NASDAQ$VNET
VNET Group Inc · Q1 2026 earnings
Q1 2026 earnings · · Before market open · Investor relations
Briefing
VNET Group Inc reported strong Q1 2026 results with 19.8% revenue growth driven by wholesale IDC expansion.
VNET Group Inc delivered unaudited financial results for the first quarter ended March 31, 2026, showing total net revenues of RMB 2.69 billion, up 19.8% year-over-year. Adjusted EBITDA rose 30.6% to RMB 891.5 million with margin expanding to 33.1%. Wholesale IDC revenues surpassed retail for the first time, supported by new capacity and AI-driven demand.
- Total net revenues increased 19.8% YoY to RMB 2.69 billion, led by 58.1% growth in wholesale IDC to RMB 1.06 billion.
- Adjusted EBITDA (non-GAAP) grew 30.6% to RMB 891.5 million, with margin improving to 33.1% from 30.4%.
- Net loss attributable to VNET widened to RMB 531.8 million due to one-time tax expenses related to capital transactions.
- Wholesale capacity in service reached 907 MW with 75.7% utilization; liquidity strong at RMB 8.80 billion in cash equivalents and investments.
Headline financials
Revenue & EPS history
VNET · Revenue · Quarterly
¥2.69B
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
Company remains focused on AI-driven opportunities and sustainable growth through core capabilities and asset monetization.
Tailwinds
- Strong wholesale demand with 517MW new orders YTD 2026
- Successful REIT listings advancing capital recycling model
- Strategic investment from CATL affiliates for AIDC synergies
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports
-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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