EHang Holdings Limited (EH) Cash Flow Statement

NASDAQ: EHOperating cash, capex, free cash flow and buybacks.

Where EH’s cash came from and went, 2025

December 31, 2025 · Chinese yuan

Cash from operations: −CN¥174.6M
Capital expenditures: CN¥143.9M
Free cash flow: −CN¥318.5M
Returned to shareholders: —
Change in cash: −CN¥328.0M

Cash from operations

−CN¥174.6M

Capital expenditures

−CN¥143.9M

Investments (net)

−CN¥280.9M

Acquisitions & other

−CN¥107.4M

Net borrowing (repayment)

+CN¥226.9M

Shares issued

+CN¥166.8M

Other financing

−CN¥26.6M

Currency & other

+CN¥11.7M

Change in cash

−CN¥328.0M

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

EH operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

EH cash flow trends, 2017–2025

EHang Holdings Limited cash flow trends
Metric	Then	Latest	Change
Operating cash flow	−CN¥38.4M2017	−CN¥174.6M2025	—
Capital expenditures	CN¥11.8M2017	CN¥143.9M2025	+36.7%/yr
Free cash flow	−CN¥50.2M2017	−CN¥318.5M2025	—
Free cash flow margin	−158.5%2017	−76.2%2025	+82.3 pts
Stock-based compensation	CN¥32.2M2017	CN¥246.2M2025	+29.0%/yr
Dividends paid	CN¥02017	CN¥02019	—
Share buybacks (net)	CN¥02017	CN¥02025	—
Capex / revenue	37.3%2017	34.4%2025	−2.8 pts

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

EH cash flow by activity

OperatingInvestingFinancingChange in cash

EH 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).

EH cash flow statement in Chinese yuan

EHang Holdings Limited annual cash flow statement
	2025	2024	2023	2022	2021	2020	2019	2018	2017
Operating activities
Net income	−CN¥276.4M	−CN¥229.8M	−CN¥301.7M	−CN¥329.3M	−CN¥313.9M	−CN¥92.0M	−CN¥48.0M	−CN¥80.5M	−CN¥86.6M
Depreciation & amortization	CN¥30.0M	CN¥19.8M	CN¥21.4M	CN¥20.9M	CN¥7.8M	CN¥6.2M	CN¥5.7M	CN¥5.6M	CN¥4.4M
Stock-based compensation	CN¥246.2M	CN¥273.1M	CN¥151.5M	CN¥96.5M	CN¥121.1M	CN¥54.9M	CN¥14.7M	CN¥22.3M	CN¥32.2M
Change in working capital	−CN¥135.4M	CN¥88.1M	CN¥17.0M	−CN¥10.0M	CN¥4.7M	−CN¥136.5M	−CN¥28.2M	CN¥735,000	CN¥14.1M
Other non-cash items	−CN¥39.0M	CN¥6.7M	CN¥23.5M	CN¥48.5M	CN¥58.7M	CN¥15.8M	CN¥672,000	CN¥8.4M	−CN¥2.6M
Cash from operating activities	−CN¥174.6M	CN¥158.0M	−CN¥88.4M	−CN¥173.5M	−CN¥121.6M	−CN¥151.7M	−CN¥55.1M	−CN¥43.4M	−CN¥38.4M
Investing activities
Capital expenditures	−CN¥143.9M	−CN¥39.0M	−CN¥9.1M	−CN¥13.8M	−CN¥15.7M	−CN¥9.1M	−CN¥3.7M	−CN¥4.9M	−CN¥11.8M
Investments (net)	−CN¥280.9M	−CN¥482.5M	−CN¥128.7M	CN¥56.4M	−CN¥33.4M	−CN¥43.4M	−CN¥11.0M	CN¥25.8M	−CN¥51.1M
Acquisitions & other investing	−CN¥107.4M	CN¥39.0M	CN¥9.1M	CN¥13.8M	CN¥15.7M	−CN¥13.8M	CN¥3.3M	CN¥4.9M	CN¥11.8M
Cash from investing activities	−CN¥532.2M	−CN¥482.5M	−CN¥128.7M	CN¥56.4M	−CN¥33.4M	−CN¥66.2M	−CN¥11.4M	CN¥25.8M	−CN¥51.1M
Financing activities
Dividends paid	—	—	—	—	—	—	CN¥0	CN¥0	CN¥0
Share repurchases & issuance (net)	CN¥0	−CN¥10.1M	CN¥0	CN¥0	—	—	CN¥300.3M	CN¥0	CN¥34.3M
Net borrowing (repayment)	CN¥226.9M	CN¥13.3M	−CN¥54.7M	CN¥106.7M	CN¥10.0M	CN¥10.0M	CN¥25.0M	CN¥12.0M	CN¥12.0M
Shares issued	CN¥166.8M	CN¥698.1M	CN¥250.2M	CN¥69.9M	CN¥256.9M	CN¥7.3M	CN¥300.3M	CN¥0	CN¥0
Other financing	−CN¥26.6M	CN¥0	CN¥0	−CN¥69.8M	CN¥2,000	CN¥25.4M	−CN¥300.3M	CN¥4.0M	−CN¥12.0M
Cash from financing activities	CN¥367.1M	CN¥701.4M	CN¥195.5M	CN¥106.7M	CN¥266.9M	CN¥42.7M	CN¥325.3M	CN¥16.0M	CN¥34.3M
Summary
Net change in cash	−CN¥328.0M	CN¥382.6M	−CN¥21.1M	CN¥2.3M	CN¥106.8M	−CN¥181.5M	CN¥260.1M	CN¥64,000	−CN¥47.5M
Cash at end of period	CN¥286.2M	CN¥610.9M	CN¥228.2M	CN¥249.3M	CN¥247.0M	CN¥140.2M	CN¥321.7M	CN¥61.5M	CN¥61.5M
Free cash flow	−CN¥318.5M	CN¥119.0M	−CN¥97.5M	−CN¥187.3M	−CN¥137.3M	−CN¥160.8M	−CN¥58.8M	−CN¥48.4M	−CN¥50.2M
Free cash flow margin	−76.2%	26.1%	−83.0%	−422.6%	−241.7%	−89.3%	−48.3%	−72.7%	−158.5%
Capex / revenue	34.4%	8.5%	7.7%	31.2%	27.6%	5.0%	3.1%	7.4%	37.3%

