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Jun 30
VNET Q2 2025 Earnings Report
VNET reported Q2 2025 results with strong revenue growth driven by wholesale IDC, despite posting a net loss.
Key Takeaways
VNET achieved strong top-line growth in Q2 2025, fueled by expansion in wholesale data centers. However, the quarter ended with a net loss due to increased interest and tax expenses.
Total revenue reached $339.8 million, driven by wholesale IDC
Adjusted EBITDA was $102.2 million with a 30.1% margin
Net loss of $1.7 million due to higher interest and tax expenses
Hyperscale 2.0 framework launched with 10GW target by 2036
VNET
VNET
VNET Revenue by Segment
VNET Revenue by Geographic Location
Revenue by Segment
IDC Revenue
CapyFin.comWholesale IDC Revenue
CapyFin.comRetail IDC Revenue
CapyFin.comNon-IDC Revenue
CapyFin.comRevenue by Geographic Location
China Revenue
CapyFin.com Forward Guidance
VNET maintained its full-year 2025 guidance, expecting continued growth in revenue and adjusted EBITDA driven by wholesale demand and AI infrastructure expansion.
Positive Outlook
- Full-year revenue expected between RMB 9.15B and RMB 9.35B
- Adjusted EBITDA forecasted between RMB 2.76B and RMB 2.82B
- Growth fueled by wholesale IDC and AI-related demand
- 10GW capacity target set for 2036 under Hyperscale 2.0
- Share repurchase program of up to $50M authorized
Challenges Ahead
- Net loss attributed to higher interest and tax expenses
- Retail IDC growth remains flat or slightly declining
- Significant increase in operating expenses YoY
- Ramp-up wholesale capacity utilization declined
- Free cash flow not disclosed despite high capex activity
Revenue & Expenses
Visualization of income flow from segment revenue to net income