GDS
GDS Holdings Ltd
NASDAQ: GDS · TECHNOLOGY · INFORMATION TECHNOLOGY SERVICES
$42.28
+1.78% today
Updated 2026-04-30
Market cap
$8.38B
P/E ratio
65.33
P/S ratio
0.73x
EPS (TTM)
$0.64
Dividend yield
—
52W range
$23 – $49
Volume
1.8M
GDS Holdings Ltd (GDS) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $468.34M | $703.64M | $1.06B | $1.62B | $2.79B | $4.12B | $5.74B | $7.82B | $9.33B | $9.96B | $10.32B | $11.12B |
| Revenue growth (YoY) | — | +50.2% | +50.1% | +53.1% | +72.8% | +47.6% | +39.2% | +36.2% | +19.3% | +6.8% | +3.7% | +7.7% |
| Cost of revenue | $388.17M | $515.00M | $790.29M | $1.21B | $2.17B | $3.08B | $4.19B | $6.04B | $7.39B | $8.03B | $8.10B | $8.85B |
| Gross profit | $80.17M | $188.64M | $265.67M | $408.47M | $622.44M | $1.04B | $1.55B | $1.78B | $1.94B | $1.92B | $2.22B | $2.27B |
| Gross margin | 17.1% | 26.8% | 25.2% | 25.3% | 22.3% | 25.3% | 27.0% | 22.8% | 20.8% | 19.3% | 21.5% | 20.5% |
| R&D | $1.60M | $3.55M | $9.10M | $7.26M | $13.91M | $21.63M | $40.05M | $39.34M | $35.81M | $38.16M | $36.32M | $31.81M |
| SG&A | $113.71M | $128.71M | $227.37M | $228.86M | $329.60M | $411.42M | $702.52M | $1.02B | $1.19B | $1.19B | $917.88M | — |
| Operating income | $-75.70M | $-1.22M | $-42.37M | $82.23M | $168.35M | $479.78M | $672.94M | $569.52M | $551.78M | $-2.46B | $1.15B | $1.46B |
| Operating margin | -16.2% | -0.2% | -4.0% | 5.1% | 6.0% | 11.6% | 11.7% | 7.3% | 5.9% | -24.7% | 11.2% | 13.2% |
| EBITDA | $80.08M | $150.63M | $207.86M | $457.16M | $958.03M | $1.62B | $2.33B | $3.23B | $4.19B | $1.36B | $4.51B | $4.83B |
| EBITDA margin | 17.1% | 21.4% | 19.7% | 28.3% | 34.3% | 39.3% | 40.6% | 41.3% | 44.9% | 13.7% | 43.6% | 43.4% |
| EBIT | $-2.67M | $5.23M | $-19.49M | $79.03M | $216.53M | $479.78M | $672.94M | $569.52M | $898.00M | $-2.26B | $1.15B | $1.46B |
| Interest expense | $131.91M | $126.90M | $263.16M | $412.00M | $656.19M | $968.69M | $1.32B | $1.65B | $1.88B | $2.04B | $1.92B | $1.59B |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $-130.00M | $-98.58M | $-276.41M | $-326.90M | $-430.27M | $-442.08M | $-669.21M | $-1.19B | $-1.27B | $-4.29B | $3.43B | $923.77M |
| Net income growth (YoY) | — | +24.2% | -180.4% | -18.3% | -31.6% | -2.7% | -51.4% | -78.0% | -6.3% | -238.8% | +179.8% | -73.0% |
| Profit margin | -27.8% | -14.0% | -26.2% | -20.2% | -15.4% | -10.7% | -11.7% | -15.2% | -13.6% | -43.1% | 33.2% | 8.3% |