Dingdong (Cayman) Limited (DDL) Cash Flow Statement
Where DDL’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- CN¥520.9M −43.9% vs 2024
- Capital expenditures
- CN¥172.9M 0.7% of revenue
- Free cash flow
- CN¥348.0M 1.4% margin
- Returned to shareholders
- CN¥8.6M 2% of free cash flow
- Change in cash
- CN¥255.0M cash at year-end CN¥1.11B
Drawn to scale: where the cash came from and how it was used. Hover for values.
DDL operating cash flow, capex and free cash flow
DDL cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −CN¥964.3M2019 | CN¥520.9M2025 | — | |
| Capital expenditures | CN¥124.8M2019 | CN¥172.9M2025 | +5.6%/yr | |
| Free cash flow | −CN¥1.09B2019 | CN¥348.0M2025 | — | |
| Free cash flow margin | −28.1%2019 | 1.4%2025 | +29.5 pts | |
| Operating cash flow / net income | 3.052024 | 2.352025 | −0.70 | |
| Stock-based compensation | CN¥2.0M2019 | CN¥78.4M2025 | +84.5%/yr | |
| Share buybacks (net) | CN¥02019 | CN¥8.6M2025 | — | |
| Capex / revenue | 3.2%2019 | 0.7%2025 | −2.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DDL cash flow by activity
DDL 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).
DDL cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | CN¥221.7M | CN¥304.4M | −CN¥91.3M | −CN¥806.9M | −CN¥6.43B | −CN¥3.18B | −CN¥1.87B |
| Depreciation & amortization | CN¥97.5M | CN¥114.6M | CN¥155.0M | CN¥204.2M | CN¥213.1M | CN¥115.4M | CN¥34.7M |
| Stock-based compensation | CN¥78.4M | CN¥118.5M | CN¥136.6M | CN¥235.9M | CN¥315.4M | CN¥153.1M | CN¥2.0M |
| Change in working capital | −CN¥580.2M | CN¥377.7M | −CN¥4.5M | CN¥392.0M | CN¥161.8M | CN¥762.2M | CN¥728.2M |
| Other non-cash items | CN¥703.5M | CN¥13.8M | −CN¥430.4M | CN¥82.0M | CN¥72.3M | CN¥90.6M | CN¥144.2M |
| Cash from operating activities | CN¥520.9M | CN¥929.0M | −CN¥234.6M | CN¥107.1M | −CN¥5.67B | −CN¥2.06B | −CN¥964.3M |
| Investing activities | |||||||
| Capital expenditures | −CN¥172.9M | −CN¥98.2M | −CN¥83.3M | −CN¥126.9M | −CN¥451.6M | −CN¥248.5M | −CN¥124.8M |
| Investments (net) | CN¥604.3M | CN¥475.5M | CN¥519.3M | −CN¥66.9M | −CN¥4.07B | −CN¥763.8M | −CN¥60.8M |
| Acquisitions & other investing | −CN¥13.5M | CN¥98.2M | CN¥83.3M | CN¥126.9M | CN¥451.6M | −CN¥8.9M | CN¥0 |
| Cash from investing activities | CN¥417.9M | CN¥475.5M | CN¥519.3M | −CN¥66.9M | −CN¥4.07B | −CN¥1.02B | −CN¥185.6M |
| Financing activities | |||||||
| Dividends paid | — | — | — | — | −CN¥16.21B | — | — |
| Share repurchases & issuance (net) | −CN¥8.6M | −CN¥30.5M | CN¥3.3M | −CN¥17.7M | −CN¥2.9M | CN¥2.17B | CN¥961.1M |
| Net borrowing (repayment) | −CN¥734.7M | −CN¥1.69B | −CN¥937.8M | CN¥1.06B | CN¥1.06B | CN¥1.49B | CN¥715.2M |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥7.24B | CN¥2.17B | CN¥961.1M |
| Other financing | CN¥20.2M | CN¥548,000 | CN¥0 | CN¥71.1M | CN¥16.96B | −CN¥2.17B | −CN¥961.1M |
| Cash from financing activities | −CN¥723.1M | −CN¥1.72B | −CN¥934.4M | CN¥1.11B | CN¥9.04B | CN¥3.66B | CN¥1.68B |
| Summary | |||||||
| Net change in cash | CN¥255.0M | −CN¥319.5M | −CN¥649.2M | CN¥1.19B | −CN¥780.0M | CN¥511.9M | CN¥561.0M |
| Cash at end of period | CN¥1.11B | CN¥890.2M | CN¥1.21B | CN¥1.86B | CN¥670.4M | CN¥1.45B | CN¥938.6M |
| Free cash flow | CN¥348.0M | CN¥830.9M | −CN¥317.9M | −CN¥19.7M | −CN¥6.12B | −CN¥2.30B | −CN¥1.09B |
| Free cash flow margin | 1.4% | 3.6% | −1.6% | −0.1% | −30.4% | −20.3% | −28.1% |
| Capex / revenue | 0.7% | 0.4% | 0.4% | 0.5% | 2.2% | 2.2% | 3.2% |
| Operating cash flow / net income | 2.35 | 3.05 | — | — | — | — | — |
| Jun '26 | Mar '26 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | CN¥269.0M | CN¥162.8M | CN¥80.3M | CN¥107.2M | CN¥5.6M | CN¥89.2M | CN¥18.3M | CN¥67.1M | CN¥10.0M | −CN¥2.3M | CN¥2.1M |
| Depreciation & amortization | — | — | — | — | CN¥114.6M | — | — | — | CN¥155.0M | CN¥155.0M | CN¥155.0M |
