NASDAQ$VNET
VNET Group Inc · Q2 2025 earnings
Q2 2025 earnings · · Before market open · Investor relations
Briefing
VNET wholesale IDC boom drives 22% revenue growth but higher interest costs swing to net loss
VNET Group reported Q2 2025 results on August 21 with total net revenue of RMB2.43 billion ($339.8 million), up 22.1% year over year, led by wholesale IDC revenue surging 112.5% to RMB854.1 million as in-service capacity reached 674MW (+101MW QoQ). Adjusted EBITDA grew 27.7% to RMB732.5 million with a 30.1% margin. Despite strong operating metrics, VNET swung to a net loss attributable to shareholders of RMB11.9 million from RMB63.7 million profit a year ago, primarily due to higher interest expense and taxes. Management reaffirmed 2025 revenue guidance of RMB9.15–9.35 billion and adjusted EBITDA of RMB2.76–2.82 billion.
- Q2 revenue of RMB2.43B (+22.1% YoY); wholesale IDC revenue up 112.5% to RMB854.1M.
- Wholesale capacity in service reached 674MW (+101MW QoQ); utilized capacity 511MW (+74MW QoQ).
- Adjusted EBITDA of RMB732.5M (+27.7% YoY) at 30.1% margin; adjusted cash gross margin 43.6%.
- Net loss attributable to VNET of RMB11.9M vs. RMB63.7M profit prior year on higher interest and taxes.
- 2025 revenue guidance reaffirmed at RMB9.15–9.35B; adjusted EBITDA RMB2.76–2.82B (+14–16% YoY).
Headline financials
Revenue & EPS history
VNET · Revenue · Quarterly
¥2.43B
Revenue by segment
VNET · ¥2.43B total across 3 segments · Q2 2025
- Retail IDC¥959M—39.4%
- Wholesale IDC¥854M—35.1%
- Non-IDC¥621M—25.5%
Forward guidance
Full-year 2025 net revenue expected RMB9.15–9.35B (+11–13% YoY) and adjusted EBITDA RMB2.76–2.82B (+14–16% YoY, or +18–20% excluding a 2024 disposal gain).
Tailwinds
- Hyperscale 2.0 framework targets 10GW capacity by 2036 for AI-era data centers.
- Board authorized up to $50M ADS repurchase program over 12 months.
Headwinds
- Higher interest expense and tax burden pressured bottom-line profitability in Q2.
- Ramp-up wholesale utilization fell to 20.8% as new capacity came online.
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 Q2 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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