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GDS Holdings Ltd

EDGAR

GDHLF Report (type unavailable) · filed 2026-09-04

Annual consolidated revenue for 2025: about Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 11.43B, using the latest reported figures. The previous period, 2024, was about Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 10.32B.

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Watchlist

Latest fiscal year

Revenue

11.4 billion Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ

2025 · Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ

Exact inputs and evidence

Revenue: 11432274000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Source

Operating margin

-0.49%

2025 · %

Exact inputs and evidence

Operating Income: -55750000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Source
Revenue: 11432274000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Source

Operating cash flow

3.37 billion Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ

2025 · Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ

Exact inputs and evidence

Operating Cash Flow: 3365254000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Source

Free cash flow

-1.33 billion Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ

2025 · Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ

Exact inputs and evidence

Operating Cash Flow: 3365254000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Source
Capital Expenditure: 4691137000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Source

Cash and cash equivalents: 14.3 billion Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 2025-12-31 Source
Exact value

14305958000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ
Long-term debt including current maturities: 25.9 billion Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 2025-12-31 Source
Exact value

25903545000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ
Shares outstanding: 941 million Unit1 2017-12-31 Source
Exact value

941269679 Unit1

Reported share-count change

23.85% · 181 million Unit1

Year-over-year change in reported shares. Splits, issuance and buybacks can affect this figure; it does not isolate employee compensation or economic dilution.

Exact inputs and evidence

760009043 Unit1 · 2016-12-31· Source
941269679 Unit1 · 2017-12-31· Source

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-09-04.

Financial data available through: 2025-12-31.

Coverage by financial measure

Revenue: 3 of 11 periods available· newest 2025-12-31
Operating income: 3 of 11 periods available· newest 2025-12-31
Net income: 3 of 11 periods available· newest 2025-12-31
Operating cash flow: 3 of 11 periods available· newest 2025-12-31
Capital expenditure: 3 of 11 periods available· newest 2025-12-31
Total assets: 2 of 11 periods available· newest 2025-12-31
Total liabilities: 2 of 11 periods available· newest 2025-12-31
Current assets: 2 of 11 periods available· newest 2025-12-31
Current liabilities: 2 of 11 periods available· newest 2025-12-31
Cash and cash equivalents: 2 of 11 periods available· newest 2025-12-31
Long-term debt including current maturities: 2 of 11 periods available· newest 2025-12-31
Shares outstanding: 3 of 11 periods available· newest 2017-12-31

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

Revenue
+10.8%

Prior period

Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 10.32 billion

2024-01-01 – 2024-12-31
Current period

Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 11.43 billion

2025-01-01 – 2025-12-31

Exact inputs and evidence

11432274000 − 10322068000 = 1110206000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ

10322068000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ · 2024-01-01 – 2024-12-31
Inspect prior input Prior source
11432274000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ · 2025-01-01 – 2025-12-31
Inspect current input Current source

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Citation for Year-over-year change in Revenue · GDS Holdings Ltd · 2025-12-31 GDS Holdings Ltd (edgar:1526125) Year-over-year change in Revenue: 1110206000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Concept: fundies:Revenue Period: 2025-01-01 to 2025-12-31 Values: Latest reported Published: 2026-11-02T05:02:56Z Snapshot: 9bb8c19c6f64d3f47065af200c22e8845d7a9c2c07a90675bde30ec0c5acd04c Dimensions: Consolidated View: https://fundies.io/companies/edgar/1526125?view=overview&cadence=annual&surface=latest#period-changes-title Computed: Current period minus corresponding prior-year period Input fundies:Revenue: 11432274000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ (2025-01-01 to 2025-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm#5915373 Filing: 000110465926051006 Input fundies:Revenue: 10322068000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ (2024-01-01 to 2024-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm#5914543 Filing: 000110465926051006
The citation records this snapshot. The page link may show a newer release later.
Net income
-72.3%

Prior period

Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 3.43 billion

2024-01-01 – 2024-12-31
Current period

Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 949.64 million

2025-01-01 – 2025-12-31

Exact inputs and evidence

949643000 − 3425386000 = -2475743000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ

3425386000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ · 2024-01-01 – 2024-12-31
Inspect prior input Prior source
949643000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ · 2025-01-01 – 2025-12-31
Inspect current input Current source

