VNET Posts 20.5% Full-Year Revenue Rise to RMB9.95B, 404MW Delivered
VNET’s full-year 2025 net revenues rose 20.5% to RMB9.95 billion and adjusted EBITDA grew 22.6% to RMB2.98 billion, both surpassing guidance. Fourth-quarter net revenues climbed 19.6% to RMB2.69 billion with 47.1% wholesale growth and capacity delivered reached 404MW.
1. Q4 and Full-Year 2025 Financial Results
In the fourth quarter, VNET’s net revenues reached RMB2.69 billion, up 19.6% year-over-year, led by a 47.1% increase in wholesale IDC revenues; adjusted EBITDA rose 11.6% to RMB805.1 million. For full-year 2025, total net revenues increased 20.5% to RMB9.95 billion and adjusted EBITDA climbed 22.6% to RMB2.98 billion, both exceeding guidance.
2. Operational and Capacity Highlights
VNET delivered a record 404MW of data center capacity in 2025, ending the year with 889MW in service and 452MW under construction. Customer usage reached 623MW, driving a 70.1% utilization rate and a 95.3% capacity commitment rate, underscoring robust demand for hyperscale infrastructure.
3. Strategic Outlook and Growth Initiatives
Management plans to advance its Hyperscale 2.0 framework to capture accelerating AI-driven demand while maintaining disciplined capital allocation and recycling strategies. These initiatives aim to reinforce VNET’s financial foundation and support sustainable, high-quality growth moving forward.