$GDHLF

GDS Holdings Ltd

CIK:0001526125|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF OPERATIONS
Net revenue	¥ 11,432,274	¥ 10,322,068	¥ 9,782,448
Cost of revenue	(8,846,859)	(8,099,439)	(7,831,222)
Gross profit	2,585,415	2,222,629	1,951,226
Operating expenses
Selling and marketing expenses	(149,363)	(116,440)	(140,890)
General and administrative expenses	(897,867)	(917,877)	(965,982)
Research and development expenses	(32,700)	(36,319)	(38,159)
Impairment losses of long-lived assets	(1,561,235)	0	(3,013,416)
(Loss) income from continuing operations	(55,750)	1,151,993	(2,207,221)
Other income (expenses):
Interest income	154,041	89,780	94,008
Interest expenses	(1,788,898)	(1,924,631)	(1,936,537)
Foreign currency exchange (loss) gain, net	1,489	18,942	(1,573)
Government grants	30,944	27,253	84,410
Others, net	7,221	21,804	25,319
Gain on deconsolidation of subsidiaries	2,364,104
(Loss) income from continuing operations before income taxes and share of results of equity method investees	713,151	(614,859)	(3,941,594)
Income tax benefits (expenses)	(469,717)	(156,053)	15,577
Share of results of equity method investees	715,928
Net (loss) income from continuing operations	959,362	(770,912)	(3,926,017)
Discontinued operations
Loss from operations of discontinued operations, net of income taxes		(400,796)	(359,376)
Gain on deconsolidation of subsidiaries, net of nil income taxes		4,475,539
(Loss) income from discontinued operations		4,074,743	(359,376)
Net (loss) income	959,362	3,303,831	(4,285,393)
Net income from continuing operations attributable to non-controlling interests	(9,719)	(6,209)	(5,026)
Net (loss) income from continuing operations attributable to GDS Holdings Limited shareholders	949,643	(777,121)	(3,931,043)
Net loss from discontinued operations attributable to non-controlling interests		7,317	366
Net loss from discontinued operations attributable to redeemable non-controlling interests		120,447
Net (loss) income from discontinued operations attributable to GDS Holdings Limited shareholders		4,202,507	(359,010)
Net (loss) income attributable to GDS Holdings Limited shareholders	949,643	3,425,386	(4,290,053)
Cumulative dividend on redeemable preferred shares	(54,305)	(54,232)	(53,625)
Net (loss) income attributable to GDS Holdings Limited ordinary shareholders	¥ 895,338	¥ 3,371,154	¥ (4,343,678)
(Loss) income per Class A and Class B ordinary share
Continuing operations - Basic (in CNY per share)	¥ 0.59	¥ (0.52)	¥ (2.71)
Continuing operations - Diluted (in CNY per share)	0.55	(0.52)	(2.71)
Total - Basic (in CNY per share)	0.59	2.27	(2.96)
Discontinued operations - Basic (in CNY per share)		2.79	(0.25)
Discontinued operations - Diluted (in CNY per share)		2.79	(0.25)
Total - Diluted (in CNY per share)	¥ 0.55	¥ 2.27	¥ (2.96)
Weighted average number of ordinary share outstanding
Basic (in shares)	1,520,535,019	1,475,079,754	1,468,187,956
Diluted (in shares)	1,644,556,988	1,475,079,754	1,468,187,956

CONSOLIDATED STATEMENTS OF CASH FLOWS - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net (loss) income	¥ 959,362	¥ 3,303,831	¥ (4,285,393)
Net loss (income) from discontinued operations		(4,074,743)	359,376
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Amortization of debt issuance and commitment cost	96,654	110,724	140,625
Depreciation and amortization	3,459,294	3,243,004	3,368,474
Operating lease cost relating to prepaid land use rights	108,435	110,126	106,964
Net gain on disposal of property and equipment	(38,585)	(31,665)	(12,051)
Share-based compensation expenses	283,376	296,487	336,616
Impairment losses of long-lived assets	1,561,235	0	3,013,416
Share of results of equity method investees	(715,928)	347	(110)
Gains on disposal of equity investments and subsidiaries	(2,364,104)		(5,010)
Allowance for (reversal of) credit losses	18,797	(13,173)	18,294
Deferred tax benefit	(97,264)	(181,576)	(295,931)
Changes in operating assets and liabilities, net of effects of acquisitions and disposals:
Accounts receivable	502,003	(665,882)	(106,484)
VAT recoverable	(388,864)	(115,809)	(388,279)
Amount due from related parties	3,410
Other current assets	(119,360)	109,813	39,508
Other non-current assets	18,010	70,769	18,684
Accounts payable	5,430	(15,632)	(1,629)
Amount due to related parties	46,904
Accrued expenses and other payables	(11,151)	104,011	36,889
Deferred revenue	23,883	(45,721)	2,202
Other long-term liabilities	10,456	10,504	8,785