EHang Holdings Limited quarterly cash flow statement
	Mar '26	Sep '23
Operating activities
Net income	−CN¥126.0M	−CN¥67.0M
Depreciation & amortization	CN¥5.0M	—
Stock-based compensation	CN¥50.8M	CN¥35.8M
Change in working capital	−CN¥135.4M	—
Other non-cash items	CN¥31.0M	CN¥67.0M
Cash from operating activities	−CN¥174.6M	CN¥35.8M
Investing activities
Capital expenditures	−CN¥143.9M	CN¥0
Acquisitions & other investing	−CN¥388.3M	—
Cash from investing activities	−CN¥532.2M	—
Financing activities
Shares issued	CN¥0	CN¥0
Other financing	CN¥367.1M	—
Cash from financing activities	CN¥367.1M	—
Summary
Net change in cash	CN¥286.2M	CN¥35.8M
Cash at end of period	CN¥286.2M	CN¥35.8M
Free cash flow	−CN¥318.5M	CN¥35.8M
Free cash flow margin	−1,241.2%	125.0%
Capex / revenue	560.7%	0.0%

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.

EH cash generation

In fiscal 2025 (ended December 31, 2025), EHang generated -CN¥174.6 million of cash from operations (down 210.5%) and spent CN¥143.9 million on capital expenditures, leaving free cash flow of -CN¥318.5 million, −76.2% of revenue. Cash and equivalents fell by CN¥328.0 million over the year.

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

EH cash flow FAQ

What is EHang's free cash flow?

EHang's free cash flow was -CN¥318.5 million in fiscal 2025: -CN¥174.6 million of operating cash flow minus CN¥143.9 million of capital expenditures It was CN¥119.0 million a year earlier..

How much cash does EHang generate from operations?

EHang generated -CN¥174.6 million of cash from operating activities in fiscal 2025.

How much does EHang spend on capital expenditures?

EHang spent CN¥143.9 million on capital expenditures in fiscal 2025, 34.4% of revenue, compared with CN¥39.0 million the year before.