GDS Holdings Limited (GDS) quarterly cash flow statement — complete operating, investing & financing history
GDS Holdings Limited (GDS) cash flow statement — 12-year operating, investing & financing cash flows
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | 1.41B | 447.69M | 983.56M | 736.5M | 865.12M | 780.07M | 967.59M | 641.51M | 454.24M | -124.97M | 949.39M | 510.45M | 734.6M | -129.18M | 907.9M | 575.73M | 1.62B | -244.73M | 406.1M | 456.19M |
| Operating CF Margin % | 45.64% | 13.3% | 33.66% | 25.51% | 29.83% | 28.65% | 35.96% | 21.63% | 16.07% | -4.76% | 37.14% | 20.26% | 29.72% | -5.36% | 37.77% | 24.32% | 70.08% | -10.91% | 18.57% | 22.13% |
| Operating CF Growth % | 62.44% | -42.61% | 1.65% | 14.81% | 90.46% | 724.2% | 1.92% | 25.68% | -38.17% | 3.26% | 4.57% | -11.34% | -54.63% | 47.22% | 123.57% | 26.2% | 345.71% | -911.41% | 29.91% | 5843.31% |
| Net Income | 832.86M | 2.65B | -462.76M | 728.63M | -70.58M | 764.07M | 36.9M | -231.11M | -231.77M | -272.51M | -3.16B | -420.83M | -225.31M | -474.61M | -177.9M | -339.66M | -375.31M | -373.25M | -312.88M | -301.13M |
| Depreciation & Amortization | 850.88M | 831.82M | 993.66M | 860.93M | 856.62M | 856.52M | 710.95M | 911.27M | 874.17M | 782.67M | 1.02B | 886.14M | 874.11M | 843.36M | 820.44M | 795.33M | 791.55M | 781.76M | 739.18M | 697.89M |
| Stock-Based Compensation | 0 | 83.82M | 85.49M | 74.7M | 61.2M | 61.98M | 82.97M | 61.19M | 75.68M | 76.65M | 80.77M | 107.96M | 63.03M | 84.86M | 38.38M | 71.12M | 88.34M | 92.98M | 90.91M | 91.76M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -17.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -907.22M | -2.1B | 297.95M | -885.94M | 38.13M | -971.98M | -412.19M | -31.95M | -3.29M | 21.47M | 2.72B | 53.41M | 50.3M | 44.05M | -187.82M | 44.16M | 68.82M | 45.05M | 29.27M | 51.32M |
| Working Capital Changes | 628.79M | -1.02B | 69.21M | -41.82M | -20.24M | 86.84M | 548.96M | -67.89M | -260.56M | -733.25M | 285.75M | -116.24M | -27.53M | -626.84M | 414.81M | 4.78M | 1.05B | -791.26M | -140.38M | -83.65M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | -59.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -678.83M | 0 | 0 | 0 | -37.99M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 70.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.55B | -1.83B | -1.6B | 293.32M | -364.53M | -1.37B | -2.23B | -2.9B | -2.03B | -2B | -1.15B | -1.57B | -1.41B | -2.19B | -2.13B | -2.14B | -2.07B | -4.93B | -2.73B | -3.82B |
| Capital Expenditures | -1.24B | -770.04M | -997.14M | -1.42B | -1.26B | -1.01B | 3.2B | -788.12M | -1.96B | -943.03M | -1.32B | -1.48B | -1.42B | -2.04B | -2.14B | -1.76B | -1.74B | -2.16B | -2.31B | -3.24B |
| CapEx % of Revenue | 40.38% | 22.87% | 34.13% | 49.25% | 43.61% | 37.06% | 118.94% | 26.57% | 69.38% | 35.89% | 51.55% | 58.69% | 57.25% | 84.77% | 88.82% | 74.43% | 75.51% | 96.35% | 105.78% | 157.27% |
| Acquisitions | 0 | 2.69B | 786.92M | 1.72B | 900.27M | -360.08M | 112.19M | 0 | -70.79M | -409.27M | 145.38M | -94M | 8.81M | -151.25M | 4.27M | -377.18M | -328.01M | -2.77B | -415.75M | -595.9M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -340.1M | 0 | -1.39B | 0 | 0 | 0 | -5.55B | -2.11B | 0 | -652.08M | 18.57M | 0 | 0 | 0 | 37.38M | 0 | 0 | 0 | -1.59M | 20.87M |
| Cash from Financing | 321.97M | 1.88B | 1.51B | -822.05M | 5.14B | 275.03M | 9.66B | 1.94B | 3.83B | 2.03B | 376.89M | 442.34M | -1.55B | 3.87B | 859.97M | 1.38B | -1.99B | 4.61B | 4.12B | 1.11B |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 423.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -13.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -51.58M | 0 | 0 | 0 | -49.22M | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 321.97M | 1.88B | 1.51B | -822.05M | 5.14B | -135.44M | 9.66B | 1.94B | 3.83B | 2.03B | 376.89M | 442.34M | -1.55B | 3.87B | 859.97M | 1.38B | -1.99B | 4.61B | 4.12B | 1.11B |
| Net Change in Cash | 368.47M | 416.52M | 854.33M | 265.31M | 5.54B | -314.55M | 8.39B | -343.61M | 2.29B | -108.02M | 177.54M | -630.17M | -2.09B | 1.57B | -371.74M | -75.14M | -2.13B | -571.86M | 1.8B | -2.22B |
| Free Cash Flow | 161.79M | -322.35M | -13.58M | -685.33M | -399.68M | -229.26M | 4.17B | -146.61M | -1.51B | -1.07B | -368.61M | -967.96M | -680.57M | -2.17B | -1.23B | -1.19B | -125.34M | -2.41B | -1.91B | -2.79B |
| FCF Margin % | 5.25% | -9.57% | -0.46% | -23.74% | -13.78% | -8.42% | 154.9% | -4.94% | -53.31% | -40.65% | -14.42% | -38.43% | -27.53% | -90.13% | -51.05% | -50.11% | -5.42% | -107.26% | -87.22% | -135.14% |
| FCF Growth % | 140.48% | -40.61% | -100.33% | -367.45% | 73.47% | 78.53% | 1230.74% | 84.85% | -121.39% | 50.81% | 69.97% | 18.42% | -442.99% | 9.77% | 35.67% | 57.41% | 91.67% | -4.67% | 5.53% | -29.63% |
| FCF per Share | 0.62 | -1.27 | -0.07 | -2.76 | -1.78 | -1.02 | 20.37 | -0.80 | -8.20 | -5.81 | -2.01 | -5.27 | -3.71 | -11.84 | -6.69 | -6.47 | -0.69 | -13.18 | -10.46 | -15.30 |
| FCF Conversion (FCF/Net Income) | 1.69x | 0.17x | -2.11x | 1.01x | -11.97x | 1.02x | 0.23x | -3.34x | -2.01x | 0.36x | -0.30x | -1.21x | -3.24x | 0.27x | -5.10x | -1.69x | -4.31x | 0.66x | -1.29x | -1.40x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 478.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 226.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |