GDS Holdings Posts Q4 Revenue $417.8M, Adjusted EPS $0.56; 11% Annual Growth
GDS Holdings reported Q4 revenue of $417.8 million, a net loss of $66.8 million, and adjusted EPS of $0.56, while annual revenue was $1.63 billion. The net debt-to-EBITDA ratio fell from 6.8x to 5.8x, cash reserves surpassed $2.8 billion, and the company secured 200MW orders plus over 500MW of MOUs.
1. Q4 Financial Results
In the fourth quarter of 2025, GDS reported revenue of $417.8 million, recorded a net loss of $66.8 million (35 cents per share), and delivered adjusted earnings of $0.56 per share after impairments.
2. Full-Year Performance and Guidance
For the full year, revenue reached $1.63 billion with net profit of $135.8 million (8 cents per share). Management forecasts 2026 revenue between $1.75 billion and $1.82 billion.
3. Balance Sheet Strength
The company reduced its net debt-to-EBITDA ratio from 6.8x to 5.8x by year-end and boosted cash reserves to over $2.8 billion. Annual CapEx guidance of RMB9 billion will be funded by operating cash flow and potential asset monetization.
4. Growth Pipeline and Contracts
GDS is advancing a 3-gigawatt pipeline alongside 700 megawatts of powered land, has secured 200 megawatts in new orders, and holds over 500 megawatts of MOUs, with conversion to contracts expected within two quarters.