FinVolution Group (FINV) Cash Flow Statement
Where FINV’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- CN¥1.87B −35.4% vs 2024
- Capital expenditures
- CN¥93.4M 0.7% of revenue
- Free cash flow
- CN¥1.77B 13.4% margin
- Returned to shareholders
- CN¥1.28B 72% of free cash flow
- Change in cash
- −CN¥549.1M cash at year-end CN¥6.20B
Cash from operations
CN¥1.87B
Capital expenditures
−CN¥93.4M
Investments (net)
−CN¥199.6M
Acquisitions & other
−CN¥1.89B
Dividends
−CN¥510.2M
Share buybacks (net)
−CN¥767.0M
Net borrowing (repayment)
+CN¥1.16B
Other financing
−CN¥80.0M
Currency & other
−CN¥38.3M
Change in cash
−CN¥549.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
FINV operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
FINV cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | CN¥1.09B2016 | CN¥1.87B2025 | +6.2%/yr | |
| Capital expenditures | CN¥29.8M2016 | CN¥93.4M2025 | +13.5%/yr | |
| Free cash flow | CN¥1.06B2016 | CN¥1.77B2025 | +5.9%/yr | |
| Free cash flow margin | 87.1%2016 | 13.4%2025 | −73.6 pts | |
| Operating cash flow / net income | 2.172016 | 0.732025 | −1.44 | |
| Stock-based compensation | CN¥106.2M2017 | CN¥149.0M2025 | +4.3%/yr | |
| Dividends paid | CN¥02016 | CN¥510.2M2025 | — | |
| Share buybacks (net) | CN¥02016 | CN¥767.0M2025 | — | |
| Capex / revenue | 2.5%2016 | 0.7%2025 | −1.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FINV cash flow by activity
OperatingInvestingFinancingChange in cash
FINV 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).
FINV cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | CN¥2.55B | CN¥2.38B | CN¥2.38B | CN¥2.28B | CN¥2.50B | CN¥1.97B | CN¥2.37B | CN¥2.47B | CN¥1.08B | CN¥501.5M |
| Depreciation & amortization | CN¥88.9M | CN¥86.3M | CN¥69.1M | CN¥65.0M | CN¥69.2M | CN¥96.4M | CN¥107.1M | CN¥42.2M | CN¥22.6M | CN¥12.1M |
| Stock-based compensation | CN¥149.0M | CN¥144.1M | CN¥116.4M | CN¥89.0M | CN¥95.2M | CN¥42.2M | CN¥42.3M | CN¥50.3M | CN¥106.2M | — |
| Change in working capital | −CN¥1.20B | CN¥749.8M | −CN¥1.27B | CN¥390.9M | −CN¥1.39B | CN¥578.8M | −CN¥2.20B | −CN¥703.9M | CN¥290.6M | CN¥602.3M |
| Other non-cash items | CN¥281.5M | −CN¥470.1M | CN¥114.0M | −CN¥2.56B | −CN¥635.9M | −CN¥479.1M | −CN¥538.3M | CN¥26.9M | CN¥362.3M | −CN¥27.7M |
| Cash from operating activities | CN¥1.87B | CN¥2.89B | CN¥1.41B | CN¥268.8M | CN¥630.2M | CN¥2.21B | −CN¥215.5M | CN¥1.88B | CN¥1.86B | CN¥1.09B |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥93.4M | −CN¥27.8M | −CN¥538.1M | −CN¥52.8M | −CN¥55.3M | −CN¥32.0M | −CN¥48.7M | −CN¥88.7M | −CN¥90.9M | −CN¥29.8M |
| Investments (net) | −CN¥199.6M | −CN¥2.30B | −CN¥390.9M | −CN¥1.55B | CN¥1.99B | CN¥1.04B | −CN¥828.2M | −CN¥1.45B | −CN¥2.50B | −CN¥663.1M |
