GDS Holdings Limited (GDS) Income Statement
GDS 2025 at a glance
Fiscal year ended December 31, 2025 · Chinese yuanGDS revenue and net income
Where GDS's revenue goes
2025Each bar shows an amount and its share of revenue. GDS kept 8.3% of revenue as net income.
GDS profit margins
GDS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +10.8% | +7.0% | +14.8% | +32.2% |
| Gross profit | +16.3% | +10.1% | +10.8% | +29.9% |
| Operating income | +33.4% | +40.7% | +18.0% | — |
| Net income | −71.3% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
GDS income statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥11.43B | CN¥10.32B | CN¥9.96B | CN¥9.33B | CN¥7.82B | CN¥5.74B | CN¥4.12B | CN¥2.79B | CN¥1.62B | CN¥1.06B |
| Cost of revenue | CN¥8.85B | CN¥8.10B | CN¥8.03B | CN¥7.39B | CN¥6.04B | CN¥4.19B | CN¥3.08B | CN¥2.17B | CN¥1.21B | CN¥790.3M |
| Gross profit | CN¥2.59B | CN¥2.22B | CN¥1.92B | CN¥1.94B | CN¥1.78B | CN¥1.55B | CN¥1.04B | CN¥622.4M | CN¥408.5M | CN¥265.7M |
| Research & development | CN¥32.7M | CN¥36.3M | CN¥38.2M | CN¥35.8M | CN¥39.3M | CN¥40.0M | CN¥21.6M | CN¥13.9M | CN¥7.3M | CN¥9.1M |
| Sales, general & admin | CN¥897.9M | CN¥1.03B | CN¥1.33B | CN¥1.34B | CN¥1.17B | CN¥837.5M | CN¥541.3M | CN¥440.2M | CN¥319.0M | CN¥298.9M |
| Total operating expenses | CN¥1.05B | CN¥1.07B | CN¥4.38B | CN¥1.38B | CN¥1.21B | CN¥877.5M | CN¥562.9M | CN¥454.1M | CN¥326.2M | CN¥308.0M |
| Operating income | CN¥1.54B | CN¥1.15B | −CN¥2.46B | CN¥551.8M | CN¥569.5M | CN¥672.9M | CN¥479.8M | CN¥168.4M | CN¥82.2M | −CN¥42.4M |
| Interest income | CN¥154.0M | CN¥89.8M | CN¥97.5M | CN¥42.5M | CN¥50.4M | CN¥29.0M | CN¥53.0M | CN¥19.2M | CN¥5.6M | CN¥2.1M |
| Interest expense | CN¥1.79B | CN¥1.92B | CN¥2.04B | CN¥1.89B | CN¥1.65B | CN¥1.32B | CN¥968.7M | CN¥656.2M | CN¥412.0M | CN¥263.2M |
| Income before taxes | CN¥1.43B | −CN¥614.9M | −CN¥4.30B | −CN¥989.9M | −CN¥948.8M | −CN¥548.4M | −CN¥426.4M | −CN¥439.7M | −CN¥333.0M | −CN¥284.7M |
| Income taxes | CN¥469.7M | CN¥156.1M | −CN¥14.8M | CN¥276.2M | CN¥242.5M | CN¥120.8M | CN¥15.7M | −CN¥9.4M | −CN¥6.1M | −CN¥8.3M |
| Net income | CN¥949.6M | CN¥3.30B | −CN¥4.29B | −CN¥1.27B | −CN¥1.19B | −CN¥685.0M | −CN¥442.1M | −CN¥430.3M | −CN¥326.9M | −CN¥276.4M |
| EBITDA | CN¥6.07B | CN¥4.66B | CN¥1.36B | CN¥4.12B | CN¥3.36B | CN¥2.43B | CN¥1.62B | CN¥958.0M | CN¥457.2M | CN¥207.9M |
| Gross margin | 22.6% | 21.5% | 19.3% | 20.8% | 22.8% | 27.0% | 25.3% | 22.3% | 25.3% | 25.2% |
| Operating margin | 13.4% | 11.2% | −24.7% | 5.9% | 7.3% | 11.7% | 11.6% | 6.0% | 5.1% | −4.0% |
| Net margin | 8.3% | 32.0% | −43.1% | −13.6% | −15.2% | −11.9% | −10.7% | −15.4% | −20.2% | −26.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥3.08B | CN¥3.37B | CN¥2.88B | CN¥2.89B | CN¥2.90B | CN¥2.72B | CN¥2.69B | CN¥2.62B | CN¥2.83B | CN¥2.63B | CN¥2.56B | CN¥2.52B |
| Cost of revenue | CN¥2.48B | CN¥2.24B | CN¥2.33B | CN¥2.25B | CN¥2.21B | CN¥2.08B | CN¥2.11B | CN¥2.06B | CN¥2.19B | CN¥2.05B | CN¥2.12B | CN¥2.07B |
| Gross profit | CN¥599.9M | CN¥1.13B | CN¥546.6M | CN¥639.2M | CN¥688.9M | CN¥644.8M | CN¥578.1M | CN¥557.6M | CN¥637.8M | CN¥573.7M | CN¥432.3M | CN¥447.4M |
| Research & development | CN¥7.0M | CN¥9.6M | CN¥7.6M | CN¥8.3M | CN¥8.8M | CN¥7.9M | CN¥6.9M | CN¥8.6M | CN¥10.9M | CN¥10.0M | CN¥12.8M | CN¥10.5M |
