GDS Holdings Limited ADR (GDS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	-$0.34	$3.53	+1138.2%	—	$3.1B	—
Q1 26	-$0.28	$8.65	+3189.3%	—	$3.4B	—
Q4 25	$7.38	$5.88	-20.3%	—	$2.9B	—
Q3 25	-$0.42	-$2.47	-488.1%	—	$2.9B	—
Q2 25	-$0.65	-$0.46	+29.2%	—	$2.9B	—
Q1 25	-$0.9	$3.91	+534.4%	—	$2.7B	—
Q4 24	-$1.15	$22.5	+2057.4%	—	$1.9B	—
Q3 24	-$1.13	-$1.12	+0.9%	—	$417.3M	—
Q2 24	-$1.59	-$1.3	+18.2%	—	$394.1M	—
Q1 24	-$1.87	-$1.96	-4.8%	—	$2.6B	—
Q4 23	-$2.3	-$0.9	+60.9%	—	$2.6B	—
Q3 23	-$2.35	-$2.37	-0.9%	—	$2.5B	—
Q2 23	-$2.18	-$1.31	+39.9%	—	$2.5B	—
Q1 23	-$2.83	-$2.67	+5.7%	—	$2.4B	—
Q4 22	-$2.65	-$2.11	+20.4%	—	$2.4B	—
Q3 22	-$2.57	-$1.93	+24.9%	—	$2.4B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$4.72	—	—	$11.4B	—
FY24	—	$18.3	—	—	$10.3B	—
FY23	—	-$23.7	—	—	$10B	—
FY22	—	-$8.24	—	—	$9.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.1B	$1.6B	$2.8B	$4.1B	$5.7B	$7.8B	$9.3B	$10B	$10.3B	$11.4B
YoY change	+50.1%	+53.1%	+72.8%	+47.6%	+39.2%	+36.2%	+19.3%	+6.76%	+3.67%	+10.8%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.1B	1.6B	2.8B	4.1B	5.7B	7.8B	9.3B	10B	10.3B	11.4B
Cost of revenue	790.3M	1.2B	2.2B	3.1B	4.2B	6B	7.4B	8B	8.1B	8.8B
Gross profit	265.7M	408.5M	622.4M	1B	1.6B	1.8B	1.9B	1.9B	2.2B	2.6B
Gross margin	25.2%	25.3%	22.3%	25.3%	27%	22.8%	20.8%	19.3%	21.5%	22.6%
Research & development	9.1M	7.3M	13.9M	21.6M	40M	39.3M	35.8M	38.2M	36.3M	32.7M
Selling, general & administrative	298.9M	319M	440.2M	541.3M	837.5M	1.2B	1.3B	1.3B	1B	1B
Operating expenses	305.8M	323.2M	450.9M	553M	850.5M	1.1B	1.3B	1.3B	1B	1B
Operating income	-40.2M	85.3M	171.6M	489.7M	700M	657.7M	660.1M	639.2M	1.2B	1.5B
Operating margin	-3.8%	5.28%	6.14%	11.9%	12.2%	8.41%	7.08%	6.42%	11.4%	13.4%
Non-operating income, net	18.6M	-11.9M	25.7M	-435K	39.1M	-2.2M	195.4M	-3B	40.7M	811.6M
Pretax income	-284.7M	-333M	-439.7M	-426.4M	-548.4M	-948.8M	-989.9M	-4.3B	-614.9M	713.2M
Income tax	-8.3M	-6.1M	-9.4M	15.7M	120.8M	242.5M	276.2M	-14.8M	156.1M	469.7M
Net income	-276.4M	-326.9M	-430.3M	-442.1M	-669.2M	-1.2B	-1.3B	-4.3B	3.4B	959.4M
Net margin	-26.2%	-20.2%	-15.4%	-10.7%	-11.7%	-15.2%	-13.6%	-43%	33.2%	8.39%
EBITDA	189.6M	469.5M	937.7M	1.7B	2.4B	3.4B	4B	4.4B	4.6B	5.3B
