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VNET Group Inc

VNET Reports Unaudited Fourth Quarter and Full Year 2025 Financial Results

BEIJING, March 16, 2026 /PRNewswire/ -- VNET Group, Inc. (Nasdaq: VNET) ("VNET" or the "Company"), a leading carrier- and cloud-neutral internet data center services provider in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025.

"We closed 2025 with strong full-year results, successfully achieving our 2025 delivery plan with a record 404MW delivered and exceeding guidance on both revenues and adjusted EBITDA," said Josh Sheng Chen, Founder, Executive Chairperson and Interim Chief Executive Officer of VNET. "Our wholesale IDC business maintained exceptional momentum, driven by strong customer demand and our proven ability to scale capacity rapidly and efficiently. Our order momentum remained robust, with a total of 135MW of new wholesale orders secured in the fourth quarter of 2025. As a leading player, we remain focused on reinforcing our core strengths and developing our scalable and high-performance data centers to capture the accelerating AI-driven demand. Moving forward, we will further advance our Hyperscale 2.0 framework to achieve sustainable, high-quality growth and create long-term value for all stakeholders."

Peter Zhihua Zhang, Senior Vice President, Operational Finance of VNET, commented, "In the fourth quarter of 2025, we continued to achieve high-quality growth amid strong AI-driven demand. Total net revenues increased 19.6% year-over-year to RMB2.69 billion, led by 47.1% year-over-year growth in wholesale revenues. Adjusted EBITDA increased 11.6% year-over-year to RMB805.1 million. For the full year, total net revenues increased 20.5% year-over-year to RMB9.95 billion, and adjusted EBITDA grew 22.6% to RMB2.98 billion, both exceeding our 2025 full year guidance. We remain committed to disciplined capital allocation, advancing capital recycling and other strategic initiatives to reinforce our financial foundation and support long-term sustainable growth. Looking ahead, we are confident in our strategic direction and well-positioned to leverage this strengthened foundation to deliver sustainable long-term value."

Fourth Quarter 2025 Financial Highlights

  • Total net revenues increased by 19.6% to RMB2.69 billion (US$384.2 million) from RMB2.25 billion in the same period of 2024.
    • Net revenues from the IDC business[1] increased by 23.7% to RMB2.02 billion (US$288.3 million) from RMB1.63 billion in the same period of 2024.
      • Net revenues from the wholesale IDC business ("wholesale revenues") increased by 47.1% to RMB978.1 million (US$139.9 million) from RMB665.2 million in the same period of 2024.
      • Net revenues from the retail IDC business ("retail revenues") increased by 7.6% to RMB1.04 billion (US$148.5 million) compared with RMB964.8 million in the same period of 2024.
    • Net revenues from the non-IDC business[2] increased by 8.8% to RMB670.8 million (US$95.9 million) from RMB616.5 million in the same period of 2024.
  • Adjusted cash gross profit (non-GAAP) increased by 23.1% to RMB1.14 billion (US$162.7 million) from RMB923.9 million in the same period of 2024. Adjusted cash gross margin (non-GAAP) was 42.3%, compared with 41.1% in the same period of 2024.
  • Adjusted EBITDA (non-GAAP) increased by 11.6% to RMB805.1 million (US$115.1 million) from RMB721.3 million in the same period of 2024. Adjusted EBITDA margin (non-GAAP) was 30.0%, compared with 32.1% in the same period of 2024.

[1] IDC business refers to managed hosting services, which consists of wholesale IDC business and retail IDC business. Such categorization is based on the nature and scale of our data center projects.

[2] Non-IDC business consists of cloud services and VPN services.

Full Year 2025 Financial Highlights

  • Total net revenues increased by 20.5% to RMB9.95 billion (US$1.42 billion) from RMB8.26 billion in the full year of 2024.
    • Net revenues from the IDC business increased by 28.5% to RMB7.43 billion (US$1.06 billion) from RMB5.78 billion in the full year of 2024.
      • Wholesale revenues increased by 77.4% to RMB3.46 billion (US$494.9 million) from RMB1.95 billion in the full year of 2024.
      • Retail revenues increased by 3.5% to RMB3.96 billion (US$566.9 million) from RMB3.83 billion in the full year of 2024.
    • Net revenues from the non-IDC business increased by 1.8% to RMB2.52 billion (US$360.9 million) from RMB2.48 billion in the full year of 2024.
  • Adjusted cash gross profit (non-GAAP) increased by 26.4% to RMB4.22 billion (US$603.2 million) from RMB3.34 billion in the full year of 2024. Adjusted cash gross margin (non-GAAP) was 42.4%, compared with 40.4% in the full year of 2024.
  • Adjusted EBITDA (non-GAAP) increased by 22.6% to RMB2.98 billion (US$425.9 million) from RMB2.43 billion in the full year of 2024. Adjusted EBITDA margin (non-GAAP) was 29.9%, compared with 29.4% in the full year of 2024.

