NASDAQ$VNET
VNET Group Inc · Q2 2026 earnings
Q2 2026 earnings · · Before market open · Investor relations
Briefing
VNET Group Inc reported Q2 2026 results with revenue growth driven by wholesale IDC expansion.
VNET Group Inc announced unaudited financial results for the second quarter ended June 30, 2026. Total net revenues rose 14.2% year-over-year to RMB2.78 billion, primarily from 29.3% growth in wholesale IDC revenues to RMB1.10 billion. Adjusted EBITDA increased 25.4% to RMB918.3 million with margin expanding to 33.0%, while GAAP net loss widened to RMB135.6 million due to fair value changes.
- Wholesale IDC revenue grew 29.3% YoY to RMB1.10 billion, surpassing retail IDC and contributing 39.8% of total revenue.
- Wholesale capacity in service reached 1,007MW (+49.4% YoY) with 744MW utilized by customers.
- Adjusted EBITDA rose 25.4% to RMB918.3 million (margin 33.0%), while gross profit fell 7.8% to RMB505.2 million due to higher depreciation.
- Company reiterated FY2026 guidance: revenue RMB11.5-11.8 billion and adjusted EBITDA RMB3.55-3.75 billion.
Headline financials
Revenue & EPS history
VNET · Revenue · Quarterly
¥412M
Revenue by segment
VNET · ¥2.78B total across 3 segments · Q2 2026
- Wholesale IDC¥1.1B+28.8%39.6%
- Retail IDC¥1.05B+9.5%37.8%
- Non-IDC¥628M+1.1%22.6%
Forward guidance
Reiterated full-year 2026 outlook with revenue and adjusted EBITDA guidance.
Tailwinds
- Strong wholesale order momentum with 862MW YTD wins
- Capacity expansion to over 4GW total
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 18 quarterly earnings reports
-2.0%
Avg return
Earnings day
-0.5%
Avg return
5 days after
-0.8%
Avg return
30 days after
36%
18 / 50 earnings
Positive
+24.2%
Q2 2021
Best reaction
-22.8%
Q3 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | — | — | — | |
| Q1 2026 | +4.0% | +5.8% | — | |
| 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% | — | — | |
| Q3 2014 | — | — | — | |
| Q2 2014 | — | — | — | |
| Q4 2013 | -3.9% | — | — | |
| Q4 2012 | +0.9% | — | — | |
| Q4 2011 | -1.7% | — | — | |
| Q4 2009 | -1.7% | — | — | |
| Q4 2010 | -1.7% | — | — | |
| Q2 2011 | — | — | — | |
| Q1 2011 | — | — | — |
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