Cheetah Mobile Inc. (CMCM) Cash Flow Statement

NYSE: CMCMOperating cash, capex, free cash flow and buybacks.

Where CMCM’s cash came from and went, 2025

December 31, 2025 · Chinese yuan
Cash from operations
−CN¥172.3M
Capital expenditures
CN¥12.8M
1.1% of revenue
Free cash flow
−CN¥185.1M
−16.1% margin
Returned to shareholders
—
Change in cash
−CN¥326.4M
cash at year-end CN¥1.51B
Drawn from cash: CN¥326.4MDrawn from cashCN¥326.4MCash used in operations: CN¥172.3MCash used in operationsCN¥172.3M · 53%Other financing: CN¥64.2MOther financingCN¥64.2M · 20%Acquisitions & other: CN¥29.7MAcquisitions & otherCN¥29.7M · 9%Investments (net): CN¥23.0MInvestments (net)CN¥23.0M · 7%Capital expenditures: CN¥12.8MCapital expendituresCN¥12.8M · 4%Currency & other: CN¥24.4MCurrency & otherCN¥24.4M · 7%CN¥326.4M
Cash from operations
−CN¥172.3M
Capital expenditures
−CN¥12.8M
Investments (net)
−CN¥23.0M
Acquisitions & other
−CN¥29.7M
Other financing
−CN¥64.2M
Currency & other
−CN¥24.4M
Change in cash
−CN¥326.4M

Drawn to scale: where the cash came from and how it was used. Hover for values.

CMCM operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

CMCM cash flow trends, 2016–2025

MetricTrendThenLatestChange
Operating cash flowCN¥393.6M2016−CN¥172.3M2025—
Capital expendituresCN¥117.7M2016CN¥12.8M2025−21.8%/yr
Free cash flowCN¥275.9M2016−CN¥185.1M2025—
Free cash flow margin6.0%2016−16.1%2025−22.1 pts
Operating cash flow / net income0.462017−0.112020−0.58
Stock-based compensationCN¥306.1M2016CN¥19.8M2025−26.2%/yr
Dividends paidCN¥123,0002016CN¥02022−100.0%
Share buybacks (net)CN¥179.0M2016CN¥02021−100.0%
Capex / revenue2.6%20161.1%2025−1.5 pts

Change is the average annual growth (CAGR) or the difference between the first and latest year.

CMCM cash flow by activity

OperatingInvestingFinancingChange in cash

CMCM 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).

