VNET Group (VNET) Balance Sheet: Assets & Liabilities

VNET Group (VNET) Balance Sheet

As of Dec 31, 2025 (end of fiscal 2025), VNET Group reported total assets of CNY 44.59B and total liabilities of CNY 36.03B. Shareholders' equity was CNY 6.22B, down 10.1% from CNY 6.92B a year earlier. Total debt stood at CNY 28.17B against CNY 5.90B in cash and short-term investments, a net debt position of CNY 22.27B. That puts debt-to-equity at 4.53, compared with 1.48 a year earlier.

VNET Group Balance Sheet Analysis

Values in billions CNY

Income Statement Balance Sheet Cash Flow Ratios

Scale:

Scroll to see more

Balance sheet showing assets, liabilities, and shareholders' equity for VNET Group, Inc. (VNET) - Annual data in billions CNY
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Current Assets
Cash and Cash Equivalents	5.52	1.49	2.24	2.66	1.37	2.71	2.26	2.63	2.22
Short-Term Investments	0.38	0.05	0.36	0.06	0.00	0.32	0.36	0.25	0.56
Cash & Short-Term Investments	5.90	1.55	2.60	2.66	1.37	3.03	2.62	2.87	2.77
Accounts Receivable	3.83	1.66	2.91	1.90	2.56	1.82	1.66	1.20	1.14
Inventory	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Current Assets	1.72	3.34	4.32	0.10	1.40	0.88	0.89	0.61	0.38
Total Current Assets	11.45	6.82	9.82	7.05	5.32	6.06	5.17	4.68	4.30
Non-Current Assets
Property, Plant & Equipment (Net)	27.65	21.83	17.04	15.47	12.96	9.43	6.59	4.04	3.36
Long-Term Investments	1.06	0.79	0.76	0.24	0.10	0.14	0.26	0.62	0.52
Goodwill	0.00	0.00	0.00	1.36	1.34	0.99	0.98	0.99	1.00
Intangible Assets	2.87	2.17	1.99	2.07	1.24	0.91	0.41	0.36	0.41
Other Non-Current Assets	1.31	0.74	0.53	0.55	1.97	1.66	0.51	0.32	0.27
Total Non-Current Assets	33.14	25.54	20.56	19.90	17.77	13.29	8.95	6.48	5.73
Total Assets	44.59	32.36	30.39	26.95	23.10	19.37	14.12	11.17	10.02
Current Liabilities
Accounts Payable	0.74	1.06	0.70	0.71	0.49	0.29	0.30	0.39	0.26
Short-Term Debt	5.81	0.59	5.86	1.02	1.24	2.12	1.83	0.35	0.40
Current Portion of Long-Term Debt	2.06	1.42	0.72	0.48	0.38	2.12	-	-	-
Accrued Liabilities	0.16	3.69	2.82	0.10	2.34	0.34	-	-	-
Deferred Revenue	1.12	1.47	1.71	1.26	1.10	0.07	1.11	0.73	0.46
Other Current Liabilities	4.78	0.01	3.10	0.00	2.28	2.38	1.13	0.71	0.66
Total Current Liabilities	12.45	9.34	11.44	6.33	5.18	6.12	4.42	2.19	1.80
Non-Current Liabilities
Long-Term Debt	22.36	9.67	11.31	8.91	9.89	3.90	3.58	2.92	2.74
Deferred Tax Liabilities	0.84	0.73	0.69	0.68	0.35	0.30	0.20	0.16	0.19
Other Non-Current Liabilities	0.12	1.12	0.29	0.09	0.08	0.82	0.74	0.51	0.02
Total Non-Current Liabilities	23.58	16.09	12.43	13.63	10.31	6.34	4.52	3.59	2.95
Total Liabilities	36.03	25.44	23.87	19.97	15.49	12.48	8.94	5.78	4.74
Stockholders' Equity
Common Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Retained Earnings	-11.13	-10.75	-11.02	-8.37	-7.59	-7.16	-4.00	-3.84	-3.67
Accumulated Other Comprehensive Income	0.16	-0.02	0.07	0.09	-0.37	-0.06	-0.21	-0.21	-0.31
Treasury Stock	0.18	0.16	0.33	0.35	0.35	-	-	-	-
Additional Paid-in Capital	17.19	17.14	16.94	15.24	15.18	12.70	9.04	9.11	9.05
Minority Interest	2.35	0.55	0.50	0.37	0.36	0.33	0.28	0.27	0.15
Shares Outstanding	1.62	1.61	1.54	0.89	0.89	-	-	-	-
Total Stockholders' Equity	6.22	6.92	6.01	6.61	7.24	6.90	4.90	5.10	5.11
Total Liabilities & Equity	44.62	32.36	30.35	26.95	23.07	19.33	14.12	11.17	10.02

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About VNET Group Balance Sheet

How much debt does VNET Group have?

VNET Group had total debt of CNY 28.17B as of Dec 31, 2025, against CNY 5.90B in cash and short-term investments. Its debt-to-equity ratio was 4.53. Total debt was CNY 10.25B a year earlier.

What are VNET Group's total assets?

VNET Group reported total assets of CNY 44.59B as of Dec 31, 2025, up 37.8% from CNY 32.36B a year earlier. Total liabilities were CNY 36.03B.

What is VNET Group's shareholders' equity?

VNET Group's shareholders' equity was CNY 6.22B as of Dec 31, 2025, or about CNY 3.83 of book value per share.

What is the debt-to-equity ratio?

The debt-to-equity ratio divides a company's total debt by its shareholders' equity. It shows how much of the business is financed with borrowed money; normal levels vary widely by industry. Full definition