GDS Holdings Limited (GDS) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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GDS Revenue Growth
Revenue Breakdown (FY 2024)
GDS's revenue distribution by segment and geography for fiscal year 2024
By Product/Segment
GDS Revenue Analysis (2014–2025)
As of May 8, 2026, GDS Holdings Limited (GDS) generated trailing twelve-month (TTM) revenue of $11.39 billion, reflecting solid growth of +7.1% year-over-year. The most recent quarter (Q4 2025) recorded $2.88 billion in revenue, down 0.2% sequentially.
Looking at the longer-term picture, GDS's 5-year compound annual growth rate (CAGR) stands at +14.1%, indicating consistent double-digit revenue growth. The company achieved its highest annual revenue of $11.12 billion in 2025, representing a new all-time high.
Revenue diversification analysis shows GDS's business is primarily driven by Service revenue (50%), Colocation services (44%), and Managed service and others (6%).
When compared to Technology sector peers including VNET (+20.7% YoY), BTBT, and DLR (+11.4% YoY), GDS has underperformed the peer group in terms of 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 | $11.4B | +7.1% | +14.1% | 13.2% | |
 VNET | $8.3B | +20.7% | +16.9% | 8.1% | |
 BTBT | $164M | - | - | 16.8% | |
 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% |
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Start ComparisonGDS — Frequently Asked Questions
Quick answers to the most common questions about buying GDS stock.
Is GDS's revenue growth accelerating or slowing?
GDS maintains +7.1% revenue growth, in line with its 5-year CAGR of +14.1%. TTM revenue stands at $11.4B. Growth rate remains consistent with historical average.
What is GDS's long-term revenue growth rate?
GDS Holdings Limited's 5-year revenue CAGR of +14.1% reflects the sustained expansion pattern. Current YoY growth of +7.1% is near this long-term average.
How is GDS's revenue distributed by segment?
GDS reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.