GDS Holdings Limited (GDS) Revenue History
Annual and quarterly revenue from 2014 to present
GDS Revenue Over Time (2014–2025)
GDS Revenue Growth History
11 of 11 years with positive growth- FY2014 revenue growth
- N/A
- FY2015 revenue growth
- +50.2%
- FY2016 revenue growth
- +50.1%
- FY2017 revenue growth
- +53.1%
- FY2018 revenue growth
- +72.8%
- FY2019 revenue growth
- +47.6%
- FY2020 revenue growth
- +39.2%
- FY2021 revenue growth
- +36.2%
- FY2022 revenue growth
- +19.3%
- FY2023 revenue growth
- +6.8%
- FY2024 revenue growth
- +3.7%
- FY2025 revenue growth
- +7.7%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $3.35B | +22.9% |
| Q4 2025 | $2.88B | +7.1% |
| Q3 2025 | $2.89B | -2.6% |
| Q2 2025 | $2.90B | +2.6% |
| Q1 2025 | $2.72B | +3.6% |
| Q4 2024 | $2.69B | +5.2% |
| Q3 2024 | $2.97B | +17.7% |
| Q2 2024 | $2.83B | +14.3% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
GDS's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
GDS Revenue Analysis (2014–2025)
Current Revenue & Growth
As of June 22, 2026, GDS Holdings Limited (GDS) generated trailing twelve-month (TTM) revenue of $12.02 billion, reflecting exceptional growth of +22.9% year-over-year. The most recent quarter (Q1 2026) recorded $3.35 billion in revenue, up 16.2% sequentially.
Historical Growth Trajectory
GDS's 5-year compound annual growth rate (CAGR) stands at +14.1%, indicating consistent double-digit revenue growth. The 3-year CAGR of +6.0% is below the 5-year average, signalling a growth deceleration in recent years. GDS Holdings Limited's highest annual revenue of $11.12 billion was recorded in 2025, an all-time high.
Revenue by Segment
GDS's revenue is primarily driven by Service revenue (50%), Colocation services (45%), and Managed service and others (5%). The diversified mix across segments reduces dependence on any single product line, which can support more resilient revenue in downturns.
Peer Comparison
Compared to Technology sector peers — including VNET (+20.8% YoY), BTBT, and DLR (+11.4% YoY) — GDS has outperformed the peer group in revenue growth. Compare GDS vs VNET →
GDS Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| GDSCurrent | $12.0B | +22.9% | +14.1% | 13.2% | |
 VNET | $9.7B | +20.8% | +14.9% | 7.6% | |
 BTBT | $114M | - | - | -49.8% | |
 DLR | $6.1B | +11.4% | +9.4% | 10.8% | |
 EQIX | $9.3B | +6.9% | +9.1% | 20.0% | |
 COR | $321.3B | +5.9% | +11.1% | 1.1% |
GDS Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $11.12B | +7.7% | $2.27B | 20.5% | $1.46B | 13.2% |
| 2024 | $10.32B | +3.7% | $2.22B | 21.5% | $1.15B | 11.2% |
| 2023 | $9.96B | +6.8% | $1.92B | 19.3% | $-2,458,705,000 | -24.7% |
| 2022 | $9.33B | +19.3% | $1.94B | 20.8% | $551.8M | 5.9% |
| 2021 | $7.82B | +36.2% | $1.78B | 22.8% | $569.5M | 7.3% |
| 2020 | $5.74B | +39.2% | $1.55B | 27.0% | $672.9M | 11.7% |
| 2019 | $4.12B | +47.6% | $1.04B | 25.3% | $479.8M | 11.6% |
| 2018 | $2.79B | +72.8% | $622.4M | 22.3% | $168.4M | 6.0% |
| 2017 | $1.62B | +53.1% | $408.5M | 25.3% | $82.2M | 5.1% |
| 2016 | $1.06B | +50.1% | $265.7M | 25.2% | $-42,374,000 | -4.0% |
| 2015 | $703.6M | +50.2% | $188.6M | 26.8% | $-1,217,000 | -0.2% |
| 2014 | $468.3M | - | $80.2M | 17.1% | $-75,698,000 | -16.2% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
12+ years return with dividends reinvested.
DCA Calculator
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Peer Comparison
Compare growth, multiples, and margins vs sector.
GDS — Frequently Asked Questions
Quick answers to the most common questions about buying GDS stock.
Is GDS's revenue growth accelerating or slowing?
GDS revenue growth is accelerating. TTM revenue reached $12.0B, up +22.9% year-over-year — ahead of the 5-year CAGR of +14.1%. This indicates the business is expanding faster than its historical baseline.
What is GDS's revenue history from 2014 to 2026?
GDS Holdings Limited (GDS) revenue history spans 2014 to 2026. TTM revenue as of 2026 is $12.0B, growing at +22.9% YoY. The 5-year CAGR is +14.1%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is GDS's long-term revenue growth rate (CAGR)?
GDS Holdings Limited's 5-year revenue CAGR of +14.1% reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +22.9% is above this long-term average. CAGR is the most reliable measure of sustained revenue momentum for GDS.
Why does GDS's quarterly revenue fluctuate?
GDS quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. GDS Holdings Limited's revenue data from 2014 to 2026 shows full historical quarterly detail on this page.
How is GDS's revenue distributed by segment?
GDS reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does GDS's revenue compare to industry peers?
GDS Holdings Limited (GDS) with TTM revenue of $12.0B and +22.9% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.