Fourth Quarter 2025 Operational Highlights

Wholesale IDC Business

  • Capacity in service was 889MW as of December 31, 2025, compared with 783MW as of September 30, 2025, and 486MW as of December 31, 2024. Capacity under construction was 452MW as of December 31, 2025.
  • Capacity utilized by customers reached 623MW as of December 31, 2025, compared with 582MW as of September 30, 2025, and 353MW as of December 31, 2024. The sequential increase during the fourth quarter of 2025 was 41MW, which was mainly contributed by the N-OR Campus 02A data center.
  • Utilization rate[3] of wholesale capacity was 70.1% as of December 31, 2025, compared with 74.3% as of September 30, 2025, and 72.6% as of December 31, 2024.
    • Utilization rate of mature wholesale capacity[4] was 93.1% as of December 31, 2025, compared with 94.7% as of September 30, 2025, and 95.6% as of December 31, 2024.
    • Utilization rate of ramp-up wholesale capacity[5] was 31.7% as of December 31, 2025, compared with 37.6% as of September 30, 2025, and 34.0% as of December 31, 2024.
  • Total capacity committed[6] was 848MW as of December 31, 2025, compared with 741MW as of September 30, 2025, and 479MW as of December 31, 2024.
  • Commitment rate[7] for capacity in service was 95.3% as of December 31, 2025, compared with 94.7% as of September 30, 2025, and 98.7% as of December 31, 2024.
  • Total capacity pre-committed[8] was 156MW and pre-commitment rate[9] for capacity under construction was 34.5% as of December 31, 2025.

[3] Utilization rate is calculated by dividing capacity utilized by customers by capacity in service.
[4] Mature wholesale capacity refers to wholesale data centers with utilization rate at or above 80%.
[5] Ramp-up wholesale capacity refers to wholesale data centers with utilization rate below 80%.
[6] Total capacity committed represents capacity committed to customers under effective agreements.
[7] Commitment rate is calculated by dividing total capacity committed by total capacity in service.
[8] Total capacity pre-committed is capacity under construction pre-committed to customers under effective agreements.
[9] Pre-commitment rate is calculated by dividing total capacity pre-committed by total capacity under construction.

Retail IDC Business[10]

  • Capacity in service was 49,863 cabinets as of December 31, 2025, compared with 52,288 cabinets as of September 30, 2025, and 52,107 cabinets as of December 31, 2024. The decrease was primarily due to the deconsolidation of the target retail data center under the private REIT project issued in November 2025.
  • Capacity utilized by customers was 31,906 cabinets as of December 31, 2025, compared with 33,907 cabinets as of September 30, 2025, and 33,068 cabinets as of December 31, 2024.
  • Utilization rate of retail capacity was 64.0% as of December 31, 2025, compared with 64.8% as of September 30, 2025, and 63.5% as of December 31, 2024.
    • Utilization rate of mature retail capacity[11] was 68.5% as of December 31, 2025, compared with 69.2% as of September 30, 2025, and 68.9% as of December 31, 2024.
    • Utilization rate of ramp-up retail capacity[12] was 23.9% as of December 31, 2025, compared with 30.6% as of September 30, 2025, and 21.3% as of December 31, 2024.
  • Monthly recurring revenue (MRR) per retail cabinet was RMB9,420 in the fourth quarter of 2025, compared with RMB8,948 in the third quarter of 2025 and RMB8,794 in the fourth quarter of 2024.

[10] For retail IDC business, since the first quarter of 2024, we have excluded a certain number of reserved cabinets from the capacity in service. Reserved cabinets include those with limited utilization, those scheduled for closure, or those planned for upgrades. As of December 31, 2024, September 30, 2025, and December 31, 2025, 3,766, 3,791 and 3,791 reserved cabinets, respectively, were excluded from retail IDC utilization rate calculations.

