Four Seasons Education (Cayman) Inc. (FEDU) Cash Flow Statement
Where FEDU’s cash came from and went, FY2026
February 28, 2026 · Chinese yuan- Cash from operations
- CN¥30.0M +50.1% vs FY2025
- Capital expenditures
- CN¥6.9M 2.7% of revenue
- Free cash flow
- CN¥23.1M 9.1% margin
- Returned to shareholders
- —
- Change in cash
- −CN¥72.8M cash at year-end CN¥266.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
FEDU operating cash flow, capex and free cash flow
FEDU cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | CN¥119.5MFY2017 | CN¥30.0MFY2026 | −14.2%/yr | |
| Capital expenditures | CN¥6.7MFY2017 | CN¥6.9MFY2026 | +0.4%/yr | |
| Free cash flow | CN¥112.8MFY2017 | CN¥23.1MFY2026 | −16.1%/yr | |
| Free cash flow margin | 55.5%FY2017 | 9.1%FY2026 | −46.4 pts | |
| Operating cash flow / net income | 6.76FY2017 | 1.03FY2026 | −5.73 | |
| Stock-based compensation | CN¥3.4MFY2017 | CN¥1.7MFY2026 | −7.6%/yr | |
| Dividends paid | CN¥122.1MFY2017 | CN¥0FY2026 | −100.0% | |
| Share buybacks (net) | CN¥0FY2017 | CN¥0FY2026 | — | |
| Capex / revenue | 3.3%FY2017 | 2.7%FY2026 | −0.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FEDU cash flow by activity
FEDU 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).
FEDU cash flow statement in Chinese yuan
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | CN¥29.1M | −CN¥627,000 | CN¥5.0M | −CN¥29.7M | −CN¥113.5M | −CN¥28.2M | −CN¥109.5M | −CN¥601,000 | CN¥44.4M | CN¥17.7M |
| Depreciation & amortization | CN¥17.8M | CN¥12.0M | CN¥4.4M | CN¥3.6M | CN¥10.2M | CN¥15.7M | CN¥19.8M | CN¥18.0M | CN¥6.5M | CN¥1.8M |
| Stock-based compensation | CN¥1.7M | CN¥5.0M | CN¥3.1M | CN¥3.2M | CN¥9.0M | CN¥27.5M | CN¥30.9M | CN¥32.2M | CN¥23.5M | CN¥3.4M |
| Change in working capital | −CN¥9.5M | CN¥6.0M | CN¥4.7M | −CN¥9.2M | −CN¥78.2M | −CN¥36.9M | −CN¥29.6M | CN¥30.6M | CN¥14.4M | CN¥18.1M |
| Other non-cash items | −CN¥9.0M | −CN¥2.4M | −CN¥557,000 | CN¥6.6M | CN¥81.2M | CN¥53.0M | CN¥170.6M | −CN¥27.1M | CN¥7.2M | CN¥78.6M |
| Cash from operating activities | CN¥30.0M | CN¥20.0M | CN¥16.6M | −CN¥25.5M | −CN¥91.3M | CN¥31.1M | CN¥82.2M | CN¥53.1M | CN¥96.0M | CN¥119.5M |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥6.9M | −CN¥57.2M | −CN¥56.6M | −CN¥8.7M | −CN¥9.9M | −CN¥10.4M | −CN¥9.2M | −CN¥17.9M | −CN¥23.1M | −CN¥6.7M |
| Investments (net) | −CN¥100.4M | CN¥2.5M | CN¥71.5M | −CN¥96.7M | CN¥24.6M | −CN¥58.4M | −CN¥79.4M | −CN¥35.1M | −CN¥170.4M | CN¥300,000 |
| Acquisitions & other investing | −CN¥790,000 | CN¥57.2M | CN¥56.6M | CN¥8.7M | −CN¥10.4M | CN¥854,000 | −CN¥10.1M | −CN¥134.2M | CN¥23.1M | −CN¥3.8M |
| Cash from investing activities | −CN¥108.1M | CN¥2.5M | CN¥71.5M | −CN¥96.7M | CN¥4.3M | −CN¥68.0M | −CN¥98.7M | −CN¥187.2M | −CN¥170.4M | −CN¥10.2M |
