Company research
VNET Group, Inc.
CIK 1508475Updated Sep 27, 2026
SecurityVNET · NASDAQ · adr
Name history
21Vianet Group, Inc. · through Oct 8, 202121 Vianet Group, Inc. · through Apr 6, 2011
VNET price & chart
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NASDAQ:VNET on TradingView ↗About the company
VNET Group, Inc. is a leading carrier- and cloud-neutral internet data center services provider in China. VNET provides hosting and related services, including IDC services, cloud services, and business VPN services to improve the reliability, security, and speed of its customers’ internet infrastructure. Customers may locate their servers and equipment in VNET’s data centers and connect to China’s internet backbone. VNET operates in more than 30 cities throughout China, servicing a diversified and loyal base of over 7,000 hosting and related enterprise customers that span numerous industries ranging from internet companies to government entities and blue-chip enterprises to small- to mid-sized enterprises.
In the news
VNET Reports Unaudited First Quarter 2026 Financial Results ↗
VNET Reports Unaudited Third Quarter 2025 Financial Results News provided by VNET Group, Inc. Nov 20, 2025, 03:30 ET Share this article Share to X Share this article Share to X BEIJING , Nov. 20, 2025 /PRNewswire/ -- VNET Group, Inc. (Nasdaq: VNET ) ("VNET" or the "Company"), a leading carrier- and ↗
Recent filings
Financials
FY 2025 · USDSource
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balance sheet · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| ASSETS | ||||
| AssetsUSD | 6,376,881,000Source | 4,432,897,000Source | 4,279,765,000Source | 3,907,153,000Source |
| Property, Plant and Equipment, NetUSD | 3,256,864,000Source | 2,358,669,000Source | 1,834,447,000Source | 1,734,689,000Source |
| GoodwillCNY | — | 0Source | — | 197,789,000Source |
| Intangible Assets, Net (Excluding Goodwill)USD | 286,670,000Source | 192,318,000Source | 194,849,000Source | 217,064,000Source |
| Current assets: | ||||
| Cash and Cash Equivalents, at Carrying ValueUSD | 789,860,000Source | 204,463,000Source | 315,996,000Source | 385,855,000Source |
| Assets, CurrentUSD | 1,637,597,000Source | 934,358,000Source | 1,383,608,000Source | 1,022,486,000Source |
| Prepaid Expense and Other Assets, CurrentUSD | 320,542,000Source | 382,171,000Source | 334,560,000Source | 311,361,000Source |
| Operating Lease, Right-of-Use AssetUSD | 696,592,000Source | 632,692,000Source | 565,125,000Source | 508,021,000Source |
| Other Assets, NoncurrentUSD | 182,377,000Source | 52,214,000Source | 75,116,000Source | 79,970,000Source |
| LIABILITIES AND EQUITY | ||||
| LiabilitiesUSD | 5,152,178,000Source | 3,484,749,000Source | 3,362,234,000Source | 2,894,878,000Source |
| Stockholders’ equity: | ||||
| Additional Paid in CapitalUSD | 2,482,493,000Source | 2,369,911,000Source | 2,435,430,000Source | 2,209,582,000Source |
| Retained Earnings (Accumulated Deficit)USD | -1,590,939,000Source | -1,487,799,000Source | -1,551,617,000Source | -1,213,517,000Source |
| Accumulated Other Comprehensive Income (Loss), Net of TaxUSD | 6,632,000Source | -2,535,000Source | -2,020,000Source | 1,598,000Source |
| Stockholders' Equity Attributable to ParentUSD | 889,226,000Source | 872,124,000Source | 847,112,000Source | 958,305,000Source |
| Liabilities and EquityUSD | 6,376,881,000Source | 4,432,897,000Source | 4,279,765,000Source | 3,907,153,000Source |
| Current liabilities: | ||||
| Liabilities, CurrentUSD | 1,779,928,000Source | 1,280,044,000Source | 1,610,886,000Source | 918,066,000Source |
| Operating Lease, Liability, CurrentUSD | 137,603,000Source | 123,275,000Source | 109,884,000Source | 97,763,000Source |
| Operating Lease, Liability, NoncurrentUSD | 572,142,000Source | 517,761,000Source | 460,677,000Source | 421,226,000Source |
| Deferred Income Tax Liabilities, NetUSD | 120,174,000Source | 100,613,000Source | 96,954,000Source | 98,965,000Source |
| Stockholders' Equity Attributable to Noncontrolling InterestUSD | 90,723,000Source | 76,024,000Source | 70,419,000Source | 53,970,000Source |
| Additional Financial Items | ||||
| Deferred Tax Liabilities, NetCNY | 588,815,000Source | 427,781,000Source | 440,718,000Source | 70,533,000Source |
| Long-term DebtCNY | 13,638,818,000Source | 9,187,580,000Source | — | — |
