Income Statement

Revenue

+37%

+110%

10Y

Currency: CNY

	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Revenue
Interest Expense	3	3	4	4	4	6	6	6	11	58	94	133	137	174	185	213	232	255	278	280	274	258	239	219	199	180	167	175	185	200	211	214	236	254	294	330	346	379	390	390	381	363	347	339	335	304	285	276	273	290	293	306	312	380	401	403	401	364	429	486
Revenue	525 N/A	642 +22%	760 +18%	900 +18%	1 021 +13%	1 156 +13%	1 290 +12%	1 425 +10%	1 524 +7%	1 764 +16%	1 871 +6%	1 989 +6%	1 967 -1%	2 117 +8%	2 304 +9%	2 568 +11%	2 876 +12%	3 151 +10%	3 359 +7%	3 505 +4%	3 634 +4%	3 637 +0%	3 681 +1%	3 725 +1%	3 642 -2%	3 642 0%	3 610 -1%	3 528 -2%	3 393 -4%	3 331 -2%	3 281 -2%	3 265 0%	3 401 +4%	3 472 +2%	3 532 +2%	3 643 +3%	3 789 +4%	4 008 +6%	4 264 +6%	4 529 +6%	4 829 +7%	5 125 +6%	5 478 +7%	5 793 +6%	6 190 +7%	6 448 +4%	6 676 +4%	6 930 +4%	7 065 +2%	7 226 +2%	7 322 +1%	7 395 +1%	7 413 +0%	7 505 +1%	7 677 +2%	7 911 +3%	8 259 +4%	8 607 +4%	9 048 +5%	9 509 +5%
Gross Profit
Cost of Revenue	(397)	(482)	(566)	(663)	(744)	(837)	(929)	(1 025)	(1 099)	(1 276)	(1 363)	(1 458)	(1 450)	(1 556)	(1 685)	(1 852)	(2 066)	(2 271)	(2 456)	(2 632)	(2 781)	(2 844)	(2 919)	(2 977)	(2 930)	(2 918)	(2 871)	(2 786)	(2 634)	(2 525)	(2 434)	(2 366)	(2 456)	(2 514)	(2 575)	(2 705)	(2 850)	(3 075)	(3 287)	(3 499)	(3 753)	(3 960)	(4 226)	(4 440)	(4 752)	(4 978)	(5 208)	(5 520)	(5 707)	(5 870)	(5 982)	(6 065)	(6 120)	(6 154)	(6 244)	(6 293)	(6 427)	(6 620)	(6 938)	(7 352)
Gross Profit	128 N/A	161 +25%	194 +21%	237 +22%	277 +17%	320 +16%	361 +13%	400 +11%	426 +6%	488 +15%	508 +4%	531 +5%	517 -3%	561 +9%	619 +10%	716 +16%	810 +13%	880 +9%	903 +3%	873 -3%	854 -2%	793 -7%	761 -4%	748 -2%	712 -5%	724 +2%	739 +2%	742 +0%	758 +2%	806 +6%	847 +5%	899 +6%	945 +5%	958 +1%	957 0%	938 -2%	939 +0%	933 -1%	977 +5%	1 029 +5%	1 076 +5%	1 165 +8%	1 252 +7%	1 352 +8%	1 438 +6%	1 470 +2%	1 469 0%	1 410 -4%	1 358 -4%	1 355 0%	1 340 -1%	1 330 -1%	1 292 -3%	1 351 +5%	1 433 +6%	1 618 +13%	1 832 +13%	1 987 +8%	2 110 +6%	2 157 +2%
Operating Income
Operating Expenses	(361)	(434)	(509)	(429)	(262)	(282)	(264)	(366)	(345)	(516)	(578)	(594)	(475)	(667)	(687)	(712)	(925)	(960)	(1 047)	(1 168)	(1 138)	(1 118)	(1 133)	(1 177)	(1 159)	(1 158)	(1 548)	(1 064)	(959)	(878)	(787)	(718)	(707)	(719)	(714)	(694)	(757)	(767)	(793)	(835)	(878)	(1 018)	(990)	(1 052)	(1 305)	(1 436)	(1 383)	(1 541)	(1 237)	(1 215)	(1 143)	(1 107)	(1 393)	(3 402)	(3 383)	(1 526)	(1 163)	(869)	(1 013)	(1 293)
Selling, General & Administrative	(331)	(352)	(374)	(347)	(161)	(186)	(206)	(232)	(260)	(431)	(451)	(466)	(329)	(488)	(533)	(624)	(758)	(778)	(901)	(952)	(925)	(952)	(990)	(1 052)	(1 061)	(1 116)	(1 060)	(981)	(769)	(749)	(673)	(612)	(605)	(647)	(647)	(630)	(643)	(687)	(707)	(746)	(740)	(806)	(857)	(892)	(1 092)	(1 133)	(1 158)	(1 193)	(954)	(955)	(890)	(868)	(1 137)	(1 279)	(1 265)	(1 303)	(998)	(1 012)	(1 150)	(1 166)