| Financing activities | ||||||||||
| Dividends paid | CN¥0 | −CN¥34.9M | CN¥0 | CN¥0 | — | CN¥0 | CN¥0 | −CN¥3.7M | −CN¥122.1M | −CN¥122.1M |
| Share repurchases & issuance (net) | CN¥0 | CN¥0 | −CN¥159,000 | −CN¥238,000 | −CN¥27.8M | CN¥0 | −CN¥27.9M | −CN¥781,000 | CN¥580.2M | CN¥73.6M |
| Net borrowing (repayment) | CN¥7.9M | CN¥41.9M | CN¥41.4M | −CN¥600,000 | −CN¥508,000 | CN¥100,000 | CN¥986,000 | CN¥214,000 | CN¥390,000 | CN¥390,000 |
| Shares issued | CN¥0 | CN¥2,000 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | CN¥1.2M | CN¥5.3M | CN¥0 | CN¥0 | CN¥2.7M | CN¥98,000 | CN¥496,000 | CN¥3.7M | CN¥3.2M | CN¥123.0M |
| Cash from financing activities | CN¥9.1M | CN¥12.4M | CN¥41.3M | −CN¥838,000 | −CN¥25.6M | CN¥198,000 | −CN¥26.4M | −CN¥561,000 | CN¥461.6M | CN¥74.9M |
| Summary | ||||||||||
| Net change in cash | −CN¥72.8M | CN¥37.0M | CN¥125.2M | −CN¥95.6M | −CN¥116.5M | −CN¥53.1M | −CN¥28.9M | −CN¥112.1M | CN¥352.4M | CN¥188.6M |
| Cash at end of period | CN¥266.5M | CN¥339.3M | CN¥302.2M | CN¥177.1M | CN¥272.7M | CN¥389.2M | CN¥442.4M | CN¥471.2M | CN¥583.3M | CN¥231.0M |
| Free cash flow | CN¥23.1M | −CN¥37.2M | −CN¥40.1M | −CN¥34.2M | −CN¥101.2M | CN¥20.7M | CN¥73.0M | CN¥35.3M | CN¥72.8M | CN¥112.8M |
| Free cash flow margin | 9.1% | −14.8% | −31.9% | −99.8% | −40.4% | 7.4% | 18.8% | 10.5% | 24.2% | 55.5% |
| Capex / revenue | 2.7% | 22.8% | 45.1% | 25.3% | 3.9% | 3.7% | 2.4% | 5.3% | 7.7% | 3.3% |
| Operating cash flow / net income | 1.03 | — | 3.34 | — | — | — | — | — | 2.16 | 6.76 |
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.
FEDU cash generation
In fiscal 2026 (ended February 28, 2026), Four Seasons Education generated CN¥30.0 million of cash from operations (up 50.1%) and spent CN¥6.9 million on capital expenditures, leaving free cash flow of CN¥23.1 million, 9.1% of revenue. Cash and equivalents fell by CN¥72.8 million over the year.
Related: FEDU income statement, FEDU balance sheet. See the FEDU stock overview for the latest quote and news.
FEDU cash flow FAQ
What is Four Seasons Education's free cash flow?
Four Seasons Education's free cash flow was CN¥23.1 million in fiscal 2026: CN¥30.0 million of operating cash flow minus CN¥6.9 million of capital expenditures It was -CN¥37.2 million a year earlier..
How much cash does Four Seasons Education generate from operations?
Four Seasons Education generated CN¥30.0 million of cash from operating activities in fiscal 2026, 1.03 times its net income of CN¥29.1 million.
How much does Four Seasons Education spend on capital expenditures?
Four Seasons Education spent CN¥6.9 million on capital expenditures in fiscal 2026, 2.7% of revenue, compared with CN¥57.2 million the year before.