VNET net incomeFY2025-CN¥251.84M
VNET net income was -CN¥251.84M for fiscal 2025 (ended Dec 31, 2025), compared with CN¥183.20M in fiscal 2024.
VNET Group Inc. (VNET) financials
For fiscal 2025 (ended Dec 31, 2025), VNET Group Inc. reported -CN¥251.84M of net income. Figures are in CNY, the currency of its SEC filings.
- Net income, FY2025
- -CN¥251.84M
- Free cash flow, FY2025
- -CN¥5.74B
- EPS, diluted, FY2025
- -CN¥0.16
- Cash
- CN¥5.52B
- Total debt
- CN¥8.37B
FY2016FY2019
FY2016FY2025
FY2016FY2025
VNET revenue and earnings growth
VNET EPSFY2025-CN¥0.16
VNET diluted EPS was -CN¥0.16 for fiscal 2025 (ended Dec 31, 2025), compared with CN¥0.02 in fiscal 2024.
VNET free cash flowFY2025-CN¥5.74B
VNET free cash flow was -CN¥5.74B for fiscal 2025 (ended Dec 31, 2025), compared with -CN¥2.92B in fiscal 2024.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | CN¥3.79B | CN¥3.40B | CN¥3.39B | CN¥3.64B |
| Cost of revenue | - | - | - | - | - | - | CN¥2.85B | CN¥2.46B | CN¥2.63B | CN¥2.93B |
| Gross profit | CN¥2.19B | CN¥1.83B | CN¥1.29B | CN¥1.36B | CN¥1.44B | CN¥1.08B | CN¥939.45M | CN¥944.87M | CN¥758.41M | CN¥712.14M |
| Research and development | CN¥261.13M | CN¥246.61M | CN¥322.22M | CN¥306.84M | CN¥188.49M | CN¥112.89M | CN¥88.79M | CN¥92.11M | CN¥149.14M | CN¥149.34M |
| Selling, general and admin | CN¥796.86M | CN¥659.03M | CN¥541.85M | CN¥642.95M | CN¥842.35M | CN¥535.11M | CN¥415.28M | CN¥462.64M | CN¥519.95M | CN¥639.65M |
| Operating income | CN¥780.30M | CN¥669.44M | -CN¥1.97B | CN¥121.16M | CN¥21.31M | CN¥116.60M | CN¥182.23M | CN¥237.48M | -CN¥1.37B | -CN¥840.20M |
| Interest expense | CN¥598.63M | CN¥400.98M | CN¥312.17M | CN¥273.31M | CN¥334.95M | CN¥380.61M | CN¥345.95M | CN¥236.07M | CN¥185.31M | CN¥198.59M |
| Pre-tax income | CN¥424.09M | CN¥482.65M | -CN¥2.48B | -CN¥628.53M | CN¥626.51M | -CN¥2.57B | -CN¥175.81M | -CN¥162.32M | -CN¥1.01B | -CN¥943.08M |
| Income tax | CN¥557.51M | CN¥234.23M | CN¥114.37M | CN¥133.46M | CN¥111.41M | CN¥109.34M | CN¥5.44M | CN¥24.41M | -CN¥90.17M | -CN¥11.16M |
| Net income | -CN¥251.84M | CN¥183.20M | -CN¥2.64B | -CN¥775.95M | CN¥500.10M | -CN¥2.71B | -CN¥182.29M | -CN¥205.06M | -CN¥772.73M | -CN¥633.60M |
| EPS, basic | -CN¥0.16 | CN¥0.11 | -CN¥2.93 | -CN¥0.87 | CN¥0.57 | -CN¥4.47 | -CN¥0.27 | -CN¥0.30 | -CN¥1.36 | -CN¥1.37 |
| EPS, diluted | -CN¥0.16 | CN¥0.02 | -CN¥2.93 | -CN¥0.87 | -CN¥0.36 | -CN¥4.47 | -CN¥0.27 | -CN¥0.30 | -CN¥1.36 | -CN¥1.37 |
