income | ||||||
| Net Interest Income | -546↓46.4% | -373↓38.0% | -270↓11.8% | -242↑20.2% | -303 | |
| Interest Income | 36↑30.0% | 28↓33.1% | 42↑32.4% | 32↓1.0% | 32 | |
| Interest Expense | 582↑45.2% | 401↑28.4% | 312↑14.2% | 273↓18.4% | 335 | |
| Non-Operating Income | 0.00 | 0.00↓100.0% | 203 | 0.00↑100.0% | -979 | |
| Other Income / Expenses | -320↓71.1% | -187↑63.5% | -512↑27.1% | -702↓216.0% | 605 | |
| Income Before Tax | 413↓14.5% | 483↑119.4% | -2,483↓288.2% | -640↓202.1% | 627 | |
| Income Tax Expense | 542↑131.5% | 234↑104.8% | 114↓15.8% | 136↑21.9% | 111 | |
| Net Income & EPS | ||||||
| Net Income from Continuing Operations | -130↓152.2% | 248↑109.6% | -2,597↓235.0% | -775↓250.5% | 515 | |
| Net Income from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net Income | -250↓236.3% | 183↑106.9% | -2,644↓234.8% | -790↓257.9% | 500 | |
| Bottom-Line Net Income | -250↓236.3% | 183↑106.9% | -2,644↓234.8% | -790↓259.7% | 494 | |
| EPS (Basic) | -0.90↓236.4% | 0.66↑103.8% | -17.58↓240.7% | -5.16↓250.9% | 3.42 | |
| EPS (Diluted) | -0.90↓236.4% | 0.66↑103.8% | -17.58↓240.7% | -5.16↓256.4% | 3.30 | |
| Weighted Average Shares | 269↑1.2% | 266↑76.8% | 150↑1.6% | 148↑2.5% | 144 | |
| Weighted Average Diluted Shares | 269↓7.5% | 290↑93.3% | 150↑1.6% | 148↓2.7% | 152 | |
* All figures in Millions of CNY, except per share data. Growth rates calculated Year-over-Year (YoY). Data source: SEC Filings.