← GDS Holdings Ltd
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and Cash Equivalents, at Carrying Value | $1.8b | $1.9b | — | — | — | — | — | — | $7.9b | $14.3b | |
| Accounts receivable, net of allowance for credit losses | $198.9m | $364.7m | $536.8m | $880.0m | $1.5b | $1.7b | $2.4b | $2.5b | $3.0b | $2.5b | |
| Other current assets | $49.2m | $42.7m | $110.5m | $148.6m | $172.6m | $316.9m | $427.3m | $295.6m | $415.5m | $412.5m | |
| Prepaid land use rights, net | $26.8m | $26.2m | $757.0m | $747.2m | $678.2m | $635.0m | $23.0m | $22.4m | $21.8m | $16.1m | |
| Accounts Receivable, after Allowance for Credit Loss | — | — | $541.1m | $881.0m | $1.5b | $1.7b | $2.4b | $2.5b | $3.0b | $2.5b | |
| Assets, Current | $2.2b | $2.5b | $3.0b | $7.1b | $18.3b | $14.5b | $12.0b | $11.0b | $11.6b | $18.5b | |
| Total current assets | $2.2b | $2.5b | $3.0b | $7.1b | $18.3b | $14.5b | $12.0b | $11.0b | $11.6b | $18.5b | |
| Long-term investments in equity investees | — | — | — | — | — | — | — | $7.3m | $7.5b | $10.1b | |
| Property, Plant and Equipment, Net | $4.3b | $8.2b | $14.0b | $19.2b | $29.6b | $40.6b | $46.9b | $47.5b | $40.2b | $38.1b | |
| Goodwill | $1.3b | $1.6b | $1.8b | $1.9b | $2.6b | $7.1b | $7.1b | $7.1b | $5.9b | $5.2b | |
| Intangible Assets, Net (Excluding Goodwill) | $92.6m | $348.5m | $482.5m | $394.6m | $785.3m | $1.3b | $1.0b | $688.5m | $481.1m | $273.3m | |
| Operating Lease, Right-of-Use Asset | — | — | — | $796.7m | $3.1b | $4.0b | $5.6b | $5.4b | $5.2b | $4.8b | |
| Other Assets, Noncurrent | $98.7m | $211.8m | $212.9m | $289.4m | $486.1m | $1.1b | $664.6m | $885.0m | $674.9m | $648.0m | |
| Operating lease right-of-use assets | — | — | — | $796.7m | $3.1b | $4.0b | $5.6b | $5.4b | $5.2b | $4.8b | |
| Additional Financial Items | |||||||||||
| Accounts Receivable, after Allowance for Credit Loss, Current | $198.9m | $364.7m | $536.8m | $880.0m | $1.5b | $1.7b | $2.4b | $2.5b | $3.0b | $2.5b | |
| Accrued Liabilities, Current | — | — | — | $817.9m | $1.4b | $2.7b | $1.0b | $1.2b | $1.3b | $1.2b | |
| Restricted cash | $27.7m | $63.3m | $123.0m | $128.0m | $146.6m | $44.0m | $115.9m | $165.1m | $158.5m | $4.8m | |
| Value-added-tax ("VAT") recoverable | $73.0m | $112.1m | $163.5m | $130.0m | $155.6m | $229.1m | $164.7m | $214.4m | $240.5m | $285.0m | |
| Amount due from related parties, current | — | — | — | — | — | — | — | — | $54.3m | $278.6m | |
| VAT recoverable | $98.9m | $290.1m | $488.5m | $888.5m | $1.4b | $2.2b | $1.2b | $1.4b | $1.5b | $1.8b | |
| Deferred tax assets | $12.6m | $14.3m | $37.0m | $72.9m | $146.1m | $186.5m | $229.0m | $289.8m | $381.3m | $391.2m | |
| Other non-current assets | $98.7m | $211.8m | $212.9m | $289.4m | $486.1m | $1.1b | $664.6m | $885.0m | $674.9m | $648.0m | |
| Short-term borrowings and current portion of long-term borrowings (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB254,176 and RMB152,230 as of December 31, 2024 and 2025, respectively) | $628.5m | $790.5m | $1.3b | $1.1b | $2.2b | $5.9b | $3.6b | $2.8b | $4.3b | $3.0b | |
| Convertible bonds payable, current | — | — | — | — | — | — | $2.1b | — | $575k | — | |
| Amount due to related parties (including amounts of the consolidated VIEs without recourse to GDS Holdings of nil and RMB62,252 as of December 31, 2024 and 2025, respectively) | — | — | — | — | — | — | — | — | $9.5m | $117.9m | |
