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VNET Q2 revenue climbs 14.2% to RMB2.78 billion
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VNET Q2 revenue climbs 14.2% to RMB2.78 billion

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  • VNET reported Q2 2026 net revenue of RMB2.78 billion, up 14.2% year over year, led by 29.3% growth in wholesale IDC revenue.
  • Adjusted EBITDA rose 25.4% to RMB918.3 million, although GAAP gross profit fell 7.8% as depreciation costs increased with capacity expansion.
  • VNET reaffirmed its 2026 revenue and adjusted EBITDA guidance while signing a strategic compute-energy cooperation agreement with CATL.

VNET (NASDAQ:VNET) reported Q2 2026 net revenue of RMB2.78 billion, up 14.2% year over year, as wholesale data-center revenue increased.

Wholesale IDC revenue rose 29.3% to RMB1.10 billion, retail revenue increased 9.1% to RMB1.05 billion and non-IDC revenue edged up 1.1% to RMB628.4 million.

GAAP gross profit fell 7.8% to RMB505.2 million, but adjusted EBITDA increased 25.4% to RMB918.3 million and adjusted net income reached RMB7.4 million.

Following the announcement, VNET's share price was down 2.10% at $7.75 in extended trading.

Elsewhere, wholesale capacity in service increased 49.4% to 1,007MW, while 970MW was committed to customers, representing a 96.3% commitment rate at June 30.

VNET also reaffirmed its 2026 forecast for RMB11.5–11.8 billion in revenue and RMB3.55–3.75 billion in adjusted EBITDA while announcing a compute-energy partnership with CATL.

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