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VNET

VNET Group·NASDAQ
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VNET fundamentals

VNET Group (VNET) released its earnings on Mar 16, 2026: revenue was 383.89M (YoY +24.77%), beat estimates; EPS was -0.0014 (YoY +82.93%), missed estimates.
Revenue / YoY
383.89M
+24.77%
EPS / YoY
-0.0014
+82.93%
Report date
Mar 16, 2026
VNET Earnings Call Summary for Q4,2025
  • Revenue Surge: Q4 2025 revenue up 19.6% YoY to RMB 2.69 billion, with wholesale segment growing 47.1% YoY.
  • 2026 Growth Targets: Revenue forecast of RMB 11.5-11.8 billion (+15.6%-18.6% YoY), EBITDA of RMB 3.55-3.75 billion (+19.2%-25.9% YoY).
  • Capacity Expansion: 450-500 MW new builds planned for 2026, 70% focused on Greater Beijing with green energy integration.
  • Customer Momentum: 150 MW of 2026 capacity already secured, with active participation in 2026-2027 customer tenders.
  • Financial Strength: RMB 6.58 billion cash on hand, net debt/EBITDA of 4.3%, and 2026 CapEx fully financed via project loans and private REITs.
EPS
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Q1,2020
Q2,2020
Q3,2020
Q4,2020
Q1,2021
Q2,2021
Q3,2021
Q4,2021
Q1,2022
Q2,2022
Q3,2022
Q4,2022
Q1,2023
Q2,2023
Q3,2023
Q4,2023
Q1,2024
Q2,2024
Q3,2024
Q4,2024
Q1,2025
Q2,2025
Q3,2025
Q4,2025
Actual
-0.1726-0.45380.0117-1.1743-0.09150.0371-0.0279-0.02830.0946-0.385-0.4047-0.06090.0611-0.2151-0.3944-0.3733-0.09970.0330.0427-0.0082-0.0207-0.00140.007-0.0014
Forecast
-0.0663-0.0502-0.02670.2258-0.0693-0.0504-0.0421-0.1468-0.0173-0.0424-0.0552-0.3783-0.0368-0.058-0.059-0.0838-0.0009-0.03230.01210.0288-0.02010.00760.01360.006
Surprise
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
-160.33%
-803.98%
+143.82%
-620.06%
-32.03%
+173.61%
+33.73%
+80.72%
+646.82%
-808.02%
-633.15%
+83.90%
+266.03%
-270.86%
-568.47%
-345.47%
-10977.78%
+202.17%
+252.89%
-128.47%
-2.99%
-118.42%
-48.53%
-123.33%
Revenue
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Q1,2020
Q2,2020
Q3,2020
Q4,2020
Q1,2021
Q2,2021
Q3,2021
Q4,2021
Q1,2022
Q2,2022
Q3,2022
Q4,2022
Q1,2023
Q2,2023
Q3,2023
Q4,2023
Q1,2024
Q2,2024
Q3,2024
Q4,2024
Q1,2025
Q2,2025
Q3,2025
Q4,2025
Actual
--------------------------------153.78M161.73M182.92M206.18M211.58M231.68M242.00M274.70M259.39M257.40M254.95M272.53M262.87M250.91M248.42M267.40M262.78M274.26M302.13M307.67M309.44M339.69M297.82M383.89M
Forecast
--------------------------------153.77M161.89M181.73M202.92M211.69M229.12M239.45M276.96M276.85M255.54M256.24M284.06M260.86M259.16M265.37M288.07M264.35M266.54M287.55M283.19M306.12M320.42M342.17M374.56M
Surprise
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
+0.01%
-0.10%
+0.65%
+1.60%
-0.05%
+1.12%
+1.06%
-0.82%
-6.30%
+0.73%
-0.50%
-4.06%
+0.77%
-3.19%
-6.39%
-7.17%
-0.60%
+2.90%
+5.07%
+8.64%
+1.09%
+6.02%
-12.96%
+2.49%

Earnings Call