VNET Group, Inc. (NASDAQ:VNET) reported fourth-quarter revenue that came in above analyst expectations, supported by strong momentum in its wholesale data center segment, although earnings per share were slightly below forecasts. The company’s shares gained about 1% in premarket trading on Monday following the announcement.
The carrier- and cloud-neutral data center services provider posted quarterly revenue of RMB2.69 billion, surpassing the consensus estimate of RMB2.62 billion. The figure represents a year-over-year increase of 19.6% compared with RMB2.25 billion recorded in the same quarter of 2024.
Adjusted earnings per share came in at RMB0.17, missing analyst projections of RMB0.18 by RMB0.01. Revenue growth was largely driven by a sharp 47.1% year-over-year increase in wholesale revenue, which reached RMB978.1 million, reflecting strong demand for data center capacity fueled by artificial intelligence workloads.
Adjusted EBITDA rose 11.6% from a year earlier to RMB805.1 million. However, the adjusted EBITDA margin declined to 30.0% from 32.1% in the same period last year.
“We closed 2025 with strong full-year results, successfully achieving our 2025 delivery plan with a record 404MW delivered and exceeding guidance on both revenues and adjusted EBITDA,” said Josh Sheng Chen, Founder, Executive Chairperson and Interim Chief Executive Officer of VNET.
Looking ahead, VNET forecast fiscal 2026 revenue in the range of RMB11.5 billion to RMB11.8 billion, with a midpoint of RMB11.65 billion—slightly above the analyst consensus of RMB11.58 billion. This outlook implies year-over-year growth of between 15.6% and 18.6%. The company also expects adjusted EBITDA of between RMB3.55 billion and RMB3.75 billion, representing growth of 19.2% to 25.9%.
During the fourth quarter, the company secured 135MW of new wholesale contracts and ended the period with 889MW of operating capacity, compared with 486MW a year earlier.