| Long-term Debt, Current MaturitiesCNY | 3,231,715,000Source | 2,009,190,000Source | 753,325,000Source | 70,176,000Source |
| Redeemable Noncontrolling Interest, Equity, Carrying AmountUSD | 244,754,000Source | — | — | — |
| Short-term InvestmentsUSD | 54,225,000Source | 0Source | 50,257,000Source | — |
cash flow · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Cash flows from operating activities: | ||||
| Net Income (Loss), Including Portion Attributable to Noncontrolling InterestUSD | -19,079,000Source | 34,034,000Source | -365,805,000Source | -110,480,000Source |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||
| Depreciation, Depletion and AmortizationUSD | 304,017,000Source | 218,961,000Source | 254,559,000Source | 231,390,000Source |
| Share-based Payment Arrangement, Noncash ExpenseUSD | 3,686,000Source | 20,352,000Source | 4,971,000Source | 17,133,000Source |
| Deferred Income Tax Expense (Benefit)USD | 8,810,000Source | -1,772,000Source | -6,078,000Source | 2,593,000Source |
| Net Cash Provided by (Used in) Operating ActivitiesUSD | 274,351,000Source | 274,736,000Source | 290,635,000Source | 353,797,000Source |
| Cash flows from investing activities: | ||||
| Net Cash Provided by (Used in) Investing ActivitiesUSD | -1,145,644,000Source | -601,523,000Source | -550,023,000Source | -516,043,000Source |
| Payments to Acquire Property, Plant, and EquipmentUSD | 1,094,884,000Source | 674,547,000Source | 417,956,000Source | 434,322,000Source |
| Cash flows from financing activities: | ||||
| Payments for Repurchase of Common StockUSD | 2,459,000Source | — | — | — |
| Net Cash Provided by (Used in) Financing ActivitiesUSD | 1,461,566,000Source | -85,988,000Source | 555,097,000Source | 333,191,000Source |
| Proceeds from (Payments for) Other Financing ActivitiesUSD | -730,000Source | — | — | — |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate EffectUSD | 589,240,000Source | -413,452,000Source | 297,116,000Source | 185,730,000Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsUSD | 886,829,000Source | 285,106,000Source | 718,177,000Source | 433,435,000Source |
| Supplemental disclosure of cash flow information: | ||||
| Interest Paid, Excluding Capitalized Interest, Operating ActivitiesUSD | 81,614,000Source | 59,484,000Source | 35,362,000Source | 32,247,000Source |
| Income Taxes Paid, NetUSD | 60,388,000Source | 29,030,000Source | 20,508,000Source | 23,167,000Source |
| Additional Financial Items | ||||
| Share-based Payment Arrangement, ExpenseCNY | — | — | 18,496,000Source | 11,013,000Source |
| Amortization of Intangible AssetsCNY | 146,283,000Source | 109,907,000Source | 128,042,000Source | 17,756,000Source |
| Deconsolidation, Gain (Loss), AmountUSD | 67,186,000Source | — | — | — |
| DepreciationCNY | 1,956,041,000Source | 1,468,100,000Source | 1,663,932,000Source | 212,050,000Source |
| Equity Method Investment, Other than Temporary ImpairmentCNY | — | — | — | 3,495,000Source |
| Foreign Currency Transaction Gain (Loss), before TaxUSD | 790,000Source | -2,636,000Source | -11,122,000Source | -75,862,000Source |
| Gain (Loss) on Disposition of AssetsUSD | 5,344,000Source | 17,345,000Source | -450,000Source | -2,261,000Source |
| Gain (Loss) on Disposition of Property Plant EquipmentCNY | 87,688,000Source | 87,688,000Source | — | — |
| Gain (Loss) on Extinguishment of DebtUSD | — | 33,726,000Source | — | — |
| General and Administrative ExpenseUSD | 113,950,000Source | 90,287,000Source | 76,318,000Source | 93,218,000Source |
| GoodwillCNY | — | 0Source | — | 197,789,000Source |
| Goodwill, Impairment LossCNY | — | 0Source | 192,142,000Source | — |
| Impairment of Intangible Assets, Finite-livedCNY | — | — | 15,113,000Source | 41,259,000Source |
| Income (Loss) from Equity Method InvestmentsUSD | 984,000Source | 1,091,000Source | 462,000Source | 279,000Source |
| Income Tax Expense (Benefit)USD | 79,723,000Source | 32,089,000Source | 16,109,000Source | 19,350,000Source |
| Net Income (Loss) Attributable to ParentUSD | -36,013,000Source | 25,098,000Source | -372,378,000Source | -112,504,000Source |
| Net Income (Loss) Attributable to Noncontrolling InterestCNY | 67,518,000Source | 8,936,000Source | 6,573,000Source | 2,024,000Source |
| Net Income (Loss) Available to Common Stockholders, BasicUSD | -36,718,000Source | 168,122,000Source | — | — |
| Proceeds from Issuance of Common StockUSD | — | — | 298,895,000Source | — |