Share or cite

Citation for Year-over-year change in Net income · GDS Holdings Ltd · 2025-12-31 GDS Holdings Ltd (edgar:1526125) Year-over-year change in Net income: -2475743000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Concept: fundies:NetIncome Period: 2025-01-01 to 2025-12-31 Values: Latest reported Published: 2026-11-02T05:02:56Z Snapshot: 9bb8c19c6f64d3f47065af200c22e8845d7a9c2c07a90675bde30ec0c5acd04c Dimensions: Consolidated View: https://fundies.io/companies/edgar/1526125?view=overview&cadence=annual&surface=latest#period-changes-title Computed: Current period minus corresponding prior-year period Input fundies:NetIncome: 949643000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ (2025-01-01 to 2025-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm#6168679 Filing: 000110465926051006 Input fundies:NetIncome: 3425386000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ (2024-01-01 to 2024-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm#6167921 Filing: 000110465926051006
The citation records this snapshot. The page link may show a newer release later.
Operating cash flow
+73.6%

Prior period

Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 1.94 billion

2024-01-01 – 2024-12-31
Current period

Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 3.37 billion

2025-01-01 – 2025-12-31

Exact inputs and evidence

3365254000 − 1938365000 = 1426889000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ

1938365000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ · 2024-01-01 – 2024-12-31
Inspect prior input Prior source
3365254000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ · 2025-01-01 – 2025-12-31
Inspect current input Current source

Share or cite

Citation for Year-over-year change in Operating cash flow · GDS Holdings Ltd · 2025-12-31 GDS Holdings Ltd (edgar:1526125) Year-over-year change in Operating cash flow: 1426889000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Concept: fundies:OperatingCashFlow Period: 2025-01-01 to 2025-12-31 Values: Latest reported Published: 2026-11-02T05:02:56Z Snapshot: 9bb8c19c6f64d3f47065af200c22e8845d7a9c2c07a90675bde30ec0c5acd04c Dimensions: Consolidated View: https://fundies.io/companies/edgar/1526125?view=overview&cadence=annual&surface=latest#period-changes-title Computed: Current period minus corresponding prior-year period Input fundies:OperatingCashFlow: 3365254000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ (2025-01-01 to 2025-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm#4220422 Filing: 000110465926051006 Input fundies:OperatingCashFlow: 1938365000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ (2024-01-01 to 2024-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm#4219540 Filing: 000110465926051006
The citation records this snapshot. The page link may show a newer release later.
Capital expenditure
+48%

Prior period

Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 3.17 billion

2024-01-01 – 2024-12-31
Current period

Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 4.69 billion

2025-01-01 – 2025-12-31

Exact inputs and evidence

4691137000 − 3169287000 = 1521850000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ

3169287000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ · 2024-01-01 – 2024-12-31
Inspect prior input Prior source
4691137000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ · 2025-01-01 – 2025-12-31
Inspect current input Current source

Share or cite

Citation for Year-over-year change in Capital expenditure · GDS Holdings Ltd · 2025-12-31 GDS Holdings Ltd (edgar:1526125) Year-over-year change in Capital expenditure: 1521850000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Concept: fundies:CapitalExpenditure Period: 2025-01-01 to 2025-12-31 Values: Latest reported Published: 2026-11-02T05:02:56Z Snapshot: 9bb8c19c6f64d3f47065af200c22e8845d7a9c2c07a90675bde30ec0c5acd04c Dimensions: Consolidated View: https://fundies.io/companies/edgar/1526125?view=overview&cadence=annual&surface=latest#period-changes-title Computed: Current period minus corresponding prior-year period Input fundies:CapitalExpenditure: 4691137000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ (2025-01-01 to 2025-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm#4228268 Filing: 000110465926051006 Input fundies:CapitalExpenditure: 3169287000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ (2024-01-01 to 2024-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm#4227516 Filing: 000110465926051006
The citation records this snapshot. The page link may show a newer release later.

Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

Revenue Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 11.43 billion 100% of revenue
Operating costs Derived Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 11.49 billion 100% of revenue
Operating income −Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 55.75 million −0.5% of revenue
Tax, interest and other Derived −Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 1.01 billion −8.8% of revenue
Net income Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 949.64 million 8.3% of revenue

Cash

Operating cash flow Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 3.37 billion 29% of revenue
Capital expenditure Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 4.69 billion 41% of revenue
Free cash flow Derived −Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 1.33 billion −12% of revenue

Share of revenue by period

Net income
Tax, interest and other
Operating costs

2023 Operating loss: operating costs were 123% of revenue.
2024 Net income was higher than operating income, so the split is not drawn.
2025 Operating loss: operating costs were 100% of revenue.

Values and sources

Revenue breakdown by annual reporting period
Period	Revenue	Operating costs	Operating income	Tax, interest and other	Net income	Free cash flow	Source
2023 2023-01-01 – 2023-12-31	9782448000	11989669000 Derived	-2207221000	2082832000 Derived	-4290053000	-1128714000 Derived	Source 2023-01-01 – 2023-12-31: 9782448000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Inspect Revenue Open source 2023-01-01 – 2023-12-31: -2207221000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Inspect Operating Income Open source 2023-01-01 – 2023-12-31: -4290053000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Inspect Net Income Open source 2023-01-01 – 2023-12-31: 2065257000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Inspect Operating Cash Flow Open source 2023-01-01 – 2023-12-31: 3193971000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Inspect Capital Expenditure Open source
2024 2024-01-01 – 2024-12-31	10322068000	9170075000 Derived	1151993000	-2273393000 Derived	3425386000	-1230922000 Derived	Source 2024-01-01 – 2024-12-31: 10322068000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Inspect Revenue Open source 2024-01-01 – 2024-12-31: 1151993000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Inspect Operating Income Open source 2024-01-01 – 2024-12-31: 3425386000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Inspect Net Income Open source 2024-01-01 – 2024-12-31: 1938365000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Inspect Operating Cash Flow Open source 2024-01-01 – 2024-12-31: 3169287000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Inspect Capital Expenditure Open source
2025 2025-01-01 – 2025-12-31	11432274000	11488024000 Derived	-55750000	-1005393000 Derived	949643000	-1325883000 Derived	Source 2025-01-01 – 2025-12-31: 11432274000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Inspect Revenue Open source 2025-01-01 – 2025-12-31: -55750000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Inspect Operating Income Open source 2025-01-01 – 2025-12-31: 949643000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Inspect Net Income Open source 2025-01-01 – 2025-12-31: 3365254000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Inspect Operating Cash Flow Open source 2025-01-01 – 2025-12-31: 4691137000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Inspect Capital Expenditure Open source

Amounts are exact, in Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 11.4B 2025

Values and sources

Revenue values and source evidence
Period	Series	Value(Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ)	Source evidence
20232023-12-31	Revenue	9782448000	Revenue: 9782448000 Open source
20242024-12-31	Revenue	10322068000	Revenue: 10322068000 Open source
20252025-12-31	Revenue	11432274000	Revenue: 11432274000 Open source

Revenue growth

Change in revenue from the same financial period one year earlier.

10.8% 2025

Values and sources

Revenue growth values and source evidence
Period	Series	Value	Source evidence
20232023-12-31	Year over year	No prior comparable period	Revenue: 9782448000 Open source
20242024-12-31	Year over year	5.5%	Revenue: 10322068000 Open source Revenue: 9782448000 Open source
20252025-12-31	Year over year	10.8%	Revenue: 11432274000 Open source Revenue: 10322068000 Open source

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin -0.5% 2025

Net margin 8.3% 2025

Free cash flow margin -11.6% 2025

Operating margin
Net margin
Free cash flow margin

Values and sources

Profit margins values and source evidence
Period	Series	Value	Source evidence
20232023-12-31	Operating margin	-22.6%	Operating Income: -2207221000 Open source Revenue: 9782448000 Open source
20242024-12-31	Operating margin	11.2%	Operating Income: 1151993000 Open source Revenue: 10322068000 Open source
20252025-12-31	Operating margin	-0.5%	Operating Income: -55750000 Open source Revenue: 11432274000 Open source
20232023-12-31	Net margin	-43.9%	Net Income: -4290053000 Open source Revenue: 9782448000 Open source
20242024-12-31	Net margin	33.2%	Net Income: 3425386000 Open source Revenue: 10322068000 Open source
20252025-12-31	Net margin	8.3%	Net Income: 949643000 Open source Revenue: 11432274000 Open source
20232023-12-31	Free cash flow margin	-11.5%	Revenue: 9782448000 Open source Operating Cash Flow: 2065257000 Open source Capital Expenditure: 3193971000 Open source
20242024-12-31	Free cash flow margin	-11.9%	Revenue: 10322068000 Open source Operating Cash Flow: 1938365000 Open source Capital Expenditure: 3169287000 Open source
20252025-12-31	Free cash flow margin	-11.6%	Revenue: 11432274000 Open source Operating Cash Flow: 3365254000 Open source Capital Expenditure: 4691137000 Open source

