GDS Holdings Limited (GDS) quarterly balance sheet — complete assets, liabilities & equity history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Total Current Assets | 23.49B | 18.56B | 17.26B | 17.94B | 12.33B | 11.61B | 14.3B | 14.31B | 12.1B | 10.98B | 11.26B | 12.18B | 14.42B | 11.95B | 12.58B | 12.98B | 14.51B | 14.46B | 12.67B | 15.12B |
| Cash & Short-Term Investments | 14.77B | 14.97B | 13.44B | 13.12B | 7.58B | 7.87B | 9.41B | 9.91B | 7.64B | 7.35B | 7.52B | 8.18B | 10.24B | 8.61B | 9.09B | 9.16B | 11.32B | 9.97B | 10.1B | 12.33B |
| Cash Only | 14.77B | 14.32B | 13.44B | 13.12B | 7.58B | 7.87B | 9.41B | 9.91B | 7.64B | 7.35B | 7.52B | 8.18B | 10.24B | 8.61B | 9.09B | 9.16B | 11.32B | 9.97B | 10.1B | 12.33B |
| Short-Term Investments | 0 | 667.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 3.24B | 3.03B | 2.87B | 3.19B | 3.28B | 3.26B | 4B | 3.6B | 3.22B | 2.49B | 2.88B | 2.94B | 3.05B | 2.41B | 2.84B | 3.07B | 2.56B | 1.73B | 2.05B | 2.27B |
| Days Sales Outstanding | 84.27 | 94.18 | 96.46 | 101.45 | 108.13 | 124.24 | 117.88 | 109.64 | 98.85 | 96.75 | 106.26 | 110.2 | 101.96 | 100.39 | 114.76 | 110.74 | 86.04 | 79.63 | 96.52 | 103.82 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 5.49B | 554.65M | 254.11M | 1.63B | 1.47B | 482.95M | 882.45M | 803.26M | 261.51M | 1.14B | 173.44M | 171.41M | 169.24M | 750.11M | 0 | 0 | 0 | 2.56B | 0 | 0 |
| Total Non-Current Assets | 60.33B | 61.49B | 61.35B | 61.26B | 61.13B | 62.04B | 68.05B | 64.86B | 63.61B | 63.46B | 65.59B | 64.87B | 63.72B | 62.86B | 62.29B | 61.04B | 61.15B | 57.17B | 51.76B | 47.33B |
| Property, Plant & Equipment | 42.53B | 42.91B | 44.3B | 44.51B | 44.05B | 45.4B | 57.38B | 54.33B | 53.22B | 52.94B | 54.99B | 54.31B | 53.23B | 52.55B | 51.67B | 50.53B | 49.06B | 44.65B | 41.18B | 37.76B |
| Fixed Asset Turnover | 0.08x | 0.07x | 0.07x | 0.07x | 0.06x | 0.05x | 0.05x | 0.05x | 0.05x | 0.05x | 0.05x | 0.05x | 0.05x | 0.05x | 0.05x | 0.05x | 0.05x | 0.05x | 0.05x | 0.05x |
| Goodwill | 0 | 5.19B | 0 | 5.64B | 6.09B | 0 | 0 | 7.66B | 0 | 7.08B | 0 | 0 | 0 | 8.12B | 8.18B | 8.24B | 8.3B | 8.36B | 6.82B | 6.21B |
| Intangible Assets | 5.4B | 289.46M | 5.6B | 16.36M | 21.62M | 6.39B | 7.63B | 22.08M | 7.74B | 710.94M | 7.97B | 8.05B | 8.13B | 23M | 23.16M | 23.31M | 23.46M | 634.95M | 652.8M | 658.3M |
| Long-Term Investments | 9.3B | 10.06B | 8.35B | 7.99B | 7.91B | 7.54B | 0 | 0 | 0 | 1.4B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -186.5M | 0 | 0 |
| Other Non-Current Assets | 3.09B | 3.05B | 3.1B | 3.1B | 3.05B | 2.7B | 3.04B | 2.84B | 2.65B | 1.05B | 2.63B | 2.52B | 2.36B | 1.94B | 2.41B | 2.24B | 3.77B | 3.52B | 3.11B | 2.7B |
| Total Assets | 83.82B | 80.05B | 78.61B | 79.2B | 73.46B | 73.65B | 82.34B | 79.17B | 75.71B | 74.45B | 76.84B | 77.05B | 78.13B | 74.81B | 74.88B | 74.02B | 75.67B | 71.63B | 64.43B | 62.46B |