| Diluted shares | 1.61B | 1.74B | 901.1M | 886.8M | 911.6M | 716.9M | 668.8M | 674.7M | 672.8M | 617.2M |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | CN¥5.52B | CN¥1.49B | CN¥2.24B | CN¥2.99B | CN¥1.71B | CN¥3.12B | CN¥2.36B | CN¥2.66B | CN¥2.20B | CN¥3.29B |
| Short-term investments | CN¥379.20M | CN¥0 | CN¥356.82M | - | - | CN¥285.87M | CN¥363.86M | CN¥245.01M | CN¥548.89M | CN¥277.95M |
| Inventory | - | - | - | - | - | - | - | CN¥1.83M | CN¥710.0K | CN¥4.43M |
| Current assets | CN¥11.45B | CN¥6.82B | CN¥9.82B | CN¥7.05B | CN¥5.32B | CN¥6.06B | CN¥5.23B | CN¥4.68B | CN¥4.25B | CN¥5.16B |
| Goodwill | - | CN¥0 | CN¥0 | CN¥1.36B | CN¥1.34B | CN¥994.99M | CN¥989.53M | CN¥989.53M | CN¥989.53M | CN¥1.76B |
| Total assets | CN¥44.59B | CN¥32.36B | CN¥30.39B | CN¥26.95B | CN¥23.10B | CN¥19.37B | CN¥14.27B | CN¥11.15B | CN¥9.91B | CN¥12.42B |
| Current liabilities | CN¥12.45B | CN¥9.34B | CN¥11.44B | CN¥6.33B | CN¥5.18B | CN¥6.12B | CN¥4.47B | CN¥2.19B | CN¥1.76B | CN¥4.37B |
| Short-term debt | CN¥3.23B | CN¥2.01B | CN¥753.33M | CN¥484.02M | CN¥384.16M | CN¥214.33M | CN¥267.00M | CN¥125.28M | CN¥120.29M | CN¥1.72B |
| Long-term debt | CN¥5.14B | CN¥1.90B | CN¥1.77B | CN¥5.86B | CN¥4.27B | CN¥3.01B | - | - | - | - |
| Total debt | CN¥8.37B | CN¥3.91B | CN¥2.52B | CN¥6.34B | CN¥4.65B | CN¥3.23B | CN¥346.50M | CN¥237.28M | CN¥307.93M | CN¥1.99B |
| Total liabilities | CN¥36.03B | CN¥25.44B | CN¥23.87B | CN¥19.97B | CN¥15.49B | CN¥12.48B | CN¥9.04B | CN¥5.79B | CN¥4.71B | CN¥5.57B |
| Shareholders' equity | CN¥6.22B | CN¥6.37B | CN¥6.51B | CN¥6.98B | CN¥7.60B | CN¥6.90B | CN¥5.23B | CN¥5.36B | CN¥5.20B | CN¥6.15B |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | CN¥1.92B | CN¥2.01B | CN¥2.06B | CN¥2.44B | CN¥1.39B | CN¥714.24M | CN¥802.92M | CN¥704.97M | CN¥487.20M | CN¥57.57M |
| Capital expenditures | CN¥7.66B | CN¥4.92B | CN¥2.97B | CN¥3.00B | CN¥2.69B | CN¥2.47B | CN¥1.25B | CN¥435.22M | CN¥396.00M | CN¥574.50M |
| Free cash flow | -CN¥5.74B | -CN¥2.92B | -CN¥903.97M | -CN¥555.39M | -CN¥1.30B | -CN¥1.76B | -CN¥445.91M | CN¥269.75M | CN¥91.20M | -CN¥516.93M |
| Investing cash flow | -CN¥8.01B | -CN¥4.39B | -CN¥3.91B | -CN¥3.56B | -CN¥3.77B | -CN¥3.89B | -CN¥1.61B | -CN¥304.85M | -CN¥833.31M | -CN¥841.02M |
| Financing cash flow | CN¥10.22B | -CN¥627.65M | CN¥3.94B | CN¥2.30B | CN¥967.58M | CN¥4.16B | CN¥461.56M | -CN¥19.90M | -CN¥612.65M | CN¥1.91B |
| Share repurchases | CN¥17.20M | - | - | - | CN¥1.70B | CN¥130.47M | CN¥11.84M | - | CN¥133.07M | CN¥42.66M |
| Stock-based compensation | CN¥25.78M | CN¥148.56M | CN¥35.30M | CN¥118.17M | CN¥320.01M | CN¥136.80M | CN¥43.92M | CN¥59.54M | CN¥47.13M | CN¥118.73M |