[11] Mature retail capacity refers to retail data centers that came into service prior to the past 24 months.

[12] Ramp-up retail capacity refers to retail data centers that entered service within the past 24 months, or mature retail data centers that underwent improvements within the past 24 months.

Fourth Quarter 2025 Financial Results

TOTAL NET REVENUES: Total net revenues in the fourth quarter of 2025 were RMB2.69 billion (US$384.2 million), representing an increase of 19.6% from RMB2.25 billion in the same period of 2024. The year-over-year increase was mainly driven by the continued growth of our wholesale IDC business.

Net revenues from IDC busines s increased by 23.7% to RMB2.02 billion (US$288.3 million) from RMB1.63 billion in the same period of 2024. The year-over-year increase was mainly driven by an increase in wholesale revenues.

  • Wholesale revenues increased by 47.1% to RMB978.1 million (US$139.9 million) from RMB665.2 million in the same period of 2024.
  • Retail revenues  increased by 7.6% to RMB1.04 billion (US$148.5 million) from RMB964.8 million in the same period of 2024.

Net revenues from non-IDC business increased by 8.8% to RMB670.8 million (US$95.9 million) from RMB616.5 million in the same period of 2024.

GROSS PROFIT: Gross profit in the fourth quarter of 2025 was RMB540.4 million (US$77.3 million), representing an increase of 7.0% from RMB504.9 million in the same period of 2024. Gross margin in the fourth quarter of 2025 was 20.1%, compared with 22.5% in the same period of 2024.

ADJUSTED CASH GROSS PROFIT (non-GAAP), which excludes depreciation and amortization, and share-based compensation expenses from gross profit, increased by 23.1% to RMB1.14 billion (US$162.7 million) in the fourth quarter from RMB923.9 million in the same period of 2024. Adjusted cash gross margin (non-GAAP) in the fourth quarter of 2025 was 42.3%, compared with 41.1% in the same period of 2024.

OPERATING EXPENSES: Total operating expenses in the fourth quarter of 2025 were RMB387.4 million (US$55.4 million), compared with RMB267.9 million in the same period of 2024.

Sales and marketing expenses were RMB73.6 million (US$10.5 million) in the fourth quarter of 2025, compared with RMB73.1 million in the same period of 2024.

Research and development expenses were RMB78.7 million (US$11.2 million) in the fourth quarter of 2025, compared with RMB56.1 million in the same period of 2024.

General and administrative expenses were RMB218.9 million (US$31.3 million) in the fourth quarter of 2025, compared with RMB193.0 million in the same period of 2024.

ADJUSTED OPERATING EXPENSES (non-GAAP), which exclude share-based compensation expenses from operating expenses, were RMB380.2 million (US$54.4 million) in the fourth quarter of 2025, compared with RMB229.6 million in the same period of 2024. As a percentage of total net revenues, adjusted operating expenses (non-GAAP) in the fourth quarter of 2025 were 14.1%, compared with 10.2% in the same period of 2024.

ADJUSTED EBITDA (non-GAAP), which exclude depreciation and amortization, and share-based compensation expenses from operating profit, was RMB805.1 million (US$115.1 million) in the fourth quarter of 2025, representing an increase of 11.6% from RMB721.3 million in the same period of 2024. Adjusted EBITDA margin (non-GAAP) in the fourth quarter of 2025 was 30.0%, compared with 32.1% in the same period of 2024.

NET INCOME/LOSS ATTRIBUTABLE TO VNET GROUP, INC.: Net income attributable to VNET Group, Inc. in the fourth quarter of 2025 was RMB304.7 million (US$43.6 million), compared with a net loss attributable to VNET Group, Inc. of RMB11.1 million in the same period of 2024. The year-on-year change is mainly attributable to (i) RMB469.8 million gain on deconsolidation of a subsidiary and (ii) RMB287.4 million in fair value gains on financial instruments, partially offset by RMB388.9 million in income tax expenses in the fourth quarter of 2025.

EARNINGS/LOSS PER SHARE: Basic earnings per share and diluted loss per share in the fourth quarter of 2025 were RMB0.17 (US$0.02) and RMB0.001 (US$0.00), respectively, which represents the equivalent of RMB1.02 (US$0.12) and RMB0.01 (US$0.00) per American depositary share ("ADS"), respectively. Each ADS represents six Class A ordinary shares. Diluted earnings/loss per share is calculated using adjusted net profit/loss attributable to ordinary shareholders divided by the weighted average number of diluted shares outstanding.

