Vnet (VNET) Operating Margin (2010 - 2026)
Vnet's (VNET) quarterly Operating Margin came in at 8.25% in Q2 2026, up 830.0% year-over-year from 0.89% in Q2 2025, and up 268111.38% quarter-over-quarter from 0.0% in Q1 2026.
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Vnet (VNET) Operating Margin (2010 - 2026) Analysis & Trends
Vnet has disclosed Operating Margin across 17 years of filings, most recently posting 8.25% for Q2 2026.
- In Q2 2026, Operating Margin rose 830.0% year-over-year to 8.25%; the TTM figure through Jun 2026 stood at 2.44% (up 122.0% YoY), while the FY2025 annual figure was 0.28%, down 111.0% from the prior year.
- Operating Margin came in at 8.25% for Q2 2026 at Vnet, up from 0.0% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 9.76% in Q2 2024 to a low of 116.49% in Q4 2023.
- Average Operating Margin over 5 years is 4.23%, with a median of 0.55% recorded in 2024.
- Year-over-year, Operating Margin tumbled 11557 bps in 2023 and soared 12089 bps in 2024.
- Over 5 years, Operating Margin stood at 0.92% in 2022, then sank by 12510 bps to 116.49% in 2023, then jumped by 104 bps to 4.4% in 2024, then sank by 88 bps to 0.55% in 2025, then jumped by 1411 bps to 8.25% in 2026.
- Per Business Quant data, the three most recent Operating Margin figures were 8.25% in Q2 2026, 0.0% in Q1 2026, and 0.55% in Q4 2025.
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 | 8.25% |
| Mar 31, 2026 | 0.00% |
| Dec 31, 2025 | 0.55% |
| Sep 30, 2025 | 0.49% |
| Jun 30, 2025 | -0.05% |
| Mar 31, 2025 | 0.06% |
| Dec 31, 2024 | 4.40% |
| Sep 30, 2024 | 0.55% |
| Jun 30, 2024 | 9.76% |
| Mar 31, 2024 | 0.21% |
| Dec 31, 2023 | -116.49% |
| Sep 30, 2023 | 1.71% |
| Jun 30, 2023 | 5.12% |
| Mar 31, 2023 | 1.85% |
| Dec 31, 2022 | -0.92% |
| Sep 30, 2022 | 0.35% |
| Jun 30, 2022 | 2.09% |
| Mar 31, 2022 | 5.84% |
| Dec 31, 2021 | -15.46% |
| Sep 30, 2021 | 7.30% |