GDS Holdings Ltd
GDHLF- Exchange
- OTC
- Industry
- Services-Computer Programming, Data Processing, Etc.
- SEC CIK
- 0001526125
No open-market purchases or sales by GDS Holdings Ltd insiders were filed in the last 90 days; no institution reported holding it in 13F filings for Q2 2026; no superinvestor holds it.
Other share classesGDS
- Currency
- CNY
- Source
- SEC XBRL data (10-K, 10-Q, 20-F, 40-F)
- Updated
- Oct 8, 2026, 1:25 PM ET
Amounts are in CNY, the currency GDS Holdings Ltd reports in. Lines marked ≈ US$ convert key figures to US dollars.
Revenue flow, FY2025
Where the revenue went in FY2025, from the income statement below. Green is profit; orange is costs, expenses and taxes. Percentages are shares of revenue; hover over a band or a bar for the exact amount.
Net income for FY2025: CNY 949.6M (8.3% of revenue).
Income statement
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F |
| Reported | – | – | – | – | – |
| Revenue | CNY 11.4B≈ US$1.59B | CNY 10.3B≈ US$1.43B | CNY 9.96B≈ US$1.41B | CNY 9.33B≈ US$1.39B | CNY 7.82B≈ US$1.21B |
| Cost of revenue | CNY 8.85B | CNY 8.10B | CNY 8.03B | CNY 7.39B | CNY 6.04B |
| Gross profit | CNY 2.59B | CNY 2.22B | CNY 1.92B | CNY 1.94B | CNY 1.78B |
| Research and development | CNY 32.7M | CNY 36.3M | CNY 38.2M | CNY 35.8M | CNY 39.3M |
| Selling, general and administrative | CNY 897.9M | CNY 917.9M | CNY 1.19B | CNY 1.19B | CNY 1.02B |
| Operating income | CNY -55.8M | CNY 1.15B | CNY -2.46B | CNY 551.8M | CNY 569.5M |
| Interest expense | CNY 285.9M | CNY 213.0M | CNY 2.04B | CNY 1.89B | CNY 1.65B |
| Income tax | CNY 469.7M | CNY 156.1M | CNY -14.8M | CNY 276.2M | CNY 242.5M |
| Net income | CNY 949.6M≈ US$132.1M | CNY 3.43B≈ US$476.1M | CNY -4.29B≈ US-$606.3M | CNY -1.27B≈ US-$189.0M | CNY -1.19B≈ US-$184.1M |
| EPS, basic | CNY 0.59 | CNY 2.27 | CNY -2.96 | CNY -1.03 | CNY -0.90 |
| EPS, diluted | CNY 0.55 | CNY 2.27 | CNY -2.96 | CNY -1.03 | CNY -0.90 |
| Weighted shares, basic | 1.52B | 1.48B | 1.47B | 1.46B | 1.45B |
| Weighted shares, diluted | 1.64B | 1.48B | 1.47B | 1.46B | 1.45B |
| Margins and growth | |||||
| Gross margin | 22.6% | 21.5% | 19.3% | 20.8% | 22.8% |
| Operating margin | -0.5% | 11.2% | -24.7% | 5.9% | 7.3% |
| Net margin | 8.3% | 33.2% | -43.1% | -13.6% | -15.2% |
| Revenue growth, year over year | +10.8% | +3.7% | +6.8% | +19.3% | +36.2% |
| Net income growth, year over year | −72.3% | – | – | – | – |
Balance sheet
Each column is one fiscal year, newest first.
