NASDAQ · Financial Statements

GDS Holdings Limited (GDS) Financial Statements

$32.78 NASDAQ: GDS Market Cap $6.39B

GDS Holdings Limited most recently reported annual revenue of $11.4B, net profit of $950.0M. Revenue grew at an average annual rate of 14.8% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

GDS Holdings Limited: Revenue rose from $1.1B in 2016 to $11.4B in 2025, a change of +982.6% over 9 years; net profit was positive in 2 of 10 reported years; operating margin moved from -4.0% to 13.4%, a shift of +17.4 percentage points; the most recent year shows net profit of $950.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$1.1B$1.6B$2.8B$4.1B$5.7B$7.8B$9.3B$10.0B$10.3B$11.4B
Operating Expenses$1.1B$1.5B$2.6B$3.6B$5.1B$7.2B$8.8B$12.4B$9.2B$9.9B
Operating Profit$-42.0M$82.0M$168.0M$480.0M$673.0M$570.0M$552.0M$-2.5B$1.2B$1.5B
Operating Margin-4.0%5.1%6.0%11.6%11.7%7.3%5.9%-24.7%11.2%13.4%
Other Income$-242.0M$-415.0M$-608.0M$-906.0M$-1.2B$-1.5B$-1.5B$-1.8B$-1.8B$-107.0M
Interest$263.0M$412.0M$656.0M$969.0M$1.3B$1.7B$1.9B$2.0B$1.9B$1.8B
Depreciation$227.0M$378.0M$742.0M$1.1B$1.7B$2.7B$3.3B$3.6B$3.4B$3.6B
Profit Before Tax$-285.0M$-333.0M$-440.0M$-426.0M$-548.0M$-949.0M$-990.0M$-4.3B$-615.0M$1.4B
Tax$2.9M$1.8M$2.1M$-3.7M$-22.0M$-25.6M$-27.9M$340,000$-25.4M$32.9M
Net Profit$-276.0M$-327.0M$-430.0M$-442.0M$-669.0M$-1.2B$-1.3B$-4.3B$3.4B$950.0M
EPS$-10.80$-3.36$-3.44$-3.60$-4.72$-7.20$-8.24$-23.68$18.40$4.24
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricJun '23Sep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26
Revenue$2.5B$2.5B$2.6B$2.6B$2.8B$3.0B$2.7B$2.7B$2.9B$2.9B$2.9B$3.4B
Operating Expenses$2.2B$2.4B$5.5B$2.4B$2.5B$2.6B$2.4B$2.4B$2.5B$2.5B$2.5B$2.5B
Operating Profit$244.0M$81.0M$-2.9B$219.0M$316.0M$320.0M$297.0M$365.0M$415.0M$362.0M$394.0M$908.0M
Operating Margin9.9%3.2%-114.9%8.3%11.2%10.8%11.0%13.4%14.3%12.6%13.5%27.0%
Interest$469.0M$503.0M$62.0M$503.0M$505.0M$535.0M$64.0M$441.0M$405.0M$375.0M$567.0M$380.0M
Profit Before Tax$-200.0M$-400.0M$-3.4B$-283.0M$-172.0M$-241.0M$-139.0M$964.0M$-6.0M$911.0M$-439.0M$2.8B
Tax$-12.6M$-5.2M$6.6M$-22.1M$-34.8M$4.2M$-24.5M$20.7M$-1.1B$20.0M$-5.3M$3.9M
Net Profit$-227.0M$-421.0M$-3.2B$-346.0M$-226.0M$-192.0M$4.2B$763.0M$-72.0M$726.0M$-467.0M$2.6B
EPS$-1.28$-2.40$-17.28$-1.92$-1.28$-1.12$20.40$3.44$-0.38$2.88$-2.48$10.24