LIQUIDITY: As of December 31, 2025, the aggregate amount of the Company's cash and cash equivalents, restricted cash and short-term investments was RMB6.58 billion (US$941.1 million).

Total short-term debt, consisting of short-term bank borrowings and the current portion of long-term borrowings, was RMB3.23 billion (US$462.1 million). Total long-term debt was RMB16.72 billion (US$2.39 billion), comprised of long-term borrowings of RMB11.58 billion (US$1.66 billion) and convertible notes of RMB5.14 billion (US$734.8 million).

Net cash generated from operating activities in the fourth quarter of 2025 was RMB546.4 million (US$78.1 million), compared with RMB572.2 million in the same period of 2024. During the fourth quarter of 2025, the Company obtained new debt financing, refinancing facilities and other financings of RMB1.61 billion (US$230.8 million).

Full Year 2025 Financial Results

TOTAL NET REVENUES: Total net revenues in the full year of 2025 were RMB9.95 billion (US$1.42 billion), representing an increase of 20.5% from RMB8.26 billion in the full year of 2024.

Net revenues from IDC business increased by 28.5% to RMB7.43 billion (US$1.06 billion) from RMB5.78 billion in the full year of 2024.

  • Wholesale revenues increased by 77.4% to RMB3.46 billion (US$494.9 million) from RMB1.95 billion in the full year of 2024.
  • Retail revenues  increased by 3.5% to RMB3.96 billion (US$566.9 million) from RMB3.83 billion in the full year of 2024.

Net revenues from non-IDC business increased by 1.8% to RMB2.52 billion (US$360.9 million) from RMB2.48 billion in the full year of 2024.

GROSS PROFIT: Gross profit in the full year of 2025 was RMB2.19 billion (US$313.5 million), representing an increase of 19.7% from RMB1.83 billion in the full year of 2024. Gross margin in the full year of 2025 was 22.0%, compared with 22.2% in the full year of 2024.

ADJUSTED CASH GROSS PROFIT (non-GAAP), which excludes depreciation and amortization, and share-based compensation expenses from gross profit, was RMB4.22 billion (US$603.2 million) in the full year of 2025, compared with RMB3.34 billion in the full year of 2024. Adjusted cash gross margin (non-GAAP) in the full year of 2025 was 42.4%, compared with 40.4% in the full year of 2024.

OPERATING EXPENSES: Total operating expenses in the full year of 2025 were RMB1.41 billion (US$201.9 million), compared with RMB1.16 billion in the full year of 2024.

Sales and marketing expenses were RMB279.2 million (US$39.9 million) in the full year of 2025, compared with RMB263.8 million in the full year of 2024.

Research and development expenses were RMB261.1 million (US$37.3 million) in the full year of 2025, compared with RMB246.6 million in the full year of 2024.

General and administrative expenses were RMB796.9 million (US$114.0 million) in the full year of 2025, compared with RMB659.0 million in the full year of 2024.

ADJUSTED OPERATING EXPENSES (non-GAAP), which exclude share-based compensation expenses from operating expenses, were RMB1.39 billion (US$198.4 million) in the full year of 2025, compared with RMB1.02 billion in the full year of 2024. As a percentage of total net revenues, adjusted operating expenses (non-GAAP) in the full year of 2025 were 13.9%, compared with 12.3% in the full year of 2024.

ADJUSTED EBITDA (non-GAAP) which exclude depreciation and amortization, and share-based compensation expenses from operating profit, was RMB2.98 billion (US$425.9 million) in the full year of 2025, representing an increase of 22.6% from RMB2.43 billion in the full year of 2024. Adjusted EBITDA margin (non-GAAP) was 29.9% in the full year of 2025, compared with 29.4% in the full year of 2024.

NET INCOME/LOSS ATTRIBUTABLE TO VNET GROUP, INC.: Net loss attributable to VNET Group, Inc. in the full year of 2025 was RMB251.8 million (US$36.0 million), compared with a net income attributable to VNET Group, Inc. of RMB183.2 million in the full year of 2024. The net loss in the full year of 2025 was primarily attributable to (i) income tax expenses of RMB557.5 million and (ii) a fair value loss on financial instruments of RMB314.3 million, partially offset by gain of RMB469.8 million on the deconsolidation of a subsidiary, while the net income in the full year of 2024 included a gain on debt extinguishment of RMB246.2 million.

