GDS Holdings Limited (GDS) financial statements: income statement, balance sheet and cash flow

GDS Holdings Limited's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), GDS Holdings Limited reported revenue of $11.4B (+10.8% year on year).

Income statement

GDS Holdings Limited income statement, fiscal years
Line itemDec 31, 2025 · FYDec 31, 2024 · FYDec 31, 2023 · FYDec 31, 2022 · FY
Net revenue$11.4B$10.3B$10.0B$9.3B
Cost of revenue($8.8B)($8.1B)($8.0B)($7.4B)
Gross profit$2.6B$2.2B$1.9B$1.9B
Selling and marketing expenses($149.4M)($116.4M)($144.2M)($150.4M)
General and administrative expenses($897.9M)($917.9M)($1.2B)($1.2B)
Research and development expenses($32.7M)($36.3M)($38.2M)($35.8M)
Impairment losses of long-lived assets($1.6B)$0($3.0B)($12.8M)
(Loss) income from continuing operations($55.8M)$1.2B($2.5B)$551.8M
Interest income$154.0M$89.8M$97.5M$42.5M
Interest expenses($1.8B)($1.9B)($2.0B)($1.9B)
Foreign currency exchange (loss) gain, net$1.5M$18.9M($267.0K)$1.3M
Government grants$30.9M$27.3M$84.5M$95.6M
Others, net$7.2M$21.8M$13.7M$1.9M
Gain on deconsolidation of subsidiaries$2.4B———
(Loss) income from continuing operations before income taxes and share of results of equity method investees$713.2M———
Income tax benefits (expenses)($469.7M)($156.1M)$14.8M($276.2M)
Share of results of equity method investees$715.9M———
Net (loss) income from continuing operations$959.4M($770.9M)——
Net (loss) income$959.4M$3.3B($4.3B)($1.3B)
Net income from continuing operations attributable to non-controlling interests($9.7M)($6.2M)——
Net (loss) income from continuing operations attributable to GDS Holdings Limited shareholders$949.6M($777.1M)——
Net (loss) income attributable to GDS Holdings Limited shareholders$949.6M$3.4B($4.3B)($1.3B)
Cumulative dividend on redeemable preferred shares-54.3M-54.2M-53.6M-51.2M
Net (loss) income attributable to GDS Holdings Limited ordinary shareholders$895.3M———
Continuing operations - Basic (in CNY per share)$0.59-$0.52——
Continuing operations - Diluted (in CNY per share)$0.55-$0.52——
Total - Basic (in CNY per share)$0.59$2.27-$2.96-$1.03
Total - Diluted (in CNY per share)$0.55$2.27-$2.96-$1.03
Basic (in shares)1.5B1.5B1.5B1.5B
Diluted (in shares)1.6B1.5B1.5B1.5B
GDS Holdings Limited income statement, quarters
Line itemJun 30, 2020 · YTDSep 30, 2019 · YTDSep 30, 2017 · YTD
Net revenue$2.6B$2.9B$1.1B
Cost of revenue($1.9B)($2.2B)($820.4M)
Gross profit$711.4M$748.0M$290.3M
Selling and marketing expenses($60.1M)($90.2M)($67.6M)
General and administrative expenses($273.7M)($290.5M)($160.5M)
Research and development expenses($19.0M)($15.0M)($4.7M)
Income from operations$358.7M$352.2M$57.5M
Interest income$7.8M$42.8M$4.3M
Interest expenses($569.3M)($724.9M)($274.4M)
Foreign currency exchange loss, net($17.2M)($5.6M)($5.5M)
Government grants$12.6M$4.3M$2.4M
Gain from purchase price adjustment$55.2M——
Others, net$1.3M$4.8M$322.0K
Loss before income taxes($151.0M)($326.3M)($215.4M)
Income tax expenses($42.1M)($12.1M)$5.0M
Net loss($193.1M)($338.4M)($210.4M)
Cumulative dividend on redeemable preferred shares-26.7M-26.9M—
Net loss attributable to ordinary shareholders($219.7M)($383.0M)($210.4M)
Basic and diluted-$0.19-$0.35-$0.28
Basic and diluted1.2B1.1B760.8M

Balance sheet

GDS Holdings Limited balance sheet, fiscal years
Line itemDec 31, 2025 · FYDec 31, 2024 · FYDec 31, 2023 · FYDec 31, 2022 · FY
Cash and cash equivalents$14.3B———
Restricted cash$130.3M$67.4M$42.1M$158.1M
Time deposits$667.7M———
