GDS Holdings Ltd income statement

In fiscal 2025, GDS Holdings Ltd reported revenue of $1.59bn, up 10.9% on the year before, operating income of −$7.8m (a -0.5% margin) and net income of $132m, or $0.61 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

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

GDS Holdings Ltd: income 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
Revenue	76	112	159	239	423	597	832	1,212	1,380	1,382	1,435	1,591
Cost of revenue	63	82	119	179	329	446	607	936	1,090	1,107	1,126	1,231
Gross profit	13	30	40	60	94	151	225	276	291	276	309	360
Research and development	0	1	1	1	2	3	6	6	5	5	5	5
Selling and marketing	7	9	11	13	17	19	20	23	22	20	16	21
General and administrative	18	20	34	34	50	60	102	158	156	137	128	125
Operating income	−12	−0	−6	12	26	69	98	88	106	−312	160	−8
Interest expense	21	20	40	61	99	140	191	257	281	288	267	249
Income before tax	−22	−18	−43	−49	−67	−62	−79	−147	−123	−557	−85	99
Income tax	−1	−2	−1	−1	−1	2	18	38	41	−2	22	65
Net income	−21	−16	−42	−48	−65	−64	−97	−184	−189	−606	476	132
Diluted EPS	—	—	—	−$0.50	−$0.52	—	−$0.68	−$1.12	—	−$3.35	$2.52	$0.61
Diluted shares (average)	20m	27m	37m	98m	124m	138m	157m	182m	183m	184m	184m	206m
EBITDA	1	23	28	68	138	235	335	494	571	164	611	474

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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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.