ASE Technology Holding Co., Ltd. (ASX) Cash Flow Statement
Where ASX’s cash came from and went, 2025
December 31, 2025 · New Taiwan dollars- Cash from operations
- NT$143.03B +68.8% vs 2024
- Capital expenditures
- NT$163.04B 25.1% of revenue
- Free cash flow
- −NT$20.01B −3.1% margin
- Returned to shareholders
- NT$23.16B
- Change in cash
- NT$19.10B cash at year-end NT$92.21B
Cash from operations
NT$143.03B
Capital expenditures
−NT$163.04B
Investments (net)
−NT$1.97B
Acquisitions & other
−NT$1.54B
Dividends
−NT$23.16B
Share buybacks (net)
+NT$3.48B
Net borrowing (repayment)
+NT$65.98B
Other financing
−NT$782.9M
Currency & other
−NT$2.89B
Change in cash
NT$19.10B
Drawn to scale: where the cash came from and how it was used. Hover for values.
ASX operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
ASX cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | NT$51.19B2016 | NT$143.03B2025 | +12.1%/yr | |
| Capital expenditures | NT$26.79B2016 | NT$163.04B2025 | +22.2%/yr | |
| Free cash flow | NT$24.41B2016 | −NT$20.01B2025 | — | |
| Free cash flow margin | 8.9%2016 | −3.1%2025 | −11.9 pts | |
| Operating cash flow / net income | 2.352016 | 3.522025 | +1.16 | |
| Stock-based compensation | NT$470.8M2016 | NT$2.48B2025 | +20.3%/yr | |
| Dividends paid | NT$12.28B2016 | NT$23.16B2025 | +7.3%/yr | |
| Share buybacks (net) | NT$02016 | NT$02025 | — | |
| Capex / revenue | 9.7%2016 | 25.1%2025 | +15.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ASX cash flow by activity
OperatingInvestingFinancingChange in cash
ASX net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ASX cash flow statement in New Taiwan dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | NT$40.66B | NT$33.15B | NT$31.30B | NT$81.63B | NT$80.34B | NT$35.73B | NT$23.36B | NT$25.73B | NT$22.80B | NT$21.74B |
| Depreciation & amortization | NT$67.44B | NT$59.95B | NT$56.25B | NT$55.45B | NT$54.52B | NT$51.26B | NT$50.47B | NT$43.09B | NT$28.84B | NT$29.50B |
| Stock-based compensation | NT$2.48B | NT$2.19B | NT$742.9M | NT$989.8M | NT$699.2M | NT$955.6M | NT$871.7M | NT$215.6M | NT$438.8M | NT$470.8M |
| Change in working capital | NT$23.35B | −NT$5.59B | NT$19.08B | −NT$17.46B | −NT$29.06B | −NT$5.48B | NT$6.37B | −NT$13.35B | −NT$6.23B | −NT$5.94B |
| Other non-cash items | NT$9.10B | −NT$4.97B | −NT$2.81B | −NT$9.62B | −NT$24.81B | −NT$7.39B | −NT$8.76B | −NT$4.01B | NT$1.42B | NT$5.42B |
| Cash from operating activities | NT$143.03B | NT$84.74B | NT$104.56B | NT$110.98B | NT$81.69B | NT$75.07B | NT$72.30B | NT$51.68B | NT$47.27B | NT$51.19B |
| Investing activities | ||||||||||
| Capital expenditures | −NT$163.04B | −NT$81.77B | −NT$53.47B | −NT$71.89B | −NT$69.30B | −NT$57.63B | −NT$56.36B | −NT$42.16B | −NT$24.50B | −NT$26.79B |
| Investments (net) | −NT$1.97B | −NT$83.91B | −NT$65.39B | −NT$73.95B | −NT$49.09B | −NT$60.95B | −NT$54.58B | −NT$129.54B | −NT$16.09B | −NT$43.16B |
| Acquisitions & other investing | −NT$1.54B | NT$79.15B | NT$64.00B | NT$71.89B | NT$69.30B | NT$57.63B | NT$56.36B | NT$30.56B | NT$24.38B | NT$23.60B |
| Cash from investing activities | −NT$166.55B | −NT$86.53B | −NT$54.87B | −NT$73.95B | −NT$49.09B | −NT$60.95B | −NT$54.58B | −NT$141.15B | −NT$16.20B | −NT$46.35B |
| Financing activities | ||||||||||