Accounts receivable, net of allowance for credit losses$2.5B$3.0B$2.5B$2.4B
Value-added-tax ("VAT") recoverable$285.0M$240.5M$214.4M$164.7M
Amount due from related parties, current$278.6M———
Other current assets$412.5M$415.5M$295.6M$427.3M
Total current assets$18.5B$11.6B$11.0B$12.0B
Restricted cash$4.8M$158.5M$165.1M$115.9M
Amount due from related parties, non-current$214.8M———
VAT recoverable$1.8B$1.5B$1.4B$1.2B
Property and equipment, net$38.1B$40.2B$47.5B$46.9B
Intangible assets, net$273.3M$481.1M$688.5M$1.0B
Prepaid land use rights, net$16.1M$21.8M$22.4M$23.0M
Operating lease right-of-use assets$4.8B$5.2B$5.4B$5.6B
Goodwill$5.2B$5.9B$7.1B$7.1B
Deferred tax assets$391.2M$381.3M$289.8M$229.0M
Long-term investments in equity investees$10.1B$7.5B——
Other non-current assets$648.0M$674.9M$885.0M$664.6M
Total non-current assets$61.5B$62.0B$63.5B—
Total assets$80.0B$73.6B$74.4B$74.8B
Short-term borrowings and current portion of long-term borrowings (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB254,176 and RMB152,230 as of December 31, 2024 and 2025, respectively)$3.0B$4.3B$2.8B$3.6B
Accounts payable (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB502,672 and RMB390,791 as of December 31, 2024 and 2025, respectively)$1.9B$2.6B$3.4B$3.1B
Amount due to related parties (including amounts of the consolidated VIEs without recourse to GDS Holdings of nil and RMB62,252 as of December 31, 2024 and 2025, respectively)$117.9M———
Accrued expenses and other payables (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB253,236 and RMB330,923 as of December 31, 2024 and 2025, respectively)$1.2B$1.3B$1.2B$1.0B
Deferred revenue (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB82,633 and RMB106,277 as of December 31, 2024 and 2025, respectively)$113.8M$91.0M$119.9M$156.1M
Operating lease liabilities, current (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB33,563 and RMB26,005 as of December 31, 2024 and 2025, respectively)$110.1M$117.3M$180.4M$175.7M
Finance lease and other financing obligations, current (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB45,153 and RMB48,986 as of December 31, 2024 and 2025, respectively)$697.1M$636.2M$547.8M$453.9M
Total current liabilities$7.1B$9.1B$8.3B$10.6B
Long-term borrowings, excluding current portion (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB2,230 and nil as of December 31, 2024 and 2025, respectively)$23.4B$21.9B$26.7B$23.5B
Convertible bonds payable, non-current$12.1B$8.6B$8.4B$4.3B
Operating lease liabilities, non-current (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB81,881 and RMB70,464 as of December 31, 2024 and 2025, respectively)$1.2B$1.3B$1.4B$1.6B
Finance lease and other financing obligations, non-current (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB851,192 and RMB802,388 as of December 31, 2024 and 2025, respectively)$7.1B$7.6B$7.9B$8.9B
Deferred tax liabilities (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB32,746 and RMB24,122 as of December 31, 2024 and 2025, respectively)$1.1B$1.2B$1.3B$1.4B
Other long-term liabilities (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB57,766 and RMB64,801 as of December 31, 2024 and 2025, respectively)$223.6M$297.2M$303.7M$268.3M
Total non-current liabilities$45.1B$40.9B$46.0B—
Total liabilities$52.3B$50.0B$54.3B$50.6B
Redeemable preferred shares (US$0.00005 par value; 150,000 shares authorized, issued and outstanding as of December 31, 2024 and 2025; Redemption value of RMB1,080,656 and RMB1,056,663 as of December 31, 2024 and 2025, respectively; Liquidation preference of RMB1,080,656 and RMB1,056,663 as of December 31, 2024 and 2025, respectively)1.1B1.1B1.1B1.0B
