GDS Holdings Limited (GDS) Cash Flow Statement
Where GDS’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- CN¥3.37B +173,513.0% vs 2024
- Capital expenditures
- CN¥4.69B 41.1% of revenue
- Free cash flow
- −CN¥1.33B −11.6% margin
- Returned to shareholders
- CN¥54.1M
- Change in cash
- CN¥6.35B cash at year-end CN¥14.44B
Cash from operations
CN¥3.37B
Capital expenditures
−CN¥4.69B
Investments (net)
−CN¥1.47B
Acquisitions & other
+CN¥3.12B
Dividends
−CN¥54.1M
Net borrowing (repayment)
+CN¥4.35B
Shares issued
+CN¥1.02B
Other financing
+CN¥789.1M
Currency & other
−CN¥83.8M
Change in cash
CN¥6.35B
Drawn to scale: where the cash came from and how it was used. Hover for values.
GDS operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
GDS cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −CN¥150.2M2016 | CN¥3.37B2025 | — | |
| Capital expenditures | CN¥987.7M2016 | CN¥4.69B2025 | +18.9%/yr | |
| Free cash flow | −CN¥1.14B2016 | −CN¥1.33B2025 | — | |
| Free cash flow margin | −107.8%2016 | −11.6%2025 | +96.1 pts | |
| Operating cash flow / net income | 0.592024 | 3.512025 | +2.92 | |
| Stock-based compensation | CN¥64.2M2016 | CN¥283.4M2025 | +17.9%/yr | |
| Dividends paid | CN¥76.5M2016 | CN¥54.1M2025 | −3.8%/yr | |
| Share buybacks (net) | CN¥248.7M2016 | CN¥10.99B2020 | +157.8%/yr | |
| Capex / revenue | 93.5%2016 | 41.1%2025 | −52.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GDS cash flow by activity
OperatingInvestingFinancingChange in cash
GDS net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
GDS cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | CN¥959.4M | CN¥3.3M | −CN¥4.29B | −CN¥1.27B | −CN¥1.19B | −CN¥669.2M | −CN¥442.1M | −CN¥430.3M | −CN¥326.9M | −CN¥276.4M |
| Depreciation & amortization | CN¥3.57B | CN¥3.35B | CN¥3.63B | CN¥3.19B | CN¥2.62B | CN¥1.64B | CN¥1.14B | CN¥741.5M | CN¥378.1M | CN¥227.4M |
| Stock-based compensation | CN¥283.4M | CN¥296,487 | CN¥336.6M | CN¥290.8M | CN¥391.3M | CN¥333.7M | CN¥189.8M | CN¥105.9M | CN¥59.8M | CN¥64.2M |
| Change in working capital | CN¥94.0M | −CN¥543,700 | −CN¥484.9M | CN¥674.1M | −CN¥809.9M | −CN¥1.02B | −CN¥646.3M | −CN¥457.3M | −CN¥322.2M | −CN¥158.4M |
| Other non-cash items | −CN¥1.54B | −CN¥3.35B | CN¥2.88B | −CN¥29.8M | CN¥194.3M | CN¥41.4M | CN¥50.0M | CN¥27.2M | CN¥36.5M | −CN¥6.9M |
| Cash from operating activities | CN¥3.37B | CN¥1.9M | CN¥2.07B | CN¥2.86B | CN¥1.20B | CN¥320.9M | CN¥293.4M | −CN¥12.9M | −CN¥174.6M | −CN¥150.2M |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥4.69B | −CN¥3.2M | −CN¥6.25B | −CN¥7.80B | −CN¥9.70B | −CN¥8.02B | −CN¥4.55B | −CN¥4.26B | −CN¥1.76B | −CN¥987.7M |
| Investments (net) | −CN¥1.47B | −CN¥8.76B | −CN¥6.33B | −CN¥11.27B | −CN¥13.69B | −CN¥9.38B | −CN¥6.0M | −CN¥6.0M | −CN¥2.04B | −CN¥1.15B |
| Acquisitions & other investing | CN¥3.12B | CN¥8.75B | CN¥6.25B | CN¥7.80B | CN¥9.70B | CN¥8.02B | −CN¥572.6M | −CN¥469.1M | CN¥1.76B | CN¥987.7M |
| Cash from investing activities | −CN¥3.04B | −CN¥8.8M | −CN¥6.33B | −CN¥11.27B | −CN¥13.69B | −CN¥9.38B | −CN¥5.13B | −CN¥4.73B | −CN¥2.04B | −CN¥1.15B |
