NASDAQ · VNET
VNET Group financials
$5.71−4.52%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Quarter | Q4 '25 Dec 31 | Q4 '24 Dec 31 | Q4 '23 Dec 31 | Q4 '22 Dec 31 | Q4 '21 Dec 31 | Q1 '21 Mar 31 | Q4 '20 Dec 31 | Q2 '20 Jun 30 | Q1 '20 Mar 31 | Q4 '19 Dec 31 | Q3 '19 Sep 30 | Q2 '19 Jun 30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | $211.7M | $227.4M | $316.3M | $154.1M | $160.8M | $137.2M | $129.4M |
| Gross profit | — | — | — | — | — | $49.3M | $49.8M | $71.7M | $33.1M | $38.2M | $31.1M | $33.2M |
| Gross margin | — | — | — | — | — | 23.3% | 21.9% | 22.7% | 21.5% | 23.7% | 22.7% | 25.7% |
| Operating income | — | — | — | — | — | $12.2M | -$10.3M | $16.4M | $5.2M | $1.2M | $9.2M | $8.7M |
| Net income | — | — | — | — | — | -$12.9M | -$170.2M | -$320.1M | -$19.6M | -$3.0M | -$9.7M | -$14.9M |
| Net margin | — | — | — | — | — | −6.1% | −74.8% | −101.2% | −12.7% | −1.9% | −7.1% | −11.5% |
| Diluted EPS | — | — | — | — | — | $-0.02 | $-0.22 | $-0.48 | $-0.03 | $0.00 | $-0.01 | $-0.02 |
| EBITDA | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $58.0M | $39.9M | $75.7M | $33.8M | $84.7M | $8.4M | $9.6M |
| Operating cash flow | — | — | — | — | — | $41.9M | $46.1M | $22.9M | $8.3M | $100.9M | -$4.1M | $13.7M |
| Free cash flow | — | — | — | — | — | -$61.2M | -$82.5M | -$44.9M | -$53.3M | -$37.0M | -$36.5M | $3.2M |
| Diluted shares | 1,612.3M | 1,742.3M | 901.1M | 886.8M | 911.6M | 860.5M | 716.9M | 660.5M | 669.5M | 627.8M | 679.1M | 677.8M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Mar 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $789.5M | $204.5M | $316.9M | $2.66B | $215.4M | $1.05B |
| Short-term investments | $54.2M | $0.00 | $50.4M | $0.00 | — | $23.9M |
| Total debt | $3.14B | $1.84B | $1.85B | $11.18B | $1.29B | $1.55B |
| Total assets | $6.37B | $4.43B | $4.29B | $26.95B | $3.62B | $3.63B |
| Total liabilities | $5.15B | $3.48B | $3.37B | $19.97B | $2.43B | $2.34B |
| Shareholders' equity | $979.5M | $948.2M | $920.3M | $6.98B | $1.19B | $1.28B |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology