VNET Reports Unaudited First Quarter 2026 Financial Results
VNET reported Q1 2026 revenue of $390.1 million, up 19.8% year-over-year, driven by a 58.1% surge in wholesale IDC revenues which surpassed retail revenues for the first time. Adjusted EBITDA grew 30.6% to $129.2 million with a margin expansion to 33.1%, while the company reaffirmed its full-year 2026 guidance for 15.6%-18.6% revenue growth.
Key figures
- Revenue
- 390133000
- Guidance
- FY26 revenue RMB11.5B-RMB11.8B (15.6%-18.6% YoY growth); Adjusted EBITDA RMB3.55B-RMB3.75B (19.2%-25.9% YoY growth)
- Revenue Yoy
- 19.8%
- Retail revenue
- 147900000
- Adjusted ebitda
- 129246000
- Wholesale revenue
- 154300000
- Retail revenue yoy
- 5.4%
- Cash and equivalents
- 1126723000
- Catl share price usd
- 8.6914
- Catl stake percentage
- 38.1%
- Wholesale revenue yoy
- 58.1%
- Adjusted ebitda margin
- 33.1%
AI analysis
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