| Depreciation and amortization | CN¥2.13B | CN¥1.60B | CN¥1.81B | CN¥1.60B | CN¥1.27B | CN¥988.98M | CN¥772.21M | CN¥634.61M | CN¥667.10M | - |
Key ratios
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | - | - | - | - | - | - | 11.4% | 0.2% | -6.8% | 0.2% |
| Gross margin | - | - | - | - | - | - | 24.8% | 27.8% | 22.4% | 19.6% |
| Operating margin | - | - | - | - | - | - | 4.8% | 7.0% | -40.3% | -23.1% |
| Net margin | - | - | - | - | - | - | -4.8% | -6.0% | -22.8% | -17.4% |
| Free cash flow margin | - | - | - | - | - | - | -11.8% | 7.9% | 2.7% | -14.2% |
| Return on equity | -4.0% | 2.9% | -40.6% | -11.1% | 6.6% | -39.3% | -3.5% | -3.8% | -14.9% | -10.3% |
| Return on assets | -0.6% | 0.6% | -8.7% | -2.9% | 2.2% | -14.0% | -1.3% | -1.8% | -7.8% | -5.1% |
| Current ratio | 0.92 | 0.73 | 0.86 | 1.11 | 1.03 | 0.99 | 1.17 | 2.13 | 2.41 | 1.18 |
| Debt to equity | 1.35 | 0.61 | 0.39 | 0.91 | 0.61 | 0.47 | 0.07 | 0.04 | 0.06 | 0.32 |
Source: XBRL data VNET Group Inc. files with the SEC, latest filing dated Apr 16, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.
VNET peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| VNET | - | - | -CN¥251.84M | - | $917.1M |
| GOOGL | $471.10B | +22.2% | $235.69B | 50.0% | $3.44T |
| GOOG | $471.10B | +22.2% | $235.69B | 50.0% | $3.42T |
| META | $241.61B | +27.5% | $75.25B | 31.1% | $1.57T |
| APP | $6.83B | +60.6% | $4.41B | 64.6% | $76.47B |
| NBIS | $529.80M | +479.0% | $82.50M | 15.6% | $41.90B |
| ZM | $4.99B | +5.0% | $3.26B | 65.2% | $27.87B |
VNET FAQ
6 questionsIs VNET profitable?
No. VNET Group Inc. reported a net loss of CN¥251.84M for fiscal 2025 (ended Dec 31, 2025).How much cash and debt does VNET have?
VNET Group Inc. reported CN¥5.52B in cash and cash equivalents and CN¥8.37B of debt on its most recent balance sheet in SEC filings.What is VNET free cash flow?
VNET Group Inc. generated -CN¥5.74B of free cash flow for fiscal 2025 (ended Dec 31, 2025), which is operating cash flow of CN¥1.92B less capital expenditures.What is VNET earnings per share?
Diluted earnings per share were -CN¥0.16 for fiscal 2025 (ended Dec 31, 2025), from SEC filings, restated for any stock split those filings show.When did VNET last report financial results?
The latest statements here come from VNET Group Inc.'s 20-F filed on Apr 16, 2026, covering the period ended Dec 31, 2025.Where does this VNET financial data come from?
Quantisnow builds these statements from the structured XBRL data VNET Group Inc. files with the SEC. It is provided for information only and is not investment advice.