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VNET Group (VNET) earnings
VNET Group earnings: last reported Tue, 18 Aug 2026, for the quarter ended Jun 2026.
VNET Group earnings callsVNET Group earnings calls (VNET)
Latest concall · Q2 2026 · call held call held 18 Aug 2026
VNET Group Q2 FY26 — Strong Wholesale IDC Growth and Strategic AI Partnerships
What went well
- Secured 347 megawatts in new orders in Q2 2026, primarily from wholesale IDC, bringing year-to-date wholesale orders to 862 megawatts.
- Wholesale capacity in service surpassed 1 gigawatt (1,007 megawatts), growing by 49.4% year-over-year.
- Total net revenues increased by 14.2% year-over-year to RMB 2.78 billion.
What to watch
- Adjusted cash gross margin decreased slightly to 41.8% from 43.6% year-over-year, primarily due to higher utility costs for customers.
- Wholesale IDC revenue was "a little bit weaker than expected" in Q2 due to customer move-in pace, though expected to accelerate in H2 2026.
Performance −46.7% 1Y
1Y: $10.41 on 29 Sept 2025 → $5.55. High $14.03 (12 Feb 2026), low $5.55 (30 Sept 2026).
Balance sheet
| Year ending | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|
| Reserves | -$1.11B | -$1.19B | -$1.21B | -$1.55B | -$1.49B | -$1.59B |
| Total liabilities | $1.91B | $2.43B | $2.89B | $3.36B | $3.48B | $5.15B |
| Fixed assets | $1.24B | $1.58B | $1.73B | $1.83B | $2.36B | $3.26B |
| Investments | $43.81M | — | — | $50.26M | $0 | $54.23M |
| Total assets | $2.97B | $3.62B | $3.91B | $4.28B | $4.43B | $6.38B |
How to read this
As filed on each reporting date, including interim balance sheets. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Insider filings
6 filings between Mar 23, 2026 and Jul 31, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$243.9K
3 sales by 3 insiders
Compensation
not trading decisions- 3
- Option exercise — converted options into shares
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Chen David Lifeng | — | $125.8K | Mar 23, 2026 |
| Shao Sean | — | $102.8K | Jun 1, 2026 |
| ZHANG ZHIHUA | — | $15.4K | May 18, 2026 |
Latest filings (6)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Jul 31, 2026 | Chen David Lifeng Director | Option exercise | 83,544 | — |
| Jun 1, 2026 | Shao Sean Director | Sale | 60,000 | $102.8K |
| May 18, 2026 | ZHANG ZHIHUA SVP, Operational Finance | Sale | 9,072 | $15.4K |
| May 15, 2026 | ZHANG ZHIHUA SVP, Operational Finance | Option exercise | 42,996 | $0 |
| Apr 30, 2026 | Chen David Lifeng Director | Option exercise | 83,544 | $0 |
| Mar 23, 2026 | Chen David Lifeng Director | Sale | 83,544 | $125.8K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.