VNET Group, Inc. (VNET) Income Statement
VNET 2025 at a glance
Fiscal year ended December 31, 2025 · Chinese yuanVNET revenue and net income
Where VNET's revenue goes
2025Each bar shows an amount and its share of revenue. VNET kept −2.6% of revenue as net income.
VNET profit margins
VNET growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +17.2% | +10.4% | +14.9% | +10.3% |
| Gross profit | +16.4% | +17.8% | +14.7% | +9.6% |
| Operating income | +9.4% | +127.4% | +44.4% | — |
| Net income | −236.3% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
VNET income statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥9.68B | CN¥8.26B | CN¥7.41B | CN¥7.19B | CN¥6.19B | CN¥4.83B | CN¥3.79B | CN¥3.40B | CN¥3.39B | CN¥3.64B |
| Cost of revenue | CN¥7.55B | CN¥6.43B | CN¥6.12B | CN¥5.88B | CN¥4.75B | CN¥3.75B | CN¥2.85B | CN¥2.46B | CN¥2.63B | CN¥2.93B |
| Gross profit | CN¥2.13B | CN¥1.83B | CN¥1.29B | CN¥1.31B | CN¥1.44B | CN¥1.08B | CN¥939.4M | CN¥944.9M | CN¥758.4M | CN¥712.1M |
| Research & development | CN¥254.0M | CN¥246.6M | CN¥322.2M | CN¥306.8M | CN¥188.5M | CN¥112.9M | CN¥88.8M | CN¥92.1M | CN¥149.1M | CN¥149.3M |
| Sales, general & admin | CN¥1.02B | CN¥922.8M | CN¥808.1M | CN¥954.9M | CN¥1.10B | CN¥770.1M | CN¥621.6M | CN¥462.6M | CN¥776.6M | CN¥992.6M |
| Total operating expenses | CN¥1.40B | CN¥1.16B | CN¥3.26B | CN¥1.24B | CN¥1.42B | CN¥959.4M | CN¥757.2M | CN¥707.4M | CN¥2.13B | CN¥1.55B |
| Operating income | CN¥732.0M | CN¥669.4M | −CN¥1.97B | CN¥62.2M | CN¥21.3M | CN¥116.6M | CN¥182.2M | CN¥237.5M | −CN¥1.37B | −CN¥840.2M |
| Interest income | CN¥37.4M | CN¥28.0M | CN¥37.4M | CN¥31.6M | CN¥31.9M | CN¥31.7M | CN¥54.6M | CN¥45.2M | CN¥32.9M | CN¥21.1M |
| Interest expense | CN¥582.3M | CN¥401.0M | CN¥312.2M | CN¥273.3M | CN¥334.9M | CN¥380.6M | CN¥346.0M | CN¥236.1M | CN¥185.3M | CN¥198.6M |
| Income before taxes | CN¥412.5M | CN¥482.7M | −CN¥2.48B | −CN¥639.6M | CN¥626.5M | −CN¥2.58B | −CN¥175.8M | −CN¥162.3M | −CN¥1.01B | −CN¥943.1M |
| Income taxes | CN¥542.3M | CN¥234.2M | CN¥114.4M | CN¥135.8M | CN¥111.4M | CN¥109.3M | CN¥5.4M | CN¥24.4M | −CN¥90.2M | −CN¥11.2M |
| Net income | −CN¥249.8M | CN¥183.2M | −CN¥2.64B | −CN¥789.6M | CN¥500.1M | −CN¥2.71B | −CN¥182.3M | −CN¥205.1M | −CN¥772.7M | −CN¥633.6M |
| EBITDA | CN¥3.12B | CN¥2.48B | −CN¥366.6M | CN¥1.23B | CN¥2.27B | −CN¥1.21B | CN¥1.01B | CN¥895.0M | −CN¥209.2M | −CN¥116.1M |
| Gross margin | 22.0% | 22.2% | 17.4% | 18.2% | 23.2% | 22.3% | 24.8% | 27.8% | 22.4% | 19.6% |
| Operating margin | 7.6% | 8.1% | −26.6% | 0.9% | 0.3% | 2.4% | 4.8% | 7.0% | −40.3% | −23.1% |
| Net margin | −2.6% | 2.2% | −35.7% | −11.0% | 8.1% | −56.1% | −4.8% | −6.0% | −22.8% | −17.4% |
| 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¥2.77B | CN¥2.69B | CN¥2.65B | CN¥2.57B | CN¥2.43B | CN¥2.25B | CN¥2.25B | CN¥2.07B | CN¥1.99B | CN¥1.90B | CN¥1.90B | CN¥1.89B |
| Cost of revenue | CN¥2.27B | CN¥2.08B | CN¥2.12B | CN¥2.03B | CN¥1.89B | CN¥1.68B | CN¥1.74B | CN¥1.59B | CN¥1.57B | CN¥1.49B | CN¥1.49B | CN¥1.58B |
| Gross profit | CN¥503.8M | CN¥615.9M | CN¥532.9M | CN¥536.2M | CN¥547.7M | CN¥565.3M | CN¥504.9M | CN¥480.9M | CN¥424.9M | CN¥410.7M | CN¥410.7M | CN¥306.5M |
| Research & development | CN¥74.9M | CN¥74.4M | CN¥77.6M | CN¥71.3M | CN¥67.6M | CN¥43.6M | CN¥56.1M | CN¥53.1M | CN¥62.0M | CN¥75.4M | CN¥75.4M | CN¥80.7M |