| Operating lease liabilities, current (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB33,563 and RMB26,005 as of December 31, 2024 and 2025, respectively) | — | — | — | $55.1m | $86.3m | $145.7m | $175.7m | $180.4m | $117.3m | $110.1m | |
| Finance lease and other financing obligations, current (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB45,153 and RMB48,986 as of December 31, 2024 and 2025, respectively) | — | — | $166.9m | $222.5m | $254.4m | $699.1m | $453.9m | $547.8m | $636.2m | $697.1m | |
| Long-term borrowings, excluding current portion (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB2,230 and nil as of December 31, 2024 and 2025, respectively) | $1.5b | $3.5b | $5.2b | $8.0b | $10.6b | $18.3b | $23.5b | $26.7b | $21.9b | $23.4b | |
| Convertible bonds payable, non-current | $1.0b | — | $2.0b | $2.0b | $1.9b | $1.9b | $4.3b | $8.4b | $8.6b | $12.1b | |
| Operating lease liabilities, non-current (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB81,881 and RMB70,464 as of December 31, 2024 and 2025, respectively) | — | — | — | $710.0m | $1.5b | $1.9b | $1.6b | $1.4b | $1.3b | $1.2b | |
| Finance lease and other financing obligations, non-current (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB851,192 and RMB802,388 as of December 31, 2024 and 2025, respectively) | — | — | $4.1b | $4.8b | $8.1b | $8.9b | $8.9b | $7.9b | $7.6b | $7.1b | |
| Redeemable preferred shares (US$0.00005 par value; 150,000 shares authorized, issued and outstanding as of December 31, 2024 and 2025; Redemption value of RMB1,080,656 and RMB1,056,663 as of December 31, 2024 and 2025, respectively; Liquidation preference of RMB1,080,656 and RMB1,056,663 as of December 31, 2024 and 2025, respectively) | — | — | — | 1.1b | 980.9m | 958.5m | 1.0b | 1.1b | 1.1b | 1.1b | |
| Ordinary shares (US$0.00005 par value; 3,500,000,000 shares authorized as of December 31, 2024 and 2025; 1,511,590,567 and 1,607,430,567 Class A ordinary shares issued and outstanding as of December 31, 2024 and 2025, respectively; 43,590,336 Class B ordinary shares issued and outstanding as of December 31, 2024 and 2025) | 260k | 320k | 341k | 412k | 507k | 507k | 516k | 516k | 527k | 562k | |
| Non-controlling interests | — | — | — | — | $0 | $59.2m | $116.6m | $165.6m | $129.9m | $897.4m | |
| Total non-current assets | — | — | — | — | — | — | $62.9b | $63.5b | $62.0b | $61.5b | |
| Total non-current liabilities | — | — | — | — | — | — | $40.0b | $46.0b | $40.9b | $45.1b | |
| Total mezzanine equity | — | — | — | $1.1b | $1.1b | $1.4b | $1.0b | $1.1b | $1.1b | $1.1b | |
| Total GDS Holdings Limited shareholders' equity | $3.0b | $4.5b | $5.5b | $10.3b | $25.6b | $24.5b | $23.0b | $18.9b | $22.5b | $25.8b | |
| Total equity | — | — | — | — | $25.6b | $24.5b | $23.1b | $19.1b | $22.6b | $26.7b | |
| Assets | $8.2b | $13.1b | $20.9b | $31.5b | $57.3b | $71.6b | $74.8b | $74.4b | $73.6b | $80.0b | |
| LIABILITIES AND EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Operating Lease, Liability, Current | — | — | — | $55.1m | $86.3m | $145.7m | $175.7m | $180.4m | $117.3m | $110.1m | |
| Accounts Payable, Current | $513.5m | $1.1b | $1.5b | $1.7b | $3.7b | $3.9b | $3.1b | $3.4b | $2.6b | $1.9b | |
| Operating Lease, Liability, Noncurrent | — | — | — | $710.0m | $1.5b | $1.9b | $1.6b | $1.4b | $1.3b | $1.2b | |
| Long-term Debt, Excluding Current Maturities | $1.5b | $3.5b | $5.2b | $8.0b | $10.6b | $18.3b | $23.5b | $26.7b | $21.9b | $23.4b | |
