TH International Limited (THCH)

TH International Cash Flow Statement

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

Operating Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	-508.38	-434.49	-412.08	-876.25	-742.65	-381.72
Depreciation & Amortization	133.09	146.8	169.68	163.15	133.4	74.28
Loss (Gain) From Sale of Assets	6.47	6.47	4.27	17.05	8.84	1.55
Asset Writedown & Restructuring Costs	60.32	60.32	56.29	111.43	7.22	1
Stock-Based Compensation	2.87	2.87	1.05	64.48	74.69	-
Provision & Write-off of Bad Debts	3.74	3.74	8.66	2.6	2.36	-
Other Operating Activities	218.81	119.39	56.38	201.78	145.84	5.2
Change in Accounts Receivable	9.1	9.1	-11.63	-24.55	1.84	-1.84
Change in Inventory	-2	-2	8.88	10.01	-29.38	-31.17
Change in Accounts Payable	-24.69	-24.69	4.06	109.14	44.72	45.56
Change in Unearned Revenue	-0.75	-0.75	1.71	20.55	10.33	11.71
Change in Other Net Operating Assets	100.53	100.53	66.35	2.48	55.85	30.49
Operating Cash Flow	-0.89	-12.71	-39.67	-196.13	-286.93	-244.97
Operating Cash Flow Growth	-	-	-	-	-	-

Investing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Capital Expenditures	-65.62	-65.62	-102.84	-291.67	-334.93	-335.32
Sale of Property, Plant & Equipment	2.79	2.79	9.84	0.27	-	0.04
Investment in Securities	-	-	17.17	352.13	-370.24	-
Other Investing Activities	32.73	-	67.8	-0.74	-	-
Investing Cash Flow	-30.1	-62.83	-8.04	60	-705.17	-335.28

Financing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Short-Term Debt Issued	-	-	142.54	-	-	-
Long-Term Debt Issued	-	777.88	741.17	1,004	707.58	521.35
Total Debt Issued	777.88	777.88	883.7	1,004	707.58	521.35
Long-Term Debt Repaid	-	-756.2	-866.08	-877	-494.93	-5.3
Net Debt Issued (Repaid)	21.69	21.69	17.62	126.89	212.65	516.05
Issuance of Common Stock	0.02	0.02	8.38	1.41	-	291.39
Other Financing Activities	-45.48	-	-	-47.47	614.51	-9.45
Financing Cash Flow	-23.78	21.7	26	80.83	827.16	798

Net Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Foreign Exchange Rate Adjustments	-2.94	-0.69	2.35	19.81	13.18	-1.79
Net Cash Flow	-57.7	-54.53	-19.35	-35.49	-151.76	215.96

Free Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Free Cash Flow	-66.51	-78.33	-142.51	-487.8	-621.86	-580.28
Free Cash Flow Growth	-	-	-	-	-	-
Free Cash Flow Margin	-5.56%	-5.95%	-10.24%	-31.27%	-61.50%	-90.19%
Free Cash Flow Per Share	-2.05	-2.41	-4.39	-15.82	-24.27	-23.86
Levered Free Cash Flow	-82.55	-95.69	-314.29	-527.59	-125.46	-368.12
Unlevered Free Cash Flow	-72.23	-85.27	-300.26	-514.83	-116.21	-366.93

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash Interest Paid	15.23	15.23	17.91	20.05	13.68	1.48
Cash Income Tax Paid	1.54	1.54	0.15	-	-	-
Change in Working Capital	82.19	82.19	69.38	117.63	83.37	54.73

SEC Filings: 10-K · 10-Q

Data Source: S&P Global Market Intelligence Last updated: Aug 18, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Aug 24, 2026

Data Sources Report a data error