EPS	-10.8	-3.36	-3.44	-3.6	-4.72	-7.2	-8.24	-23.7	18.3	4.72
Diluted EPS	-10.8	-3.36	-3.44	-3.6	-4.72	-7.2	-8.24	-23.7	18.3	4.4

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.5B	2.6B	2.6B	394.1M	417.3M	1.9B	2.7B	2.9B	2.9B	2.9B	3.4B	3.1B
Cost of revenue	2.1B	2.1B	2.1B	305.1M	324.9M	1.5B	2.1B	2.2B	2.2B	2.3B	2.2B	2.4B
Gross profit	447.4M	432.3M	573.7M	88.9M	92.4M	354.2M	644.8M	688.9M	639.2M	612.4M	1.1B	664.2M
Gross margin	17.8%	16.9%	21.8%	22.6%	22.2%	18.6%	23.7%	23.8%	22.1%	21%	33.6%	21.5%
Research & development	10.5M	12.8M	10M	1.5M	1.2M	6.8M	7.9M	8.8M	8.3M	7.7M	9.6M	7.1M
Selling, general & administrative	356.2M	344.3M	344.5M	43.4M	46.2M	50.5M	256.2M	265.5M	268.6M	241.4M	214M	218M
Operating expenses	366.8M	357.1M	354.4M	44.9M	47.4M	57.3M	261M	274.3M	276.8M	249.2M	223.6M	225M
Operating income	80.7M	159.7M	219.2M	44M	45.1M	324.1M	368.3M	414.6M	362.4M	394.2M	908M	439.2M
Operating margin	3.2%	6.25%	8.34%	11.2%	10.8%	17%	13.5%	14.3%	12.6%	13.5%	27%	14.2%
Non-operating income, net	22.6M	-3.1B	1.7M	2.5M	-3.7M	47.7M	1.1B	10.6M	1.4B	-1.7B	96.2M	18.9M
Pretax income	-399.9M	-3.4B	-282.5M	-24M	-33.9M	80.7M	991.5M	20.2M	1.4B	-1.7B	624.3M	91.2M
Income tax	20.9M	-224.6M	62.4M	8.3M	-1.4M	43.8M	199.7M	64.9M	181.9M	23.3M	108.7M	213.5M
Net income	-420.8M	-3.2B	-344.9M	-32.3M	-32.5M	4.2B	764.1M	-70.6M	728.6M	-462.8M	2.7B	837.6M
Net margin	-16.7%	-123.8%	-13.1%	-8.2%	-7.79%	222.8%	28.1%	-2.43%	25.2%	-15.8%	78.8%	27.1%
EBITDA	988.5M	1.2B	1.1B	166.7M	174.1M	1.1B	1.2B	1.3B	1.2B	1.5B	1.8B	1.3B
EPS	-2.4	-17.3	-1.92	-1.28	-1.12	22.5	3.92	-0.48	3.68	-2.48	13.4	4.16
Diluted EPS	-2.4	-17.3	-1.92	-1.28	-1.12	22.5	3.44	-0.48	3.2	-2.48	10.6	3.52

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	—	—	27.4B	12.1B	—	6.6B	6.3B
Enterprise value	—	—	—	—	—	—	63.4B	52.4B	—	39.2B	6.4B
Shares outstanding	271.1M	711M	897.4M	999.6M	1.1B	1.3B	1.3B	1.3B	184.4M	190.1M	190.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	—	—	6.91	14.4
P/S	—	—	—	—	—	—	2.93	1.21	—	0.58	0.54
P/B	—	—	—	—	—	—	1.13	0.6	—	0.24	1.46
EV/EBITDA	—	—	—	—	—	—	15.9	12	—	7.44	7.78
EV/Sales	—	—	—	—	—	—	6.8	5.26	—	3.43	3.49
Earnings yield	—	—	—	—	—	—	—	—	—	14.5%	6.93%
FCF yield	—	—	—	—	—	—	-26.6%	-34.7%	—	-20%	-10.8%
PEG	—	—	—	—	—	—	—	—	—	—	-0.01