LOSS PER SHARE: Basic and diluted loss per share in the full year of 2025 were both RMB0.16 (US$0.02), which is equivalent to RMB0.96 (US$0.12) per ADS. Each ADS represents six Class A ordinary shares. Diluted loss per share is calculated using adjusted net loss attributable to ordinary shareholders divided by the weighted average number of diluted shares outstanding.

LIQUIDITY: Net cash generated from operating activities in the full year of 2025 was RMB1.92 billion (US$274.3 million), compared with RMB2.01 billion in the full year of 2024. During the full year of 2025, the Company obtained new debt financing, refinancing facilities and other financings of RMB7.62 billion (US$1.09 billion).

Business Outlook

For the full year of 2026, the Company expects its total net revenues to be in the range of RMB11.5 billion to RMB11.8 billion, representing year-over-year growth of 15.6% to 18.6%, and adjusted EBITDA (non-GAAP) to be in the range of RMB3,550 million to RMB3,750 million, representing year-over-year growth of 19.2% to 25.9%. In addition, the Company expects capital expenditure to be in the range of RMB10 billion to RMB12 billion for the full year of 2026.

The forecast reflects the Company's current and preliminary views on the market and its operational conditions and is subject to change.

Conference Call

The Company's management will host an earnings conference call at 8:00 AMU.S. Eastern Time on Monday, March 16, 2026, or 8:00 PMBeijing Time on Monday, March 16, 2026.

For participants who wish to join the call, please access the links provided below to complete the online registration process.

English line:
https://s1.c-conf.com/diamondpass/10053457-whqrjy.html

Chinese line (listen-only mode):
https://s1.c-conf.com/diamondpass/10053458-y6okj5.html

Participants can choose between the English and Chinese options for pre-registration above. Please note that the Chinese option will be in listen-only mode. Upon registration, each participant will receive an email containing details for the conference call, including dial-in numbers, a conference call passcode and a unique access PIN, which will be used to join the conference call.

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.vnet.com.

A replay of the conference call will be accessible through March 24, 2026, by dialing the following numbers:

US/Canada:

1 855 883 1031

Mainland China:

400 1209 216

Hong Kong, China:

800 930 639

International:

+61 7 3107 6325

Reply PIN (English line):

10053457

Reply PIN (Chinese line):

10053458

Non-GAAP Disclosure

In evaluating its business, VNET considers and uses the following non-GAAP measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission as a supplemental measure to review and assess its operating performance: adjusted cash gross profit, adjusted cash gross margin, adjusted operating expenses, adjusted EBITDA and adjusted EBITDA margin. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and non-GAAP results" set forth at the end of this press release.

The non-GAAP financial measures are provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the Company's current financial performance and prospects for the future. These non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for, or superior to, U.S. GAAP results. In addition, the Company's calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.

Exchange Rate

This announcement contains translations of certain RMB amounts into U.S. dollars ("USD") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.9931 to US$1.00, the noon buying rate in effect on December 31, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.

Statement Regarding Unaudited Condensed Financial Information

The unaudited financial information set forth above is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences from this preliminary unaudited condensed financial information.

About VNET

VNET Group, Inc. is a leading carrier- and cloud-neutral internet data center services provider in China. VNET provides hosting and related services, including IDC services, cloud services, and business VPN services to improve the reliability, security, and speed of its customers' internet infrastructure. Customers may locate their servers and equipment in VNET's data centers and connect to China's internet backbone. VNET operates in more than 30 cities throughout China, servicing a diversified and loyal base of over 7,000 hosting and related enterprise customers that span numerous industries ranging from internet companies to government entities and blue-chip enterprises to small- to mid-sized enterprises.

Safe Harbor Statement

This announcement contains forward-looking statements. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "target," "believes," "estimates" and similar statements. Among other things, quotations from management in this announcement as well as VNET's strategic and operational plans contain forward-looking statements. VNET may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about VNET's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: VNET's goals and strategies; VNET's liquidity conditions; VNET's expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, VNET's services; VNET's expectations regarding keeping and strengthening its relationships with customers; VNET's plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where VNET provides solutions and services. Further information regarding these and other risks is included in VNET's reports filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and VNET undertakes no duty to update such information, except as required under applicable law.

