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GDS

GDS Holdings Limited

GDS

GDS Holdings Limited • NASDAQ
$33.97 ▼ -0.38% (-0.13)
Market Cap $6.32 B
52w High $52.50
52w Low $16.93
Dividend Yield 0%
P/E 49.23
Volume 835.55K
Outstanding Shares 186.06M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.887B ▼ $276.842M ▲ $725.975M ▲ 25.145% ▲ $3.68 ▲ $1.223B ▼
Q2-2025 $2.9B ▲ $274.339M ▼ $-72.3M ▼ -2.493% ▼ $-0.46 ▼ $1.282B ▼
Q1-2025 $2.723B ▲ $279.589M ▼ $763.021M ▼ 28.02% ▼ $3.92 ▲ $2.29B ▲
Q4-2024 $2.691B ▼ $296.481M ▼ $4.189B ▲ 155.698% ▲ $-8.16 ▼ $1.173B ▼
Q3-2024 $2.966B $336.67M $-192.34M -6.485% $-1.12 $1.205B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $13.444B ▲ $78.609B ▼ $51.826B ▼ $26.667B ▲
Q2-2025 $13.124B ▲ $79.199B ▲ $53.608B ▲ $25.477B ▲
Q1-2025 $7.576B ▼ $73.458B ▼ $49.015B ▼ $24.312B ▲
Q4-2024 $7.868B ▼ $73.649B ▼ $49.98B ▼ $23.539B ▲
Q3-2024 $9.408B $82.342B $57.549B $19.672B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $725.975M ▲ $736.502M ▼ $293.318M ▲ $-822.047M ▼ $265.309M ▼ $-685.326M ▼
Q2-2025 $-70.584M ▼ $865.123M ▲ $-364.526M ▲ $5.145B ▲ $5.542B ▲ $-399.675M ▼
Q1-2025 $764.074M ▲ $780.072M ▼ $-1.369B ▲ $275.032M ▼ $-314.551M ▼ $-229.256M ▼
Q4-2024 $36.896M ▲ $967.586M ▲ $-2.235B ▲ $9.66B ▲ $8.386B ▲ $547.924M ▲
Q3-2024 $-231.109M $641.514M $-2.899B $1.942B $-343.613M $-2.257B

Revenue by Products

Product Q4-2019Q2-2020
Colocation Services
Colocation Services
 $900.00M ▲$2.07Bn ▲
It Equipment Sales
It Equipment Sales
 $0 ▲$20.00M ▲
Managed Service And Others
Managed Service And Others
 $260.00M ▲$500.00M ▲
Service
Service
 $1.16Bn ▲$2.57Bn ▲
Equipment Sales
Equipment Sales
 $20.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, showing that demand for GDS’s data center services continues to rise. Gross profit has also trended up, suggesting the core business remains attractive. However, earnings have been volatile: there was a deep loss recently, followed by a sharp swing back into profit at the operating and net income level. This kind of jumpiness indicates sensitivity to one‑off items, financing costs, or big changes in depreciation and investment cycles. Profitability on a per‑share basis is still weak, so while the top line story is solid, the bottom line is not yet consistently strong or predictable.

Balance Sheet

Balance Sheet The company sits on a large base of assets, reflecting its heavy investment in data centers and land. Cash reserves are reasonable but much lower than a few years ago, while total debt has grown significantly over time and only recently started to edge down. Equity has stayed broadly stable rather than clearly building, which means leverage is relatively high for a business with still‑developing profitability. Overall, the balance sheet supports a sizable platform, but it is geared and relies on continued access to funding and successful asset monetization to stay comfortable.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has been improving, which is a positive sign that the underlying business is maturing and more self‑sustaining. At the same time, free cash flow has been consistently negative because GDS spends heavily on new capacity and infrastructure. This pattern is typical for data center operators that prioritize growth, but it also means the company remains dependent on external capital—through debt, partnerships, or REIT structures—to fund expansion. The key watchpoint is whether operating cash flow continues to rise fast enough to gradually close the gap with investment spending.

Competitive Edge

Competitive Edge GDS holds a strong position in China’s high‑performance data center market, especially around top economic hubs where demand is deepest and access to land and power is heavily constrained. Its carrier‑ and cloud‑neutral model, focus on hyperscale and large enterprise customers, and long‑term contracts provide stickiness and visibility. The company’s land bank and power pipeline in prime locations are significant barriers to entry. Its use of a data center REIT to recycle capital is also a differentiator in funding growth. On the risk side, the business is exposed to China‑specific regulatory and macro conditions, a relatively concentrated base of very large customers, and competition from both independent operators and hyperscalers that may build more of their own facilities.

Innovation and R&D

Innovation and R&D Innovation is a clear focus. GDS invests heavily in smart, modular, and energy‑efficient data center designs, including advanced cooling, AI‑driven energy optimization, and sustainability initiatives aimed at carbon neutrality and higher use of renewables. The company works with leading research institutions on AI‑powered operations to cut energy use and improve reliability. It is also building capabilities around AI and high‑performance computing workloads, including higher‑density infrastructure and potential liquid cooling. Beyond China, GDS is developing large campuses in Southeast Asia, and it is deepening its managed services and hybrid cloud offerings, which could raise switching costs and broaden revenue beyond pure colocation over time.

Summary

GDS combines a structurally growing end market, a strong competitive position in key Chinese and regional hubs, and a clear innovation agenda focused on AI, efficiency, and sustainability. Revenue and operating cash flow trends are encouraging, and recent profitability improvement suggests better cost and asset management. At the same time, the model is very capital intensive, free cash flow remains negative, and leverage is elevated, making balance sheet discipline and continued capital recycling critical. The company’s future performance will hinge on its ability to keep filling new capacity with high‑quality, long‑term customers, manage its debt load, and successfully execute international and AI‑focused growth, all amid regulatory and competitive pressures in its core markets.

NEWS

November 19, 2025 · 6:30 AM UTC

GDS Holdings Limited Reports Third Quarter 2025 Results

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November 5, 2025 · 6:10 AM UTC

GDS to Report Third Quarter 2025 Financial Results Before the Open of the U.S. Market on November 19, 2025

Read more