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	25.2%	25.3%	22.3%	25.3%	27%	22.8%	20.8%	19.3%	21.5%	22.6%	21.5%
Operating margin	-3.8%	5.28%	6.14%	11.9%	12.2%	8.41%	7.08%	6.42%	11.4%	13.4%	14.2%
Net margin	-26.2%	-20.2%	-15.4%	-10.7%	-11.7%	-15.2%	-13.6%	-43%	33.2%	8.39%	30.5%
ROE	-9.26%	-7.3%	-7.79%	-4.29%	-2.61%	-4.78%	-5.24%	-21.3%	14.5%	3.46%	12.8%
ROA	-3.37%	-2.49%	-2.06%	-1.4%	-1.17%	-1.66%	-1.69%	-5.76%	4.66%	1.2%	1.57%
ROIC	-0.73%	0.92%	1.06%	2.28%	2.06%	1.25%	1.1%	1.06%	1.96%	0.87%	0%
Return on tangible assets	-5.23%	-3.53%	-2.89%	-1.74%	-1.36%	-2.22%	-2.16%	-7.28%	5.64%	1.39%	5.01%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.49	1.01	0.87	1.77	2.4	1.07	1.13	1.32	1.28	2.6	1.78
Quick ratio	1.49	1.01	0.87	1.77	2.4	1.07	1.13	1.32	1.28	2.6	1.78
Debt / equity	1.44	1.49	2.32	1.65	0.96	1.52	1.85	2.38	1.88	1.71	1.43
Debt / assets	0.52	0.51	0.61	0.54	0.43	0.53	0.6	0.64	0.6	0.59	0.55
Net debt / EBITDA	13.1	10.2	11.3	6.59	3.5	8.27	9.03	9.2	7.88	6.18	5.5
Interest coverage	-0.07	0.19	0.33	0.56	0.58	0.43	0.48	-1.11	0.68	1.4	1.25
Effective tax rate	0%	0%	0%	0%	0%	0%	0%	0%	0%	65.9%	100%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	3.9	2.27	3.11	4.12	5.05	5.94	7.03	7.52	56	60.1	63.2
EPS (basic)	-10.8	-3.36	-3.44	-3.6	-4.72	-7.2	-8.24	-23.7	18.3	4.72	4.72
EPS (diluted)	-10.8	-3.36	-3.44	-3.6	-4.72	-7.2	-8.24	-23.7	18.3	4.4	2.27
Book value per share	11	6.29	6.15	10.3	22.6	18.9	18.2	15.2	128.4	145.9	22.5
FCF per share	-4.12	-2.72	-4.9	-4.63	-6.95	-6.59	-5.48	-3.16	-7.14	-6.99	-3.29
Cash per share	6.68	2.63	2.41	5.81	14.3	7.57	6.49	5.82	42.7	78.8	76.8
Capex per share	3.64	2.48	4.87	4.92	7.22	7.5	7.6	4.71	16.5	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	93.5%	108.9%	156.6%	119.3%	142.9%	126.3%	108.2%	62.6%	29.6%	—	—
Capex / operating cash flow	-671.2%	-2.1K%	7.9K%	1.5K%	1.6K%	732.3%	342.6%	-640.6%	141.2%	—	—
Payout ratio	-27.7%	0%	0%	-5.66%	-9.79%	-4.13%	-4.07%	-1.26%	1.58%	5.64%	0%
Dividend yield	—	—	—	—	—	—	0.19%	0.45%	—	0.82%	0.82%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.5B	$2.6B	$2.6B	$394.1M	$417.3M	$1.9B	$2.7B	$2.9B	$2.9B	$2.9B	$3.4B	$3.1B