Operating leases	3,261	4,247	4,330
Net cash provided by operating activities from continuing operations	3,365,254	2,219,662	2,359,276
Net cash used in operating activities from discontinued operations		(281,297)	(294,019)
Net cash provided by operating activities	3,365,254	1,938,365	2,065,257
Cash flows from investing activities:
Payments for purchase of property and equipment and land use rights	(4,691,137)	(3,169,287)	(3,193,971)
Cash paid for the asset acquisitions	(1,958)	(85,191)	(231,850)
Cash paid for equity investments	(794,794)		(3,000)
Cash paid for investments and loans to discontinued operations		(553,490)	(1,017,266)
Receipts of loan repayments from discontinued operations		1,722,304
Receipts from disposal of equity investments and subsidiaries	3,036,977	39,000	23,630
Deposits and prepayments for potential acquisitions			(133,805)
Refund of deposits for potential acquisitions	5,280	2,400	22,107
Proceeds from disposal of property and equipment	80,543	203,903	18,565
Purchases of time deposits	(674,910)
Net cash used in investing activities from continuing operations	(3,039,999)	(1,840,361)	(4,515,590)
Net cash used in investing activities from discontinued operations		(6,920,177)	(2,827,863)
Net cash used in investing activities	(3,039,999)	(8,760,538)	(7,343,453)
Cash flows from financing activities:
Proceeds from short-term borrowings	1,942,588	1,893,432	371,329
Proceeds from long-term borrowings	10,604,058	4,762,498	5,873,121
Repayment of short-term borrowings	(3,325,680)	(394,817)	(1,328,639)
Repayment of long-term borrowings	(7,986,089)	(5,631,958)	(4,418,188)
Payment of issuance cost and commitment cost of debts	(80,392)	(54,780)	(187,058)
Proceeds from issuance of ordinary shares, net off underwriting commission	1,023,697
Payment of issuance cost of ordinary shares	(8,004)
Proceeds from issuance of convertible bonds	3,852,867		3,926,667
Repayment of convertible bonds	(575)		(2,128,311)
Payment of redeemable preferred shares dividends	(54,124)	(54,169)	(53,923)
Capital contribution from non-controlling shareholders	776,650
Payment under finance leases and other financing obligations	(626,670)	(545,911)	(986,888)
Proceeds from other financing arrangements	180,000	200,000	220,000
Payment for purchase of property and equipment through vendor financing	(113,135)
Payment of contingent consideration for the acquisition of subsidiaries	(11,119)		(21,174)
Payment for acquisition of non-controlling interests	(68,056)
Net cash provided by financing activities from continuing operations	6,106,016	174,295	1,266,936
Net cash provided by financing activities from discontinued operations		16,883,042	2,892,824
Net cash provided by financing activities	6,106,016	17,057,337	4,159,760
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(83,774)	(13,592)	154,302
Net (decrease) increase in cash and cash equivalents and restricted cash	6,347,497	10,221,572	(964,134)
Cash and cash equivalents and restricted cash of continuing operations at beginning of year	8,093,530	7,497,322
Cash and cash equivalents and restricted cash at beginning of year	18,139,504	7,917,932	8,882,066
Cash and cash equivalents and restricted cash at end of year	14,441,027	18,139,504	7,917,932
Less: Cash and cash equivalents and restricted cash of discontinued operations at end of year or deconsolidation date		(10,045,974)	(420,610)
Cash and cash equivalents and restricted cash of continuing operations at end of year	14,441,027	8,093,530	7,497,322
Supplemental disclosures of cash flow information
Interest paid	1,680,654	2,096,087	2,061,889
Income tax paid	561,920	389,837	302,717
Supplemental disclosures of non-cash investing and financing activities
Non-cash effect of acquisitions of subsidiaries		53,551	100,000
Non-cash effect of issuance cost of convertible debts in connection with share-lending arrangement	36,966
Settlement of liability-classified restricted share award	¥ 10,970	¥ 16,929	¥ 12,914

CONSOLIDATED BALANCE SHEETS - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	¥ 14,305,958	¥ 7,867,659
Restricted cash	130,295	67,419
Time deposits	667,736
Accounts receivable, net of allowance for credit losses	2,467,358	3,021,956
Value-added-tax ("VAT") recoverable	284,967	240,506
Amount due from related parties, current	¥ 278,597	¥ 54,282
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Other current assets	¥ 412,546	¥ 361,249
Total current assets	18,547,457	11,613,071