Operating cash flow

Cash generated by the company’s normal business operations.

Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 3.4B 2025

Values and sources

Operating cash flow values and source evidence
Period	Series	Value(Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ)	Source evidence
20232023-12-31	Operating cash flow	2065257000	Operating Cash Flow: 2065257000 Open source
20242024-12-31	Operating cash flow	1938365000	Operating Cash Flow: 1938365000 Open source
20252025-12-31	Operating cash flow	3365254000	Operating Cash Flow: 3365254000 Open source

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ -1.3B 2025

Values and sources

Free cash flow values and source evidence
Period	Series	Value(Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ)	Source evidence
20232023-12-31	Free cash flow	-1128714000	Operating Cash Flow: 2065257000 Open source Capital Expenditure: 3193971000 Open source
20242024-12-31	Free cash flow	-1230922000	Operating Cash Flow: 1938365000 Open source Capital Expenditure: 3169287000 Open source
20252025-12-31	Free cash flow	-1325883000	Operating Cash Flow: 3365254000 Open source Capital Expenditure: 4691137000 Open source

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

65.3% 2025

Values and sources

Liabilities to assets values and source evidence
Period	Series	Value	Source evidence
2023-12-31	Liabilities / assets	Not reported	No source recorded
20242024-12-31	Liabilities / assets	67.9%	Total Liabilities: 49979995000 Open source Total Assets: 73648628000 Open source
20252025-12-31	Liabilities / assets	65.3%	Total Liabilities: 52261437000 Open source Total Assets: 79998498000 Open source

Current assets to current liabilities

Current assets divided by current liabilities.

2.6× 2025

Values and sources

Current assets to current liabilities values and source evidence
Period	Series	Value	Source evidence
2023-12-31	Current assets / current liabilities	Not reported	No source recorded
20242024-12-31	Current assets / current liabilities	1.28×	Current Assets: 11613071000 Open source Current Liabilities: 9078098000 Open source
20252025-12-31	Current assets / current liabilities	2.6×	Current Assets: 18547457000 Open source Current Liabilities: 7128359000 Open source