YoY change	+6.4%	+6.34%	+9.07%	-84.1%	-83.4%	-25.6%	+3.65%	+636%	+591.9%	+53.6%	+23.6%	+6.47%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.8B	1.9B	2.2B	5.8B	16.3B	10B	8.6B	7.7B	7.9B	15B
Receivables	198.9M	364.7M	536.8M	880M	1.5B	1.7B	2.4B	2.5B	3B	2.5B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	2.2B	2.5B	3B	7.1B	18.3B	14.5B	12B	11B	11.6B	18.5B
Property, plant & equipment	2.7B	5.5B	10.4B	14B	23.1B	32.5B	38.7B	36.5B	29.3B	26B
Goodwill & intangibles	2.9B	3.9B	6B	6.1B	8.1B	18B	16.3B	15.6B	12.8B	11B
Total assets	8.2B	13.1B	20.9B	31.5B	57.3B	71.6B	74.8B	74.4B	73.6B	80B
Accounts payable	513.5M	1.1B	1.5B	1.7B	3.7B	3.9B	3.1B	3.4B	2.6B	1.9B
Short-term debt	717.1M	888.4M	1.5B	1.4B	2.5B	6.8B	6.3B	3.6B	5.1B	3.8B
Total current liabilities	1.5B	2.4B	3.5B	4B	7.6B	13.5B	10.6B	8.3B	9.1B	7.1B
Long-term debt	3.6B	5.8B	11.3B	15.5B	22.1B	31B	38.3B	44.4B	39.4B	43.8B
Total liabilities	5.2B	8.7B	15.4B	21.2B	31.6B	46.7B	50.6B	54.3B	50B	52.3B
Shareholders' equity	3B	4.5B	5.5B	10.3B	25.7B	24.9B	24.2B	20.1B	23.7B	27.7B
Total debt	4.3B	6.7B	12.8B	17B	24.6B	37.8B	44.7B	48B	44.5B	47.5B
Net debt	2.5B	4.8B	10.6B	11.1B	8.4B	27.8B	36.1B	40.3B	36.6B	33.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	7.5B	7.7B	7.6B	1.4B	1.3B	7.9B	7.6B	13.1B	13.4B	15B	14.8B	14.9B
Receivables	2.9B	2.5B	3.2B	473.2M	528.5M	3B	3B	2.9B	2.9B	2.5B	3B	2.9B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	11.3B	11B	12.1B	2B	2B	11.6B	12.3B	17.9B	17.3B	18.5B	23.6B	23.5B
Property, plant & equipment	55B	36.5B	53.2B	7.6B	8.1B	29.3B	28.1B	44.5B	44.3B	26B	42.7B	43.6B
Goodwill & intangibles	15.9B	15.6B	15.5B	2.1B	2.1B	12.8B	12.2B	11.3B	11.2B	11B	10.9B	10.8B
Total assets	76.8B	74.4B	75.7B	11B	11.6B	73.6B	73.5B	79.2B	78.6B	80B	84.1B	85.8B
Accounts payable	2.9B	3.4B	3.4B	430.7M	512.2M	2.6B	2B	2.7B	1.9B	1.9B	1.9B	2.4B
Short-term debt	3.2B	3.6B	6.1B	806M	957.4M	5.1B	4.9B	4.6B	3.4B	3.8B	9.5B	9.3B
Total current liabilities	7.4B	8.3B	10.7B	1.4B	1.7B	9.1B	8.4B	9B	6.9B	7.1B	12.6B	13.2B
Long-term debt	44.6B	44.4B	43.6B	6.2B	6.2B	39.4B	39B	43.2B	43.6B	43.8B	37.7B	38.1B
Total liabilities	54.8B	54.3B	55.9B	7.8B	8.1B	50B	49B	53.6B	51.8B	52.3B	51.7B	52.5B
Shareholders' equity	22B	20.1B	19.8B	3.2B	3.5B	23.7B	24.4B	25.6B	26.8B	27.7B	32.4B	33.2B
