Atour Lifestyle Holdings Limited (ATAT) Cash Flow Statement
Where ATAT’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- CN¥1.94B +12.3% vs 2024
- Capital expenditures
- CN¥83.4M 0.9% of revenue
- Free cash flow
- CN¥1.86B 18.9% margin
- Returned to shareholders
- CN¥1.07B 58% of free cash flow
- Change in cash
- −CN¥160.4M cash at year-end CN¥3.31B
Drawn to scale: where the cash came from and how it was used. Hover for values.
ATAT operating cash flow, capex and free cash flow
ATAT cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | CN¥224.1M2019 | CN¥1.94B2025 | +43.3%/yr | |
| Capital expenditures | CN¥137.9M2019 | CN¥83.4M2025 | −8.0%/yr | |
| Free cash flow | CN¥86.2M2019 | CN¥1.86B2025 | +66.8%/yr | |
| Free cash flow margin | 5.5%2019 | 18.9%2025 | +13.4 pts | |
| Operating cash flow / net income | 3.682019 | 1.232025 | −2.45 | |
| Stock-based compensation | CN¥02020 | CN¥131.5M2025 | — | |
| Dividends paid | CN¥20.6M2019 | CN¥751.0M2025 | +82.0%/yr | |
| Share buybacks (net) | CN¥02019 | CN¥320.9M2025 | — | |
| Capex / revenue | 8.8%2019 | 0.9%2025 | −7.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ATAT cash flow by activity
ATAT net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ATAT cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | CN¥1.58B | CN¥1.28B | CN¥739.1M | CN¥96.1M | CN¥139.7M | CN¥37.8M | CN¥60.8M |
| Depreciation & amortization | CN¥54.1M | CN¥65.2M | CN¥85.0M | CN¥88.6M | CN¥93.9M | CN¥85.0M | CN¥70.1M |
| Stock-based compensation | CN¥131.5M | CN¥32.8M | CN¥164.0M | CN¥163.2M | CN¥0 | CN¥0 | — |
| Change in working capital | −CN¥106.7M | CN¥150.1M | CN¥727.2M | −CN¥12.7M | CN¥197.3M | CN¥38.1M | CN¥109.6M |
| Other non-cash items | CN¥282.9M | CN¥202.5M | CN¥273.4M | −CN¥51.4M | −CN¥13.0M | −CN¥42.2M | −CN¥16.4M |
| Cash from operating activities | CN¥1.94B | CN¥1.73B | CN¥1.99B | CN¥283.7M | CN¥417.9M | CN¥118.7M | CN¥224.1M |
| Investing activities | |||||||
| Capital expenditures | −CN¥83.4M | −CN¥56.2M | −CN¥41.7M | −CN¥39.2M | −CN¥66.0M | −CN¥114.0M | −CN¥137.9M |
| Investments (net) | −CN¥1.25B | −CN¥520.6M | −CN¥817.6M | −CN¥192.2M | CN¥8.7M | CN¥23.4M | CN¥425.8M |
| Acquisitions & other investing | CN¥39.5M | CN¥56.2M | CN¥258.8M | CN¥39.2M | CN¥15.0M | −CN¥15.0M | −CN¥23.0M |
| Cash from investing activities | −CN¥1.30B | −CN¥520.6M | −CN¥600.5M | −CN¥192.2M | −CN¥42.2M | −CN¥105.5M | CN¥264.9M |
| Financing activities | |||||||
| Dividends paid | −CN¥751.0M | −CN¥436.0M | −CN¥150.6M | CN¥0 | −CN¥20.6M | −CN¥20.6M | −CN¥20.6M |
| Share repurchases & issuance (net) | −CN¥320.9M | CN¥0 | CN¥0 | CN¥0 | −CN¥111.3M | CN¥0 | CN¥0 |
| Net borrowing (repayment) | CN¥190.0M | −CN¥10.0M | −CN¥102.0M | CN¥64.5M | −CN¥12.0M | CN¥48.8M | −CN¥10.1M |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥400.1M | CN¥0 | CN¥0 | CN¥0 |
