VNET Group (NASDAQ:VNET) reported its unaudited financial results for the fourth quarter and full year ended December 31, 2025, on March 16, 2026.
The Beijing-based carrier-neutral data center provider saw total net revenues for the year climb to RMB 9.95 billion, representing a 20.5% year-over-year increase and exceeding the company's previously raised guidance of RMB 9.55 billion to RMB 9.87 billion.
The growth was largely powered by the company's wholesale Internet Data Center (IDC) segment.
In the fourth quarter alone, net revenues rose 19.6% year-over-year to RMB 2.69 billion.
The wholesale business maintained exceptional momentum, securing 135MW of new orders in the final three months of the year.
For the full year, adjusted EBITDA grew 22.6% to RMB 2.98 billion, also outperforming management’s top-line forecasts.
Operationally, VNET aggressively expanded its footprint to capture accelerating AI infrastructure needs.
The company successfully executed its 2025 delivery plan with a record 404MW delivered throughout the year, bringing its total capacity in service to 889MW as of December 31.
An additional 452MW remained under construction at year-end, underscoring a robust pipeline for 2026.