GDS Holdings Ltd. (NASDAQ:GDS) reported its fourth-quarter 2025 results Tuesday, posting revenue growth driven by continued data center ramp-up, while margins contracted amid higher utility costs.

Details

Net revenue rose 8.6% year over year to 2.92 billion yuan. In U.S. dollar terms, revenue totaled $417.8 million, narrowly topping the consensus estimate of $417.7 million.

Adjusted gross profit increased 5.8% to 1.48 billion yuan ($211.3 million), while the margin declined to 50.6% from 51.9% a year earlier. The company attributed the margin contraction to elevated utility expenses.

Adjusted EBITDA climbed 5.2% to 1.37 billion yuan, with margin narrowing to 46.7% from 48.2% in the prior-year period.

Earnings per American depositary share were 2.47 yuan (35 cents), compared with 22.51 yuan in the year-ago quarter. In U.S. dollar terms, the company reported a loss that missed expectations for a 1-cent loss.

As of Dec. 31, cash and cash equivalents stood at ...