| Other financing | −CN¥17.8M | CN¥19.5M | CN¥105.6M | −CN¥8.3M | −CN¥17.2M | CN¥19.9M | CN¥20.6M |
| Cash from financing activities | −CN¥899.7M | −CN¥426.6M | −CN¥146.9M | CN¥456.3M | −CN¥161.1M | CN¥48.0M | −CN¥10.1M |
| Summary | |||||||
| Net change in cash | −CN¥160.4M | CN¥777.9M | CN¥1.25B | CN¥550.6M | CN¥206.4M | CN¥61.2M | CN¥478.9M |
| Cash at end of period | CN¥3.31B | CN¥3.62B | CN¥2.84B | CN¥1.59B | CN¥1.04B | CN¥833.1M | CN¥772.0M |
| Free cash flow | CN¥1.86B | CN¥1.67B | CN¥1.95B | CN¥244.4M | CN¥351.9M | CN¥4.7M | CN¥86.2M |
| Free cash flow margin | 18.9% | 23.0% | 41.7% | 10.8% | 16.4% | 0.3% | 5.5% |
| Capex / revenue | 0.9% | 0.8% | 0.9% | 1.7% | 3.1% | 7.3% | 8.8% |
| Operating cash flow / net income | 1.23 | 1.35 | 2.69 | 2.95 | 2.99 | 3.14 | 3.68 |
| 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 | CN¥546.2M | CN¥460.6M | CN¥473.7M | CN¥473.7M | CN¥424.2M | CN¥242.7M | CN¥330.1M | CN¥384.4M | CN¥303.7M | CN¥257.2M | CN¥220.1M | CN¥261.0M |
| Depreciation & amortization | CN¥14.4M | CN¥13.1M | CN¥13.6M | CN¥14.3M | CN¥12.8M | CN¥13.2M | CN¥14.2M | CN¥17.1M | CN¥16.7M | CN¥17.1M | CN¥18.1M | CN¥21.4M |
| Stock-based compensation | — | — | — | CN¥13.3M | CN¥2.0M | CN¥101.5M | — | CN¥3.3M | CN¥23.9M | CN¥3.1M | CN¥2.5M | CN¥9.9M |
| Change in working capital | — | — | — | — | — | — | — | — | — | −CN¥82.0M | −CN¥82.0M | −CN¥82.0M |
| Other non-cash items | CN¥268.4M | −CN¥183.1M | CN¥92.1M | CN¥129.5M | CN¥327.5M | −CN¥355.5M | CN¥228.8M | CN¥28.1M | CN¥232.4M | −CN¥52.2M | CN¥405.4M | CN¥332.7M |
| Cash from operating activities | CN¥829.0M | CN¥290.6M | CN¥579.4M | CN¥630.8M | CN¥766.5M | CN¥2.0M | CN¥573.1M | CN¥432.9M | CN¥576.6M | CN¥143.2M | CN¥564.0M | CN¥543.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −CN¥6.4M | −CN¥3.8M | −CN¥11.5M | −CN¥25.9M | −CN¥29.1M | −CN¥19.4M | −CN¥359,000 | −CN¥24.3M | −CN¥20.1M | −CN¥12.9M | −CN¥9.8M | −CN¥4.5M |
| Investments (net) | CN¥288.2M | CN¥500.9M | CN¥517.6M | −CN¥590.3M | −CN¥770.8M | −CN¥477.6M | CN¥320.5M | −CN¥571.7M | −CN¥306.2M | CN¥37.0M | CN¥43.2M | −CN¥778.8M |
| Acquisitions & other investing | CN¥1.4M | −CN¥4.7M | −CN¥18.0M | CN¥25.9M | CN¥29.1M | CN¥19.4M | — | CN¥24.3M | CN¥20.1M | CN¥12.9M | CN¥9.8M | CN¥4.5M |
| Cash from investing activities | CN¥283.2M | CN¥492.3M | CN¥488.0M | −CN¥590.3M | −CN¥770.8M | −CN¥477.6M | — | −CN¥571.7M | −CN¥306.2M | CN¥37.0M | CN¥43.2M | −CN¥778.8M |
| Financing activities | ||||||||||||
| Dividends paid | −CN¥486.8M | −CN¥344.5M | −CN¥344.5M | CN¥0 | −CN¥418.2M | — | CN¥0 | −CN¥436.0M | CN¥0 | — | CN¥0 | −CN¥150.6M |
| Share repurchases & issuance (net) | −CN¥360.0M | −CN¥390.4M | −CN¥237.7M | −CN¥85.3M | CN¥0 | CN¥0 | — | CN¥0 | — | — | — | — |
| Net borrowing (repayment) | −CN¥5.0M | −CN¥10.0M | CN¥185.0M | CN¥0 | −CN¥5.0M | CN¥10.0M | −CN¥30.0M | CN¥0 | — | — | — | −CN¥848,000 |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | −CN¥3.5M | CN¥348.0M | −CN¥36.1M | CN¥5.4M | CN¥11.9M | CN¥1.4M | CN¥4.5M | CN¥14.9M | CN¥0 | CN¥20.0M | CN¥52.5M | CN¥53.2M |
| Cash from financing activities | −CN¥855.3M | −CN¥396.9M | −CN¥433.3M | −CN¥79.9M | −CN¥411.3M | CN¥11.4M | −CN¥25.5M | −CN¥421.1M | CN¥0 | CN¥20.0M | CN¥52.5M | −CN¥98.3M |
| Summary | ||||||||||||
| Net change in cash | CN¥307.2M | CN¥415.5M | CN¥682.8M | −CN¥45.2M | −CN¥430.4M | −CN¥472.4M | CN¥877.5M | −CN¥581.9M | CN¥274.6M | CN¥207.6M | CN¥643.4M | −CN¥331.0M |
| Cash at end of period | CN¥3.93B | CN¥3.67B | CN¥3.31B | CN¥2.67B | CN¥2.72B | CN¥3.15B | CN¥3.62B | CN¥2.74B | CN¥3.32B | CN¥3.05B | CN¥2.84B | CN¥2.20B |
| Free cash flow | CN¥822.6M | CN¥286.7M | CN¥567.9M | CN¥605.0M | CN¥737.4M | −CN¥17.4M | CN¥572.8M | CN¥408.6M | CN¥556.5M | CN¥130.3M | CN¥554.2M | CN¥538.6M |
| Free cash flow margin | 23.6% | 10.2% | 20.4% | 23.0% | 29.9% | −0.9% | 27.5% | 21.5% | 31.0% | 8.9% | 36.8% | 41.6% |
| Capex / revenue | 0.2% | 0.1% | 0.4% | 1.0% | 1.2% | 1.0% | 0.0% | 1.3% | 1.1% | 0.9% | 0.7% | 0.3% |
| Operating cash flow / net income | 1.52 | 0.63 | 1.22 | 1.33 | 1.81 | 0.01 | 1.74 | 1.13 | 1.90 | 0.56 | 2.56 | 2.08 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
ATAT cash generation
In fiscal 2025 (ended December 31, 2025), Atour Lifestyle generated CN¥1.9 billion of cash from operations (up 12.3%) and spent CN¥83.4 million on capital expenditures, leaving free cash flow of CN¥1.9 billion, 18.9% of revenue. It returned CN¥1.1 billion to shareholders through dividends (CN¥751.0 million) and net share buybacks (CN¥320.9 million). Cash and equivalents fell by CN¥160.4 million over the year.
Related: ATAT income statement, ATAT balance sheet, ATAT dividend history. See the ATAT stock overview for the latest quote and news.
ATAT cash flow FAQ
What is Atour Lifestyle's free cash flow?
Atour Lifestyle's free cash flow was CN¥1.9 billion in fiscal 2025: CN¥1.9 billion of operating cash flow minus CN¥83.4 million of capital expenditures It was CN¥1.7 billion a year earlier..
How much cash does Atour Lifestyle generate from operations?
Atour Lifestyle generated CN¥1.9 billion of cash from operating activities in fiscal 2025, 1.23 times its net income of CN¥1.6 billion.
How much does Atour Lifestyle spend on capital expenditures?
Atour Lifestyle spent CN¥83.4 million on capital expenditures in fiscal 2025, 0.9% of revenue, compared with CN¥56.2 million the year before.
How much stock does Atour Lifestyle buy back?
Atour Lifestyle spent CN¥320.9 million on net share repurchases in fiscal 2025.
How much does Atour Lifestyle pay in dividends?
Atour Lifestyle paid CN¥751.0 million in dividends in fiscal 2025, 40.5% of free cash flow.