GDS Holdings Limited
TechnologyNASDAQ:GDS · NASDAQ Global Market
-$1.20 today
Vol 1.87M · Avg 2.07M
Income Statement
Follow revenue through to earnings
Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.
Earnings Waterfall
Revenue to Net Income
Key Ratios
Analysis
$12.1B of revenue converted into $2.8B of net income for the selected period. Gross margin is 25.1% and net margin is 21.3%, showing how much revenue survives after costs and taxes. EPS is $10.26, tying the income statement back to per-share earnings.
Income Statement
Annual data · 5 periods
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $11.4B +10.8% | $10.3B +3.7% | $10.0B +6.8% | $9.3B +19.3% | $7.8B | $809.6M | $921.6M | $731.2M |
| Cost of Revenue | $8.8B +9.2% | $8.1B +0.8% | $8.0B +8.7% | $7.4B +22.4% | $6.0B | $725.6M | $804.0M | $882.4M |
| Gross Profit | $2.6B +16.3% | $2.2B +15.6% | $1.9B -0.7% | $1.9B +8.8% | $1.8B | $8.9B | $7.6B | $6.2B |
| Gross Margin | 22.6% +1.1pp | 21.5% +2.2pp | 19.3% -1.4pp | 20.8% -2.0pp | 22.8% | 9.8% | 28.9% | 38.3% |
| Research & Development | $32.7M -10.0% | $36.3M -4.8% | $38.2M +6.6% | $35.8M -9.0% | $39.3M | $983.2M | $1.3B | $490.4M |
| Selling, General & Admin | $1.0B +1.2% | $1.0B -22.2% | $1.3B -0.4% | $1.3B +14.1% | $1.2B | $620.6M | $923.0M | -$1.5B |
| Operating Expenses | $1.0B -2.0% | $1.1B -75.6% | $4.4B +219.5% | $1.4B +13.3% | $1.2B | $5.3B | $7.0B | $8.7B |
| Depreciation & Amortization | $3.6B +6.4% | $3.4B -7.6% | $3.6B +10.2% | $3.3B +23.8% | $2.7B | $374.2M | $1.2B | $631.8M |
| EBITDA | $6.1B +34.7% | $4.5B +230.1% | $1.4B -67.4% | $4.2B +29.8% | $3.2B | -$15.2B | $6.8B | $9.3B |
| EBITDA Margin | 53.1% +9.4pp | 43.6% +29.9pp | 13.7% -31.2pp | 44.9% +3.6pp | 41.3% | 5.6% | 46.3% | 42.0% |
| Operating Income | $1.5B +33.4% | $1.2B +146.9% | -$2.5B -545.6% | $551.8M -3.1% | $569.5M | $12.3B | $14.0B | -$15.7B |
| Operating Margin | 13.4% +2.3pp | 11.2% +35.9pp | -24.7% -30.6pp | 5.9% -1.4pp | 7.3% | 16.6% | 24.1% | 22.0% |
| Interest Income | $154.0M +71.6% | $89.8M -8.0% | $97.5M +131.0% | $42.2M -16.3% | $50.4M | -$1.5B | -$1.6B | $405.0M |
| Interest Expense | $1.8B -7.1% | $1.9B -5.5% | $2.0B +8.5% | $1.9B +13.5% | $1.7B | $1.1B | $1.0B | $1.2B |
| Other Income / Expenses | -$107.3M +93.9% | -$1.8B +4.1% | -$1.8B -19.4% | -$1.5B -1.5% | -$1.5B | -$1.5B | $1.4B | $1.2B |
| Income Before Tax | $1.4B +332.4% | -$614.9M +85.7% | -$4.3B -334.4% | -$989.9M -4.3% | -$948.8M | $3.3B | $4.9B | $3.6B |
| Pre-Tax Margin | 12.5% +18.5pp | -6.0% +37.2pp | -43.2% -32.6pp | -10.6% +1.5pp | -12.1% | 20.8% | 18.7% | 26.2% |
| Income Tax Expense | $469.7M +201.0% | $156.1M +1156.1% | -$14.8M -105.3% | $276.2M +13.9% | $242.5M | $1.3B | -$1.6B | $745.2M |
| Net Income | $949.6M -72.3% | $3.4B +179.8% | -$4.3B -238.8% | -$1.3B -6.3% | -$1.2B | $4.9B | $4.8B | $4.7B |
| Net Margin | 8.3% -24.9pp | 33.2% +76.3pp | -43.1% -29.5pp | -13.6% +1.7pp | -15.2% | 12.4% | 17.5% | 22.5% |
| EPS (Basic) | $5 -74.8% | $18 +176.7% | -$24 -180.4% | -$9 -13.8% | -$8 | $400.8M | $703.2M | $1.3B |
| EPS (Diluted) | $4 -77.0% | $18 +177.7% | -$24 -187.4% | -$8 -14.4% | -$7 | $766.2M | $609.4M | $452.6M |
| Weighted Avg Shares | $190.1M +3.6% | $183.5M +1.2% | $181.3M +2.5% | $176.8M +1.2% | $174.8M | $757.8M | $925.8M | $1.1B |
| Weighted Avg Shares (Diluted) | $205.6M +12.0% | $183.5M -0.0% | $183.5M +0.3% | $183.1M +0.8% | $181.6M | $1.2B | $924.4M | $678.0M |
Older periods hidden.
Sign in to unlockCompetitors
Peer companies in the same sector
Onto Innovation Inc.
NYSE:ONTO
$16.11B
Littelfuse, Inc.
NASDAQ:LFUS
$11.94B
Ingram Micro Holding Corporation
NYSE:INGM
$6.89B
Genpact Limited
NYSE:G
$5.43B
Commvault Systems, Inc.
NASDAQ:CVLT
$5.27B
Dolby Laboratories, Inc.
NYSE:DLB
$5.02B
ExlService Holdings, Inc.
NASDAQ:EXLS
$4.41B
Waystar Holding Corp.
NASDAQ:WAY
$3.60B
Shift4 Payments, Inc.
NYSE:FOUR
$2.85B
Kyndryl Holdings, Inc.
NYSE:KD
$2.57B
SEC Filings
Recent regulatory filings
No filings found.
How much revenue does GDS generate?
GDS Holdings Limited (GDS) reported $11.43B of revenue in fiscal 2025.
Is GDS profitable?
GDS Holdings Limited (GDS) reported $949.64M of net income, with a net margin of 8.3%.
Explore More
Continue the stock analysis
Jump to another research area for this company.