Investor Relations Contact:

Xinyuan Liu
Tel: +86 10 8456 2121
Email: ir@vnet.com

 

 

 VNET GROUP, INC. 

 CONSOLIDATED BALANCE SHEETS 

 (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) 


 As of 


 As of  

December 31, 2024


December 31, 2025


 RMB 


 RMB 


 US$ 

 Assets 






 Current assets: 






 Cash and cash equivalents 

1,492,436


5,523,571


789,860

 Restricted cash 

545,795


656,010


93,808

 Short-term Investments 

-


379,198


54,225

 Accounts and notes receivable, net 

1,655,984


2,222,106


317,757

 Amounts due from related parties 

336,360


429,411


61,405

 Prepaid expenses and other current assets 

2,789,573


2,241,570


320,542

 Total current assets 

6,820,148


11,451,866


1,637,597







 Non-current assets: 






 Restricted cash 

42,842


22,104


3,161

 Long-term investments, net 

794,688


1,062,660


151,958

 Property and equipment, net 

17,216,635


22,775,579


3,256,864

 Intangible assets,net 

1,403,787


2,004,710


286,670

 Land use rights, net 

766,213


867,765


124,089

 Operating lease right-of-use assets, net 

4,618,212


4,871,341


696,592

 Deferred tax assets, net 

306,623


251,572


35,974

 Derivative financial instrument 

6,768


11,185


1,599

 Other non-current assets 

381,126


1,275,380


182,377

 Total non-current assets 

25,536,894


33,142,296


4,739,284

 Total assets 

32,357,042


44,594,162


6,376,881







 Liabilities and Shareholders' Equity 






 Current liabilities: 






 Short-term bank borrowings 

589,000


1,172,561


167,674

 Current portion of long-term borrowings 

1,420,190


2,059,154


294,455

 Current portion of finance lease liabilities  

208,299


357,995


51,193

 Current portion of operating lease liabilities  

899,818


962,275


137,603

 Accounts and notes payable 

709,260


741,878


106,087

 Amounts due to related parties 

355,679


415,889


59,471

 Income taxes payable 

69,569


154,343


22,071

 Advances from customers 

1,378,806


933,920


133,549

 Deferred revenue 

87,830


138,671


19,830

 Current portion of deferred government grants 

6,727


51,062


7,302

 Accrued expenses and other payables 

3,618,237


5,459,465


780,693

 Total current liabilities 

9,343,415


12,447,213


1,779,928







 Non-current liabilities: 






 Long-term borrowings 

7,767,390


11,579,664


1,655,870

 Convertible notes 

1,897,738


5,138,664


734,819

 Non-current portion of finance lease liabilities  

1,532,309


1,643,713


235,048

 Non-current portion of operating lease liabilities 

3,779,293


4,001,047


572,142

 Unrecognized tax benefits 

107,850


118,734


16,979

 Deferred tax liabilities 

734,404


840,387


120,174

 Deferred government grants 

273,824


260,268


37,218

 Total non-current liabilities 

16,092,808


23,582,477


3,372,250







 Mezzanine equity: 






 Redeemable non-controlling interests 

-


1,711,591


244,754

 Total mezzanine equity 

-


1,711,591


244,754







 Shareholders' equity 






 Ordinary shares  

112


112


16

 Treasury stock 

(161,892)


(179,087)


(25,609)

 Additional paid-in capital 

17,298,692


17,360,323


2,482,493

 Statutory reserves 

107,380


116,316


16,633

 Accumulated other comprehensive (loss) income 

(18,504)


46,375


6,632

 Accumulated deficit 

(10,859,888)


(11,125,595)


(1,590,939)

 Total VNET Group, Inc. shareholders' equity 

6,365,900


6,218,444


889,226

 Noncontrolling interest 

554,919


634,437


90,723

 Total shareholders' equity 

6,920,819


6,852,881


979,949

 Total liabilities，mezzanine equity and shareholders' equity 

32,357,042


44,594,162


6,376,881

 

 

 VNET GROUP, INC. 