Non-current assets
Restricted cash	4,774	¥ 158,452
Amount due from related parties, non-current	¥ 214,760
Other Receivable, after Allowance for Credit Loss, Noncurrent, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
VAT recoverable	¥ 1,777,272	¥ 1,489,532
Property and equipment, net	38,053,824	40,204,133
Intangible assets, net	273,341	481,114
Prepaid land use rights, net	16,119	21,774
Operating lease right-of-use assets	4,831,624	5,193,408
Goodwill	5,187,717	5,886,379
Deferred tax assets	391,219	381,274
Long-term investments in equity investees	10,052,348	7,544,555
Other non-current assets	648,043	674,936
Total non-current assets	61,451,041	62,035,557
Total assets	79,998,498	73,648,628
Current liabilities
Short-term borrowings and current portion of long-term borrowings (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB254,176 and RMB152,230 as of December 31, 2024 and 2025, respectively)	2,951,734	4,341,649
Convertible bonds payable, current		575
Accounts payable (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB502,672 and RMB390,791 as of December 31, 2024 and 2025, respectively)	1,932,177	2,593,305
Amount due to related parties (including amounts of the consolidated VIEs without recourse to GDS Holdings of nil and RMB62,252 as of December 31, 2024 and 2025, respectively)	¥ 117,889	¥ 9,491
Other Liability, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Accrued expenses and other payables (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB253,236 and RMB330,923 as of December 31, 2024 and 2025, respectively)	¥ 1,205,452	¥ 1,288,606
Deferred revenue (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB82,633 and RMB106,277 as of December 31, 2024 and 2025, respectively)	113,832	90,975
Operating lease liabilities, current (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB33,563 and RMB26,005 as of December 31, 2024 and 2025, respectively)	110,133	117,345
Finance lease and other financing obligations, current (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB45,153 and RMB48,986 as of December 31, 2024 and 2025, respectively)	697,142	636,152
Total current liabilities	7,128,359	9,078,098
Non-current liabilities
Long-term borrowings, excluding current portion (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB2,230 and nil as of December 31, 2024 and 2025, respectively)	23,363,213	21,905,985
Convertible bonds payable, non-current	12,144,371	8,576,583
Operating lease liabilities, non-current (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB81,881 and RMB70,464 as of December 31, 2024 and 2025, respectively)	1,203,487	1,279,726
Finance lease and other financing obligations, non-current (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB851,192 and RMB802,388 as of December 31, 2024 and 2025, respectively)	7,053,979	7,601,651
Deferred tax liabilities (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB32,746 and RMB24,122 as of December 31, 2024 and 2025, respectively)	1,144,426	1,240,731
Other long-term liabilities (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB57,766 and RMB64,801 as of December 31, 2024 and 2025, respectively)	223,602	297,221
Total non-current liabilities	45,133,078	40,901,897
Total liabilities	52,261,437	49,979,995
Mezzanine Equity
Redeemable preferred shares (US$0.00005 par value; 150,000 shares authorized, issued and outstanding as of December 31, 2024 and 2025; Redemption value of RMB1,080,656 and RMB1,056,663 as of December 31, 2024 and 2025, respectively; Liquidation preference of RMB1,080,656 and RMB1,056,663 as of December 31, 2024 and 2025, respectively)	1,056,663	1,080,656
Total mezzanine equity	1,056,663	1,080,656
GDS Holdings Limited Shareholders' Equity
Ordinary shares (US$0.00005 par value; 3,500,000,000 shares authorized as of December 31, 2024 and 2025; 1,511,590,567 and 1,607,430,567 Class A ordinary shares issued and outstanding as of December 31, 2024 and 2025, respectively; 43,590,336 Class B ordinary shares issued and outstanding as of December 31, 2024 and 2025)	562	527
Additional paid-in capital	31,706,498	29,596,268
Accumulated other comprehensive loss	(829,319)	(1,094,377)
Accumulated deficit	(5,094,729)	(6,044,372)
Total GDS Holdings Limited shareholders' equity	25,783,012	22,458,046
Non-controlling interests	897,386	129,931
Total equity	26,680,398	22,587,977
Commitments and contingencies
Total liabilities, mezzanine equity and equity	¥ 79,998,498	¥ 73,648,628