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
Period	Net income	Operating cash flow	Capital expenditure	Free cash flow
2023 2023-01-01 – 2023-12-31	−Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 4.29 billion Exact value Exact value: -4290053000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 2023-01-01 – 2023-12-31: -4290053000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Inspect Net Income Open source Share or cite Citation for Net Income · GDS Holdings Ltd · 2023-12-31 GDS Holdings Ltd (edgar:1526125) Net Income: -4290053000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Concept: fundies:NetIncome Period: 2023-01-01 to 2023-12-31 Values: Latest reported Published: 2026-11-02T05:02:56Z Snapshot: 9bb8c19c6f64d3f47065af200c22e8845d7a9c2c07a90675bde30ec0c5acd04c Dimensions: Consolidated View: https://fundies.io/companies/edgar/1526125/explain?concept=fundies%3ANetIncome&period=2023-12-31&surface=latest&period_type=duration&start=2023-01-01&unit=Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ&dimensions= Input fundies:NetIncome: -4290053000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ (2023-01-01 to 2023-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm#6167153 Filing: 000110465926051006 The citation records this snapshot. The page link may show a newer release later.	Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 2.07 billion Exact value Exact value: 2065257000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 2023-01-01 – 2023-12-31: 2065257000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Inspect Operating Cash Flow Open source Share or cite Citation for Operating Cash Flow · GDS Holdings Ltd · 2023-12-31 GDS Holdings Ltd (edgar:1526125) Operating Cash Flow: 2065257000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Concept: fundies:OperatingCashFlow Period: 2023-01-01 to 2023-12-31 Values: Latest reported Published: 2026-11-02T05:02:56Z Snapshot: 9bb8c19c6f64d3f47065af200c22e8845d7a9c2c07a90675bde30ec0c5acd04c Dimensions: Consolidated View: https://fundies.io/companies/edgar/1526125/explain?concept=fundies%3AOperatingCashFlow&period=2023-12-31&surface=latest&period_type=duration&start=2023-01-01&unit=Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ&dimensions= Input fundies:OperatingCashFlow: 2065257000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ (2023-01-01 to 2023-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm#4218698 Filing: 000110465926051006 The citation records this snapshot. The page link may show a newer release later.	Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 3.19 billion Exact value Exact value: 3193971000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 2023-01-01 – 2023-12-31: 3193971000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Inspect Capital Expenditure Open source Share or cite Citation for Capital Expenditure · GDS Holdings Ltd · 2023-12-31 GDS Holdings Ltd (edgar:1526125) Capital Expenditure: 3193971000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Concept: fundies:CapitalExpenditure Period: 2023-01-01 to 2023-12-31 Values: Latest reported Published: 2026-11-02T05:02:56Z Snapshot: 9bb8c19c6f64d3f47065af200c22e8845d7a9c2c07a90675bde30ec0c5acd04c Dimensions: Consolidated View: https://fundies.io/companies/edgar/1526125/explain?concept=fundies%3ACapitalExpenditure&period=2023-12-31&surface=latest&period_type=duration&start=2023-01-01&unit=Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ&dimensions= Input fundies:CapitalExpenditure: 3193971000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ (2023-01-01 to 2023-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm#4226820 Filing: 000110465926051006 The citation records this snapshot. The page link may show a newer release later.	−Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 1.13 billion Calculation and evidence 2065257000 − 3193971000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Exact free cash flow: -1128714000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 2023-01-01 – 2023-12-31: 2065257000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ · Inspect Operating Cash Flow · Source 2023-01-01 – 2023-12-31: 3193971000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ · Inspect Capital Expenditure · Source Share or cite Citation for Free cash flow · GDS Holdings Ltd · 2023-12-31 GDS Holdings Ltd (edgar:1526125) Free cash flow: -1128714000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Concept: free-cash-flow Period: 2023-01-01 to 2023-12-31 Values: Latest reported Published: 2026-11-02T05:02:56Z Snapshot: 9bb8c19c6f64d3f47065af200c22e8845d7a9c2c07a90675bde30ec0c5acd04c Dimensions: Consolidated View: https://fundies.io/companies/edgar/1526125?view=overview&cadence=annual&surface=latest#cash-generation-title Computed: Operating cash flow minus capital expenditure Input fundies:OperatingCashFlow: 2065257000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ (2023-01-01 to 2023-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm#4218698 Filing: 000110465926051006 Input fundies:CapitalExpenditure: 3193971000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ (2023-01-01 to 2023-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm#4226820 Filing: 000110465926051006 The citation records this snapshot. The page link may show a newer release later.