Research & Development	(15)	(25)	(30)	(31)	(20)	(39)	(47)	(57)	(45)	(78)	(81)	(83)	(52)	(87)	(93)	(103)	(91)	(130)	(137)	(141)	(104)	(151)	(152)	(153)	(116)	(146)	(156)	(158)	(129)	(133)	(112)	(98)	(76)	(93)	(89)	(88)	(69)	(87)	(92)	(96)	(87)	(126)	(140)	(168)	(156)	(228)	(266)	(286)	(268)	(314)	(318)	(326)	(272)	(318)	(299)	(271)	(220)	(215)	(220)	(239)
Depreciation & Amortization	(8)	0	0	0	(18)	0	0	0	(23)	0	0	0	(38)	0	0	0	(53)	0	0	0	(74)	0	0	0	(83)	0	0	0	(65)	0	0	0	(46)	0	0	0	(52)	0	0	0	(58)	0	0	0	(57)	0	0	0	(76)	0	0	0	(90)	0	0	0	(58)	0	0	0
Other Operating Expenses	(8)	(58)	(106)	(51)	(63)	(56)	(11)	(77)	(17)	(8)	(46)	(45)	(56)	(92)	(61)	15	(23)	(51)	(9)	(75)	(35)	(15)	8	28	100	105	(333)	76	5	4	(3)	(8)	19	22	22	24	7	7	7	7	8	(87)	8	8	0	(76)	41	(62)	60	54	66	87	106	(1 805)	(1 819)	48	115	358	357	112
Operating Income	(233) N/A	(273) -17%	(315) -15%	(192) +39%	15 N/A	38 +154%	97 +156%	34 -65%	81 +141%	(28) N/A	(70) -148%	(63) +10%	42 N/A	(105) N/A	(68) +36%	5 N/A	(115) N/A	(80) +30%	(144) -79%	(295) -106%	(284) +4%	(326) -15%	(372) -14%	(429) -15%	(447) -4%	(434) +3%	(810) -87%	(322) +60%	(200) +38%	(72) +64%	60 N/A	180 +199%	238 +32%	239 +1%	243 +2%	244 +0%	182 -25%	166 -9%	185 +11%	195 +6%	198 +2%	147 -26%	263 +79%	301 +14%	133 -56%	34 -75%	86 +154%	(131) N/A	121 N/A	140 +16%	198 +41%	223 +13%	(100) N/A	(2 051) -1 950%	(1 950) +5%	92 N/A	669 +630%	1 118 +67%	1 096 -2%	864 -21%
Pre-Tax Income
Interest Income Expense	(1)	(0)	3	32	43	42	38	10	3	(22)	(41)	(70)	(83)	(104)	(126)	(149)	(181)	(190)	(205)	(151)	(96)	(110)	(59)	(94)	(121)	(105)	(142)	(169)	(170)	(134)	(206)	(252)	(272)	(302)	(305)	(324)	(319)	(426)	(2 010)	(1 839)	(2 665)	(2 652)	(526)	(485)	636	794	(11)	(475)	(742)	(743)	(694)	(375)	(515)	(701)	(458)	(486)	(466)	(736)	(706)	(1 087)
Non-Reccuring Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(42)	(42)	(42)	0	0	0	0	0	0	(30)	(423)	(423)	0	(1 762)	(692)	(692)	(687)	682	5	0	(18)	(19)	(19)	(19)	(1)	(0)	(95)	0	(97)	(101)	(98)	0	(113)	0	0	0	0	(11)	(1 882)	0	0	(1 625)	246	0	0	0
Total Other Income	0	1	1	1	1	0	1	12	9	13	13	2	4	8	8	15	26	23	25	24	27	26	14	27	13	16	24	0	(0)	17	38	52	54	36	21	15	31	7	8	4	(20)	(1)	(13)	(11)	(6)	17	26	25	(9)	(17)	(5)	(7)	11	17	27	37	25	21	(2)	(7)
Pre-Tax Income	(233) N/A	(273) -17%	(312) -14%	(159) +49%	60 N/A	80 +34%	136 +71%	55 -60%	94 +71%	(37) N/A	(99) -169%	(131) -32%	(37) +72%	(201) -448%	(227) -13%	(171) +25%	(312) -82%	(248) +20%	(324) -31%	(422) -30%	(353) +16%	(410) -16%	(417) -2%	(525) -26%	(979) -86%	(946) +3%	(928) +2%	(2 253) -143%	(1 062) +53%	(880) +17%	(794) +10%	662 N/A	24 -96%	(26) N/A	(59) -122%	(84) -44%	(125) -49%	(273) -117%	(1 819) -567%	(1 641) +10%	(2 582) -57%	(2 505) +3%	(374) +85%	(295) +21%	665 N/A	845 +27%	(12) N/A	(581) -4 665%	(631) -8%	(620) +2%	(502) +19%	(170) +66%	(2 486) -1 360%	(2 735) -10%	(2 381) +13%	(1 982) +17%	475 N/A	404 -15%	388 -4%	(231) N/A
Net Income