| Deferred Revenue, Current | $40.7m | $55.6m | $73.1m | $90.3m | $96.7m | $91.0m | $156.1m | $119.9m | $91.0m | $113.8m | |
| Long-term Debt, Current Maturities | $388.7m | $327.5m | $598.5m | $740.5m | $922.6m | $1.3b | $2.0b | $2.2b | $2.5b | $2.5b | |
| Accounts payable (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB502,672 and RMB390,791 as of December 31, 2024 and 2025, respectively) | $513.5m | $1.1b | $1.5b | $1.7b | $3.7b | $3.9b | $3.1b | $3.4b | $2.6b | $1.9b | |
| Accrued expenses and other payables (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB253,236 and RMB330,923 as of December 31, 2024 and 2025, respectively) | $207.9m | $368.6m | $476.6m | $817.9m | $1.4b | $2.7b | $1.0b | $1.2b | $1.3b | $1.2b | |
| Liabilities, Current | $1.5b | $2.4b | $3.5b | $4.0b | $7.6b | $13.5b | $10.6b | $8.3b | $9.1b | $7.1b | |
| Total current liabilities | $1.5b | $2.4b | $3.5b | $4.0b | $7.6b | $13.5b | $10.6b | $8.3b | $9.1b | $7.1b | |
| Deferred Income Tax Liabilities, Net | — | — | — | $252.7m | $462.0m | $734.3m | $1.4b | $1.3b | $1.2b | $1.1b | |
| Other Liabilities, Noncurrent | $111.7m | $358.9m | $340.8m | $345.5m | $349.3m | $539.3m | $268.3m | $303.7m | $297.2m | $223.6m | |
| Deferred tax liabilities (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB32,746 and RMB24,122 as of December 31, 2024 and 2025, respectively) | $53.3m | $124.3m | $171.9m | $252.7m | $462.0m | $734.3m | $1.4b | $1.3b | $1.2b | $1.1b | |
| Other long-term liabilities (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB57,766 and RMB64,801 as of December 31, 2024 and 2025, respectively) | $111.7m | $358.9m | $340.8m | $345.5m | $349.3m | $539.3m | $268.3m | $303.7m | $297.2m | $223.6m | |
| Deferred Tax Liabilities, Net | $40.7m | $110.0m | $134.9m | $179.7m | $315.9m | $547.8m | $1.2b | $992.6m | $859.5m | $753.2m | |
| Liabilities | $5.2b | $8.7b | $15.4b | $20.1b | $30.6b | $45.7b | $50.6b | $54.3b | $50.0b | $52.3b | |
| Redeemable Noncontrolling Interest, Equity, Carrying Amount | — | — | — | — | $120.8m | $404.7m | — | — | — | — | |
| Stockholders’ equity: | |||||||||||
| Common Stock, Value, Issued | $260k | $320k | $341k | $412k | $507k | $507k | $516k | $516k | $527k | $562k | |
| Additional Paid in Capital | $4.0b | $5.9b | $7.3b | $12.4b | $28.7b | $29.0b | $29.0b | $29.3b | $29.6b | $31.7b | |
| Retained Earnings (Accumulated Deficit) | ($858.7m) | ($1.2b) | ($1.6b) | ($2.1b) | ($2.7b) | ($3.9b) | ($5.2b) | ($9.5b) | ($6.0b) | ($5.1b) | |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | ($192.1m) | ($200.7m) | ($139.3m) | ($52.7m) | ($439.6m) | ($599.2m) | ($848.4m) | ($974.4m) | ($1.1b) | ($829.3m) | |
| Accumulated other comprehensive loss | ($192.1m) | ($200.7m) | ($139.3m) | ($52.7m) | ($439.6m) | ($599.2m) | ($848.4m) | ($974.4m) | ($1.1b) | ($829.3m) | |
| Stockholders' Equity Attributable to Parent | $3.0b | $4.5b | $5.5b | $10.3b | $25.6b | $24.5b | $23.0b | $18.9b | $22.5b | $25.8b | |
| Stockholders' Equity Attributable to Noncontrolling Interest | — | — | — | — | — | $59.2m | $116.6m | $165.6m | $129.9m | $897.4m | |
| Liabilities and Equity | $8.2b | $13.1b | $20.9b | $31.5b | $57.3b | $71.6b | $74.8b | $74.4b | $73.6b | $80.0b | |
| Total liabilities, mezzanine equity and equity | $8.2b | $13.1b | $20.9b | $31.5b | $57.3b | $71.6b | $74.8b | $74.4b | $73.6b | $80.0b |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.