VNET Group, Inc. Sponsored ADR (VNET)
NASDAQ:VNET
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Earnings Data
Report Date
Aug 26, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.23Last Year’s EPS
>-0.01Same Quarter Last Year
Strong Buy
Based on 5 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted robust operational execution and strong wholesale-led revenue and profitability growth (notably wholesale revenues +58.1% and adjusted EBITDA +30.6%), a sizable secured resource and order pipeline, improved margins, solid liquidity and progress on asset monetization and ESG goals. Offsetting risks include heavy capital intensity (RMB 10–12 billion CapEx guidance), back‑loaded delivery that concentrates revenue recognition in H2, regulatory/power quota constraints, near-term debt maturities, and modest retail growth. On balance, the positive operational and financial momentum materially outweighs the manageable execution and capital demands.Company Guidance
Strong Top-Line Growth
Total net revenues increased 19.8% year-over-year to RMB 2.69 billion in Q1 2026, driven primarily by wholesale growth.
Wholesale Revenue Surge and Milestone
Wholesale revenues rose 58.1% year-over-year to RMB 1.06 billion and surpassed retail revenues for the first time, becoming the key growth driver.
Profitability and Margin Improvement
Adjusted EBITDA increased 30.6% year-over-year to RMB 891.5 million with adjusted EBITDA margin improving to 33.1% (from 30.4% a year ago). Adjusted cash gross profit rose 25.1% to RMB 1.21 billion and adjusted cash gross margin improved to 45% (from 43.1%).
Capacity Utilization and Operational Execution
Wholesale capacity in service increased by 18 MW to 907 MW; utilized capacity grew by 64 MW to 687 MW. Utilization rate rose to 75.7%, up 5.6 percentage points quarter-over-quarter, with mature capacity utilization at 93.8%.
Significant New Order Wins
Management reported multiple high-quality order wins totaling approximately 519 MW year-to-date 2026, including large internet-customer orders (reported as ~110 MW and ~400 MW at separate data centers) and additional retail orders of ~2 MW.
Resource and Pipeline Scale
Total wholesale resource capacity reached 2.48 GW as of March 31, 2026; capacity under construction ~516 MW with a precommitment rate of 85.8%. Capacity held for future development included short- and long-term reserves (reported as ~697 MW and ~359 MW respectively).
Solid Liquidity and Asset-Monetization Progress
Cash, restricted cash and short-term investments totaled RMB 8.8 billion. Two private-rate projects listed on the Shanghai Stock Exchange generated a combined offering size of ~RMB 6.36 billion (EV/EBITDA ~13x–14x). Company expects no less than RMB 2 billion in cash proceeds from REIT-related initiatives this fiscal year.
Clear CapEx Plan and Delivery Targets
Q1 CapEx was RMB 1.91 billion. Full-year CapEx guidance maintained at RMB 10–12 billion to support planned 2026 deliveries of 450–500 MW; delivery schedule concentrated in H2 2026 with ~250 MW targeted in Q2–Q3 and ~266 MW in Q4 2026–Q1 2027.
ESG Improvements and Recognition
PUE improved to 1.24 in 2025 (from 1.27 in 2024). Renewable energy consumption rose to 36% in 2025 (from 18% in 2024). VNET was included in the S&P Global Sustainability Yearbook for 2025 and 2026 and recognized among the top 1% in China's IT services industry.
VNET Earnings History
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 |
|---|---|---|---|
May 26, 2026 | $9.54 | $9.92 | +3.98% |
Mar 16, 2026 | $10.51 | $9.53 | -9.32% |
Nov 20, 2025 | $8.32 | $8.22 | -1.20% |
Aug 21, 2025 | $7.98 | $7.34 | -8.02% |
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 Aug 26, 2026, After Close (Confirmed).
What is VNET Group, Inc. Sponsored ADR (VNET) earnings time?
VNET Group, Inc. Sponsored ADR (VNET) earnings time is at Aug 26, 2026, 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 2026 (Q2) is 0.23.