 CONSOLIDATED STATEMENTS OF OPERATIONS 

 (Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for number of shares and per share data) 


















 Three months ended  


 Twelve months ended  



December 31, 2024


September 30, 2025


December 31, 2025


December 31, 2024


December 31, 2025




 RMB 


 RMB 


 RMB 


 US$ 


 RMB 


 RMB 


 US$ 



 Net revenues 

2,246,389


2,581,747


2,687,089


384,249


8,259,069


9,949,261


1,422,725



 Cost of revenues 

(1,741,533)


(2,042,718)


(2,146,705)


(306,975)


(6,426,914)


(7,756,772)


(1,109,204)



 Gross profit 

504,856


539,029


540,384


77,274


1,832,155


2,192,489


313,521



















 Operating income (expenses) 
















 Operating income 

98,869


12,767


14,670


2,098


114,585


27,755


3,969



 Sales and marketing expenses 

(73,088)


(71,328)


(73,564)


(10,520)


(263,756)


(279,201)


(39,925)



 Research and development expenses 

(56,098)


(71,295)


(78,665)


(11,249)


(246,612)


(261,133)


(37,342)



 General and administrative expenses 

(192,954)


(185,765)


(218,853)


(31,296)


(659,030)


(796,861)


(113,950)



 Allowance for doubtful debt 

(44,590)


(17,664)


(30,965)


(4,428)


(107,899)


(102,749)


(14,693)



 Total operating expenses 

(267,861)


(333,285)


(387,377)


(55,395)


(1,162,712)


(1,412,189)


(201,941)



















 Operating profit 

236,995


205,744


153,007


21,879


669,443


780,300


111,580



 Interest income 

6,162


8,724


5,014


717


27,958


37,358


5,342



 Interest expense 

(77,125)


(151,017)


(189,447)


(27,091)


(400,975)


(598,625)


(85,602)



 Other income 

1,855


7,355


41,176


5,888


52,728


55,576


7,949



 Other expenses 

(10,185)


(5,525)


(4,971)


(711)


(27,290)


(18,433)


(2,636)



 Changes in the fair value of financial instruments 

(71,575)


(337,216)


287,384


41,095


(74,112)


(314,332)


(44,949)



 Gain on debt extinguishment 

-


-


-


-


246,175


-


-



 Gain on deconsolidation of a subsidiary 

-


-


469,838


67,186


-


469,838


67,186



 Foreign exchange (loss) gain  

(1,327)


16,174


(29,436)


(4,209)


(19,242)


5,523


790



 Income (loss) before income taxes and gain from equity method investments 

84,800


(255,761)


732,565


104,754


474,685


417,205


59,660



 Income tax expenses 

(82,547)


(21,467)


(388,933)


(55,617)


(234,229)


(557,510)


(79,723)



 Gain from equity method investments 

1,197


1,919


1,710


245


7,967


6,884


984



 Net income (loss) 

3,450


(275,309)


345,342


49,382


248,423


(133,421)


(19,079)



 Net income attributable to noncontrolling interests 

(14,546)


(16,471)


(20,056)


(2,868)


(65,223)


(67,518)


(9,655)



 Net income attributable to redeemable non-controlling interests 

-


(15,263)


(20,613)


(2,948)


-


(50,903)


(7,279)



 Net (loss) income attributable to the VNET Group, Inc. 

(11,096)


(307,043)


304,673


43,566


183,200


(251,842)


(36,013)



 Accretion to redemption amount of redeemable non-controlling interests 

-


(23)


(4,839)


(692)


-


(4,929)


(705)



 Net (loss) profit attributable to the Company's ordinary shareholders 

(11,096)


(307,066)


299,834


42,874


183,200


(256,771)


(36,718)



















 Loss (earnings) per share 
















 Basic 

(0.01)


(0.19)


0.17


0.02


0.11


(0.16)


(0.02)



 Diluted 

(0.01)


(0.19)


(0.00)


(0.00)


0.02


(0.16)


(0.02)



 Shares used in (loss) earnings per share computation 
















 Basic* 

1,608,291,868


1,613,726,084


1,616,275,922


1,616,275,922


1,593,594,519


1,612,272,787


1,612,272,787



 Diluted* 

1,608,291,868


1,613,726,084


1,762,607,179


1,762,607,179


1,742,346,367


1,625,720,609


1,625,720,609



















Loss (earnings) per ADS (6 ordinary shares equal to 1 ADS)
















Basic

(0.06)


(1.14)


1.02


0.12


0.66


(0.96)


(0.12)



Diluted

(0.06)


(1.14)


(0.01)


(0.00)


0.12


(0.96)


(0.12)



















 * Shares used in (loss) earnings per share/ADS computation were computed under weighted average method. 