| Asset Turnover | 0.04x | 0.04x | 0.04x | 0.04x | 0.04x | 0.03x | 0.04x | 0.04x | 0.03x | 0.03x | 0.03x | 0.03x | 0.03x | 0.03x | 0.03x | 0.03x | 0.03x | 0.03x | 0.03x | 0.03x |
| Asset Growth % | 14.11% | 8.69% | -4.53% | 0.04% | -2.98% | -1.07% | 7.16% | 2.74% | -3.1% | -0.49% | 2.63% | 4.11% | 3.26% | 4.44% | 16.21% | 18.51% | 29.76% | 25.1% | 47.97% | 50.1% |
| Total Current Liabilities | 12.59B | 7.13B | 6.87B | 8.98B | 8.41B | 9.08B | 11.98B | 10.28B | 10.74B | 8.31B | 7.4B | 9.72B | 11.15B | 10.6B | 11.29B | 12B | 13.22B | 13.47B | 8.92B | 8.53B |
| Accounts Payable | 1.9B | 1.93B | 1.92B | 2.69B | 2.05B | 2.59B | 3.64B | 3.09B | 3.36B | 2.75B | 2.92B | 2.97B | 2.64B | 3.09B | 3.79B | 3.99B | 3.76B | 3.9B | 3.86B | 3.79B |
| Days Payables Outstanding | 76.03 | 75.83 | 94.27 | 97.55 | 100.53 | 135.73 | 134.08 | 134.15 | 135.44 | 122.83 | 130.75 | 132.81 | 134.57 | 165.18 | 190.85 | 191.43 | 196.16 | 209.89 | 218.95 | 231 |
| Short-Term Debt | 9.44B | 2.95B | 2.63B | 3.82B | 4.08B | 4.34B | 6.03B | 5.02B | 4.3B | 2.58B | 2.53B | 4.81B | 6.49B | 5.71B | 5.11B | 5.02B | 6.24B | 5.95B | 2.56B | 2.34B |
| Deferred Revenue (Current) | 0 | 113.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 119.89M | 0 | 0 | 0 | 156.13M | 0 | 0 | 0 | 90.99M | 0 | 0 |
| Other Current Liabilities | 1.24B | 989.91M | 0 | 202.92M | 0 | 0 | 0 | 0 | 0 | 1.03B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 1.87x | 2.60x | 2.51x | 2.00x | 1.47x | 1.28x | 1.19x | 1.39x | 1.13x | 1.32x | 1.52x | 1.25x | 1.29x | 1.13x | 1.11x | 1.08x | 1.10x | 1.07x | 1.42x | 1.77x |
| Quick Ratio | 1.87x | 2.60x | 2.51x | 2.00x | 1.47x | 1.28x | 1.19x | 1.39x | 1.13x | 1.32x | 1.52x | 1.25x | 1.29x | 1.13x | 1.11x | 1.08x | 1.10x | 1.07x | 1.42x | 1.77x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 38.91B | 45.16B | 44.96B | 44.62B | 40.61B | 40.9B | 45.57B | 46.01B | 45.18B | 46.02B | 47.44B | 45.03B | 44.2B | 40.03B | 39.37B | 38.42B | 37.45B | 33.63B | 29.37B | 28.5B |
| Long-Term Debt | 30.77B | 35.53B | 35.18B | 34.67B | 30.33B | 30.48B | 34.93B | 35.21B | 35.26B | 31.52B | 35.15B | 32.37B | 31.7B | 27.81B | 26.97B | 25.81B | 25.4B | 20.18B | 18.35B | 16.78B |
| Capital Lease Obligations | 6.8B | 8.26B | 8.37B | 8.53B | 8.7B | 8.88B | 9.04B | 9.2B | 8.32B | 9.24B | 9.48B | 9.89B | 9.76B | 10.53B | 10.92B | 10.1B | 10.55B | 10.82B | 10.19B | 9.97B |
| Deferred Tax Liabilities | 0 | 1.14B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.28B | 0 | 0 | 0 | 1.41B | 0 | 0 | 0 | 734.28M | 0 | 0 |
| Other Non-Current Liabilities | 1.34B | 113.55M | 1.4B | 1.43B | 1.58B | 1.54B | 1.6B | 1.6B | 1.6B | 3.83B | 2.82B | 2.77B | 2.74B | 207.81M | 1.47B | 2.51B | 1.5B | 1.84B | 824.51M | 1.75B |
| Total Liabilities | 51.5B | 52.29B | 51.83B | 53.61B | 49.02B | 49.98B | 57.55B | 56.29B | 55.92B | 54.32B | 54.84B | 54.75B | 55.35B | 50.63B | 50.66B | 50.42B | 50.67B | 47.1B | 38.29B | 37.03B |
