NASDAQ$VNET
VNET Group Inc · Q1 2025 earnings
Q1 2025 earnings · · Investor relations
Briefing
VNET reported Q1 2025 results with strong revenue growth led by wholesale IDC, despite a wider net loss year-over-year.
VNET delivered solid revenue growth in Q1 2025 driven by wholesale IDC momentum, improving margins and utilization rates, although net losses increased due to changes in the fair value of financial instruments.
- Revenue grew to $309,537,000, driven by an 86.5% increase in wholesale IDC revenue.
- Adjusted EBITDA rose 26.4% year-over-year to $94,038,000.
- Net loss widened to $32,736,000 compared to $27,979,000 last year.
- Wholesale IDC utilization and capacity commitments hit record highs in the quarter.
Headline financials
Revenue & EPS history
VNET · Revenue · Quarterly
$310M
Revenue by segment
VNET · $2.69B total across 3 segments · Q1 2026
- Wholesale IDC$1.06B—39.5%
- Retail IDC$1.02B—38.0%
- Non-IDC$607M—22.6%
Forward guidance
VNET reaffirmed full-year 2025 guidance, projecting revenue growth of 10%–13% and adjusted EBITDA growth of 11%–14%.
Tailwinds
- Projected 2025 revenue between RMB9.1B and RMB9.3B.
- Adjusted EBITDA forecast between RMB2.7B and RMB2.76B.
- Year-over-year EBITDA growth projected up to 18% when adjusted for one-time gains.
- Strong wholesale IDC pre-commitments (307MW).
- Stable margin improvements expected to continue.
Headwinds
- Q1 net loss widened due to financial instrument fair value changes.
- Cash flow from operations declined year-over-year.
- Continued debt pressure from refinancing and new convertible notes.
- Non-IDC segment saw slight revenue decline.
- Foreign exchange risks remain material.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2025
-2.1%
Avg return
Earnings day
-0.7%
Avg return
5 days after
-0.8%
Avg return
30 days after
35%
17 / 49 earnings
Positive
+24.2%
Q2 2021
Best reaction
-22.8%
Q3 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | — | — | — | |
| Q4 2025 | -9.5% | -16.1% | -14.3% | |
| Q3 2025 | -1.0% | +7.5% | +5.2% | |
| Q2 2025 | -8.0% | -2.1% | +20.7% | |
| Q1 2025 | -10.8% | -8.6% | +15.6% | |
| Q4 2024 | -7.6% | -4.5% | -53.5% | |
| Q3 2024 | +17.0% | -0.3% | -3.8% | |
| Q2 2024 | +13.5% | +33.7% | +73.1% | |
| Q4 2023 | -4.9% | +1.2% | -3.1% | |
| Q3 2023 | -22.8% | -18.6% | -14.8% | |
| Q2 2023 | +6.6% | +14.6% | +6.0% | |
| Q1 2023 | -8.0% | -4.3% | +4.3% | |
| Q4 2022 | -2.9% | +3.6% | +0.3% | |
| Q3 2022 | -3.6% | -6.9% | +8.4% | |
| Q2 2022 | +8.1% | +0.4% | +7.5% | |
| Q1 2022 | -14.1% | +0.4% | +14.3% | |
| Q4 2021 | -19.9% | -4.0% | -18.0% | |
| Q3 2021 | -20.7% | -26.7% | -45.3% | |
| Q2 2021 | +24.2% | +9.1% | +10.7% | |
| Q1 2021 | +5.4% | +6.6% | +8.5% | |
| Q4 2020 | -14.9% | -3.7% | -13.4% | |
| Q3 2020 | +20.8% | +20.9% | +30.5% | |
| Q2 2020 | -4.2% | -10.3% | -12.2% | |
| Q1 2020 | +0.9% | -9.5% | -11.8% | |
| Q4 2019 | +0.1% | -3.9% | -13.2% | |
| Q3 2019 | -6.4% | -6.9% | -10.0% | |
| Q2 2019 | +13.9% | +11.9% | +23.5% | |
| Q1 2019 | +12.8% | +10.4% | -16.2% | |
| Q4 2018 | -1.2% | +3.2% | -6.6% | |
| Q3 2018 | -8.4% | -8.3% | -18.8% | |
| Q2 2018 | +0.2% | +16.5% | -1.0% | |
| Q1 2018 | -1.8% | +13.2% | +26.7% | |
| Q4 2017 | -0.7% | -5.2% | -20.2% | |
| Q3 2017 | -3.2% | -11.0% | +26.0% | |
| Q2 2017 | -4.0% | +1.5% | +33.8% | |
| Q1 2017 | -4.8% | -3.9% | -0.4% | |
| Q4 2016 | -19.9% | -18.9% | -23.0% | |
| Q3 2016 | +1.4% | -1.8% | -8.0% | |
| Q2 2016 | -15.7% | -17.5% | -23.6% | |
| Q1 2016 | +5.3% | +11.9% | -14.6% | |
| Q4 2015 | +1.6% | — | — | |
| Q3 2015 | -0.7% | — | — | |
| Q2 2015 | +4.0% | — | — | |
| Q1 2015 | -9.6% | — | — | |
| Q4 2014 | -0.3% | — | — | |
| Q2 2014 | — | — | — | |
| Q4 2013 | -3.9% | — | — | |
| Q4 2012 | +0.9% | — | — | |
| Q4 2009 | -1.7% | — | — | |
| Q4 2010 | -1.7% | — | — | |
| Q4 2011 | -1.7% | — | — |
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