Youdao, Inc. (DAO) Cash Flow Statement

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

Where DAO’s cash came from and went, 2025

December 31, 2025 · Chinese yuan
Cash from operations
CN¥55.2M
Capital expenditures
CN¥25.6M
0.4% of revenue
Free cash flow
CN¥29.6M
0.5% margin
Returned to shareholders
—
Change in cash
−CN¥599.5M
cash at year-end CN¥444.9M
Cash from operations: CN¥55.2MCash from operationsCN¥55.2MBorrowing: CN¥25.1MBorrowingCN¥25.1MDrawn from cash: CN¥599.5MDrawn from cashCN¥599.5MOther financing: CN¥20.5MOther financingCN¥20.5MInvestments (net): CN¥233.8MInvestments (net)CN¥233.8M · 33%Capital expenditures: CN¥25.6MCapital expendituresCN¥25.6M · 4%Currency & other: CN¥441.0MCurrency & otherCN¥441.0M · 63%CN¥700.3M
Cash from operations
CN¥55.2M
Capital expenditures
−CN¥25.6M
Investments (net)
−CN¥233.8M
Net borrowing (repayment)
+CN¥25.1M
Other financing
+CN¥20.5M
Currency & other
−CN¥441.0M
Change in cash
−CN¥599.5M

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

DAO operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

DAO cash flow trends, 2017–2025

MetricTrendThenLatestChange
Operating cash flow−CN¥87.1M2017CN¥55.2M2025—
Capital expendituresCN¥10.7M2017CN¥25.6M2025+11.6%/yr
Free cash flow−CN¥97.8M2017CN¥29.6M2025—
Free cash flow margin−21.5%20170.5%2025+22.0 pts
Operating cash flow / net income−0.8320240.512025+1.34
Stock-based compensationCN¥5.3M2017CN¥34.7M2025+26.5%/yr
Dividends paidCN¥02017CN¥02019—
Share buybacks (net)CN¥02017CN¥02025—
Capex / revenue2.3%20170.4%2025−1.9 pts

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

DAO cash flow by activity

OperatingInvestingFinancingChange in cash

DAO 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).

DAO cash flow statement in Chinese yuan

202520242023202220212020201920182017
Operating activities
Net incomeCN¥107.3MCN¥82.2M−CN¥550.1M−CN¥745.9M−CN¥1.03B−CN¥1.75B−CN¥601.5M−CN¥209.3M−CN¥163.9M
Depreciation & amortizationCN¥23.4MCN¥29.0MCN¥29.6MCN¥42.2MCN¥30.1MCN¥15.5MCN¥10.5MCN¥6.4MCN¥3.3M
Stock-based compensationCN¥34.7MCN¥22.6MCN¥30.8MCN¥70.7MCN¥72.2MCN¥36.4MCN¥25.1MCN¥6.2MCN¥5.3M
Change in working capital−CN¥183.0M−CN¥231.4M−CN¥14.8MCN¥70.5MCN¥132.2MCN¥712.1MCN¥190.9MCN¥123.3MCN¥68.1M
Other non-cash itemsCN¥72.7MCN¥29.7MCN¥66.3M−CN¥40.6M−CN¥554.5MCN¥667.8MCN¥2.7M−CN¥26.9MCN¥118,000
Cash from operating activitiesCN¥55.2M−CN¥67.9M−CN¥438.1M−CN¥603.1M−CN¥1.35B−CN¥321.6M−CN¥372.3M−CN¥100.3M−CN¥87.1M
Investing activities
Capital expenditures−CN¥25.6M−CN¥11.8M−CN¥17.9M−CN¥69.8M−CN¥64.1M−CN¥36.9M−CN¥18.2M−CN¥14.0M−CN¥10.7M
Investments (net)−CN¥233.8M−CN¥13.6MCN¥125.6MCN¥125.8MCN¥63.0MCN¥803.3M−CN¥1.08B−CN¥374.0M−CN¥10.8M
Acquisitions & other investing—CN¥11.8MCN¥17.9MCN¥69.8MCN¥48.2M−CN¥5.5MCN¥18.2MCN¥14.0MCN¥10.7M
Cash from investing activities—−CN¥13.6MCN¥125.6MCN¥125.8MCN¥47.1MCN¥761.0M−CN¥1.08B−CN¥374.0M−CN¥10.8M
Financing activities
Dividends paid——————CN¥0CN¥0CN¥0
Share repurchases & issuance (net)CN¥0−CN¥62.3M−CN¥127.5M−CN¥50.7MCN¥1.53BCN¥34.5MCN¥630.4MCN¥431.1MCN¥1.5M
Net borrowing (repayment)CN¥25.1MCN¥273.9MCN¥99.3MCN¥225.9MCN¥257.5MCN¥257.5MCN¥257.5MCN¥257.5MCN¥57.0M
Shares issuedCN¥0CN¥0CN¥0CN¥0CN¥1.50BCN¥0CN¥1.51BCN¥430.4MCN¥0
Other financingCN¥20.5MCN¥16.9MCN¥9.3MCN¥9.4M−CN¥1.50B−CN¥265.4M−CN¥812.2M−CN¥643.9MCN¥49.3M
Cash from financing activitiesCN¥45.6MCN¥228.5M−CN¥18.9MCN¥184.6MCN¥1.78BCN¥26.6MCN¥1.59BCN¥475.1MCN¥107.8M
Summary
Net change in cash−CN¥599.5MCN¥144.6M−CN¥329.6M−CN¥288.1MCN¥463.3MCN¥435.9MCN¥131.6MCN¥1.9MCN¥9.8M
Cash at end of periodCN¥444.9MCN¥599.5MCN¥454.9MCN¥784.5MCN¥1.07BCN¥609.2MCN¥173.3MCN¥41.7MCN¥39.8M
Free cash flowCN¥29.6M−CN¥79.7M−CN¥456.0M−CN¥672.9M−CN¥1.41B−CN¥358.4M−CN¥390.4M−CN¥114.3M−CN¥97.8M
Free cash flow margin0.5%−1.4%−8.5%−13.4%−35.1%−11.3%−29.9%−15.6%−21.5%
Capex / revenue0.4%0.2%0.3%1.4%1.6%1.2%1.4%1.9%2.3%
Operating cash flow / net income0.51−0.83———————

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.

DAO cash generation

In fiscal 2025 (ended December 31, 2025), Youdao generated CN¥55.2 million of cash from operations and spent CN¥25.6 million on capital expenditures, leaving free cash flow of CN¥29.6 million, 0.5% of revenue. Cash and equivalents fell by CN¥599.5 million over the year.

Related: DAO income statement. See the DAO stock overview for the latest quote and news.

DAO cash flow FAQ

What is Youdao's free cash flow?

Youdao's free cash flow was CN¥29.6 million in fiscal 2025: CN¥55.2 million of operating cash flow minus CN¥25.6 million of capital expenditures It was -CN¥79.7 million a year earlier..

How much cash does Youdao generate from operations?

Youdao generated CN¥55.2 million of cash from operating activities in fiscal 2025, 0.51 times its net income of CN¥107.3 million.

How much does Youdao spend on capital expenditures?

Youdao spent CN¥25.6 million on capital expenditures in fiscal 2025, 0.4% of revenue, compared with CN¥11.8 million the year before.

Education & Training Services: cash flow