VNET Group, Inc. (VNET) Cash Flow Statement
Where VNET’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- CN¥1.92B −4.3% vs 2024
- Capital expenditures
- CN¥7.87B 81.3% of revenue
- Free cash flow
- −CN¥5.95B −61.5% margin
- Returned to shareholders
- CN¥17.2M
- Change in cash
- CN¥4.12B cash at year-end CN¥6.20B
Cash from operations
CN¥1.92B
Capital expenditures
−CN¥7.87B
Investments (net)
−CN¥617.8M
Acquisitions & other
+CN¥473.4M
Share buybacks (net)
−CN¥17.2M
Net borrowing (repayment)
+CN¥9.00B
Other financing
+CN¥1.24B
Change in cash
CN¥4.12B
Drawn to scale: where the cash came from and how it was used. Hover for values.
VNET operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
VNET cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | CN¥83.6M2016 | CN¥1.92B2025 | +41.6%/yr | |
| Capital expenditures | CN¥612.5M2016 | CN¥7.87B2025 | +32.8%/yr | |
| Free cash flow | −CN¥528.9M2016 | −CN¥5.95B2025 | — | |
| Free cash flow margin | −14.5%2016 | −61.5%2025 | −46.9 pts | |
| Operating cash flow / net income | 2.692021 | 8.072024 | +5.38 | |
| Stock-based compensation | CN¥118.7M2016 | CN¥25.8M2025 | −15.6%/yr | |
| Dividends paid | CN¥1.94B2016 | CN¥3.10B2020 | +12.4%/yr | |
| Share buybacks (net) | CN¥81.7M2016 | CN¥17.2M2025 | −15.9%/yr | |
| Capex / revenue | 16.8%2016 | 81.3%2025 | +64.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VNET cash flow by activity
OperatingInvestingFinancingChange in cash
VNET 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).
VNET cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −CN¥133.4M | CN¥248.4M | −CN¥2.60B | −CN¥762.0M | CN¥515.1M | −CN¥2.68B | −CN¥181.2M | −CN¥186.7M | −CN¥917.6M | −CN¥931.9M |
| Depreciation & amortization | CN¥2.13B | CN¥1.60B | CN¥1.81B | CN¥1.60B | CN¥1.27B | CN¥989.0M | CN¥772.2M | CN¥634.6M | CN¥667.1M | CN¥664.1M |
| Stock-based compensation | CN¥25.8M | CN¥148.6M | CN¥35.3M | CN¥118.2M | CN¥320.0M | CN¥136.8M | CN¥43.9M | CN¥59.5M | CN¥47.1M | CN¥118.7M |
| Change in working capital | −CN¥736.9M | −CN¥309.3M | −CN¥196.8M | CN¥382.9M | −CN¥507.0M | −CN¥509.7M | −CN¥10.9M | CN¥14.9M | CN¥45.7M | −CN¥63.3M |
| Other non-cash items | CN¥637.1M | CN¥319.4M | CN¥3.01B | CN¥1.11B | −CN¥207.7M | CN¥2.78B | CN¥83.3M | CN¥182.7M | CN¥560.1M | CN¥296.1M |
| Cash from operating activities | CN¥1.92B | CN¥2.01B | CN¥2.06B | CN¥2.44B | CN¥1.39B | CN¥714.2M | CN¥707.4M | CN¥705.0M | CN¥402.3M | CN¥83.6M |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥7.87B | −CN¥5.13B | −CN¥3.06B | −CN¥3.10B | −CN¥2.73B | −CN¥2.50B | −CN¥1.28B | −CN¥453.1M | −CN¥415.0M | −CN¥612.5M |
| Investments (net) | −CN¥617.8M | −CN¥4.39B | −CN¥3.84B | −CN¥3.56B | −CN¥3.77B | −CN¥3.89B | −CN¥1.61B | −CN¥304.8M | −CN¥699.3M | −CN¥841.0M |
| Acquisitions & other investing | CN¥473.4M | CN¥5.13B | CN¥2.99B | CN¥3.10B | CN¥2.73B | CN¥2.50B | CN¥1.28B | CN¥453.1M | CN¥415.0M | CN¥612.5M |