| Proceeds from Noncontrolling InterestsUSD | 226,475,000Source | 2,192,000Source | — | — |
| Provision for Loan, Lease, and Other LossesUSD | — | — | — | 2,175,000Source |
| Financing Receivable, Credit Loss, Expense (Reversal)CNY | 97,542,000Source | 106,283,000Source | 54,512,000Source | 5,067,000Source |
income statement · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Operating Income (Loss)USD | 111,580,000Source | 91,713,000Source | -277,596,000Source | 17,565,000Source |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling InterestCNY | 424,089,000Source | 482,652,000Source | -2,482,795,000Source | -91,130,000Source |
| Income Tax Expense (Benefit)USD | 79,723,000Source | 32,089,000Source | 16,109,000Source | 19,350,000Source |
| Net Income (Loss) Attributable to Noncontrolling InterestCNY | 67,518,000Source | 8,936,000Source | 6,573,000Source | 2,024,000Source |
| Net Income (Loss) Attributable to ParentUSD | -36,013,000Source | 25,098,000Source | -372,378,000Source | -112,504,000Source |
| Earnings Per Share, BasicUSD per share | -0.02Source | 0.02Source | -0.41Source | -0.13Source |
| Earnings Per Share, DilutedUSD per share | -0.02Source | 0Source | -0.41Source | -0.13Source |
| Weighted Average Number of Shares Outstanding, Basicshares | 1,612,272,787Source | 1,593,594,519Source | 901,143,138Source | 886,817,620Source |
| Weighted Average Number of Shares Outstanding, Dilutedshares | 1,612,272,787Source | 1,742,346,367Source | 901,143,138Source | 886,817,620Source |
| Additional Financial Items | ||||
| Amortization of Intangible AssetsCNY | 146,283,000Source | 109,907,000Source | 128,042,000Source | 17,756,000Source |
| Current Income Tax Expense (Benefit)CNY | — | 247,166,000Source | 157,526,000Source | 16,757,000Source |
| Foreign Currency Transaction Gain (Loss), before TaxUSD | 790,000Source | -2,636,000Source | -11,122,000Source | -75,862,000Source |
| General and Administrative ExpenseUSD | 113,950,000Source | 90,287,000Source | 76,318,000Source | 93,218,000Source |
| Goodwill, Impairment LossCNY | — | 0Source | 192,142,000Source | — |
| Gross ProfitUSD | 313,521,000Source | 251,004,000Source | 182,042,000Source | 196,928,000Source |
| Income (Loss) from Continuing Operations, Per Basic ShareCNY/shares | — | — | -2.93Source | -0.13Source |
| Income (Loss) from Continuing Operations, Per Diluted ShareCNY/shares | — | — | -2.93Source | -0.13Source |
| Income (Loss) from Equity Method InvestmentsUSD | 984,000Source | 1,091,000Source | 462,000Source | 279,000Source |
| Interest ExpenseUSD | 85,602,000Source | 54,933,000Source | 43,969,000Source | 39,626,000Source |
| Net Income (Loss) Available to Common Stockholders, BasicUSD | -36,718,000Source | 168,122,000Source | — | — |
| Other Operating IncomeUSD | 3,969,000Source | 15,698,000Source | 14,968,000Source | 8,701,000Source |
| Research and Development ExpenseUSD | 37,342,000Source | 33,786,000Source | 45,384,000Source | 44,488,000Source |
| Selling and Marketing ExpenseUSD | 39,925,000Source | 36,134,000Source | 37,494,000Source | 45,224,000Source |
| Undistributed Earnings (Loss) Allocated to Participating Securities, BasicCNY | — | 15,078,000Source | — | — |
Filing attachments
tm2625821d1_ex99-1.htm · 6-K · 2026-09-21
EX-99.1 2 tm2625821d1_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 VNET Announces Closing of Previously Announced Strategic Investment BEIJING, September 21, 2026 -- VNET Group, Inc. (Nasdaq: VNET) (“VNET” or the “Company”), a leading carrier- and cloud-neutral internet data center services provider in China, today announced the closing of the previously announced purchase by PJ Millennium I Limited (“Buyer I”) and PJ Millennium II Limited (“Buyer II,” and together with Buyer I, the “Buyers”) of a…
Read attachment ↗tm2625821d1_ex99-2.htm · 6-K · 2026-09-21
EX-99.2 3 tm2625821d1_ex99-2.htm EXHIBIT 99.2 Exhibit 99.2 Execution Version Certain confidential information contained in this document has been omitted because VNET Group, Inc. has determined it is not material and would be competitively harmful if publicly disclosed. [**] indicates that information has been omitted. Dated as of May 13, 2026 INVESTOR RIGHTS AGREEMENT by and among VNET GROUP, INC. and PJ Millennium I Limited and PJ Millennium II Limited Table of Contents Page …
Read attachment ↗