| Total Debt | 47.01B | 47.55B | 46.96B | 47.8B | 43.88B | 44.46B | 50.78B | 50.19B | 49.66B | 44.02B | 47.83B | 47.74B | 48.58B | 44.68B | 43.61B | 41.68B | 42.91B | 37.79B | 31.62B | 29.56B |
| Net Debt | 32.24B | 33.24B | 33.52B | 34.68B | 36.31B | 36.59B | 41.37B | 40.29B | 42.02B | 36.67B | 40.31B | 39.55B | 38.33B | 36.08B | 34.52B | 32.52B | 31.59B | 27.82B | 21.52B | 17.23B |
| Debt / Equity | 1.45x | 1.71x | 1.75x | 1.87x | 1.80x | 1.88x | 2.05x | 2.19x | 2.51x | 2.19x | 2.17x | 2.14x | 2.13x | 1.85x | 1.80x | 1.77x | 1.72x | 1.54x | 1.21x | 1.16x |
| Debt / EBITDA | 27.16x | 38.62x | 38.39x | 37.60x | 35.92x | 44.11x | 41.23x | 42.19x | 46.16x | - | 49.48x | 42.68x | 48.68x | 42.21x | 46.28x | 45.07x | 46.78x | 42.40x | 37.30x | 38.56x |
| Net Debt / EBITDA | 18.63x | 27.00x | 27.40x | 27.28x | 29.72x | 36.31x | 33.59x | 33.86x | 39.05x | - | 41.69x | 35.37x | 38.41x | 34.08x | 36.63x | 35.17x | 34.44x | 31.22x | 25.39x | 22.48x |
| Interest Coverage | 2.39x | 0.88x | 6.91x | 1.05x | 3.25x | 7.23x | 0.55x | 0.66x | 0.44x | -45.06x | 0.21x | 0.57x | 0.36x | 0.88x | 0.39x | 0.33x | 0.34x | 0.34x | 0.41x | 0.40x |
| Total Equity | 32.32B | 27.75B | 26.78B | 25.59B | 24.44B | 23.67B | 24.79B | 22.88B | 19.79B | 20.12B | 22B | 22.3B | 22.79B | 24.18B | 24.22B | 23.6B | 25B | 24.53B | 26.14B | 25.42B |
| Equity Growth % | 32.23% | 17.26% | 8.03% | 11.87% | 23.5% | 17.62% | 12.7% | 2.57% | -13.15% | -16.79% | -9.15% | -5.49% | -8.84% | -1.42% | -7.37% | -7.17% | -6.08% | -4.49% | 77.4% | 83.85% |
| Book Value per Share | 127.27 | 142.85 | 107.98 | 113.89 | 108.77 | 115.68 | 134.93 | 124.49 | 107.71 | 109.52 | 119.86 | 121.61 | 124.24 | 131.87 | 132.10 | 129.04 | 136.88 | 134.44 | 143.63 | 140.30 |
| Total Shareholders' Equity | 31.42B | 26.86B | 26.67B | 25.48B | 24.31B | 23.54B | 19.67B | 19.45B | 19.63B | 19.96B | 21.87B | 22.17B | 22.67B | 24.07B | 24.11B | 23.54B | 24.94B | 24.47B | 26.11B | 25.05B |
| Common Stock | 559.9K | 562.35K | 562K | 562K | 527K | 527K | 527K | 527K | 527K | 516K | 516K | 516K | 516K | 516K | 516K | 516K | 516K | 507K | 507K | 507K |
| Retained Earnings | -2.44B | -5.1B | -4.63B | -5.35B | -5.28B | -6.04B | -10.23B | -10.04B | -9.82B | -9.47B | -6.3B | -5.88B | -5.66B | -5.18B | -5B | -4.66B | -4.28B | -3.91B | -3.59B | -3.3B |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -866.19M | -829.85M | -928.17M | -947.24M | -1.08B | -1.09B | -661.44M | -1.05B | -1.03B | -974.39M | -1.09B | -1.11B | -800.19M | -848.36M | -975.56M | -755.25M | -612.52M | -599.19M | -528.53M | -542.51M |
| Minority Interest | 897.23M | 897.96M | 116.56M | 113.89M | 130.91M | 129.93M | 5.12B | 3.43B | 165.67M | 165.58M | 129.94M | 129.93M | 118.09M | 116.59M | 102.63M | 59.75M | 59.26M | 59.17M | 33.33M | 370.14M |