 

 

 VNET GROUP, INC. 

 RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS  

 (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) 
















 Three months ended  


 Twelve months ended  


December 31, 2024


September 30, 2025


December 31, 2025


December 31, 2024


December 31, 2025


 RMB 


 RMB 


 RMB 


 US$ 


 RMB 


 RMB 


 US$ 

 Gross profit 

504,856


539,029


540,384


77,274


1,832,155


2,192,489


313,521

 Plus: depreciation and amortization 

414,364


511,334


596,766


85,336


1,500,348


2,024,390


289,484

 Plus: share-based compensation expenses 

4,652


384


507


73


4,886


1,196


171

 Adjusted cash gross profit 

923,872


1,050,747


1,137,657


162,683


3,337,389


4,218,075


603,176

 Adjusted cash gross margin 

41.1 %


40.7 %


42.3 %


42.3 %


40.4 %


42.4 %


42.4 %















 Operating expenses 

(267,861)


(333,285)


(387,377)


(55,395)


(1,162,712)


(1,412,189)


(201,941)

 Plus: share-based compensation expenses 

38,243


1,899


7,191


1,028


143,671


24,582


3,515

 Adjusted operating expenses 

(229,618)


(331,386)


(380,186)


(54,367)


(1,019,041)


(1,387,607)


(198,426)















 Operating profit 

236,995


205,744


153,007


21,879


669,443


780,300


111,580

 Plus: depreciation and amortization 

441,447


550,248


644,349


92,141


1,611,760


2,172,124


310,610

 Plus: share-based compensation expenses 

42,895


2,283


7,698


1,101


148,557


25,778


3,686

 Adjusted EBITDA 

721,337


758,275


805,054


115,121


2,429,760


2,978,202


425,876

 Adjusted EBITDA margin 

32.1 %


29.4 %


30.0 %


30.0 %


29.4 %


29.9 %


29.9 %

 

 

 VNET GROUP, INC. 

 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 

 (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) 










 Three months ended  


December 31, 2024


September 30, 2025


December 31, 2025


 RMB 


 RMB 


 RMB 


 US$ 

 CASH FLOWS FROM OPERATING ACTIVITIES 








 Net cash generated from operating activities 

572,236


809,817


546,424


78,136









 CASH FLOWS FROM INVESTING ACTIVITIES 








 Purchases of property and equipment 

(1,492,972)


(2,184,378)


(1,809,905)


(258,813)

 Purchases of intangible assets 

(82,693)


(37,074)


(91,438)


(13,075)

 Proceeds from (payments for) investments 

22,087


(5,000)


1,380,795


197,451

 Proceeds from disposal of a subsidiary, net 

-


-


755,964


108,101

 Proceeds from (payments for) other investing activities 

177,418


(62,689)


(791,034)


(113,116)

 Net cash used in investing activities 

(1,376,160)


(2,289,141)


(555,618)


(79,452)









 CASH FLOWS FROM FINANCING ACTIVITIES 








 Proceeds from bank borrowings 

1,240,147


1,867,856


1,537,209


219,818

 Repayments of bank borrowings 

(366,664)


(231,432)


(486,814)


(69,613)

 Payments for finance leases  

(25,789)


(44,824)


(84,359)


(12,063)

 Contribution from noncontrolling interest in subsidiaries 

-


250,657


702,659


100,479

  (Payments for) proceeds from other financing activities 

(62,448)


299,027


461,622


66,011

 Net cash generated from financing activities 

785,246


2,141,285


2,130,316


304,632









 Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash  

17,784


(808)


(673)


(96)

 Net (decrease) increase in cash, cash equivalents and restricted cash 

(894)


661,152


2,120,450


303,220

 Cash, cash equivalents and restricted cash at beginning of period 

2,081,967


3,420,083


4,081,235


583,609

 Cash, cash equivalents and restricted cash at end of period 

2,081,073


4,081,235


6,201,685


886,829

 

 

Cision View original content:https://www.prnewswire.com/news-releases/vnet-reports-unaudited-fourth-quarter-and-full-year-2025-financial-results-302714407.html

SOURCE VNET Group, Inc.