GDS Holdings (GDS) Operating Margin (2015 - 2026)
GDS Holdings (GDS) posted Operating Margin of 14.22% for Q2 2026, down 47.26% on a QoQ basis from 26.97% in Q1 2026, and up 6.0% year-over-year from 13.42% in Q2 2025.
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GDS Holdings (GDS) Operating Margin (2015 - 2026) Analysis & Trends
GDS Holdings has reported Operating Margin for 12 years, with the latest figure at 14.22% in Q2 2026.
- On a quarterly basis, Operating Margin rose 6.0% year-over-year to 14.22% in Q2 2026; TTM through Jun 2026 was 8.48%, a 390.0% decrease from a year earlier, with the FY2025 full-year figure at 0.47%, down 1175.0% from the prior year.
- Operating Margin was 14.22% for Q2 2026 at GDS Holdings, down from 26.97% in the prior quarter.
- The five-year high for Operating Margin was 30.17% in Q3 2025, with the low at 114.93% in Q4 2023.
- Average Operating Margin over 5 years is 1.57%, with a median of 9.11% recorded in 2024.
- The sharpest annual moves came in 2023 and 2024: Operating Margin tumbled 12060 bps in 2023, then surged 12614 bps in 2024.
- Over 5 years, Operating Margin stood at 5.67% in 2022, then slumped by 2127 bps to 114.93% in 2023, then jumped by 110 bps to 11.21% in 2024, then slumped by 461 bps to 40.43% in 2025, then jumped by 135 bps to 14.22% in 2026.
- The last three Operating Margin figures came in at 14.22% (Q2 2026), 26.97% (Q1 2026), and 40.43% (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Equinix | 100.35 Bn | 98.13 Bn | 1.40 Bn | 25.33% |
| 2 | Terawulf | 7.45 Bn | 4.69 Bn | 32.37 Mn | -313.74% |
| 3 | Cipher Digital | 6.82 Bn | 2.80 Bn | 9.79 Mn | -316.21% |
| 4 | Applied Digital | 6.71 Bn | 2.74 Bn | 97.29 Mn | -48.24% |
| 5 | GDS Holdings | 5.78 Bn | 3.59 Bn | 97.89 Mn | 14.22% |
| 6 | Core Scientific | 5.48 Bn | 3.54 Bn | 70.04 Mn | -47.79% |
| 7 | Vnet | 1.63 Bn | 636.30 Mn | 74.45 Mn | 8.25% |
| 8 | Sify Technologies | 1.44 Bn | 1.44 Bn | 51.65 Mn | 9.03% |
| 9 | WhiteFiber | 666.74 Mn | 606.37 Mn | 18.88 Mn | -32.09% |
| 10 | Vulcan Infrastructure & Power | 432.00 Mn | 428.80 Mn | -1.25 Mn | -284.79% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 14.22% |
| Mar 31, 2026 | 26.97% |
| Dec 31, 2025 | -40.43% |
| Sep 30, 2025 | 30.17% |
| Jun 30, 2025 | 14.16% |
| Mar 31, 2025 | 13.39% |
| Dec 31, 2024 | 11.21% |
| Sep 30, 2024 | 10.80% |
| Jun 30, 2024 | 11.17% |
| Mar 31, 2024 | 8.34% |
| Dec 31, 2023 | -114.93% |
| Sep 30, 2023 | 3.20% |
| Jun 30, 2023 | 9.88% |
| Mar 31, 2023 | 6.42% |
| Dec 31, 2022 | 5.67% |
| Sep 30, 2022 | 6.21% |
| Jun 30, 2022 | 5.76% |
| Mar 31, 2022 | 6.03% |
| Dec 31, 2021 | 6.97% |
| Sep 30, 2021 | 7.27% |