VNET VNET Group, Inc.

Overview and Growth

VNET Group, Inc. recorded fiscal 2025 net loss of $36.01M. The company reported diluted EPS of -$0.02, adding a shareholder-level measure to the absolute income figures considered below. The diluted weighted-average share count was 1.61B, linking total earnings with the per-share result received by shareholders. The diluted share count was 7.5% lower than fiscal 2024, when diluted shares averaged 1.74B, adding context to the EPS comparison. At period end, total assets were $6.38B, framing the scale of the company’s operating and financing commitments.

Profitability

After reported cost of revenue, the company retained $313.52M as gross profit before recognizing operating expenses and other items. Operations produced $111.58M of income after the reported operating expense base, before the remaining non-operating and tax effects. After all below-operating-line items, the company recorded a net loss of $36.01M for the fiscal year. EBITDA was $415.60M, supplying an additional view of reported operating earnings before interest, taxes, depreciation, and amortization. The company recognized $79.72M of income tax for the period, completing the transition from pretax income to net income. Relative to period-end equity, the net loss represented 3.7%. The net loss equaled 0.6% of period-end assets, showing the deficit relative to the asset base. The company moved from fiscal 2024 net income of $25.10M to a current net loss of $36.01M.

Liquidity and Capital Structure

Total assets were $6.38B, supported by $5.15B of liabilities and $979.95M of shareholder equity. At period end, current assets of $1.64B compared with current liabilities of $1.78B, defining the company’s short-term resource position. Current assets covered only 0.92x of current liabilities, so current liabilities exceeded current assets at period end. Reported cash and equivalents were $789.86M, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 44.4% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The equity-to-assets relationship was 15.4%, placing book capital against the total resource base. Liabilities represented 80.8% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 12.4%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 43.9% from $4.43B in fiscal 2024, leaving current total assets higher year over year. Book equity was 3.4% higher than fiscal 2024 equity of $948.15M, showing how shareholder capital changed year over year. The reported cash balance changed 286.3% from $204.46M in fiscal 2024, ending higher year over year.

Cash Flow and Earnings Quality

Cash flow from operations was $274.35M, a reported cash inflow that can be compared directly with net income and capital spending. The cash-flow statement records $1.09B of capital expenditures, the investment amount considered after operating cash generation. Relative to operating cash flow, capital expenditures measured 399.1%, connecting investment intensity with the company’s cash-generation base. Operating cash flow and capital spending combined to leave a $820.53M cash deficit after capital spending. The free-cash-flow deficit equaled 12.9% of total assets, placing the cash shortfall against the company’s resource base. Operating cash flow of $274.35M finished below fiscal 2024 operating cash flow of $274.74M, showing the year-over-year direction of cash generation.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.