| Sales, general & admin | CN¥185.8M | CN¥214.0M | CN¥241.4M | CN¥268.6M | CN¥265.5M | CN¥271.7M | CN¥274.0M | CN¥243.7M | CN¥311.3M | CN¥344.5M | CN¥344.3M | CN¥356.2M |
| Total operating expenses | CN¥162.0M | CN¥223.6M | CN¥188.4M | CN¥276.8M | CN¥274.3M | CN¥279.6M | CN¥296.5M | CN¥252.3M | CN¥322.2M | CN¥354.4M | CN¥3.37B | CN¥366.8M |
| Operating income | CN¥437.9M | CN¥908.0M | CN¥358.3M | CN¥362.4M | CN¥414.6M | CN¥365.2M | CN¥281.6M | CN¥305.2M | CN¥315.6M | CN¥219.2M | −CN¥2.94B | CN¥80.7M |
| Interest income | — | — | — | — | — | CN¥15.6M | — | — | — | — | — | — |
| Interest expense | CN¥365.8M | CN¥379.8M | CN¥407.2M | CN¥375.5M | CN¥405.0M | CN¥441.5M | CN¥380.9M | CN¥463.3M | CN¥505.2M | CN¥503.5M | CN¥579.9M | CN¥503.2M |
| Income before taxes | CN¥1.05B | CN¥2.76B | −CN¥433.4M | CN¥910.5M | −CN¥5.7M | CN¥963.8M | −CN¥139.3M | −CN¥152.5M | −CN¥171.9M | −CN¥282.5M | −CN¥3.39B | −CN¥399.9M |
| Income taxes | CN¥212.9M | CN¥108.7M | CN¥23.0M | CN¥181.9M | CN¥64.9M | CN¥199.7M | CN¥34.1M | −CN¥347,000 | CN¥59.9M | CN¥62.4M | −CN¥224.6M | CN¥20.9M |
| Net income | CN¥832.9M | CN¥2.65B | −CN¥460.6M | CN¥726.0M | −CN¥72.3M | CN¥763.0M | CN¥4.19B | −CN¥192.3M | −CN¥225.7M | −CN¥345.8M | −CN¥3.17B | −CN¥421.2M |
| EBITDA | CN¥1.29B | CN¥1.84B | CN¥1.23B | CN¥2.61B | CN¥1.28B | CN¥2.29B | CN¥1.15B | CN¥1.11B | CN¥1.21B | CN¥1.00B | −CN¥1.78B | CN¥989.4M |
| Gross margin | 19.5% | 33.6% | 19.0% | 22.1% | 23.8% | 23.7% | 21.5% | 21.3% | 22.6% | 21.8% | 16.9% | 17.8% |
| Operating margin | 14.2% | 27.0% | 12.4% | 12.6% | 14.3% | 13.4% | 10.5% | 11.7% | 11.2% | 8.3% | −114.9% | 3.2% |
| Net margin | 27.0% | 78.7% | −16.0% | 25.1% | −2.5% | 28.0% | 155.7% | −7.3% | −8.0% | −13.2% | −123.8% | −16.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported in GDS's financial statements (latest annual report filed April 29, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
GDS financial results
In fiscal year 2025 (ended December 31, 2025), GDS reported revenue of CN¥11.4 billion, up 10.8% from the year before. It had net income of CN¥949.6 million (down 71.3%), a net profit margin of 8.3%. Over five years revenue grew at an average rate of 14.8% a year. Figures are in Chinese yuan, the currency of its financial statements.
See the GDS stock overview for the latest quote and news, or the GDS chart for price history and technical indicators.
GDS income statement FAQ
What is GDS's annual revenue?
GDS reported total revenue of CN¥11.4 billion for fiscal year 2025, which ended on December 31, 2025. That was up 10.8% from CN¥10.3 billion the previous year.
Is GDS profitable?
Yes. GDS reported net income of CN¥949.6 million in fiscal 2025, a net profit margin of 8.3%; its operating margin was 13.4%.
What is GDS's gross margin?
GDS's gross margin was 22.6% in fiscal 2025: for every $100 of revenue, GDS kept $23 after the direct cost of its products and services.
How much does GDS spend on research and development?
GDS spent CN¥32.7 million on research and development in fiscal 2025, 0.3% of revenue.
How fast is GDS growing?
Revenue grew 14.8% a year on average over the last five fiscal years, from CN¥5.7 billion to CN¥11.4 billion.
When will GDS report its next earnings?
GDS is expected to report results for the quarter ending September 30, 2026 on November 18, 2026 before the market opens.
When does GDS's fiscal year end?
GDS's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 29, 2026.