GDS Holdings (NASDAQ:GDS) reported audited financial results for the fourth quarter and full year ended December 31, 2025, demonstrating resilient growth in its hyperscale data center operations.
Total net revenue for the full year climbed 10.8% year-over-year to RMB11,432.3 million.
The company’s adjusted EBITDA followed a matching trajectory, rising 10.8% to RMB5,403.5 million, while maintaining a consistent adjusted EBITDA margin of 47.3%.
The company’s fourth-quarter performance saw revenues of RMB2,921.7 million, though the bottom line was pressured by a significant non-cash event.
GDS reported a net loss of RMB462.8 million for the final three months of the year, primarily due to a RMB1,561.2 million asset impairment charge.
Management indicated this impairment was related to a strategic review of certain legacy assets as the firm prioritizes its newer, higher-efficiency campuses in Tier 1 markets and expands its "GDS International" footprint.
Meanwhile, operational metrics showed steady improvement throughout the year.
The total data center area in service reached 668,283 square meters, with the utilization rate for these facilities climbing to 75.5%.
This increase in utilization reflects the ongoing ramp-up of large-scale commitments from major cloud and internet service providers.
To support its capital-intensive expansion, GDS maintained a powerful liquidity position, ending 2025 with RMB14,306 million in cash and securing new debt facilities totaling RMB13,875.5 million over the course of the year.