GDHLFNasdaqServices-Computer Programming, Data Processing, Etc.US GAAP · USD

GDS Holdings Ltd

GDS Holdings Ltd develops and operates high-performance data centers in China, with facilities concentrated in major hub cities where enterprise and cloud demand is strongest. The company provides colocation and related outsourced data center services to customers that need large-scale power, density, redundancy, and carrier- and cloud-neutral connectivity.

Ask about the company
Revenue11.4bn USD
+10.8 %y/y
Operating profit (EBIT)-55.8m USD
−104.8 %y/y
EBIT margin-0.5%
−11.6 ppy/y
Net income950m USD
−72.3 %y/y
Free cash flow-1,326m USD
−7.7 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-5051015bn USD2020: 5.7 bn USD2020: EBIT 0.67 bn USD20202021: 7.8 bn USD2021: EBIT 0.57 bn USD20212022: 9.3 bn USD2022: EBIT 0.55 bn USD20222023: 10.0 bn USD2023: EBIT -2.5 bn USD20232024: 10.3 bn USD2024: EBIT 1.2 bn USD20242025: 11.4 bn USD2025: EBIT -0.06 bn USD202511.4-0.06
RevenueOperating profit (EBIT)
Ask Clarifo about GDS Holdings Ltd

Business

Share of revenue
Colocation services55 %

Rack, cage, and suite space for customers that place IT equipment in GDS facilities.

Managed data center capacity25 %

Long-term outsourced capacity solutions built around power, cooling, and redundancy.

Interconnection and network access10 %

Carrier-neutral and cloud-neutral connectivity inside and between facilities.

Value-added services10 %

Ancillary services tied to operating customer deployments in the data center.

Customers

GDS serves customers that need reliable, high-capacity infrastructure for mission-critical computing and data storage. Its customer base is concentrated in hyperscale cloud service providers, large internet platforms, financial institutions, telecom carriers, IT service providers, and multinational corporations, all of which value scale, uptime, and access to multiple networks and public clouds.

Hyperscale cloud service providers

Buy large blocks of capacity for cloud infrastructure, compute, and storage deployments.

Large internet companies

Use the facilities for high-availability digital workloads and traffic-heavy applications.

Financial institutions

Purchase secure, redundant data center space for regulated and mission-critical systems.

Telecommunications carriers

Use carrier-neutral sites for network access, interconnection, and colocation.

IT service providers and enterprises

Outsource data center operations to obtain scale, reliability, and network choice.

Strategy

GDS focuses on building and operating large, efficient data center assets in locations where demand is concentrated and connectivity options are strongest. Its strategy emphasizes carrier and cloud neutrality, scale, and technical reliability so it can serve the most demanding customers and support multi-cloud deployments.

Add capacity in hub marketsMedium term

The business depends on supplying large, power-rich facilities where customer demand is concentrated.

Serve hyperscale and large enterprise accountsShort term

Large deployments improve platform relevance and align with the company's technical design.

Preserve neutrality and interconnection valueMedium term

Carrier- and cloud-neutral facilities attract customers that want broad network and cloud choice.

Geography

GDS is centered in China, where it places facilities in key data center hubs to serve the largest concentrations of demand. The company also has exposure outside mainland China through its minority interest in DayOne Data Centers Limited, a Singapore-headquartered hyperscale platform.

Risks

The business is exposed to customer concentration, particularly among hyperscale cloud and internet clients that can represent large individual deployments. It also faces infrastructure and regulatory risks tied to power availability, construction, operational uptime, and the Chinese data center market, where capacity planning and policy constraints can affect utilization and expansion.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Customer concentration1Power and infrastructure constraints2China regulatory and market risk3Operational uptime and redundancy4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Customer concentrationImpact: HighLikelihood: High

    A small number of hyperscale and internet customers can account for large deployments and switching is costly.

    Exposure: Large customers in China

  2. Power and infrastructure constraintsImpact: HighLikelihood: Medium

    Data centers require uninterrupted, high-capacity power and cooling to meet contractual service levels.

    Exposure: Facility buildout and operations

  3. China regulatory and market riskImpact: HighLikelihood: Medium

    The business is concentrated in mainland China, where policy, licensing, and digital infrastructure rules matter.

    Exposure: Mainland China operations

  4. Operational uptime and redundancyImpact: MediumLikelihood: Medium

    Customers pay for resilient, mission-critical infrastructure and outages can cause penalties or churn.

    Exposure: Critical systems and network layers

Ask Clarifo about GDS Holdings Ltd

Accounting

Judgemental items
Long-lived asset depreciation

Data centers are capital-intensive and depreciation strongly affects reported profitability versus cash flow.

Impact: Asset base charges can obscure underlying operating performance

Impairment testing

Facility economics and utilization assumptions can require write-downs of long-lived assets.

Impact: Can create material one-time charges

Lease and land use rights accounting

Prepaid land use rights and operating lease costs are embedded in the cost structure.

Impact: Affects gross profit and EBITDA comparisons

Non-GAAP adjustments

Management excludes interest, D&A, lease-related costs, SBC, and certain non-cash items.

Impact: Improves comparability but may diverge from GAAP earnings

Similar listed companies

Publicly listed companies with a comparable business focus.

Telephone and Data Systems, Inc

TDS · Telephone Communications (No Radiotelephone)

VNET Group, Inc.

VNET · Services-Computer Programming, Data Processing, Etc.

SOS Ltd

SOS · Security & Commodity Brokers, Dealers, Exchanges & Services

PDD Holdings Inc.

PDD · Services-Business Services, NEC

DSC Holdings Ltd.

DSC · Services-Computer Programming, Data Processing, Etc.

Dingdong (Cayman) Ltd

DDL · Retail-Catalog & Mail-Order Houses

Last updated: 28/09/2026

GDS Holdings Ltd (Nasdaq) – Services-Computer Programming, Data Proc | Financial Analysis – Clarifo