| Cash from investing activities | −CN¥8.01B | −CN¥4.39B | −CN¥3.91B | −CN¥3.56B | −CN¥3.77B | −CN¥3.89B | −CN¥1.61B | −CN¥304.8M | −CN¥699.3M | −CN¥841.0M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | −CN¥3.10B | −CN¥2.27B | CN¥0 | −CN¥1.8M | −CN¥1.94B |
| Share repurchases & issuance (net) | −CN¥17.2M | CN¥0 | CN¥0 | CN¥0 | −CN¥1.70B | −CN¥132.5M | −CN¥21.6M | CN¥435,000 | −CN¥136.9M | −CN¥81.7M |
| Net borrowing (repayment) | CN¥9.00B | −CN¥535.2M | CN¥1.84B | CN¥2.30B | CN¥2.66B | CN¥555.3M | CN¥509.3M | −CN¥259.3M | −CN¥601.5M | −CN¥464.0M |
| Shares issued | CN¥0 | CN¥0 | CN¥2.13B | CN¥0 | CN¥0 | CN¥3.74B | CN¥572,000 | CN¥42.7M | CN¥0 | CN¥0 |
| Other financing | CN¥1.24B | −CN¥92.5M | −CN¥23.4M | CN¥0 | CN¥11.4M | CN¥3.10B | CN¥2.34B | CN¥196.3M | CN¥127.6M | CN¥2.70B |
| Cash from financing activities | CN¥10.22B | −CN¥627.7M | CN¥3.94B | CN¥2.30B | CN¥967.6M | CN¥4.16B | CN¥557.1M | −CN¥19.9M | −CN¥612.7M | CN¥209.5M |
| Summary | ||||||||||
| Net change in cash | CN¥4.12B | −CN¥3.02B | CN¥2.11B | CN¥1.28B | −CN¥1.41B | CN¥759.3M | −CN¥303.8M | CN¥465.6M | CN¥652.2M | −CN¥387.6M |
| Cash at end of period | CN¥6.20B | CN¥2.08B | CN¥5.10B | CN¥2.99B | CN¥1.71B | CN¥3.12B | CN¥2.36B | CN¥2.66B | CN¥1.95B | CN¥1.30B |
| Free cash flow | −CN¥5.95B | −CN¥3.12B | −CN¥997.1M | −CN¥660.4M | −CN¥1.35B | −CN¥1.79B | −CN¥568.0M | CN¥251.9M | −CN¥12.6M | −CN¥528.9M |
| Free cash flow margin | −61.5% | −37.8% | −13.5% | −9.2% | −21.8% | −37.1% | −15.0% | 7.4% | −0.4% | −14.5% |
| Capex / revenue | 81.3% | 62.1% | 41.3% | 43.1% | 44.2% | 51.8% | 33.7% | 13.3% | 12.2% | 16.8% |
| Operating cash flow / net income | — | 8.07 | — | — | 2.69 | — | — | — | — | — |
| 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¥144.3M | −CN¥322.0M | CN¥304.7M | −CN¥42.9M | −CN¥1.7M | −CN¥11.1M | −CN¥11.1M | CN¥332.1M | CN¥71.8M | −CN¥159.0M | −CN¥159.0M | −CN¥39.9M |
| Depreciation & amortization | CN¥682.1M | CN¥633.7M | CN¥598.2M | CN¥551.9M | CN¥548.2M | CN¥426.0M | CN¥438.7M | CN¥393.5M | CN¥388.7M | CN¥377.1M | CN¥377.1M | CN¥461.6M |
| Stock-based compensation | — | — | CN¥7.7M | — | CN¥9.4M | CN¥42.9M | CN¥42.9M | CN¥6.9M | −CN¥15.2M | CN¥113.9M | CN¥113.9M | CN¥9.5M |
| Change in working capital | — | — | −CN¥1.01B | — | — | −CN¥142.3M | −CN¥40.8M | CN¥135.1M | −CN¥142.1M | −CN¥201.6M | −CN¥201.6M | CN¥8.7M |
| Other non-cash items | −CN¥320.5M | −CN¥138.0M | CN¥643.1M | CN¥300.8M | −CN¥189.3M | −CN¥119.8M | CN¥142.5M | −CN¥107.3M | CN¥101.9M | CN¥137.3M | CN¥137.3M | CN¥14.4M |
| Cash from operating activities | CN¥217.3M | CN¥173.7M | CN¥546.4M | CN¥809.8M | CN¥366.6M | CN¥195.7M | CN¥572.2M | CN¥760.4M | CN¥405.2M | CN¥267.6M | CN¥267.6M | CN¥454.3M |
| Investing activities | ||||||||||||
| Capital expenditures | −CN¥1.51B | −CN¥1.79B | −CN¥1.81B | −CN¥2.22B | −CN¥1.87B | −CN¥1.83B | −CN¥1.49B | −CN¥1.43B | −CN¥998.5M | −CN¥1.01B | −CN¥1.01B | −CN¥946.4M |
| Investments (net) | CN¥690.5M | −CN¥308.4M | CN¥603.4M | −CN¥2.29B | −CN¥1.40B | −CN¥1.88B | −CN¥3.05B | CN¥341.5M | −CN¥1.03B | −CN¥650.9M | −CN¥1.40B | −CN¥750.1M |