| Dividends paid | −NT$23.16B | −NT$22.92B | −NT$37.34B | −NT$29.99B | −NT$18.08B | −NT$8.52B | −NT$10.62B | −NT$10.81B | −NT$11.12B | −NT$12.28B |
| Share repurchases & issuance (net) | NT$3.48B | NT$1.10B | −NT$1.14B | −NT$205.6M | −NT$5.53B | NT$1.93B | NT$1.15B | −NT$72.6M | NT$44.83B | NT$0 |
| Net borrowing (repayment) | NT$65.98B | NT$14.94B | −NT$11.95B | −NT$32.22B | NT$22.34B | −NT$9.13B | NT$15.10B | NT$101.65B | −NT$19.64B | −NT$7.00B |
| Shares issued | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 |
| Other financing | −NT$782.9M | NT$350.4M | NT$2.46B | NT$24.2M | −NT$4.54B | −NT$6.28B | −NT$12.17B | NT$3.08B | −NT$33.00B | NT$1.20B |
| Cash from financing activities | NT$45.52B | −NT$6.53B | −NT$47.97B | −NT$62.40B | −NT$5.81B | −NT$22.00B | −NT$6.54B | NT$93.85B | −NT$18.92B | −NT$18.07B |
| Summary | ||||||||||
| Net change in cash | NT$19.10B | NT$4.62B | NT$9.35B | −NT$18.03B | NT$24.54B | −NT$8.59B | NT$8.61B | NT$3.92B | NT$10.78B | −NT$15.87B |
| Cash at end of period | NT$92.21B | NT$76.49B | NT$67.43B | NT$58.04B | NT$76.07B | NT$51.54B | NT$60.13B | NT$51.49B | NT$46.72B | NT$38.52B |
| Free cash flow | −NT$20.01B | NT$2.97B | NT$51.09B | NT$39.09B | NT$12.38B | NT$17.45B | NT$15.94B | NT$9.52B | NT$22.77B | NT$24.41B |
| Free cash flow margin | −3.1% | 0.5% | 8.9% | 5.8% | 2.2% | 3.8% | 3.9% | 2.5% | 7.9% | 8.9% |
| Capex / revenue | 25.1% | 13.5% | 9.3% | 10.6% | 12.3% | 12.7% | 13.8% | 11.2% | 8.5% | 9.7% |
| Operating cash flow / net income | 3.52 | 2.56 | 3.34 | 1.36 | 1.02 | 2.10 | 3.09 | 2.01 | 2.07 | 2.35 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | NT$25.70B | NT$18.20B | NT$14.71B | NT$11.08B | NT$7.11B | NT$7.62B | NT$9.51B | NT$9.51B | NT$7.81B | NT$5.76B | NT$9.39B | NT$12.25B |
| Depreciation & amortization | NT$20.00B | NT$18.24B | NT$17.82B | NT$16.99B | NT$15.38B | NT$16.09B | NT$15.37B | NT$14.43B | NT$14.61B | NT$14.59B | NT$14.33B | NT$14.57B |
| Stock-based compensation | — | NT$338.6M | — | — | — | NT$748.5M | — | — | NT$522.1M | NT$448.1M | NT$433.4M | NT$188.8M |
| Change in working capital | NT$1.35B | NT$2.32B | NT$73.12B | −NT$52.90B | NT$9.92B | −NT$5.98B | NT$8.46B | −NT$3.73B | −NT$4.09B | −NT$4.73B | NT$21.07B | −NT$8.98B |
| Other non-cash items | −NT$38.0M | −NT$2.70B | −NT$276.42B | NT$276.94B | NT$1.49B | NT$1.67B | NT$2.97B | −NT$1.24B | −NT$4.12B | −NT$590.8M | −NT$975.3M | NT$2.85B |
| Cash from operating activities | NT$47.01B | NT$36.39B | −NT$170.76B | NT$252.11B | NT$33.90B | NT$20.15B | NT$36.30B | NT$18.97B | NT$14.74B | NT$15.48B | NT$44.25B | NT$20.88B |
| Investing activities | ||||||||||||
| Capital expenditures | −NT$79.85B | −NT$46.36B | −NT$383.67B | −NT$457.37B | −NT$39.94B | −NT$36.68B | −NT$32.48B | −NT$19.61B | −NT$14.99B | −NT$12.88B | −NT$12.12B | −NT$14.47B |
| Investments (net) | — | −NT$88.8M | — | −NT$45.83B | −NT$43.57B | −NT$37.56B | −NT$31.56B | −NT$22.36B | −NT$14.48B | −NT$15.51B | — | −NT$14.62B |
| Acquisitions & other investing | −NT$3.23B | NT$702.6M | NT$775.21B | NT$36.33B | NT$43.12B | NT$36.34B | NT$31.52B | NT$20.36B | NT$14.11B | NT$12.58B | NT$1.27B | −NT$14.75B |
| Cash from investing activities | −NT$83.08B | −NT$45.74B | NT$391.54B | −NT$466.87B | −NT$40.39B | −NT$37.90B | −NT$32.51B | −NT$21.61B | −NT$15.36B | −NT$15.81B | −NT$10.85B | −NT$43.85B |