Total mezzanine equity$1.1B$1.1B$1.1B$1.0B
Ordinary shares (US$0.00005 par value; 3,500,000,000 shares authorized as of December 31, 2024 and 2025; 1,511,590,567 and 1,607,430,567 Class A ordinary shares issued and outstanding as of December 31, 2024 and 2025, respectively; 43,590,336 Class B ordinary shares issued and outstanding as of December 31, 2024 and 2025)562.0K527.0K516.0K516.0K
Additional paid-in capital$31.7B$29.6B$29.3B$29.0B
Accumulated other comprehensive loss($829.3M)($1.1B)($974.4M)($848.4M)
Accumulated deficit($5.1B)($6.0B)($9.5B)($5.2B)
Total GDS Holdings Limited shareholders' equity$25.8B$22.5B$18.9B$23.0B
Non-controlling interests$897.4M$129.9M$165.6M$116.6M
GDS Holdings Limited balance sheet, quarters
Line itemJun 30, 2020Sep 30, 2019Sep 30, 2017
Cash$7.7B$5.8B$1.2B
Restricted cash$112.8M$0$53.2M
Accounts receivable, net of allowance for doubtful accounts$1.4B$952.2M$306.3M
Value-added-tax ("VAT") recoverable$114.6M$247.3M$87.4M
Prepaid expenses$104.4M$89.7M$54.6M
Other current assets$155.8M$124.0M$35.5M
Total current assets$9.6B$7.2B$1.7B
Property and equipment, net$24.5B$16.3B$6.4B
Intangible assets, net$558.0M$394.5M$259.2M
Prepaid land use rights, net$747.7M$774.6M$26.4M
Operating lease right-of-use assets$1.9B$469.4M—
Goodwill$2.4B$1.8B$1.5B
Deferred tax assets$136.8M$55.4M—
Restricted cash$171.7M$109.0M—
VAT recoverable$1.1B$627.7M$237.7M
Other non-current assets$385.6M$364.7M$137.0M
Total assets$41.6B$28.0B$10.3B
Short-term borrowings and current portion of long-term borrowings (including RMB254,000 and RMB237,500 of VIEs without recourse to the primary beneficiary as of December 31, 2019 and June 30, 2020, respectively)$1.7B$916.6M—
Accounts payable (including RMB181,448 and RMB243,637 of VIEs without recourse to the primary beneficiary as of December 31, 2019 and June 30, 2020, respectively)$2.9B$1.7B$579.3M
Accrued expenses and other payables (including RMB160,401 and RMB199,029 of VIEs without recourse to the primary beneficiary as of December 31, 2019 and June 30, 2020, respectively)$1.5B$697.1M—
Deferred revenue (including RMB68,003 and RMB52,290 of VIEs without recourse to the primary beneficiary as of December 31, 2019 and June 30, 2020, respectively)$59.8M$91.0M—
Operating lease liabilities, current (including RMB31,869 and RMB41,576 of VIEs without recourse to the primary beneficiary as of December 31, 2019 and June 30, 2020, respectively)$73.4M$63.7M—
Finance lease and other financing obligations, current (including RMB125,318 and RMB27,339 of VIEs without recourse to the primary beneficiary as of December 31, 2019 and June 30, 2020, respectively)$230.7M$118.0M—
Total current liabilities$6.5B$3.6B$1.9B
Long-term borrowings, excluding current portion (including RMB12,500 and RMB60,000 of VIEs without recourse to the primary beneficiary as of December 31, 2019 and June 30, 2020, respectively)$9.3B$7.4B$2.2B
Convertible bonds payable$2.1B$2.1B$995.5M
Operating lease liabilities, non-current (including RMB66,387 and RMB133,719 of VIEs without recourse to the primary beneficiary as of December 31, 2019 and June 30, 2020, respectively)$1.1B$379.8M—
Finance lease and other financing obligations, non-current (including RMB921,965 and RMB986,301 of VIEs without recourse to the primary beneficiary as of December 31, 2019 and June 30, 2020, respectively)$7.1B$4.6B—