| Stock-based compensation | CN¥2.3M | CN¥1.3M | CN¥18.4M | CN¥20.6M | CN¥22.3M | — | — | CN¥36.0M | CN¥29.2M | CN¥20.6M | CN¥13.4M |
| Change in working capital | — | — | CN¥331.0M | CN¥186.6M | −CN¥616.7M | CN¥929.0M | CN¥738.2M | CN¥340.5M | −CN¥4.5M | −CN¥4.5M | −CN¥4.5M |
| Other non-cash items | −CN¥144.7M | −CN¥17.4M | −CN¥285.3M | −CN¥213.0M | CN¥559.3M | −CN¥827.3M | −CN¥358.8M | −CN¥197.9M | −CN¥94.9M | −CN¥48.9M | −CN¥35.9M |
| Cash from operating activities | CN¥126.6M | CN¥146.7M | CN¥144.4M | CN¥101.4M | CN¥85.2M | CN¥190.9M | CN¥397.6M | CN¥245.7M | CN¥94.8M | CN¥119.8M | CN¥130.1M |
| Investing activities | |||||||||||
| Capital expenditures | CN¥0 | −CN¥199.3M | CN¥0 | CN¥0 | −CN¥98.2M | CN¥0 | CN¥0 | CN¥0 | −CN¥83.3M | −CN¥83.3M | −CN¥83.3M |
| Investments (net) | — | — | −CN¥12.9M | −CN¥46.0M | CN¥441.7M | −CN¥158.8M | −CN¥352.5M | CN¥278.8M | CN¥708.0M | CN¥186.8M | −CN¥380.2M |
| Acquisitions & other investing | −CN¥70.0M | CN¥650.3M | −CN¥78.7M | CN¥0 | CN¥98.2M | CN¥634.4M | CN¥0 | CN¥0 | CN¥83.3M | CN¥83.3M | CN¥83.3M |
| Cash from investing activities | −CN¥70.0M | CN¥451.0M | −CN¥91.6M | −CN¥46.0M | CN¥441.7M | CN¥475.5M | −CN¥352.5M | CN¥278.8M | CN¥708.0M | CN¥186.8M | −CN¥380.2M |
| Financing activities | |||||||||||
| Share repurchases & issuance (net) | — | −CN¥8.5M | — | — | −CN¥30.5M | — | — | — | — | — | — |
| Shares issued | 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¥972.5M | −CN¥188.3M | −CN¥145.8M | −CN¥344.4M | −CN¥169.4M | −CN¥1.72B | −CN¥200.1M | −CN¥592.9M | −CN¥881.2M | −CN¥393.8M | CN¥18.4M |
| Cash from financing activities | CN¥972.5M | −CN¥196.8M | −CN¥145.8M | −CN¥344.4M | −CN¥199.9M | −CN¥1.72B | −CN¥200.1M | −CN¥592.9M | −CN¥881.2M | −CN¥393.8M | CN¥18.4M |
| Summary | |||||||||||
| Net change in cash | CN¥1.03B | CN¥395.6M | −CN¥94.9M | −CN¥289.2M | CN¥326.8M | −CN¥14.2M | −CN¥157.2M | −CN¥69.8M | −CN¥78.2M | −CN¥88.0M | −CN¥232.5M |
| Cash at end of period | CN¥2.53B | CN¥1.50B | CN¥832.9M | CN¥927.8M | CN¥1.22B | CN¥890.2M | CN¥904.4M | CN¥1.06B | CN¥1.13B | CN¥1.21B | CN¥1.30B |
| Free cash flow | CN¥126.6M | CN¥146.7M | CN¥144.4M | CN¥101.4M | CN¥85.2M | CN¥92.7M | CN¥397.6M | CN¥245.7M | CN¥94.8M | CN¥36.5M | CN¥130.1M |
| Free cash flow margin | 173.5% | 105.9% | 2.2% | 1.7% | 1.6% | 1.6% | 6.1% | 4.4% | 1.9% | 0.7% | 2.5% |
| Capex / revenue | 0.0% | 143.8% | 0.0% | 0.0% | 1.8% | 0.0% | 0.0% | 0.0% | 1.7% | 1.7% | 1.6% |
| Operating cash flow / net income | 0.47 | 0.90 | 1.80 | 0.95 | 15.18 | 2.14 | 21.75 | 3.66 | 9.45 | — | 61.84 |
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.
DDL cash generation
In fiscal 2025 (ended December 31, 2025), Dingdong generated CN¥520.9 million of cash from operations (down 43.9%) and spent CN¥172.9 million on capital expenditures, leaving free cash flow of CN¥348.0 million, 1.4% of revenue. It returned CN¥8.6 million to shareholders through dividends (CN¥0) and net share buybacks (CN¥8.6 million). Cash and equivalents rose by CN¥255.0 million over the year.
Related: DDL income statement. See the DDL stock overview for the latest quote and news.
DDL cash flow FAQ
What is Dingdong's free cash flow?
Dingdong's free cash flow was CN¥348.0 million in fiscal 2025: CN¥520.9 million of operating cash flow minus CN¥172.9 million of capital expenditures It was CN¥830.9 million a year earlier..
How much cash does Dingdong generate from operations?
Dingdong generated CN¥520.9 million of cash from operating activities in fiscal 2025, 2.35 times its net income of CN¥221.7 million.
How much does Dingdong spend on capital expenditures?
Dingdong spent CN¥172.9 million on capital expenditures in fiscal 2025, 0.7% of revenue, compared with CN¥98.2 million the year before.
How much stock does Dingdong buy back?
Dingdong spent CN¥8.6 million on net share repurchases in fiscal 2025.