GDS Holdings Limited (GDS) quarterly cash flow statement — complete operating, investing & financing 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 |
|---|
| Cash from Operations | 444.98M | 960.28M | 736.5M | 865.12M | 780.07M | 967.59M | 641.51M | 454.24M | -124.97M | 949.39M | 510.45M | 734.6M | -129.18M | 907.9M | 575.73M | 1.62B | -244.73M | 406.1M | 456.19M | 363.27M |
| Operating CF Margin % | 13.3% | 33.33% | 25.51% | 29.83% | 28.65% | 35.96% | 21.63% | 16.07% | -4.76% | 37.14% | 20.26% | 29.72% | -5.36% | 37.77% | 24.32% | 70.08% | -10.91% | 18.57% | 22.13% | 19.49% |
| Operating CF Growth % | -42.96% | -0.76% | 14.81% | 90.46% | 724.2% | 1.92% | 25.68% | -38.17% | 3.26% | 4.57% | -11.34% | -54.63% | 47.22% | 123.57% | 26.2% | 345.71% | -911.41% | 29.91% | 5843.31% | 95.27% |
| Net Income | 2.63B | -460.61M | 725.98M | -70.58M | 764.07M | 36.9M | -231.11M | -231.77M | -344.93M | -3.16B | -420.83M | -225.31M | -474.61M | -177.9M | -339.66M | -375.31M | -373.25M | -312.88M | -301.13M | -298.46M |
| Depreciation & Amortization | 828.63M | 873.01M | 877.16M | 856.62M | 856.52M | 710.95M | 911.27M | 874.17M | 856.74M | 1.02B | 886.14M | 874.11M | 843.36M | 820.44M | 795.33M | 791.55M | 781.76M | 739.18M | 697.89M | 619.61M |
| Stock-Based Compensation | 0 | 0 | 0 | 61.2M | 61.98M | 82.97M | 61.19M | 75.68M | 76.65M | 80.77M | 107.96M | 63.03M | 84.86M | 38.38M | 71.12M | 88.34M | 92.98M | 90.91M | 91.76M | 100.5M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -2B | 480.61M | -824.81M | 38.13M | -989.34M | -412.19M | -31.95M | -3.29M | 50.79M | 4.52M | 53.41M | 50.3M | 44.05M | -187.82M | 44.16M | 68.82M | 45.05M | 29.27M | 51.32M | 90.89M |
| Working Capital Changes | -1.01B | 67.26M | -41.82M | -20.24M | 86.84M | 315.82M | -67.89M | -260.56M | -764.22M | 285.75M | -116.24M | -27.53M | -626.84M | 414.81M | 4.78M | 1.05B | -791.26M | -140.38M | -83.65M | -149.27M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -156.33M | 0 | 0 | 0 | -678.83M | 0 | 0 | 0 | -37.99M | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.82B | -1.56B | 293.32M | -364.53M | -1.37B | -2.23B | -2.9B | -2.03B | -1.6B | -1.15B | -1.57B | -1.41B | -2.19B | -2.13B | -2.14B | -2.07B | -4.93B | -2.73B | -3.82B | -4.84B |
| Capital Expenditures | -765.39M | -896.2M | -1.42B | -1.26B | -1.01B | 3.2B | -2.9B | -1.96B | -1.6B | -1.32B | -1.48B | -1.42B | -2.04B | -2.14B | -1.76B | -1.74B | -2.16B | -2.31B | -3.24B | -1.87B |
| CapEx % of Revenue | 22.87% | 31.1% | 49.25% | 43.61% | 37.06% | 118.94% | 97.74% | 69.38% | 60.71% | 51.55% | 58.69% | 57.25% | 84.77% | 88.82% | 74.43% | 75.51% | 96.35% | 105.78% | 157.27% | 100.24% |
| Acquisitions | 0 | 0 | 1.72B | 900.27M | -360.08M | 27M | 0 | -70.79M | 0 | 145.38M | -94M | 8.81M | -151.25M | 4.27M | -377.18M | -328.01M | -2.77B | -415.75M | -595.9M | -2.97B |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -3.73B | -4.66M | 0 | 0 | 0 | -5.55B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 37.38M | 0 | 0 | 0 | -1.59M | 20.87M | 0 |
| Cash from Financing | 1.87B | 1.47B | -822.05M | 5.14B | 275.03M | 9.66B | 1.94B | 3.83B | 1.62B | 376.89M | 442.34M | -1.55B | 3.87B | 859.97M | 1.38B | -1.99B | 4.61B | 4.12B | 1.11B | 1.95B |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 275.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | -13.46M | -40.72M | 0 | 0 | 0 | -53.92M | 0 | 0 | 0 | -51.58M | 0 | 0 | 0 | -49.22M | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.87B | 1.47B | -822.05M | 5.14B | 275.03M | 9.66B | 1.94B | 3.83B | 1.62B | 376.89M | 442.34M | -1.55B | 3.87B | 859.97M | 1.38B | -1.99B | 4.61B | 4.12B | 1.11B | 1.95B |
| Net Change in Cash | 549.34M | 1.11B | 265.31M | 5.54B | -314.55M | 8.39B | -343.61M | 2.29B | -108.02M | 177.54M | -630.17M | -2.09B | 1.57B | -371.74M | -75.14M | -2.13B | -571.86M | 1.8B | -2.22B | -2.7B |
| Free Cash Flow | -320.4M | 64.08M | -685.33M | -399.68M | -229.26M | 547.92M | -2.26B | -1.51B | -1.72B | -368.61M | -967.96M | -680.57M | -2.17B | -1.23B | -1.19B | -125.34M | -2.41B | -1.91B | -2.79B | -1.51B |
| FCF Margin % | -9.57% | 2.22% | -23.74% | -13.78% | -8.42% | 20.36% | -76.11% | -53.31% | -65.47% | -14.42% | -38.43% | -27.53% | -90.13% | -51.05% | -50.11% | -5.42% | -107.26% | -87.22% | -135.14% | -80.75% |
| FCF Growth % | -39.76% | -88.3% | 69.64% | 73.47% | 86.67% | 248.65% | -133.2% | -121.39% | 20.78% | 69.97% | 18.42% | -442.99% | 9.77% | 35.67% | 57.41% | 91.67% | -4.67% | 5.53% | -29.63% | -80.06% |
| FCF per Share | -1.26 | 0.33 | -2.76 | -1.78 | -1.02 | 2.68 | -12.28 | -8.20 | -9.36 | -2.01 | -5.27 | -3.71 | -11.84 | -6.69 | -6.47 | -0.69 | -13.18 | -10.46 | -15.30 | -8.31 |
| FCF Conversion (FCF/Net Income) | 0.17x | -2.08x | 1.01x | -11.97x | 1.02x | 0.23x | -3.34x | -2.01x | 0.36x | -0.30x | -1.21x | -3.24x | 0.27x | -5.10x | -1.69x | -4.31x | 0.66x | -1.29x | -1.40x | -1.23x |
| Interest Paid | 0 | 0 | 0 | 0 | 478.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 226.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |