21Vianet Group, Inc. Earnings Recaps
Q1 2026
May 27, 2026
Shares rose 4.0% as VNET delivered better-than-expected revenue growth and strong wholesale IDC execution, supported by accelerating AI-driven demand and higher utilization rates.
Key takeaways
- Total net revenues increased 19.8% year-over-year to RMB 2.69 billion, led by wholesale IDC revenue growth of 58.1% to RMB 1.06 billion.
- Wholesale capacity in service expanded by 18 MW to 907 MW, while utilized capacity rose 64 MW sequentially, lifting utilization to 75.7%.
- Adjusted EBITDA grew 30.6% year-over-year to RMB 891.5 million, driven primarily by wholesale business momentum.
- Strong order wins totaling 519 MW year-to-date, including a 400 MW internet customer order in Greater Beijing, underscore ongoing demand strength.
- Capacity under construction increased to 516 MW with a precommitment rate of 85.8%, positioning VNET well amid industry supply constraints and AI-related demand tailwinds.
Q3 2025
Nov 20, 2025
VNET Group, Inc. demonstrated robust performance in Q3 2025, with a 21.7% year-over-year increase in net revenues, driven by substantial growth in its wholesale IDC business and a further increase in full-year guidance.
Key takeaways
- Wholesale revenue surged by 82.7% year-over-year to RMB 956 million, highlighting strong demand and operational efficiency.
- Adjusted EBITDA rose 27.5% year-over-year to RMB 758 million.
- Secured new orders totaling 63 megawatts in wholesale capacity, with additional momentum heading into Q4 2025.
- Retail MRR per cabinet reached RMB 8,948, marking six consecutive quarters of growth.
- Strong AI-driven demand continues to propel growth in both wholesale and retail IDC segments.
Q2 2025
Aug 21, 2025
VNET Group, Inc. delivered robust second-quarter results, driven by substantial growth in its wholesale IDC business and a notable increase in overall revenues and adjusted EBITDA.
Key takeaways
- Total net revenues rose 22.1% year-over-year to RMB 2.43 billion, with wholesale revenues surging 112.5% to RMB 854 million.
- Adjusted EBITDA increased 27.7% year-over-year to RMB 732 million, achieving a margin of 30.1%.
- Wholesale capacity grew 17.5% to 674 megawatts, with a stable utilization rate at 75.9%, reflecting strong demand.
- The company secured new orders, including 4 megawatts in retail and a significant 20-megawatt wholesale project, indicating strong market traction.
- VNET introduced its Hyperscale 2.0 framework, positioning itself to capitalize on emerging AI-driven data center demands and achieve 10 gigawatts of managed capacity by 2036.