2024 2024-01-01 – 2024-12-31	Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 3.43 billion Exact value Exact value: 3425386000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 2024-01-01 – 2024-12-31: 3425386000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Inspect Net Income Open source Share or cite Citation for Net Income · GDS Holdings Ltd · 2024-12-31 GDS Holdings Ltd (edgar:1526125) Net Income: 3425386000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Concept: fundies:NetIncome Period: 2024-01-01 to 2024-12-31 Values: Latest reported Published: 2026-11-02T05:02:56Z Snapshot: 9bb8c19c6f64d3f47065af200c22e8845d7a9c2c07a90675bde30ec0c5acd04c Dimensions: Consolidated View: https://fundies.io/companies/edgar/1526125/explain?concept=fundies%3ANetIncome&period=2024-12-31&surface=latest&period_type=duration&start=2024-01-01&unit=Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ&dimensions= Input fundies:NetIncome: 3425386000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ (2024-01-01 to 2024-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm#6167921 Filing: 000110465926051006 The citation records this snapshot. The page link may show a newer release later.	Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 1.94 billion Exact value Exact value: 1938365000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 2024-01-01 – 2024-12-31: 1938365000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Inspect Operating Cash Flow Open source Share or cite Citation for Operating Cash Flow · GDS Holdings Ltd · 2024-12-31 GDS Holdings Ltd (edgar:1526125) Operating Cash Flow: 1938365000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Concept: fundies:OperatingCashFlow Period: 2024-01-01 to 2024-12-31 Values: Latest reported Published: 2026-11-02T05:02:56Z Snapshot: 9bb8c19c6f64d3f47065af200c22e8845d7a9c2c07a90675bde30ec0c5acd04c Dimensions: Consolidated View: https://fundies.io/companies/edgar/1526125/explain?concept=fundies%3AOperatingCashFlow&period=2024-12-31&surface=latest&period_type=duration&start=2024-01-01&unit=Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ&dimensions= Input fundies:OperatingCashFlow: 1938365000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ (2024-01-01 to 2024-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm#4219540 Filing: 000110465926051006 The citation records this snapshot. The page link may show a newer release later.	Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 3.17 billion Exact value Exact value: 3169287000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 2024-01-01 – 2024-12-31: 3169287000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Inspect Capital Expenditure Open source Share or cite Citation for Capital Expenditure · GDS Holdings Ltd · 2024-12-31 GDS Holdings Ltd (edgar:1526125) Capital Expenditure: 3169287000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Concept: fundies:CapitalExpenditure Period: 2024-01-01 to 2024-12-31 Values: Latest reported Published: 2026-11-02T05:02:56Z Snapshot: 9bb8c19c6f64d3f47065af200c22e8845d7a9c2c07a90675bde30ec0c5acd04c Dimensions: Consolidated View: https://fundies.io/companies/edgar/1526125/explain?concept=fundies%3ACapitalExpenditure&period=2024-12-31&surface=latest&period_type=duration&start=2024-01-01&unit=Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ&dimensions= Input fundies:CapitalExpenditure: 3169287000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ (2024-01-01 to 2024-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm#4227516 Filing: 000110465926051006 The citation records this snapshot. The page link may show a newer release later.	−Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 1.23 billion Calculation and evidence 1938365000 − 3169287000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Exact free cash flow: -1230922000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 2024-01-01 – 2024-12-31: 1938365000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ · Inspect Operating Cash Flow · Source 2024-01-01 – 2024-12-31: 3169287000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ · Inspect Capital Expenditure · Source Share or cite Citation for Free cash flow · GDS Holdings Ltd · 2024-12-31 GDS Holdings Ltd (edgar:1526125) Free cash flow: -1230922000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Concept: free-cash-flow Period: 2024-01-01 to 2024-12-31 Values: Latest reported Published: 2026-11-02T05:02:56Z Snapshot: 9bb8c19c6f64d3f47065af200c22e8845d7a9c2c07a90675bde30ec0c5acd04c Dimensions: Consolidated View: https://fundies.io/companies/edgar/1526125?view=overview&cadence=annual&surface=latest#cash-generation-title Computed: Operating cash flow minus capital expenditure Input fundies:OperatingCashFlow: 1938365000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ (2024-01-01 to 2024-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm#4219540 Filing: 000110465926051006 Input fundies:CapitalExpenditure: 3169287000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ (2024-01-01 to 2024-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm#4227516 Filing: 000110465926051006 The citation records this snapshot. The page link may show a newer release later.