Deferred tax liabilities (including RMB76,297 and RMB81,302 of VIEs without recourse to the primary beneficiary as of December 31, 2019 and June 30, 2020, respectively)$282.3M$160.7M—
Other long-term liabilities (including RMB29,950 and RMB20,496 of VIEs without recourse to the primary beneficiary as of December 31, 2019 and June 30, 2020, respectively)$298.3M$350.8M$481.5M
Total liabilities$26.7B$18.6B$7.4B
Redeemable preferred shares (US$0.00005 par value; 150,000 shares authorized, issued and outstanding as of December 31, 2019 and June 30, 2020; Redemption value of RMB1,061,981 and RMB1,064,137 as of December 31, 2019 and June 30, 2020, respectively; Liquidation value of RMB1,537,636 and RMB2,378,419 as of December 31, 2019 and June 30, 2020, respectively)1.1B1.1B—
Ordinary shares (US$0.00005 par value; 2,002,000,000 shares authorized; 1,148,842,379 and 1,210,996,227 Class A ordinary shares issued and outstanding as of December 31, 2019 and June 30, 2020, respectively; 67,590,336 Class B ordinary shares issued and outstanding as of December 31, 2019 and June 30, 2020)434.0K394.0K267.0K
Additional paid-in capital$16.1B$10.4B$4.1B
Accumulated other comprehensive loss($47.1M)($43.2M)($190.4M)
Accumulated deficit($2.3B)($2.0B)($1.1B)
Total shareholders' equity$13.8B$8.4B$2.8B
Total liabilities, redeemable preferred shares and shareholders' equity41.6B28.0B10.3B

Cash flow statement

GDS Holdings Limited cash flow statement, fiscal years
Line itemDec 31, 2025 · FYDec 31, 2024 · FYDec 31, 2023 · FYDec 31, 2022 · FY
Net (loss) income$959.4M$3.3B($4.3B)($1.3B)
Amortization of debt issuance and commitment cost$96.7M$110.7M$152.3M$154.9M
Depreciation and amortization$3.5B$3.2B$3.5B$3.2B
Operating lease cost relating to prepaid land use rights$108.4M$110.1M$108.3M$101.8M
Net gain on disposal of property and equipment($38.6M)($31.7M)($12.1M)($15.0M)
Share-based compensation expenses$283.4M$296.5M$336.6M$290.8M
Impairment losses of long-lived assets$1.6B$0$3.0B$12.8M
Share of results of equity method investees($715.9M)$347.0K($110.0K)$9.9M
Gains on disposal of equity investments and subsidiaries($2.4B)—($5.0M)—
Allowance for (reversal of) credit losses$18.8M($13.2M)$18.3M$9.9M
Deferred tax benefit($97.3M)($181.6M)($295.9M)($99.2M)
Accounts receivable$502.0M($665.9M)($156.3M)($678.8M)
VAT recoverable($388.9M)($115.8M)($388.7M)$1.2B
Amount due from related parties$3.4M———
Other current assets($119.4M)$109.8M($3.8M)$3.9M
Other non-current assets$18.0M$70.8M$3.7M$3.0M
Accounts payable$5.4M($15.6M)$18.0M$189.7M
Amount due to related parties$46.9M———
Accrued expenses and other payables($11.2M)$104.0M($70.4M)($123.5M)
Deferred revenue$23.9M($45.7M)$1.8M$49.6M
Other long-term liabilities$10.5M$10.5M$8.8M$2.4M
Operating leases$3.3M$4.2M$7.8M$27.1M
Net cash provided by operating activities from continuing operations$3.4B$2.2B——
Net cash provided by operating activities$3.4B$1.9B$2.1B$2.9B
Payments for purchase of property and equipment and land use rights($4.7B)($3.2B)($6.0B)($7.8B)
Cash paid for the asset acquisitions($2.0M)($85.2M)($231.8M)($2.3B)
Cash paid for equity investments($794.8M)—($3.0M)($3.4M)
Receipts from disposal of equity investments and subsidiaries$3.0B$39.0M$23.6M—
Refund of deposits for potential acquisitions$5.3M$2.4M$22.1M—
Proceeds from disposal of property and equipment$80.5M$203.9M$18.6M$43.6M
Purchases of time deposits($674.9M)———
Net cash used in investing activities from continuing operations($3.0B)($1.8B)——
Net cash used in investing activities($3.0B)($8.8B)($6.3B)($11.3B)
