Vnet (VNET) Gross Margin (2010 - 2026)
Vnet's (VNET) quarterly Gross Margin came in at 18.18% in Q2 2026, down 432.0% year-over-year from 5.48% in Q2 2025, and down 20.56% quarter-over-quarter from 22.89% in Q1 2026.
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Vnet (VNET) Gross Margin (2010 - 2026) Analysis & Trends
Vnet has disclosed Gross Margin across 17 years of filings, most recently posting 18.18% for Q2 2026.
- In Q2 2026, Gross Margin fell 432.0% year-over-year to 18.18%; the TTM figure through Jun 2026 stood at 20.48% (down 283.0% YoY), while the FY2025 annual figure was 22.04%, down 15.0% from the prior year.
- Gross Margin came in at 18.18% for Q2 2026 at Vnet, down from 22.89% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 25.17% in Q1 2025 to a low of 15.32% in Q4 2023.
- Average Gross Margin over 5 years is 20.3%, with a median of 20.81% recorded in 2022.
- Year-over-year, Gross Margin plunged 660 bps in 2022 and soared 715 bps in 2024.
- Over 5 years, Gross Margin stood at 17.46% in 2022, then dropped by 12 bps to 15.32% in 2023, then soared by 47 bps to 22.47% in 2024, then dropped by 11 bps to 20.11% in 2025, then declined by 10 bps to 18.18% in 2026.
- Per Business Quant data, the three most recent Gross Margin figures were 18.18% in Q2 2026, 22.89% in Q1 2026, and 20.11% in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Equinix | 102.22 Bn | 100.02 Bn | 1.40 Bn | 53.14% |
| 2 | Terawulf | 8.24 Bn | 5.48 Bn | 32.37 Mn | 72.30% |
| 3 | Applied Digital | 7.59 Bn | 5.57 Bn | 97.29 Mn | 37.60% |
| 4 | Cipher Digital | 7.35 Bn | 3.35 Bn | 9.79 Mn | 39.42% |
| 5 | GDS Holdings | 6.47 Bn | 4.41 Bn | 97.89 Mn | 21.51% |
| 6 | Core Scientific | 5.72 Bn | 3.78 Bn | 70.04 Mn | 42.66% |
| 7 | Vnet | 1.71 Bn | 828.02 Mn | 74.45 Mn | 18.18% |
| 8 | Sify Technologies | 1.56 Bn | 1.56 Bn | 51.65 Mn | 39.59% |
| 9 | WhiteFiber | 758.96 Mn | 698.59 Mn | 18.88 Mn | 65.45% |
| 10 | Vulcan Infrastructure & Power | 445.09 Mn | 441.89 Mn | -1.25 Mn | -36.81% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 18.18% |
| Mar 31, 2026 | 22.89% |
| Dec 31, 2025 | 20.11% |
| Sep 30, 2025 | 20.88% |
| Jun 30, 2025 | 22.50% |
| Mar 31, 2025 | 25.17% |
| Dec 31, 2024 | 22.47% |
| Sep 30, 2024 | 23.18% |
| Jun 30, 2024 | 21.31% |
| Mar 31, 2024 | 21.64% |
| Dec 31, 2023 | 15.32% |
| Sep 30, 2023 | 16.24% |
| Jun 30, 2023 | 18.81% |
| Mar 31, 2023 | 19.51% |
| Dec 31, 2022 | 17.46% |
| Sep 30, 2022 | 17.45% |
| Jun 30, 2022 | 20.74% |
| Mar 31, 2022 | 21.61% |
| Dec 31, 2021 | 21.77% |
| Sep 30, 2021 | 24.05% |