NASDAQ$VNET
VNET Group Inc · Q3 2025 earnings
Q3 2025 earnings · · Before market open · Investor relations
Briefing
VNET grew Q3 revenue 21.7% as wholesale IDC sales jumped 82.7%
VNET Group reported third quarter 2025 total net revenues of RMB2.58 billion, up 21.7% year over year, driven by an 82.7% surge in wholesale IDC revenue to RMB955.5 million. Retail IDC revenue edged up 2.4% to RMB999.1 million. Adjusted EBITDA rose 27.5% to RMB758.3 million with margin expanding to 29.4%. The company reported a GAAP net loss attributable to shareholders of RMB307.0 million, primarily due to RMB337.2 million in fair value changes on financial instruments versus a RMB317.6 million net profit in Q3 2024 that included a debt extinguishment gain. Wholesale capacity in service reached 783MW with 582MW utilized, and management raised full-year 2025 revenue and adjusted EBITDA guidance.
- Q3 total net revenues grew 21.7% to RMB2.58 billion; wholesale IDC revenue surged 82.7% to RMB955.5 million.
- Adjusted EBITDA increased 27.5% to RMB758.3 million with margin of 29.4%, up 1.3 points YoY.
- GAAP net loss attributable to VNET was RMB307.0 million due to fair value changes on financial instruments.
- Wholesale capacity in service reached 783MW with 582MW utilized; three new wholesale orders totaling 63MW signed in Q3.
- Full-year 2025 revenue guidance raised to RMB9.55–9.87 billion (+16–19% YoY) and adjusted EBITDA to RMB2.91–2.95 billion.
Headline financials
Revenue & EPS history
VNET · Revenue · Quarterly
¥2.58B
Revenue by segment
VNET · ¥2.58B total across 3 segments · Q3 2025
- Retail IDC¥999M—38.7%
- Wholesale IDC¥956M—37.0%
- Non-IDC (cloud and VPN)¥627M—24.3%
Forward guidance
VNET raised full-year 2025 guidance to total net revenues of RMB9.55–9.87 billion (16–19% YoY growth) and adjusted EBITDA of RMB2.91–2.95 billion (20–21% YoY growth), excluding the 2024 E-JS02 disposal gain.
Tailwinds
- Wholesale IDC order momentum strong with 63MW of new Q3 orders plus 32MW early Q4 contract
- Adjusted EBITDA margin expanded to 29.4% on operational efficiency gains
Headwinds
- GAAP net loss driven by fair value changes on financial instruments
- Gross margin compressed to 20.9% from 23.2% as wholesale mix shifts
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 Q3 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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