| Sales, general & admin | CN¥223.7M | CN¥216.1M | CN¥240.2M | CN¥257.1M | CN¥282.4M | CN¥244.1M | CN¥193.0M | CN¥193.2M | CN¥165.5M | CN¥226.3M | CN¥226.3M | CN¥137.9M |
| Total operating expenses | CN¥314.9M | CN¥368.9M | CN¥396.5M | CN¥344.2M | CN¥374.7M | CN¥316.8M | CN¥267.9M | CN¥305.2M | CN¥230.3M | CN¥364.3M | CN¥364.3M | CN¥274.3M |
| Operating income | CN¥188.8M | CN¥246.9M | CN¥136.4M | CN¥192.0M | CN¥173.0M | CN¥248.5M | CN¥237.0M | CN¥175.7M | CN¥194.6M | CN¥46.4M | CN¥46.4M | CN¥32.2M |
| Interest income | CN¥16.6M | CN¥10.4M | CN¥5.0M | CN¥8.7M | CN¥16.9M | CN¥6.8M | CN¥6.2M | CN¥4.2M | CN¥5.4M | CN¥12.1M | CN¥13.2M | CN¥12.9M |
| Interest expense | CN¥203.9M | CN¥221.0M | CN¥186.8M | CN¥151.0M | CN¥157.5M | CN¥100.7M | CN¥77.1M | CN¥94.0M | CN¥92.2M | CN¥137.7M | CN¥137.7M | CN¥91.8M |
| Income before taxes | CN¥18.0M | CN¥41.3M | CN¥724.1M | −CN¥252.5M | CN¥111.8M | −CN¥168.2M | CN¥86.0M | CN¥355.3M | CN¥131.0M | −CN¥97.6M | −CN¥100.2M | −CN¥33.6M |
| Income taxes | CN¥57.7M | CN¥486.2M | CN¥383.6M | CN¥21.4M | CN¥95.0M | CN¥52.1M | CN¥82.5M | CN¥30.5M | CN¥59.1M | CN¥61.4M | CN¥61.4M | CN¥6.3M |
| Net income | −CN¥144.3M | −CN¥2.23B | CN¥295.7M | −CN¥307.1M | −CN¥12.0M | −CN¥237.6M | −CN¥11.1M | CN¥310.7M | CN¥63.7M | −CN¥187.0M | −CN¥187.0M | −CN¥50.5M |
| EBITDA | CN¥870.9M | CN¥893.4M | CN¥1.51B | CN¥450.4M | CN¥817.5M | CN¥358.5M | CN¥675.7M | CN¥842.8M | CN¥608.7M | CN¥414.5M | CN¥423.5M | CN¥519.8M |
| Gross margin | 18.2% | 22.9% | 20.1% | 20.9% | 22.5% | 25.2% | 22.5% | 23.2% | 21.3% | 21.6% | 21.6% | 16.2% |
| Operating margin | 6.8% | 9.2% | 5.1% | 7.5% | 7.1% | 11.1% | 10.6% | 8.5% | 9.8% | 2.4% | 2.4% | 1.7% |
| Net margin | −5.2% | −82.8% | 11.2% | −12.0% | −0.5% | −10.6% | −0.5% | 15.0% | 3.2% | −9.9% | −9.9% | −2.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported in VNET's financial statements (latest annual report filed April 16, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
VNET financial results
In fiscal year 2025 (ended December 31, 2025), VNET reported revenue of CN¥9.7 billion, up 17.2% from the year before. It had a net loss of CN¥249.8 million, a net profit margin of −2.6%. Over five years revenue grew at an average rate of 14.9% a year. Figures are in Chinese yuan, the currency of its financial statements.
See the VNET stock overview for the latest quote and news, or the VNET chart for price history and technical indicators.
VNET income statement FAQ
What is VNET's annual revenue?
VNET reported total revenue of CN¥9.7 billion for fiscal year 2025, which ended on December 31, 2025. That was up 17.2% from CN¥8.3 billion the previous year.
Is VNET profitable?
No. VNET reported a net loss of CN¥249.8 million in fiscal 2025, a net profit margin of −2.6%; its operating margin was 7.6%.
What is VNET's gross margin?
VNET's gross margin was 22.0% in fiscal 2025: for every $100 of revenue, VNET kept $22 after the direct cost of its products and services.
How much does VNET spend on research and development?
VNET spent CN¥254.0 million on research and development in fiscal 2025, 2.6% of revenue.
How fast is VNET growing?
Revenue grew 14.9% a year on average over the last five fiscal years, from CN¥4.8 billion to CN¥9.7 billion.
When will VNET report its next earnings?
VNET is expected to report results for the quarter ending September 30, 2026 on November 19, 2026 before the market opens.
When does VNET's fiscal year end?
VNET's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 16, 2026.