| Financing activities | ||||||||||
| Dividends paid | −CN¥54.1M | −CN¥54,169 | −CN¥53.9M | −CN¥51.6M | −CN¥49.2M | −CN¥65.5M | −CN¥25.0M | −CN¥25.0M | −CN¥25.0M | −CN¥76.5M |
| Share repurchases & issuance (net) | — | — | — | — | — | −CN¥10.99B | CN¥6.51B | CN¥1.30B | CN¥0 | −CN¥248.7M |
| Net borrowing (repayment) | CN¥4.35B | CN¥83.2M | CN¥1.31B | CN¥5.93B | CN¥9.84B | CN¥3.27B | CN¥2.45B | CN¥3.82B | CN¥1.79B | CN¥1.04B |
| Shares issued | CN¥1.02B | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥15.97B | CN¥5.92B | CN¥1.28B | CN¥0 | CN¥0 |
| Other financing | CN¥789.1M | −CN¥66.1M | CN¥1.89B | −CN¥1.02B | −CN¥1.67B | CN¥11.96B | −CN¥6.50B | −CN¥1.51B | CN¥582.7M | CN¥1.41B |
| Cash from financing activities | CN¥6.11B | CN¥17.1M | CN¥3.14B | CN¥4.86B | CN¥8.12B | CN¥20.14B | CN¥8.36B | CN¥4.88B | CN¥2.35B | CN¥2.13B |
| Summary | ||||||||||
| Net change in cash | CN¥6.35B | CN¥10.2M | −CN¥964.1M | −CN¥3.14B | −CN¥4.47B | CN¥10.52B | CN¥3.69B | CN¥337.1M | CN¥62.1M | CN¥886.8M |
| Cash at end of period | CN¥14.44B | CN¥18.1M | CN¥7.92B | CN¥8.88B | CN¥12.03B | CN¥16.49B | CN¥5.97B | CN¥2.28B | CN¥1.87B | CN¥1.81B |
| Free cash flow | −CN¥1.33B | −CN¥1.2M | −CN¥4.19B | −CN¥4.95B | −CN¥8.50B | −CN¥7.70B | −CN¥4.26B | −CN¥4.27B | −CN¥1.93B | −CN¥1.14B |
| Free cash flow margin | −11.6% | −0.0% | −42.1% | −53.0% | −108.7% | −134.2% | −103.3% | −153.0% | −119.7% | −107.8% |
| Capex / revenue | 41.1% | 0.0% | 62.8% | 83.7% | 124.1% | 139.8% | 110.4% | 152.5% | 108.9% | 93.5% |
| Operating cash flow / net income | 3.51 | 0.59 | — | — | — | — | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | CN¥832.9M | CN¥2.65B | −CN¥460.6M | CN¥728.6M | −CN¥231.8M | CN¥36.9M | CN¥4.19B | −CN¥231.1M | −CN¥231.8M | −CN¥272.5M | −CN¥3.16B | −CN¥420.8M |
| Depreciation & amortization | CN¥850.9M | CN¥831.8M | CN¥873.0M | CN¥860.9M | CN¥856.6M | CN¥710.9M | CN¥884.2M | CN¥803.5M | CN¥874.2M | CN¥782.7M | CN¥1.02B | CN¥886.1M |
| Stock-based compensation | CN¥67.5M | CN¥83.8M | CN¥85.5M | CN¥74.7M | CN¥75.7M | CN¥83.0M | CN¥83.0M | CN¥61.2M | CN¥75.7M | CN¥76.6M | CN¥80.8M | CN¥108.0M |
| Change in working capital | CN¥628.8M | −CN¥1.02B | CN¥67.3M | −CN¥41.8M | −CN¥83.9M | CN¥549.0M | CN¥315.8M | −CN¥67.9M | −CN¥260.6M | −CN¥733.2M | CN¥285.8M | −CN¥116.2M |
| Other non-cash items | −CN¥974.7M | −CN¥2.10B | CN¥395.1M | −CN¥885.9M | −CN¥124.1M | −CN¥412.2M | −CN¥4.54B | CN¥75.8M | −CN¥3.3M | CN¥21.5M | CN¥2.72B | CN¥53.4M |
| Cash from operating activities | CN¥1.41B | CN¥447.7M | CN¥960.3M | CN¥736.5M | CN¥492.5M | CN¥967.6M | CN¥929.3M | CN¥641.5M | CN¥454.2M | −CN¥125.0M | CN¥949.4M | CN¥510.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −CN¥1.24B | −CN¥770.0M | −CN¥896.2M | −CN¥1.42B | −CN¥852.8M | −CN¥3.20B | −CN¥381.4M | −CN¥788.1M | −CN¥1.96B | −CN¥943.0M | −CN¥1.32B | −CN¥1.48B |
| Investments (net) | −CN¥309.2M | −CN¥3.76B | — | CN¥293.3M | −CN¥364.5M | −CN¥1.37B | −CN¥2.23B | −CN¥2.90B | −CN¥2.03B | −CN¥1.60B | −CN¥1.15B | −CN¥1.57B |