| Acquisitions & other investing | −CN¥113.8M | −CN¥115.9M | CN¥650.9M | CN¥2.22B | −CN¥14.5M | CN¥1.83B | — | −CN¥251.1M | CN¥998.5M | CN¥1.01B | — | CN¥946.4M |
| Cash from investing activities | −CN¥936.5M | −CN¥2.22B | −CN¥555.6M | −CN¥2.29B | −CN¥3.28B | −CN¥1.88B | — | −CN¥1.34B | −CN¥1.03B | −CN¥650.9M | — | −CN¥750.1M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | −CN¥16.7M | −CN¥17.2M | — | — | — | — | — | — | — | — | — |
| Net borrowing (repayment) | CN¥243.1M | CN¥2.51B | CN¥6.83B | CN¥1.59B | −CN¥3.99B | CN¥4.57B | −CN¥1.12B | CN¥588.0M | — | — | — | CN¥498.8M |
| Shares issued | CN¥0 | CN¥951.4M | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | −CN¥338.5M | CN¥499.3M | −CN¥4.68B | CN¥549.7M | CN¥4.57B | CN¥796.0M | CN¥1.91B | −CN¥59.6M | CN¥664.4M | −CN¥2.61B | −CN¥2.61B | CN¥216.7M |
| Cash from financing activities | −CN¥95.4M | CN¥3.95B | CN¥2.13B | CN¥2.14B | CN¥582.7M | CN¥5.37B | CN¥785.2M | CN¥528.3M | CN¥664.4M | −CN¥2.61B | −CN¥2.61B | CN¥715.6M |
| Summary | ||||||||||||
| Net change in cash | −CN¥715.7M | CN¥1.88B | CN¥2.12B | CN¥661.2M | −CN¥2.35B | CN¥3.69B | −CN¥894,001 | −CN¥53.9M | CN¥45.9M | −CN¥3.01B | −CN¥3.01B | CN¥407.2M |
| Cash at end of period | CN¥7.20B | CN¥8.08B | CN¥6.20B | CN¥4.08B | CN¥3.42B | CN¥5.77B | CN¥2.08B | CN¥2.08B | CN¥2.14B | CN¥2.09B | CN¥2.09B | CN¥3.02B |
| Free cash flow | −CN¥1.30B | −CN¥1.62B | −CN¥1.26B | −CN¥1.41B | −CN¥1.50B | −CN¥1.63B | −CN¥920.7M | −CN¥666.5M | −CN¥593.3M | −CN¥743.7M | −CN¥743.7M | −CN¥492.1M |
| Free cash flow margin | −46.8% | −60.2% | −47.7% | −55.0% | −61.8% | −72.6% | −41.0% | −32.1% | −29.8% | −39.2% | −39.2% | −26.1% |
| Capex / revenue | 54.6% | 66.7% | 68.3% | 86.5% | 76.8% | 81.3% | 66.5% | 68.8% | 50.1% | 53.3% | 53.3% | 50.2% |
| Operating cash flow / net income | — | — | 1.79 | — | — | — | — | 2.29 | 5.64 | — | — | — |
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.
VNET cash generation
In fiscal 2025 (ended December 31, 2025), VNET generated CN¥1.9 billion of cash from operations (down 4.3%) and spent CN¥7.9 billion on capital expenditures, leaving free cash flow of -CN¥5.9 billion, −61.5% of revenue. It returned CN¥17.2 million to shareholders through dividends (CN¥0) and net share buybacks (CN¥17.2 million). Cash and equivalents rose by CN¥4.1 billion over the year.
Related: VNET income statement, VNET balance sheet. See the VNET stock overview for the latest quote and news.
VNET cash flow FAQ
What is VNET's free cash flow?
VNET's free cash flow was -CN¥5.9 billion in fiscal 2025: CN¥1.9 billion of operating cash flow minus CN¥7.9 billion of capital expenditures It was -CN¥3.1 billion a year earlier..
How much cash does VNET generate from operations?
VNET generated CN¥1.9 billion of cash from operating activities in fiscal 2025.
How much does VNET spend on capital expenditures?
VNET spent CN¥7.9 billion on capital expenditures in fiscal 2025, 81.3% of revenue, compared with CN¥5.1 billion the year before.
How much stock does VNET buy back?
VNET spent CN¥17.2 million on net share repurchases in fiscal 2025.