| Line item | FY2025! | FY2024! | FY2023! | FY2022! | FY2021! |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F |
| Reported | – | – | – | – | – |
| Cash and equivalents | CNY 14.3B | CNY 7.87B | CNY 7.71B | CNY 8.61B | CNY 9.97B |
| Accounts receivable | CNY 2.47B | CNY 3.02B | CNY 2.55B | CNY 2.41B | CNY 1.73B |
| Total current assets | CNY 18.5B | CNY 11.6B | CNY 11.0B | CNY 12.0B | CNY 14.5B |
| Goodwill | CNY 5.19B | CNY 5.89B | CNY 7.08B | CNY 7.08B | CNY 7.08B |
| Intangible assets | CNY 273.3M | CNY 481.1M | CNY 688.5M | CNY 1.05B | CNY 1.28B |
| Total assets | CNY 80.0B≈ US$11.4B | CNY 73.6B≈ US$10.1B | CNY 74.4B≈ US$10.5B | CNY 74.8B≈ US$10.8B | CNY 71.6B≈ US$11.2B |
| Accounts payable | CNY 1.93B | CNY 2.59B | CNY 3.42B | CNY 3.09B | CNY 3.90B |
| Short-term debt | CNY 411.4M | CNY 1.80B | CNY 674.0M | CNY 1.65B | CNY 4.64B |
| Total current liabilities | CNY 7.13B | CNY 9.08B | CNY 8.31B | CNY 10.6B | CNY 13.5B |
| Long-term debt | CNY 23.4B | CNY 21.9B | CNY 26.7B | CNY 23.5B | CNY 18.3B |
| Total liabilities | CNY 52.3B | CNY 50.0B | CNY 54.3B | CNY 50.6B | CNY 45.7B |
| Shareholders' equity | CNY 26.7B | CNY 22.6B | CNY 19.1B | CNY 23.1B | CNY 24.5B |
Cash flow statement
Each column is one fiscal year, newest first. Free cash flow is operating cash flow minus capital expenditures.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F |
| Reported | – | – | – | – | – |
| Operating cash flow | CNY 3.37B≈ US$468.3M | CNY 1.94B≈ US$269.4M | CNY 2.07B≈ US$291.9M | CNY 2.86B≈ US$425.6M | CNY 1.20B≈ US$186.2M |
| Capital expenditures | CNY 4.69B | CNY 3.17B | CNY 6.02B | CNY 7.85B | CNY 9.70B |
| Free cash flow | CNY -1.33B≈ US-$184.5M | CNY -1.23B≈ US-$171.1M | CNY -3.96B≈ US-$559.2M | CNY -4.99B≈ US-$743.0M | CNY -8.50B≈ US-$1.32B |
| Depreciation and amortization | CNY 3.46B | CNY 3.24B | CNY 3.52B | CNY 3.19B | CNY 2.62B |
| Stock-based compensation | CNY 283.4M | CNY 296.5M | CNY 336.6M | CNY 290.8M | CNY 391.3M |
| Investing cash flow | CNY -3.04B | CNY -8.76B | CNY -6.33B | CNY -11.3B | CNY -13.7B |
| Financing cash flow | CNY 6.11B | CNY 17.1B | CNY 3.14B | CNY 4.86B | CNY 8.12B |
| Net change in cash | CNY 6.35B | CNY 10.2B | CNY -964.1M | CNY -3.14B | CNY -4.47B |
| Ratio | |||||
| Stock-based compensation, % of revenue | 2.5% | 2.9% | 3.4% | 3.1% | 5.0% |
Shares outstanding
Common shares outstanding as stated on the cover of each 10-K and 10-Q. The date is the cover date, not the period end; a rising count means dilution.
GDS Holdings Ltd reports no single share count on its 10-K and 10-Q covers. Companies with several share classes report one count per class, which this data doesn't include.
Notes and known gaps
How these numbers are put together, and what they can't tell you.
- Numbers come from the XBRL data in each period's original 10-K, 10-Q, 20-F or 40-F, or its amendment. They are shown as filed: later filings don't restate earlier periods here.
- Reported is the filing date of the first 8-K with Item 2.02 (results of operations) after the period ended, no later than the 10-Q or 10-K and within 120 days. Companies that release results only in the 10-Q, and foreign companies, which use Form 6-K, have none.
- A column marked ! failed an accounting identity (gross profit = revenue − cost of revenue, or assets = liabilities + equity, within 1%). Its numbers are shown as filed.
- ≈ US$ figures convert CNY at FRED H.10 exchange rates (Federal Reserve): the average rate over the period for income and cash flow, and the rate on the period-end date, or the last business day before it, for the balance sheet.
Known gaps
- Foreign companies that file Form 20-F or 40-F have annual statements only: their quarterly results are furnished on Form 6-K, which has no XBRL data.
- EPS and share counts are as reported at the time, not adjusted for later stock splits.
- For ADRs, EPS is per ordinary share, not per ADS (one TSMC ADS is five ordinary shares).
- For banks, revenue may be interest income only, depending on how the bank tags its filings; cost of revenue and gross profit are usually blank.
- Companies with several share classes, such as Berkshire Hathaway, may have no EPS and no cover share count.
- Depreciation and amortization is missing for some companies that report it under their own XBRL tags.