Proceeds from short-term borrowings$1.9B$1.9B$1.4B$4.9B
Proceeds from long-term borrowings$10.6B$4.8B$9.2B$7.0B
Repayment of short-term borrowings($3.3B)($394.8M)($2.3B)($8.2B)
Repayment of long-term borrowings($8.0B)($5.6B)($5.8B)($1.3B)
Payment of issuance cost and commitment cost of debts($80.4M)($54.8M)($287.9M)($109.4M)
Proceeds from issuance of ordinary shares, net off underwriting commission1.0B——0
Payment of issuance cost of ordinary shares-8.0M———
Proceeds from issuance of convertible bonds$3.9B—$3.9B$3.9B
Repayment of convertible bonds($575.0K)—($2.1B)—
Payment of redeemable preferred shares dividends-54.1M-54.2M-53.9M-51.6M
Capital contribution from non-controlling shareholders$776.6M—$44.2M—
Payment under finance leases and other financing obligations($626.7M)($545.9M)($986.9M)($1.1B)
GDS Holdings Limited cash flow statement, quarters
Line itemJun 30, 2020 · YTDSep 30, 2019 · YTDSep 30, 2017 · YTD
Net loss($193.1M)($338.4M)($210.4M)
Amortization of debt issuance cost and debt discount$57.1M$85.5M$17.4M
Depreciation and amortization$709.2M$822.6M$260.7M
Operating lease cost relating to prepaid land use rights$5.2M——
Gain on disposal of property and equipment($587.0K)($329.0K)—
Share-based compensation expense$133.8M$114.8M$41.4M
Gain from purchase price adjustment($55.2M)——
Loss from equity method investment$2.9M——
Allowance for doubtful accounts$319.0K$382.0K—
Deferred tax benefit($60.3M)($40.6M)($11.4M)
Accounts receivable($427.8M)($415.7M)($103.3M)
VAT recoverable($149.6M)($222.9M)($129.5M)
Prepaid expenses($23.3M)($22.8M)($3.7M)
Other current assets($6.0M)($7.2M)$13.7M
Other non-current assets($50.7M)($18.6M)($10.5M)
Accounts payable$94.5M$73.6M($7.6M)
Deferred revenue($31.2M)$33.9M—
Accrued expenses and other payables$23.0M$138.8M($50.7M)
Other long-term liabilities$23.1M$13.8M$50.8M
Operating leases($35.4M)——
Net cash provided by operating activities$16.2M$221.3M($161.1M)
Payments for purchase of property and equipment and land use rights($3.6B)($2.4B)($1.2B)
Cash acquired from the business combinations$2.3M—$11.2M
Cash paid for the business combinations($320.0M)—($52.6M)
Cash paid for the asset acquisitions($4.6M)($24.1M)—
Refund of deposits (deposits paid) for potential acquisitions($15.0M)——
Proceeds from sale of property and equipment$16.4M$5.1M—
Net cash used in investing activities($3.9B)($2.5B)($1.2B)
Proceeds from short-term borrowings$496.7M$279.0M$206.4M
Proceeds from long-term borrowings$2.7B$4.2B$1.2B
Repayment of short-term borrowings($158.4M)($671.2M)($132.1M)
Repayment of long-term borrowings($1.2B)($1.9B)($387.7M)
Payment of issuance cost of borrowings($55.7M)($133.1M)($10.3M)
Proceeds from exercise of stock options$77.4M$52.2M$1.2M
Net proceeds from issuance of ordinary shares3.6B3.0B—
Payment of redeemable preferred shares dividends-40.1M-25.0M—
Payment under finance lease and other financing obligations($78.9M)($240.3M)—
Proceeds from other financing arrangements$621.2M——
Deferred payments for purchase of property and equipment($34.4M)——
Payment of contingent consideration for the acquisition of subsidiaries($21.7M)($120.1M)—
Net cash provided by financing activities$5.9B$5.7B$805.1M
Effect of exchange rate changes on cash and restricted cash$49.5M$222.9M—
Net increase in cash and restricted cash$2.1B$3.6B—
Cash and restricted cash at beginning of period$6.0B$2.3B—
Cash and restricted cash at end of period$8.0B$5.9B—

GDS Holdings Limited score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.