Over the 10 years reported for GDS Holdings Limited, borrowings increased from $4.3B in 2016 to $47.6B in 2025, cash stood at $14.3B in the latest year, shareholders' equity was $1.0M, current assets covered current liabilities 2.60 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$8.2B$13.1B$20.9B$31.5B$57.3B$71.6B$74.8B$74.4B$73.6B$80.0B
Current Assets$2.2B$2.5B$3.0B$7.1B$18.3B$14.5B$12.0B$11.0B$11.6B$18.6B
Cash$1.8B$1.9B$2.2B$5.8B$16.3B$10.0B$8.6B$7.7B$7.9B$14.3B
Inventory$127.0M$104.0M$65.0M$115.0M$251.0M$0$0$0$0$0
Receivables$199.0M$365.0M$537.0M$880.0M$1.5B$1.7B$2.4B$2.5B$3.3B$3.0B
Fixed Assets$4.3B$8.2B$14.0B$20.0B$32.7B$44.7B$52.6B$52.9B$45.4B$42.9B
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$-13.0M$-14.0M$-37.0M$-73.0M$-146.0M$-186.0M$0$0$7.5B$10.7B
Other Assets$1.3B$1.6B$1.8B$2.3B$3.4B$8.4B$8.1B$7.1B$0$5.2B
Total Liabilities$5.2B$8.7B$15.4B$21.2B$31.7B$47.1B$50.6B$54.3B$50.0B$52.3B
Current Liabilities$1.5B$2.4B$3.5B$4.0B$7.6B$13.5B$10.6B$8.3B$9.1B$7.1B
Borrowings$4.3B$6.7B$12.8B$17.0B$24.6B$37.8B$44.7B$48.0B$44.5B$47.6B
Other Liabilities$927.0M$2.0B$2.6B$4.2B$7.1B$9.3B$5.9B$6.3B$5.5B$4.7B
Equity$0$0$0$0$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M
Reserves$3.0B$4.5B$5.5B$10.3B$25.6B$24.5B$24.1B$20.0B$23.5B$26.9B

For GDS Holdings Limited, operating cash flow was positive in 7 of 10 reported years; free cash flow in the latest year was negative at $1.3B; free cash flow was positive in 0 of 10 years.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$-150.0M$-175.0M$-13.0M$293.0M$321.0M$1.2B$2.9B$2.1B$1.9B$3.4B
Investing Cash Flow$-2.2B$-3.8B$-9.0B$-9.7B$-17.4B$-23.4B$-19.1B$-12.6B$-12.0B$-7.7B
Financing Cash Flow$1.2B$567.0M$1.1B$81.0M$1.1B$1.2B$-68.0M$-45.0M$17.1B$789.0M
Net Cash Flow$887.0M$62.0M$337.0M$3.7B$10.5B$-4.5B$-3.1B$-964.0M$10.2B$6.3B
Free Cash Flow$-1.1B$-1.9B$-4.3B$-4.3B$-7.7B$-8.5B$-4.9B$-4.2B$-1.3B$-1.3B

Valuation & Return Ratios

MetricValue
PEG Ratio-0.38
EV / EBITDA13.68
FCF Yield-3.15%
Quick Ratio1.87
Interest Coverage1.30
Return 1Y-5.46%
Return 3Y187.40%
Return 5Y-47.48%

GDS Holdings Limited (GDS) financials — frequently asked questions

What is GDS Holdings Limited's annual revenue?

GDS Holdings Limited (GDS) reported annual revenue of $11.4B in its most recent fiscal year.

What is GDS Holdings Limited's net profit?

GDS Holdings Limited (GDS) reported net profit of $950.0M in its most recent fiscal year.

What is GDS EV/EBITDA?

GDS Holdings Limited's enterprise value to EBITDA (EV/EBITDA) ratio is 13.68.

Popular Stocks

Apple (AAPL)Microsoft (MSFT)NVIDIA (NVDA)Alphabet (GOOGL)Amazon (AMZN)Meta (META)Tesla (TSLA)Broadcom (AVGO)Eli Lilly (LLY)JPMorgan (JPM)

Related stock screens

High ROE Technology StocksLow P/E Technology StocksHigh Net Margin Technology StocksDividend Technology StocksLow Debt Technology StocksHigh ROE StocksLow P/E StocksHigh Net Margin StocksDividend StocksLow Debt StocksNasdaq High ROE StocksAll stock screens
GDS Overview GDS Dividend Run Stock Screener

Data for information only, not investment advice. Figures may be delayed or inaccurate; verify against company filings. See our disclaimer.