| Financing activities | ||||||||||||
| Dividends paid | — | −NT$2.49B | −NT$78.13B | −NT$98.68B | — | — | −NT$114.3M | −NT$22.00B | — | −NT$798.1M | −NT$391,000 | −NT$37.84B |
| Share repurchases & issuance (net) | — | — | NT$3.48B | NT$2.31B | NT$725.1M | NT$567.6M | NT$1.10B | NT$832.2M | — | −NT$279.1M | −NT$279.1M | NT$789.4M |
| Net borrowing (repayment) | NT$39.86B | NT$73.0M | −NT$21.85B | NT$49.52B | NT$22.16B | NT$16.15B | −NT$3.50B | NT$30.91B | — | — | — | NT$28.37B |
| Shares issued | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 |
| Other financing | −NT$710.0M | NT$3.26B | −NT$146.67B | NT$292.00B | −NT$3.00B | −NT$158.3M | NT$365.8M | −NT$1.39B | −NT$12.81B | NT$924.4M | −NT$24.06B | −NT$555.3M |
| Cash from financing activities | NT$39.15B | NT$837.7M | −NT$243.17B | NT$245.15B | NT$19.88B | NT$16.56B | −NT$2.14B | NT$8.36B | −NT$12.81B | −NT$152.8M | −NT$24.33B | −NT$9.24B |
| Summary | ||||||||||||
| Net change in cash | NT$3.48B | −NT$4.66B | NT$14.96B | −NT$797.9M | NT$4.94B | −NT$367.6M | NT$2.20B | NT$7.14B | −NT$9.98B | NT$4.94B | NT$4.47B | NT$3.46B |
| Cash at end of period | NT$91.29B | NT$87.81B | NT$92.21B | NT$75.20B | NT$72.67B | NT$77.06B | NT$76.49B | NT$71.55B | NT$66.29B | NT$75.13B | NT$67.28B | NT$62.81B |
| Free cash flow | −NT$32.84B | −NT$9.97B | NT$212.91B | −NT$205.26B | −NT$6.04B | −NT$16.52B | NT$3.82B | −NT$637.8M | −NT$247.0M | NT$2.60B | NT$32.14B | NT$6.41B |
| Free cash flow margin | −17.2% | −5.7% | 118.5% | −121.8% | −4.2% | −11.1% | 2.3% | −0.4% | −0.2% | 1.9% | 20.0% | 4.1% |
| Capex / revenue | 41.8% | 26.4% | 213.6% | 271.3% | 28.0% | 24.5% | 19.7% | 12.5% | 10.6% | 9.5% | 7.5% | 9.2% |
| Operating cash flow / net income | 1.83 | 2.00 | −11.61 | 22.76 | 4.77 | 2.64 | 3.82 | 2.00 | 1.89 | 2.69 | 4.71 | 1.70 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in New Taiwan dollars as reported; data from EODHD.
ASX cash generation
In fiscal 2025 (ended December 31, 2025), ASE Technology generated NT$143.0 billion of cash from operations (up 68.8%) and spent NT$163.0 billion on capital expenditures, leaving free cash flow of -NT$20.0 billion, −3.1% of revenue. It returned NT$23.2 billion to shareholders through dividends (NT$23.2 billion) and net share buybacks (NT$0). Cash and equivalents rose by NT$19.1 billion over the year.
Related: ASX income statement, ASX balance sheet, ASX dividend history. See the ASX stock overview for the latest quote and news.
ASX cash flow FAQ
What is ASE Technology's free cash flow?
ASE Technology's free cash flow was -NT$20.0 billion in fiscal 2025: NT$143.0 billion of operating cash flow minus NT$163.0 billion of capital expenditures It was NT$3.0 billion a year earlier..
How much cash does ASE Technology generate from operations?
ASE Technology generated NT$143.0 billion of cash from operating activities in fiscal 2025, 3.52 times its net income of NT$40.7 billion.
How much does ASE Technology spend on capital expenditures?
ASE Technology spent NT$163.0 billion on capital expenditures in fiscal 2025, 25.1% of revenue, compared with NT$81.8 billion the year before.
How much does ASE Technology pay in dividends?
ASE Technology paid NT$23.2 billion in dividends in fiscal 2025.