| Acquisitions & other investing | CN¥5.2M | CN¥2.69B | −CN¥660.1M | CN¥1.42B | CN¥725.4M | CN¥2.33B | — | CN¥788.1M | CN¥1.96B | CN¥533.8M | CN¥1.32B | CN¥1.48B |
| Cash from investing activities | −CN¥1.55B | −CN¥1.83B | −CN¥1.56B | CN¥293.3M | −CN¥491.9M | −CN¥2.23B | — | −CN¥2.90B | −CN¥2.03B | −CN¥2.00B | −CN¥1.15B | −CN¥1.57B |
| Financing activities | ||||||||||||
| Dividends paid | — | −CN¥13.5M | — | — | — | −CN¥13.5M | — | — | — | — | −CN¥53.9M | −CN¥53.9M |
| Net borrowing (repayment) | — | — | — | — | — | CN¥423.9M | — | — | — | — | — | — |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | CN¥322.0M | CN¥1.89B | CN¥1.47B | −CN¥822.0M | CN¥2.26B | CN¥9.25B | CN¥10.83B | CN¥1.94B | CN¥3.83B | CN¥2.03B | CN¥430.8M | CN¥496.3M |
| Cash from financing activities | CN¥322.0M | CN¥1.88B | CN¥1.47B | −CN¥822.0M | CN¥2.26B | CN¥9.66B | CN¥10.83B | CN¥1.94B | CN¥3.83B | CN¥2.03B | CN¥376.9M | CN¥442.3M |
| Summary | ||||||||||||
| Net change in cash | CN¥368.5M | CN¥416.5M | CN¥1.11B | CN¥265.3M | CN¥2.29B | CN¥8.39B | CN¥8.39B | −CN¥343.6M | CN¥2.29B | −CN¥108.0M | CN¥177.5M | −CN¥630.2M |
| Cash at end of period | CN¥14.93B | CN¥14.86B | CN¥14.32B | CN¥13.59B | CN¥10.10B | CN¥18.14B | CN¥18.14B | CN¥9.75B | CN¥10.10B | CN¥7.81B | CN¥7.92B | CN¥7.74B |
| Free cash flow | CN¥161.8M | −CN¥322.4M | CN¥64.1M | −CN¥685.3M | −CN¥360.3M | CN¥4.17B | CN¥547.9M | −CN¥146.6M | −CN¥1.51B | −CN¥1.07B | −CN¥368.6M | −CN¥968.0M |
| Free cash flow margin | 5.3% | −9.6% | 2.2% | −23.7% | −12.4% | 153.1% | 20.4% | −5.6% | −53.3% | −40.6% | −14.4% | −38.4% |
| Capex / revenue | 40.4% | 22.9% | 31.1% | 49.2% | 29.4% | 117.5% | 14.2% | 30.1% | 69.4% | 35.9% | 51.6% | 58.7% |
| Operating cash flow / net income | 1.69 | 0.17 | — | 1.01 | — | 26.22 | 0.22 | — | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
GDS cash generation
In fiscal 2025 (ended December 31, 2025), GDS generated CN¥3.4 billion of cash from operations (up 173,513.0%) and spent CN¥4.7 billion on capital expenditures, leaving free cash flow of -CN¥1.3 billion, −11.6% of revenue. It returned CN¥54.1 million to shareholders through dividends (CN¥54.1 million) and net share buybacks (CN¥0). Cash and equivalents rose by CN¥6.3 billion over the year.
Related: GDS income statement, GDS balance sheet. See the GDS stock overview for the latest quote and news.
GDS cash flow FAQ
What is GDS's free cash flow?
GDS's free cash flow was -CN¥1.3 billion in fiscal 2025: CN¥3.4 billion of operating cash flow minus CN¥4.7 billion of capital expenditures It was -CN¥1.2 million a year earlier..
How much cash does GDS generate from operations?
GDS generated CN¥3.4 billion of cash from operating activities in fiscal 2025, 3.51 times its net income of CN¥959.4 million.
How much does GDS spend on capital expenditures?
GDS spent CN¥4.7 billion on capital expenditures in fiscal 2025, 41.1% of revenue, compared with CN¥3.2 million the year before.
How much does GDS pay in dividends?
GDS paid CN¥54.1 million in dividends in fiscal 2025.