VNET Group, Inc. cash flow statement VNET

Annual Quarterly

In fiscal 2025, which ended Dec 31, 2025, VNET Group, Inc. generated $274.4 million of cash from operations, down 0.1% from the year before. It spent $1.1 billion on capital expenditures. Free cash flow was negative, at -$820.5 million. The company returned $2.5 million in share buybacks to shareholders.

USD in millions, except per-share amounts and ratios. The percent under a figure is the change from the year before.

Line	FY 2025 Dec 31, 2025	FY 2024 Dec 31, 2024	FY 2023 Dec 31, 2023	FY 2022 Dec 31, 2022	FY 2021 Dec 31, 2021	FY 2020 Dec 31, 2020	FY 2019 Dec 31, 2019	FY 2018 Dec 31, 2018	FY 2012 Dec 31, 2012	FY 2011 Dec 31, 2011
Operating
Depreciation and amortization	304 +38.8%	219 -14.0%	255 +10.0%	231 +16.3%	199 +31.2%	152 +36.6%	111 +34.6%	82 +2.4%	15 +59.2%	9
Stock-based compensation	4 -81.9%	20 +309.4%	5 -71.0%	17 -65.9%	50 +139.5%	21 +232.4%	6 -27.2%	9 +19.5%	11 +62.8%	7
Operating cash flow	274 -0.1%	275 -5.5%	291 -17.9%	354 +62.4%	218 +99.0%	109 -5.1%	115 +12.5%	103	28 +5.8%	26
Investing
Capital expenditures	1,095 +62.3%	675 +61.4%	418 -3.8%	434 +2.8%	422 +11.4%	379 +111.3%	179 +183.4%	63 +4.0%	72 +76.5%	41
Investing cash flow	-1,146 -90.5%	-602 -9.4%	-550 -6.6%	-516 +12.8%	-592 +0.7%	-596 -157.4%	-232 -422.3%	-44	-28 +86.0%	-201
Financing
Debt issued	—	—	—	—	—	—	289	—	—	—
Debt repaid	—	—	—	—	—	—	—	—	0	—
Short-term debt issued	—	—	—	—	—	—	—	10 -5.4%	—	—
Short-term debt repaid	—	—	—	—	—	—	—	10 -96.0%	—	—
Stock buybacks	2	—	—	—	267 +1235.5%	20 +1075.5%	2	—	—	30
Financing cash flow	1,462 +1799.7%	-86 -115.5%	555 +66.6%	333 +119.4%	152 -76.2%	638 +862.3%	66 +2389.4%	-3	4 -98.3%	229
Change in cash
Effect of exchange rate	—	—	—	—	1 +104.1%	-35 -659.8%	6 -49.5%	12	—	—
Net change in cash	589 +242.5%	-413 -239.2%	297 +60.0%	186 +184.1%	-221 -289.9%	116 +366.6%	-44	—	—	—
Free cash flow	-821 -105.2%	-400 -214.0%	-127 -58.1%	-81 +60.6%	-205 +24.1%	-270 -320.9%	-64 -263.3%	39	-44 -207.5%	-14
Per share
Free cash flow per share	-0.51 -121.8%	-0.23 -62.4%	-0.14 -55.6%	-0.09 +59.5%	-0.22 +40.3%	-0.38 -292.7%	-0.10 -264.7%	0.06	-0.12 -173.0%	-0.04
Shareholder returns
Returned to shareholders	2	—	—	—	267	20	2	—	—	30
Ratios
Free cash flow margin	—	—	—	—	—	—	-11.77%	7.93%	-17.90%	-8.78%
Capital expenditures to revenue	—	—	—	—	—	—	32.96%	12.80%	29.31%	25.05%
Stock-based compensation to revenue	—	—	—	—	—	—	1.16%	1.75%	4.44%	4.11%
Cash conversion	—	10.95x	—	—	2.78x	—	—	—	3.09x	9.01x

How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and ratios. Capital expenditures, debt repaid, dividends, and buybacks are positive amounts. Investing and financing cash flow keep the filing sign, so an outflow is negative. Free cash flow is operating cash flow minus capital expenditures. Returned to shareholders is dividends plus buybacks. Free cash flow margin, capital expenditures, and stock-based compensation are divided by revenue. Cash conversion is operating cash flow divided by net income. More on our methodology.

Company profile

Industry: Services-Computer Programming, Data Processing, Etc. (SIC 7370)
Listed as: VNET (Nasdaq)
Headquarters: Beijing, China
SEC filer status: Large accelerated filer
SEC CIK: 1508475
Former names: 21Vianet Group, Inc. (until Oct 8, 2021); 21 Vianet Group, Inc. (until Apr 6, 2011)

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.