The earnings call presented a strong financial performance with significant revenue and EBITDA growth driven by the wholesale IDC business. The Hyperscale 2.0 framework and improved margins further indicate a positive outlook. However, there were minor concerns regarding retail IDC revenue and potential impacts from AI chip supply constraints.

Company Guidance

During the second quarter of 2025, VNET Group, Inc. reported significant growth across its operations and finances. The wholesale IDC business saw a 17.5% increase in capacity in service, reaching 674 megawatts, with a utilization rate of 75.9%. The retail IDC business also progressed, driven by AI-related customer demand. Financially, total net revenues rose by 22.1% year-over-year to RMB 2.43 billion, with wholesale revenues soaring by 112.5% to RMB 854 million. Adjusted EBITDA increased by 27.7% to RMB 732 million, achieving a margin of 30.1%. The company secured new orders totaling 24 megawatts, including a significant 20-megawatt order from a leading cloud services provider. Looking ahead, VNET aims to manage a 10-gigawatt data center asset cluster by 2036 and has raised its full-year 2025 revenue and adjusted EBITDA guidance, reflecting continued strong demand and operational efficiency.

Strong Revenue Growth

Total net revenues increased by 22.1% year-over-year to RMB 2.43 billion for the second quarter, with wholesale revenues reaching RMB 854 million, representing impressive year-over-year growth of 112.5%.

Increased Adjusted EBITDA

Adjusted EBITDA for the second quarter increased by 27.7% year-over-year to RMB 732 million with an adjusted EBITDA margin of 30.1%, up 1.3 percentage points year-over-year.

Wholesale IDC Business Growth

Wholesale capacity in service grew by 17.5% quarter-over-quarter to 674 megawatts. Wholesale capacity utilized by customers rose by 17% quarter-over-quarter to 511 megawatts.

New Order Wins

Secured a combined capacity of around 4 megawatts in retail orders and a 20-megawatt wholesale order from a leading cloud services provider.

Hyperscale 2.0 Framework

Unveiled Hyperscale 2.0 framework aimed at growing capacity to 10 gigawatts by 2036, positioning VNET as a frontrunner in the IDC industry.

Improved Cash Gross Margin

Adjusted cash gross margins improved to 43.6% from 39.5% in the same period last year.

Strong Liquidity Position

Maintained robust liquidity with total cash and cash equivalents, restricted cash, and short-term investments reaching RMB 4.66 billion as of June 30, 2025.

Positive ESG Recognition

Received an A grade in the 2024 Supplier Engagement Assessment by the Carbon Disclosure Project, recognized as a supplier engagement leader.

VNET Group, Inc. Sponsored ADR (VNET) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

VNET Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 13, 2025	2025 (Q3)	-0.01 / -	0.042	―	―	―
Aug 21, 2025	2025 (Q2)	<0.01 / >-0.01	0.034	-104.17% (-0.03)
May 28, 2025	2025 (Q1)	-0.02 / -0.02	-0.101	79.17% (+0.08)
Mar 12, 2025	2024 (Q4)	0.03 / >-0.01	-0.37	97.74% (+0.36)
Nov 20, 2024	2024 (Q3)	0.01 / 0.04	-0.403	110.42% (+0.44)
Aug 27, 2024	2024 (Q2)	-0.03 / 0.03	-0.218	115.38% (+0.25)
May 29, 2024	2024 (Q1)	>-0.01 / -0.10	0.059	-271.43% (-0.16)
Mar 27, 2024	2023 (Q4)	-0.08 / -0.37	-0.059	-530.95% (-0.31)
Nov 15, 2023	2023 (Q3)	-0.06 / -0.40	-0.403	0.00% (0.00)
Aug 23, 2023	2023 (Q2)	-0.06 / -0.22	-0.361	39.53% (+0.14)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

VNET Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 21, 2025	$7.98	$7.34	-8.02%
May 28, 2025	$6.04	$5.39	-10.76%
Mar 12, 2025	$11.91	$11.00	-7.64%
Nov 20, 2024	$3.76	$4.33	+15.16%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does VNET Group, Inc. Sponsored ADR (VNET) report earnings?

VNET Group, Inc. Sponsored ADR (VNET) is schdueled to report earning on Nov 13, 2025, After Close (Confirmed).

What is VNET Group, Inc. Sponsored ADR (VNET) earnings time?

VNET Group, Inc. Sponsored ADR (VNET) earnings time is at Nov 13, 2025, After Close (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is VNET EPS forecast?

VNET EPS forecast for the fiscal quarter 2025 (Q3) is -0.01.

Become an Expert with TipRanks Premium

What am I Missing?

Make informed decisions based on Top Analysts' activity

Know what industry insiders are buying

Get actionable alerts from top Wall Street Analysts

Find out before anyone else which stock is going to shoot up

Get powerful stock screeners & detailed portfolio analysis

Subscribe Now See Plans & Pricing