2025 2025-01-01 – 2025-12-31	Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 949.64 million Exact value Exact value: 949643000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 2025-01-01 – 2025-12-31: 949643000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Inspect Net Income Open source Share or cite Citation for Net Income · GDS Holdings Ltd · 2025-12-31 GDS Holdings Ltd (edgar:1526125) Net Income: 949643000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Concept: fundies:NetIncome Period: 2025-01-01 to 2025-12-31 Values: Latest reported Published: 2026-11-02T05:02:56Z Snapshot: 9bb8c19c6f64d3f47065af200c22e8845d7a9c2c07a90675bde30ec0c5acd04c Dimensions: Consolidated View: https://fundies.io/companies/edgar/1526125/explain?concept=fundies%3ANetIncome&period=2025-12-31&surface=latest&period_type=duration&start=2025-01-01&unit=Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ&dimensions= Input fundies:NetIncome: 949643000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ (2025-01-01 to 2025-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm#6168679 Filing: 000110465926051006 The citation records this snapshot. The page link may show a newer release later.	Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 3.37 billion Exact value Exact value: 3365254000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 2025-01-01 – 2025-12-31: 3365254000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Inspect Operating Cash Flow Open source Share or cite Citation for Operating Cash Flow · GDS Holdings Ltd · 2025-12-31 GDS Holdings Ltd (edgar:1526125) Operating Cash Flow: 3365254000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Concept: fundies:OperatingCashFlow Period: 2025-01-01 to 2025-12-31 Values: Latest reported Published: 2026-11-02T05:02:56Z Snapshot: 9bb8c19c6f64d3f47065af200c22e8845d7a9c2c07a90675bde30ec0c5acd04c Dimensions: Consolidated View: https://fundies.io/companies/edgar/1526125/explain?concept=fundies%3AOperatingCashFlow&period=2025-12-31&surface=latest&period_type=duration&start=2025-01-01&unit=Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ&dimensions= Input fundies:OperatingCashFlow: 3365254000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ (2025-01-01 to 2025-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm#4220422 Filing: 000110465926051006 The citation records this snapshot. The page link may show a newer release later.	Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 4.69 billion Exact value Exact value: 4691137000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 2025-01-01 – 2025-12-31: 4691137000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Inspect Capital Expenditure Open source Share or cite Citation for Capital Expenditure · GDS Holdings Ltd · 2025-12-31 GDS Holdings Ltd (edgar:1526125) Capital Expenditure: 4691137000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Concept: fundies:CapitalExpenditure Period: 2025-01-01 to 2025-12-31 Values: Latest reported Published: 2026-11-02T05:02:56Z Snapshot: 9bb8c19c6f64d3f47065af200c22e8845d7a9c2c07a90675bde30ec0c5acd04c Dimensions: Consolidated View: https://fundies.io/companies/edgar/1526125/explain?concept=fundies%3ACapitalExpenditure&period=2025-12-31&surface=latest&period_type=duration&start=2025-01-01&unit=Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ&dimensions= Input fundies:CapitalExpenditure: 4691137000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ (2025-01-01 to 2025-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm#4228268 Filing: 000110465926051006 The citation records this snapshot. The page link may show a newer release later.	−Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 1.33 billion Calculation and evidence 3365254000 − 4691137000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Exact free cash flow: -1325883000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ 2025-01-01 – 2025-12-31: 3365254000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ · Inspect Operating Cash Flow · Source 2025-01-01 – 2025-12-31: 4691137000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ · Inspect Capital Expenditure · Source Share or cite Citation for Free cash flow · GDS Holdings Ltd · 2025-12-31 GDS Holdings Ltd (edgar:1526125) Free cash flow: -1325883000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ Concept: free-cash-flow Period: 2025-01-01 to 2025-12-31 Values: Latest reported Published: 2026-11-02T05:02:56Z Snapshot: 9bb8c19c6f64d3f47065af200c22e8845d7a9c2c07a90675bde30ec0c5acd04c Dimensions: Consolidated View: https://fundies.io/companies/edgar/1526125?view=overview&cadence=annual&surface=latest#cash-generation-title Computed: Operating cash flow minus capital expenditure Input fundies:OperatingCashFlow: 3365254000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ (2025-01-01 to 2025-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm#4220422 Filing: 000110465926051006 Input fundies:CapitalExpenditure: 4691137000 Unit_Standard_CNY_-kOTNxpeqEmmU9VWuyO4iQ (2025-01-01 to 2025-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm#4228268 Filing: 000110465926051006 The citation records this snapshot. The page link may show a newer release later.

Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

224 filings · 1,805 latest values · 1,805 originally reported values

Dataset published 2026-11-02. Source filing dates and reporting periods are shown separately.

Identifiers: 0001526125, 1526125, GDHLF, GDS, edgar:1526125

Also known as GDS Holdings Limited, GDS Holdings Ltd

GDS Holdings Ltd

Latest fiscal year

Revenue

Operating margin

Operating cash flow

Free cash flow

Reported share-count change

Company performance

What changed year over year

Revenue

Net income

Operating cash flow

Capital expenditure

Where revenue goes

2025 2025-01-01 – 2025-12-31

Cash

Share of revenue by period

Growth

Profit and cash

Balance sheet

Cash generation