CMCM cash flow statement in Chinese yuan

2025202420232022202120202019201820172016
Operating activities
Net income−CN¥235.2M−CN¥601.6M−CN¥602.9M−CN¥513.5M−CN¥353.2MCN¥411.2M−CN¥373.6MCN¥1.17BCN¥1.35B−CN¥80.5M
Depreciation & amortizationCN¥147.2MCN¥51.5MCN¥35.3MCN¥53.0MCN¥50.8MCN¥68.5MCN¥65.5MCN¥80.1MCN¥136.3MCN¥163.4M
Stock-based compensationCN¥19.8MCN¥26.1MCN¥33.6MCN¥7.9MCN¥7.2MCN¥81.0MCN¥127.4MCN¥85.1MCN¥73.3MCN¥306.1M
Change in working capital−CN¥256.2M−CN¥114.2MCN¥606.0M−CN¥320.4MCN¥240.5MCN¥258.8M−CN¥223.2M−CN¥355.7M−CN¥40.3M−CN¥130.7M
Other non-cash itemsCN¥152.0MCN¥399.9MCN¥478.5MCN¥348.7MCN¥157.5M−CN¥865.6MCN¥164.4M−CN¥630.8M−CN¥891.9MCN¥135.3M
Cash from operating activities−CN¥172.3M−CN¥238.3MCN¥550.5M−CN¥424.2MCN¥102.8M−CN¥46.1M−CN¥239.5MCN¥345.6MCN¥625.6MCN¥393.6M
Investing activities
Capital expenditures−CN¥12.8M−CN¥22.8M−CN¥9.7M−CN¥6.8M−CN¥46.8M−CN¥59.3M−CN¥102.2M−CN¥65.4M−CN¥25.9M−CN¥117.7M
Investments (net)−CN¥23.0M−CN¥34.1M−CN¥49.1MCN¥189.1MCN¥274.4MCN¥1.79B−CN¥1.09BCN¥538.6M−CN¥152.1M−CN¥982.8M
Acquisitions & other investing−CN¥29.7MCN¥22.8MCN¥9.7MCN¥6.8M−CN¥6.7MCN¥152.5MCN¥102.2MCN¥65.4M−CN¥53.5MCN¥77.0M
Cash from investing activities−CN¥65.6M−CN¥34.1M−CN¥49.1MCN¥189.1MCN¥220.8MCN¥1.88B−CN¥1.09BCN¥538.6M−CN¥231.5M−CN¥1.02B
Financing activities
Dividends paid———CN¥0−CN¥5.0M−CN¥1.44B−CN¥500.6M−CN¥1.44B−CN¥58.7M−CN¥123,000
Share repurchases & issuance (net)————CN¥0CN¥0−CN¥175,000−CN¥221.7MCN¥0−CN¥179.0M
Net borrowing (repayment)CN¥0−CN¥5.0MCN¥0CN¥0CN¥0CN¥4.7MCN¥4.7M−CN¥329.1M−CN¥138.7MCN¥323.2M
Shares issuedCN¥0CN¥0CN¥0CN¥0CN¥0CN¥0CN¥0CN¥0CN¥0CN¥0
Other financing−CN¥64.2MCN¥74.1M−CN¥6.8M−CN¥4.9M−CN¥4.6M−CN¥19.6MCN¥11.0MCN¥1.44BCN¥705.5MCN¥6.3M
Cash from financing activities−CN¥64.2MCN¥69.1M−CN¥6.8M−CN¥4.9M−CN¥9.6M−CN¥1.45B−CN¥485.1M−CN¥546.5MCN¥508.1MCN¥150.4M
Summary
Net change in cash−CN¥326.4M−CN¥187.2MCN¥503.7M−CN¥68.2MCN¥284.3MCN¥314.8M−CN¥1.80BCN¥382.3MCN¥828.9M−CN¥264.5M
Cash at end of periodCN¥1.51BCN¥1.83BCN¥2.02BCN¥1.52BCN¥1.58BCN¥1.30BCN¥985.6MCN¥2.79BCN¥2.41BCN¥1.58B
Free cash flow−CN¥185.1M−CN¥261.1MCN¥540.8M−CN¥431.0MCN¥56.0M−CN¥105.4M−CN¥341.7MCN¥280.2MCN¥599.7MCN¥275.9M
Free cash flow margin−16.1%−32.4%80.8%−48.8%7.1%−6.8%−9.5%5.6%12.1%6.0%
Capex / revenue1.1%2.8%1.4%0.8%6.0%3.8%2.8%1.3%0.5%2.6%
Operating cash flow / net income—————−0.11—0.300.46—

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.

CMCM cash generation

In fiscal 2025 (ended December 31, 2025), Cheetah Mobile generated -CN¥172.3 million of cash from operations and spent CN¥12.8 million on capital expenditures, leaving free cash flow of -CN¥185.1 million, −16.1% of revenue. Cash and equivalents fell by CN¥326.4 million over the year.

Related: CMCM income statement, CMCM balance sheet. See the CMCM stock overview for the latest quote and news.

CMCM cash flow FAQ

What is Cheetah Mobile's free cash flow?

Cheetah Mobile's free cash flow was -CN¥185.1 million in fiscal 2025: -CN¥172.3 million of operating cash flow minus CN¥12.8 million of capital expenditures It was -CN¥261.1 million a year earlier..

How much cash does Cheetah Mobile generate from operations?

Cheetah Mobile generated -CN¥172.3 million of cash from operating activities in fiscal 2025.

How much does Cheetah Mobile spend on capital expenditures?

Cheetah Mobile spent CN¥12.8 million on capital expenditures in fiscal 2025, 1.1% of revenue, compared with CN¥22.8 million the year before.

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