Vnet (VNET) EBITDA Margin (2010 - 2026)
Vnet's (VNET) quarterly EBITDA Margin came in at 33.05% in Q2 2026, up 296.0% year-over-year from 8.35% in Q2 2025, and little changed quarter-over-quarter from 33.13% in Q1 2026.
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Vnet (VNET) EBITDA Margin (2010 - 2026) Analysis & Trends
Vnet has disclosed EBITDA Margin across 17 years of filings, most recently posting 33.05% for Q2 2026.
- In Q2 2026, EBITDA Margin rose 296.0% year-over-year to 33.05%; the TTM figure through Jun 2026 stood at 31.44% (up 127.0% YoY), while the FY2025 annual figure was 29.93%, up 51.0% from the prior year.
- EBITDA Margin came in at 33.05% for Q2 2026 at Vnet, roughly flat from 33.13% in the prior quarter.
- In the past five years, EBITDA Margin ranged from a high of 33.13% in Q1 2026 to a low of 22.56% in Q4 2022.
- Average EBITDA Margin over 5 years is 28.9%, with a median of 29.37% recorded in 2023.
- Year-over-year, EBITDA Margin slumped 396 bps in 2022 and soared 892 bps in 2024.
- Over 5 years, EBITDA Margin stood at 22.56% in 2022, then gained by 3 bps to 23.19% in 2023, then jumped by 38 bps to 32.11% in 2024, then retreated by 7 bps to 29.96% in 2025, then rose by 10 bps to 33.05% in 2026.
- Per Business Quant data, the three most recent EBITDA Margin figures were 33.05% in Q2 2026, 33.13% in Q1 2026, and 29.96% in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Equinix | 101.24 Bn | 99.02 Bn | 1.40 Bn | 25.33% |
| 2 | Terawulf | 7.87 Bn | 5.11 Bn | 32.37 Mn | -266.29% |
| 3 | Applied Digital | 7.13 Bn | 3.16 Bn | 97.29 Mn | -48.24% |
| 4 | Cipher Digital | 6.60 Bn | 2.58 Bn | 9.79 Mn | -241.32% |
| 5 | GDS Holdings | 5.91 Bn | 3.72 Bn | 97.89 Mn | 14.17% |
| 6 | Core Scientific | 5.69 Bn | 3.75 Bn | 70.04 Mn | -47.79% |
| 7 | Vnet | 1.71 Bn | 720.94 Mn | 74.45 Mn | 33.05% |
| 8 | Sify Technologies | 1.55 Bn | 1.55 Bn | 51.65 Mn | 24.33% |
| 9 | WhiteFiber | 723.38 Mn | 663.01 Mn | 18.88 Mn | -9.32% |
| 10 | Vulcan Infrastructure & Power | 445.09 Mn | 441.89 Mn | -1.25 Mn | -252.29% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 33.05% |
| Mar 31, 2026 | 33.13% |
| Dec 31, 2025 | 29.96% |
| Sep 30, 2025 | 29.37% |
| Jun 30, 2025 | 30.09% |
| Mar 31, 2025 | 30.38% |
| Dec 31, 2024 | 32.11% |
| Sep 30, 2024 | 28.04% |
| Jun 30, 2024 | 28.78% |
| Mar 31, 2024 | 28.44% |
| Dec 31, 2023 | 23.19% |
| Sep 30, 2023 | 26.92% |
| Jun 30, 2023 | 29.37% |
| Mar 31, 2023 | 30.80% |
| Dec 31, 2022 | 22.56% |
| Sep 30, 2022 | 25.10% |
| Jun 30, 2022 | 28.23% |
| Mar 31, 2022 | 30.76% |
| Dec 31, 2021 | 26.52% |
| Sep 30, 2021 | 28.86% |