Total debt	47.8B	48B	49.7B	7B	7.1B	44.5B	43.9B	47.8B	47B	47.5B	47.2B	47.4B
Net debt	40.3B	40.3B	42B	5.6B	5.8B	36.6B	36.3B	34.7B	33.5B	33.2B	32.4B	32.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-276.4M	-326.9M	-430.3M	-442.1M	-669.2M	-1.2B	-1.3B	-4.3B	-770.9M	959.4M
Depreciation & amortization	227.4M	378.1M	741.5M	1.1B	1.7B	2.7B	3.3B	3.6B	3.4B	3.6B
Stock-based compensation	64.2M	59.8M	105.9M	189.8M	333.7M	391.3M	290.8M	336.6M	296.5M	283.4M
Change in working capital	-157.5M	-232.6M	-386.4M	-612.5M	-829.6M	-652.9M	779.3M	-508.9M	-647.7M	58.2M
Operating cash flow	-147.1M	-85.1M	55.5M	326.4M	509.6M	1.3B	2.9B	-973.3M	2.2B	3.4B
Capital expenditure	-987.7M	-1.8B	-4.4B	-4.9B	-8.2B	-9.9B	-10.1B	-6.2B	-3.1B	—
Investing cash flow	-1.1B	-2B	-4.7B	-5.2B	-9.4B	-13.7B	-11.3B	-6.3B	-1.8B	1.6B
Dividends paid	-76.5M	0	0	-25M	-65.5M	-49.2M	-51.6M	-53.9M	-54.2M	-54.1M
Share repurchases	0	0	—	—	—	—	—	—	—	—
Financing cash flow	1.7B	2B	4.1B	7.5B	19.6B	7.2B	-3.4B	806.1M	-220.5M	2.8B
Net change in cash	401.4M	-112.8M	-594.9M	2.7B	10.8B	-5.1B	-11.7B	-6.5B	99.3M	7.7B
Free cash flow	-1.1B	-1.9B	-4.4B	-4.6B	-7.9B	-8.7B	-7.3B	-4.2B	-1.3B	-1.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-420.8M	-3.2B	-344.9M	-32.3M	-32.5M	36.9M	764.1M	-70.6M	728.6M	-462.8M	2.7B	837.6M
Depreciation & amortization	886.1M	1B	856.7M	121.9M	128.2M	710.9M	856.5M	856.6M	860.9M	993.7M	831.8M	851.4M
Stock-based compensation	108M	80.8M	76.6M	10.6M	8.6M	83M	62M	61.2M	74.7M	85.5M	83.8M	67.5M
Change in working capital	—	—	—	—	—	—	-13.2M	—	—	—	—	—
Operating cash flow	626.7M	-2.1B	639.2M	99.7M	99.8M	926M	1.7B	865.1M	736.5M	983.6M	447.7M	1.4B
Capital expenditure	-1.5B	-1.3B	-1.6B	-273.4M	-407.9M	3.4B	-1B	—	—	—	—	—
Investing cash flow	-1.6B	-1.2B	-1.6B	-283.3M	-407.9M	3.5B	-1.4B	900.3M	1.7B	786.9M	-1.1B	-297.5M
Dividends paid	—	—	—	—	—	—	-13.5M	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	442.3M	-2.8B	1.6B	534.5M	273.2M	-7.3B	-1.2B	5.1B	-822M	-3.8B	—	—
Net change in cash	-503.4M	-6B	666.1M	350.9M	-34.8M	-2.8B	-816.9M	6.9B	1.6B	-2B	-615.4M	1.1B
Free cash flow	-968M	-368.6M	-1.7B	-210.1M	-317.6M	4.2B	-238.9M	-399.7M	-685.3M	-13.6M	-322.4M	166.5M

GDS Holdings Limited ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement