Boqii Holding Limited (BQ) Cash Flow Statement
Where BQ’s cash came from and went, FY2026
March 31, 2026 · Chinese yuan- Cash from operations
- −CN¥28.4M
- Capital expenditures
- CN¥1.0M 0.3% of revenue
- Free cash flow
- −CN¥29.4M −7.2% margin
- Returned to shareholders
- —
- Change in cash
- CN¥12.6M cash at year-end CN¥49.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
BQ operating cash flow, capex and free cash flow
BQ cash flow trends, FY2019–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −CN¥206.2MFY2019 | −CN¥28.4MFY2026 | — | |
| Capital expenditures | CN¥2.1MFY2019 | CN¥1.0MFY2026 | −10.9%/yr | |
| Free cash flow | −CN¥208.3MFY2019 | −CN¥29.4MFY2026 | — | |
| Free cash flow margin | −25.9%FY2019 | −7.2%FY2026 | +18.7 pts | |
| Stock-based compensation | CN¥2.9MFY2019 | CN¥5,000FY2026 | −65.3%/yr | |
| Share buybacks (net) | CN¥0FY2019 | CN¥0FY2025 | — | |
| Capex / revenue | 0.3%FY2019 | 0.3%FY2026 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BQ cash flow by activity
BQ 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).
BQ cash flow statement in Chinese yuan
| FY2026 | FY2025 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | −CN¥4.9M | −CN¥58.6M | −CN¥106.0M | −CN¥132.8M | −CN¥193.2M | −CN¥175.9M | −CN¥231.5M |
| Depreciation & amortization | CN¥3.8M | CN¥14.7M | CN¥32.4M | CN¥19.4M | CN¥18.8M | CN¥20.3M | CN¥21.1M |
| Stock-based compensation | CN¥5,000 | CN¥81,000 | −CN¥7.7M | CN¥14.4M | CN¥55.0M | −CN¥12.7M | CN¥2.9M |
| Change in working capital | −CN¥3.2M | −CN¥22.1M | −CN¥17.0M | −CN¥50.0M | −CN¥115.8M | −CN¥42.1M | −CN¥17.2M |
| Other non-cash items | −CN¥24.0M | −CN¥905,000 | CN¥44.2M | CN¥1.5M | −CN¥12.3M | CN¥44.5M | CN¥18.6M |
| Cash from operating activities | −CN¥28.4M | −CN¥66.8M | −CN¥54.1M | −CN¥147.5M | −CN¥247.5M | −CN¥165.9M | −CN¥206.2M |
| Investing activities | |||||||
| Capital expenditures | −CN¥1.0M | −CN¥3.3M | −CN¥1.9M | −CN¥3.1M | −CN¥6.5M | −CN¥1.2M | −CN¥2.1M |
| Investments (net) | CN¥15.7M | CN¥24.6M | CN¥46.5M | CN¥24.7M | −CN¥168.5M | −CN¥75.1M | −CN¥22.6M |
| Acquisitions & other investing | CN¥8.3M | CN¥3.3M | CN¥1.9M | −CN¥422,000 | −CN¥9.4M | CN¥1.2M | CN¥2.1M |
| Cash from investing activities | CN¥23.0M | CN¥24.6M | CN¥46.5M | CN¥21.1M | −CN¥184.4M | −CN¥75.1M | −CN¥22.6M |
| Financing activities | |||||||
| Share repurchases & issuance (net) | — | CN¥24.3M | CN¥88.0M | CN¥263.9M | CN¥748.5M | CN¥41.2M | CN¥68.1M |
| Net borrowing (repayment) | −CN¥8.0M | −CN¥6.4M | −CN¥76.7M | −CN¥262.1M | −CN¥100.0M | CN¥253.8M | CN¥131.2M |
| Shares issued | CN¥24.3M | CN¥14.5M | CN¥88.0M | CN¥262.9M | CN¥748.5M | CN¥41.2M | CN¥68.1M |
| Other financing | −CN¥507,206 | −CN¥24.3M | −CN¥175.9M | −CN¥262.6M | −CN¥748.5M | −CN¥41.2M | −CN¥68.1M |
| Cash from financing activities | CN¥15.8M | CN¥8.2M | −CN¥76.7M | CN¥2.0M | CN¥648.5M | CN¥295.0M | CN¥199.3M |
| Summary | |||||||
| Net change in cash | CN¥12.6M | −CN¥34.1M | −CN¥73.0M | −CN¥129.4M | CN¥203.9M | CN¥61.1M | −CN¥23.0M |
| Cash at end of period | CN¥49.2M | CN¥38.7M | CN¥89.8M | CN¥162.9M | CN¥292.2M | CN¥88.4M | CN¥27.2M |
| Free cash flow | −CN¥29.4M | −CN¥70.1M | −CN¥55.9M | −CN¥150.6M | −CN¥254.0M | −CN¥167.1M | −CN¥208.3M |
| Free cash flow margin | −7.2% | −15.0% | −5.1% | −12.7% | −25.1% | −21.7% | −25.9% |
| Capex / revenue | 0.3% | 0.7% | 0.2% | 0.3% | 0.6% | 0.2% | 0.3% |
| Sep '22 | |
|---|---|
| Operating activities | |
| Net income | −CN¥17.5M |
| Depreciation & amortization | CN¥1.9M |
| Stock-based compensation | −CN¥3.3M |
| Other non-cash items | CN¥22.9M |
| Cash from operating activities | CN¥3.9M |
| Investing activities | |
| Capital expenditures | CN¥0 |
| Financing activities | |
| Shares issued | CN¥0 |
| Summary | |
| Net change in cash | −CN¥51.6M |
| Cash at end of period | CN¥85.7M |
| Free cash flow | CN¥3.9M |
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.
BQ cash generation
In fiscal 2026 (ended March 31, 2026), Boqii generated -CN¥28.4 million of cash from operations and spent CN¥1.0 million on capital expenditures, leaving free cash flow of -CN¥29.4 million, −7.2% of revenue. Cash and equivalents rose by CN¥12.6 million over the year.
Related: BQ income statement, BQ balance sheet. See the BQ stock overview for the latest quote and news.
BQ cash flow FAQ
What is Boqii's free cash flow?
Boqii's free cash flow was -CN¥29.4 million in fiscal 2026: -CN¥28.4 million of operating cash flow minus CN¥1.0 million of capital expenditures It was -CN¥70.1 million a year earlier..
How much cash does Boqii generate from operations?
Boqii generated -CN¥28.4 million of cash from operating activities in fiscal 2026.
How much does Boqii spend on capital expenditures?
Boqii spent CN¥1.0 million on capital expenditures in fiscal 2026, 0.3% of revenue, compared with CN¥3.3 million the year before.