VNET Group, Inc. (VNET) Revenue History
Annual and quarterly revenue from 2013 to 2024
Compound Annual Growth Rate (CAGR)
Loading revenue history...
VNET Revenue Growth
Revenue Breakdown (FY 2024)
VNET's revenue distribution by segment and geography for fiscal year 2024
By Product/Segment
VNET Revenue Analysis (2013–2024)
As of May 8, 2026, VNET Group, Inc. (VNET) generated trailing twelve-month (TTM) revenue of $9.50 billion, reflecting exceptional growth of +23.8% year-over-year. The most recent quarter (Q3 2025) recorded $2.57 billion in revenue, up 5.5% sequentially.
Looking at the longer-term picture, VNET's 5-year compound annual growth rate (CAGR) stands at +16.9%, indicating consistent double-digit revenue growth. The company achieved its highest annual revenue of $8.26 billion in 2024, representing a new all-time high.
Revenue diversification analysis shows VNET's business is primarily driven by Hosting and Related Services (84%), and Cloud Services (16%). With over half of revenue concentrated in Hosting and Related Services, the company maintains significant focus in this area while developing other growth vectors.
When compared to Technology sector peers including GDS (+2.5% YoY), DLR (+11.4% YoY), and EQIX (+6.9% YoY), VNET has outperformed the peer group in terms of revenue growth. Compare VNET vs GDS →
VNET Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| VNETCurrent | $9.5B | +23.8% | +16.9% | 8.1% | |
 GDS | $11.1B | +2.5% | +14.1% | 13.2% | |
 DLR | $6.1B | +11.4% | +9.4% | 10.8% | |
 EQIX | $9.3B | +6.9% | +9.1% | 20.0% | |
 IRM | $6.9B | +15.6% | +10.7% | 20.4% | |
 CYD | $19.1B | +12.2% | +1.2% | 3.1% |
VNET Historical Revenue Data (2013–2024)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2024 | $8.26B | +11.4% | $1.83B | 22.2% | $669.4M | 8.1% |
| 2023 | $7.41B | +3.1% | $1.29B | 17.4% | $-1,970,901,000 | -26.6% |
| 2022 | $7.19B | +16.1% | $1.31B | 18.2% | $62.2M | 0.9% |
| 2021 | $6.19B | +28.2% | $1.44B | 23.2% | $21.3M | 0.3% |
| 2020 | $4.83B | +27.4% | $1.08B | 22.3% | $116.6M | 2.4% |
| 2019 | $3.79B | +11.4% | $939.4M | 24.8% | $182.2M | 4.8% |
| 2018 | $3.40B | +0.2% | $944.9M | 27.8% | $237.5M | 7.0% |
| 2017 | $3.39B | -6.8% | $758.4M | 22.4% | $-1,368,538,000 | -40.3% |
| 2016 | $3.64B | +0.2% | $712.1M | 19.6% | $-840,196,000 | -23.1% |
| 2015 | $3.63B | +26.3% | $853.8M | 23.5% | $-284,233,000 | -7.8% |
See VNET's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs VNET Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare VNET vs NVDA
Side-by-side business, growth, and profitability comparison vs NVIDIA Corporation.
Start ComparisonVNET — Frequently Asked Questions
Quick answers to the most common questions about buying VNET stock.
Is VNET's revenue growth accelerating or slowing?
VNET revenue is accelerating at +23.8% year-over-year, exceeding the 5-year CAGR of +16.9%. TTM revenue reached $9.5B. Growth momentum has increased versus prior periods.
What is VNET's long-term revenue growth rate?
VNET Group, Inc.'s 5-year revenue CAGR of +16.9% reflects the sustained expansion pattern. Current YoY growth of +23.8% is above this long-term average.
How is VNET's revenue distributed by segment?
VNET reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2013-2024 are available for download. Segment mix reveals concentration and diversification trends.