VNET Group Q4 Revenue Jumps 19.6% to $384M, EPS Misses by $0.06
VNET Group’s Q4 revenue rose 19.6% year-over-year to $384.25 million, beating estimates by $5.13 million, while GAAP EPS of $0.00 missed by $0.06. Data-center capacity expanded to 889MW with 95.3% commitment and 623MW utilization and the company forecasts 2026 revenue growth of 15.6%–18.6% to RMB11.5–11.8 billion.
1. Q4 Financial Results
VNET Group reported Q4 revenue of $384.25 million, marking a 19.6% increase year-over-year and outperforming revenue estimates by $5.13 million. GAAP earnings per ADS were $0.00, missing expectations by $0.06, while adjusted EBITDA grew 11.6% to RMB805.1 million (US$115.1 million) and margins declined to 30.0% from 32.1%.
2. Data-Center Expansion
Capacity in service rose to 889MW as of December 31, 2025, up from 783MW in the prior quarter and 486MW a year earlier. Utilization reached 623MW, commitment rates hit 95.3% of service capacity, and wholesale utilization stood at 70.1%, reflecting robust customer engagement.
3. 2026 Guidance
Management expects 2026 net revenue of RMB11.5–11.8 billion, representing growth of 15.6%–18.6%, and adjusted EBITDA of RMB3,550–3,750 million, a 19.2%–25.9% increase. Planned capital expenditures for the year are projected between RMB10 billion and RMB12 billion.