EarningsQ2 2026 Earnings Report
MX:GDSN Q2 2026 EPS Results
Actual EPS$1.18
Consensus EPS$0.20
Beat/MissBeat by +$0.98
One Year Ago EPS-$0.16
MX:GDSN Q2 2026 Revenue Results
Actual Revenue$8.17B
Expected Revenue$8.29B
Beat/MissMissed by -$120.49M
YoY Revenue Growth+13.14%
Earnings Announcement Details
QuarterQ2 2026
Date08/13/2026
TimeBefore Open
Conference CallThursday, August 13, 2026
MX:GDSN Upcoming Earnings
GDS Holdings's next earnings date is estimated for November 24, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:GDSN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveys strong demand momentum, a materially upgraded bookings target, expanding backlog and visible booked EBITDA, supported by solid liquidity and active financing. These positive operational and financial developments are tempered by near-term margin pressure (MSR decline), higher CapEx needs, elevated project-level leverage, GPU supply timing risk, and uncertainty around the timing of asset monetization. Overall, the positives—particularly the large uplift in bookings, backlog growth, and clear revenue/EBITDA visibility—outweigh the negatives.Company Guidance
Strong Sales Momentum and Raised Sales Target
Booked 260 MW of new bookings in Q2 and 470 MW in H1 2026; management raised the full-year sales target to 1.0 GW (up from ~500 MW prior guidance), representing a ~100% increase in the target and signaling materially stronger demand.
Robust Backlog and Binding Commitments
Backlog grew from 450 MW at the start of the year to 757 MW at mid-year (+68.2%); management reports total binding commitments of over 2.0 GW plus an additional 600 MW of customer reservations (reservations expected to exceed 1.0 GW by year-end).
High Visibility to Future Billings and Booked EBITDA
Estimated pro forma adjusted EBITDA per MW from backlog of RMB 2.2 million; booked-but-not-billed adjusted EBITDA of ~RMB 1.6 billion, providing visible near-term earnings conversion from backlog.
Move-In Progress and Outlook
Reported net move-in of 145 MW in H1; company forecasts another 90 MW in H2 for a 2026 total of 235 MW and expects move-in to more than double in 2027 with heavy weighting to H2 2027, implying significant acceleration in revenue and EBITDA in subsequent years.
Financial Position, Liquidity and Deleveraging
Cash balance near RMB 20 billion; net debt delevered to 4.7x last-quarter annualized adjusted EBITDA; completed RMB 4.9 billion of new debt financing and refinancing in 2Q, and continues to target ~60% debt / 40% equity financing at project level.
Upgraded Full-Year Revenue and Adjusted EBITDA Guidance
Company revised up full-year revenue and adjusted EBITDA guidance (pro forma adjusted EBITDA increased 12.7% in H1; implied pro forma adjusted EBITDA growth of 6.5% at the midpoint of the revised full-year guidance).
Active Capacity Pipeline and Resource Strategy
Approximately 3.0 GW of developable capacity not yet committed or reserved (mostly in new markets); bookings show geographic diversification (~50% from established markets and ~50% from new markets such as Ulanqab, Horinger, Shaoguan, and Changshu).
Selective Reservation Conversion Track Record
Management states customers have exercised reservations at ~100% historically over the last 12–18 months, supporting high visibility for future bookings as reservations convert to binding commitments.
MX:GDSN 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