GDS Holdings Ltd cash flow statement

In fiscal 2025, GDS Holdings Ltd's operations generated $468m of cash; it spent $653m on capital projects, leaving free cash flow of −$184m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

GDS Holdings Ltd: cash flow statement, annual
Fiscal year	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	5	−13	−19	−25	−2	42	47	186	418	292	269	468
Depreciation and amortisation	13	23	34	56	112	165	237	406	465	476	451	481
Stock-based pay	4	1	10	9	16	27	48	61	43	48	41	39
Capital spending	40	117	149	255	646	660	1,165	1,504	874	451	440	653
Free cash flow	−36	−129	−168	−280	−648	−618	−1,118	−1,318	−455	−160	−171	−184
Free cash flow after stock pay	−40	−130	−178	−288	−664	−645	−1,167	−1,378	−498	−207	−212	−224
Share buybacks	19	—	—	—	—	—	—	—	—	—	—	—
Shares issued	—	—	184	96	194	715	2,315	—	—	—	—	142

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from GDS Holdings Ltd's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to GDS Holdings Ltd.