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Financial Statements — VNET
Balance Sheet
(in billions CNY)| Metric | Q4 2025 | Q4 2024 | Q3 2024 | Q4 2023 | Q4 2022 | Q4 2021 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 0.79 | 1.49 | 0.22 | 0.32 | 0.39 | 0.22 |
| Short-term Investments | 0.38 | 0.00 | 0.00 | 0.05 | -- | -- |
| Total Current Assets | 1.64 | 0.93 | 6.94 | 9.82 | 7.05 | 0.84 |
| Property, Plant & Equipment | 22.78 | 17.22 | 2.16 | 1.83 | 1.73 | 1.58 |
| Goodwill | -- | 0.00 | -- | -- | 0.20 | 1.34 |
| Intangible Assets | 0.73 | 0.48 | 1.35 | 0.50 | 0.47 | 0.31 |
| Total Non-current Assets | 33.14 | 25.54 | 3.28 | 2.90 | 19.90 | 2.79 |
| Total Assets | 6.38 | 32.36 | 29.93 | 30.39 | 26.95 | 3.62 |
| Total Current Liabilities | 12.45 | 1.28 | 8.36 | 1.61 | 0.92 | 0.81 |
| Long-term Debt | 13.64 | 9.19 | 8.40 | -- | -- | -- |
| Total Non-current Liabilities | 3.37 | 16.09 | 2.09 | 12.43 | 1.98 | 10.31 |
| Total Liabilities | 36.03 | 25.44 | 23.06 | 23.87 | 2.89 | 15.49 |
| Retained Earnings | (11.13) | (10.86) | (1.54) | (11.02) | (8.37) | (1.19) |
| Total Stockholder Equity | 6.22 | 6.37 | 0.90 | 6.01 | 6.61 | 7.24 |
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Income Statement
(in millions USD) (except per-share rows)| Metric | Q3 2024 |
|---|---|
| Gross Profit | 189.14 |
| Research & Development | 27.15 |
| Selling, General & Admin | 66.42 |
| Total Operating Expenses | 127.51 |
| Operating Income | 432.45 |
| Interest Expense | 46.15 |
| Pretax Income | 55.56 |
| Tax Provision | 151.68 |
| Net Income | 27.69 |
| Basic EPS | 0.11 |
| Diluted EPS | 0.00 |
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Cash Flow Statement
(in millions USD)| Metric | Q3 2024 | Q4 2021 |
|---|---|---|
| Operating Cash Flow | 204.22 | -- |
| Capital Expenditures | 488.88 | 23.83 |
| Free Cash Flow* | (284.65) | -- |
| Investing Cash Flow | (429.57) | -- |
| Financing Cash Flow | (1,412.90) | -- |
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* Derived from reported values