Gaotu Techedu Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-323.31	-1,049	-	13.17	-3,103
Depreciation & Amortization	112.85	64.97	-	70.76	112.56
Stock-Based Compensation	39.22	53.22	-	122.65	320.89
Other Adjustments	-55.99	-4.65	-2.07	-50.41	181.59
Changes in Accrued Expenses	281.73	421.05	-	-329.92	-942.26
Changes in Income Taxes Payable	-0.44	-3.61	-	1.79	-4.65
Changes in Unearned Revenue	480.05	848.27	-	-36.89	-1,738
Changes in Other Operating Activities	-118.01	-72.28	-	263.38	987.05
Operating Cash Flow	416.09	258.01	-2.07	54.55	-4,186
Operating Cash Flow Growth	61.27%	-	-	-	-
Capital Expenditures	-169.5	-178.22	-	-18.95	-272.32
Sale of Property, Plant & Equipment	0.13	0.35	-	22	8.91
Purchases of Investments	-14,123	-14,806	-	-29,318	-46,002
Proceeds from Sale of Investments	13,666	15,427	110.59	29,249	51,070
Payments for Business Acquisitions	-193.28	-1.7	-	-15	-
Other Investing Activities	0	179.2	-	-78	7.94
Investing Cash Flow	-818.78	620.82	110.59	-158.39	4,813
Short-Term Debt Issued	102.5	-	-	-	400
Short-Term Debt Repaid	-2.5	-	-	-	-400
Net Short-Term Debt Issued (Repaid)	100	-	-	-	0
Long-Term Debt Issued	29.22	-	-	-	-
Net Long-Term Debt Issued (Repaid)	29.22	-	-	-	-
Issuance of Common Stock	-	-	-	-	0.01
Repurchase of Common Stock	-343.36	-205.3	-	-	-
Net Common Stock Issued (Repurchased)	-343.36	-205.3	-	-	0.01
Other Financing Activities	-	-	-	-	-100.62
Financing Cash Flow	-214.14	-205.3	-	-	-100.61
Effect of Exchange Rate Changes on Cash and Cash Equivalents	2.51	-17.14	-	26.65	15.82
Net Cash Flow	-614.32	656.39	108.53	-77.19	541.9
Free Cash Flow	246.6	79.79	-2.07	35.59	-4,458
Free Cash Flow Growth	209.06%	-	-	-	-
FCF Margin	4.01%	1.75%	-0.07%	1.42%	-67.94%
Free Cash Flow Per Share	1.01	0.31	-0.01	0.13	-17.40
Levered Free Cash Flow	392.58	31.22	-7.3	-36.66	-4,961
Unlevered Free Cash Flow	89.82	-111.47	-22.21	564.06	-5,080

Updated Mar 5, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

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