Tax Provision	(2)	12	22	(6)	(14)	(19)	(35)	(29)	(36)	(41)	(40)	(33)	(10)	(10)	(1)	(6)	(17)	(18)	(24)	(22)	(48)	(54)	(29)	(35)	11	10	(10)	(20)	90	72	29	57	(24)	(1)	34	16	(5)	(17)	(28)	(43)	(109)	(124)	(133)	(137)	(111)	(121)	(122)	(149)	(134)	(132)	(113)	(64)	(114)	(131)	(177)	(202)	(234)	(225)	(261)	(251)
Income from Continuing Operations	(235)	(261)	(290)	(164)	46	61	102	26	58	(78)	(138)	(164)	(47)	(211)	(228)	(177)	(329)	(266)	(348)	(444)	(401)	(464)	(446)	(560)	(968)	(936)	(938)	(2 272)	(971)	(807)	(765)	719	(0)	(27)	(25)	(68)	(131)	(290)	(1 847)	(1 684)	(2 691)	(2 629)	(507)	(432)	554	724	(134)	(730)	(764)	(751)	(615)	(234)	(2 600)	(2 866)	(2 559)	(2 185)	240	179	127	(482)
Income to Minority Interest	(8)	(13)	(20)	(25)	(28)	(22)	(15)	(10)	(1)	(1)	(1)	(1)	(1)	(1)	(4)	(2)	(20)	(28)	(28)	(34)	(27)	(10)	20	62	298	307	302	369	145	126	105	(1)	(18)	(17)	(21)	(23)	(1)	(1)	(2)	(2)	(29)	(32)	(33)	(34)	(15)	(14)	(13)	(10)	(14)	(33)	(25)	(34)	(47)	(53)	(66)	(70)	(65)	(55)	(75)	(92)
Equity Earnings Affiliates	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	36	38	45	72	54	41	22	(10)	(187)	(188)	(194)	(189)	(51)	(36)	(28)	(25)	11	6	(7)	(22)	(39)	(35)	(11)	1	2	(0)	(0)	3	3	6	8	6	8	9	5	6
Net Income (Common)	(255) N/A	(274) -7%	(309) -13%	(190) +39%	18 N/A	39 +110%	86 +123%	17 -81%	56 +239%	(79) N/A	(140) -77%	(165) -18%	(48) +71%	(212) -340%	(232) -9%	(179) +23%	(349) -95%	(293) +16%	(376) -28%	(478) -27%	(428) +10%	(474) -11%	(426) +10%	(498) -17%	(634) -27%	(591) +7%	(591) +0%	(1 831) -210%	(773) +58%	(640) +17%	(638) +0%	708 N/A	(205) N/A	(232) -13%	(240) -3%	(280) -17%	(182) +35%	(327) -79%	(2 348) -618%	(2 181) +7%	(2 709) -24%	(2 655) +2%	(76) +97%	(17) +77%	494 N/A	670 +35%	(163) N/A	(745) -356%	(776) -4%	(784) -1%	(640) +18%	(265) +59%	(2 644) -897%	(2 913) -10%	(2 617) +10%	(2 248) +14%	183 N/A	133 -28%	57 -57%	(568) N/A
EPS (Diluted)	-3.57 N/A	-2.84 +20%	-6.65 -134%	-0.56 +92%	0.06 N/A	0.11 +83%	0.24 +118%	0.04 -83%	0.16 +300%	-0.23 N/A	-0.4 -74%	-0.47 -17%	-0.13 +72%	-0.55 -323%	-0.59 -7%	-0.42 +29%	-0.87 -107%	-0.75 +14%	-0.76 -1%	-0.91 -20%	-0.87 +4%	-0.9 -3%	-0.73 +19%	-0.72 +1%	-1.03 -43%	-0.87 +16%	-0.87 N/A	-2.72 -213%	-1.15 +58%	-0.95 +17%	-0.95 N/A	1.06 N/A	-0.3 N/A	-0.34 -13%	-0.35 -3%	-0.41 -17%	-0.27 +34%	-0.49 -81%	-3.6 -635%	-2.7 +25%	-3.78 -40%	-3.08 +19%	-0.08 +97%	-0.01 +88%	0.54 N/A	0.73 +35%	-0.2 N/A	-0.85 -325%	-0.87 -2%	-0.74 +15%	-0.73 +1%	-0.31 +58%	-2.93 -845%	-1.85 +37%	-1.63 +12%	-1.29 +21%	0.11 N/A	0.07 -36%	0.02 -71%	-0.35 N/A

Income Statement Balance Sheet Cash Flow Statement

VNET Group Inc
NASDAQ:VNET

Income Statement

Earnings Waterfall
VNET Group Inc

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VNET Group Inc

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VNET Group Inc NASDAQ:VNET

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Income Statement VNET Group Inc

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VNET Group Inc
NASDAQ:VNET

Earnings Waterfall
VNET Group Inc

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VNET Group Inc