End User Customer One was GDS Holdings’s largest revenue line in fiscal 2025, bringing in $3.32B of $11.35B (29%).
| Customer | FY 2021 | FY 2025 |
|---|---|---|
| End User Customer One | $3.32B | |
| Contracting Customer A | $1.61B | |
| End User Customer Two | $1.37B | |
| Contracting Customer B | $1.84B | |
| Contracting Customer C | $1.88B | |
| Contracting Customer D | $1.34B | |
| Total | $11.35B |
GDS Holdings brought in $11.35B from its six revenue lines in fiscal 2025, the year ended December 31, 2025. End User Customer One was the largest at $3.32B (29.2%), ahead of Contracting Customer C at $1.88B (16.6%) and Contracting Customer B at $1.84B (16.2%). The other three revenue lines brought in $4.32B combined.
Colocation Services was GDS Holdings’s largest product and service line in fiscal 2025, bringing in $10.37B of $11.43B (91%).
| Product and Service | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Colocation Services | $7.92B | $8.54B | $9.17B | $10.37B | ||||||
| Managed Service & Others | $1.34B | $1.25B | $1.15B | $1.05B | ||||||
| Equipment Sales | $7.74M | $564.00K | $180.00K | $4.20M | ||||||
| Total | $9.27B | $9.78B | $10.32B | $11.43B |
GDS Holdings brought in $11.43B from its three product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 10.8% from $10.32B in fiscal 2024. Colocation Services was the largest at $10.37B (90.7%), ahead of Managed Service & Others at $1.05B (9.2%) and Equipment Sales at $4.20M (0.0%).
Compared with fiscal 2024, Colocation Services grew 13.1% to $10.37B, while Managed Service & Others fell 8.5% to $1.05B. From fiscal 2022 to 2025, combined revenue from these lines grew from $9.27B to $11.43B, a compound annual growth rate of 7.2%. Colocation Services' share of the total rose from 85.5% to 90.7%.
GDS Holdings (GDS) reports its revenue by customer and by product and service. In fiscal 2025, End User Customer One was its largest revenue line, bringing in $3.32B (29.2% of the total), followed by Contracting Customer C at $1.88B (16.6%).
End User Customer One was GDS Holdings' largest revenue line in fiscal 2025, bringing in $3.32B, or 29.2% of the $11.35B total across its six revenue lines.
Colocation Services was GDS Holdings' largest product and service line in fiscal 2025, bringing in $10.37B, or 90.7% of the $11.43B total across its three product and service lines.
Colocation Services grew faster than Managed Service & Others in fiscal 2025, up 13.1% from $9.17B to $10.37B. Managed Service & Others fell 8.5% to $1.05B.
Every figure comes from GDS Holdings' annual financial filings, as reported. Each line keeps the name GDS Holdings gives it, and years follow its fiscal calendar.
GDS Holdings' revenue by customer goes back to fiscal 2021, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.