| Acquisitions & other investing | −CN¥1.89B | CN¥27.8M | CN¥2.34B | CN¥52.8M | CN¥55.3M | CN¥32.0M | CN¥48.7M | CN¥88.7M | CN¥90.9M | CN¥8.8M |
| Cash from investing activities | −CN¥2.18B | −CN¥2.30B | CN¥1.41B | −CN¥1.55B | CN¥1.99B | CN¥1.04B | −CN¥828.2M | −CN¥1.45B | −CN¥2.50B | −CN¥684.1M |
| Financing activities | ||||||||||
| Dividends paid | −CN¥510.2M | −CN¥441.3M | −CN¥430.4M | −CN¥372.5M | −CN¥317.6M | −CN¥263.6M | −CN¥390.7M | −CN¥390.7M | −CN¥390.7M | CN¥0 |
| Share repurchases & issuance (net) | −CN¥767.0M | −CN¥643.2M | −CN¥694.5M | −CN¥340.8M | −CN¥26.0M | −CN¥380.0M | −CN¥42.3M | −CN¥452.3M | CN¥1.65B | CN¥0 |
| Net borrowing (repayment) | CN¥1.16B | −CN¥168,000 | CN¥5.8M | CN¥0 | CN¥0 | −CN¥235.0M | CN¥210.0M | CN¥23.3M | CN¥23.3M | −CN¥20.0M |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | −CN¥80.0M | CN¥462.0M | −CN¥1.44B | −CN¥82.6M | CN¥103.8M | −CN¥2.21B | CN¥1.97B | CN¥1.35B | CN¥854.4M | CN¥458.7M |
| Cash from financing activities | −CN¥194.7M | −CN¥622.7M | −CN¥2.56B | −CN¥795.9M | −CN¥239.8M | −CN¥3.09B | CN¥1.75B | CN¥530.1M | CN¥2.13B | CN¥438.7M |
| Summary | ||||||||||
| Net change in cash | −CN¥549.1M | −CN¥22.3M | CN¥290.3M | −CN¥2.01B | CN¥2.38B | CN¥105.7M | CN¥717.0M | CN¥1.01B | CN¥1.49B | CN¥845.3M |
| Cash at end of period | CN¥6.20B | CN¥6.75B | CN¥6.77B | CN¥6.48B | CN¥8.49B | CN¥6.12B | CN¥6.01B | CN¥5.29B | CN¥1.89B | CN¥1.21B |
| Free cash flow | CN¥1.77B | CN¥2.87B | CN¥875.3M | CN¥216.1M | CN¥575.0M | CN¥2.17B | −CN¥264.2M | CN¥1.80B | CN¥1.77B | CN¥1.06B |
| Free cash flow margin | 13.4% | 21.9% | 6.9% | 1.9% | 6.1% | 28.8% | −4.4% | 39.5% | 45.2% | 87.1% |
| Capex / revenue | 0.7% | 0.2% | 4.3% | 0.5% | 0.6% | 0.4% | 0.8% | 2.0% | 2.3% | 2.5% |
| Operating cash flow / net income | 0.73 | 1.21 | 0.59 | 0.12 | 0.25 | 1.12 | −0.09 | 0.76 | 1.72 | 2.17 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | CN¥441.6M | CN¥415.1M | CN¥418.9M | CN¥624.3M | CN¥747.0M | CN¥737.6M | CN¥680.7M | CN¥623.6M | CN¥551.1M | CN¥532.0M | CN¥2.38B | CN¥566.0M |
| Depreciation & amortization | — | CN¥18.0M | — | — | — | CN¥22.8M | CN¥85.0M | — | — | CN¥19.1M | CN¥61.8M | CN¥61.8M |
| Stock-based compensation | — | CN¥38.2M | — | CN¥37.9M | CN¥39.3M | CN¥34.7M | −CN¥70.3M | — | CN¥40.1M | CN¥30.3M | CN¥34.2M | CN¥30.4M |
| Change in working capital | — | — | — | — | — | −CN¥387.1M | CN¥749.8M | — | — | −CN¥397.5M | −CN¥875.9M | −CN¥823.4M |
| Other non-cash items | −CN¥831.5M | −CN¥245.3M | CN¥16.1M | CN¥209.6M | −CN¥777.7M | CN¥114.3M | −CN¥1.29B | CN¥954.4M | CN¥374.1M | CN¥29.4M | −CN¥1.60B | CN¥343.6M |
| Cash from operating activities | −CN¥390.0M | CN¥226.0M | CN¥435.0M | CN¥871.7M | CN¥8.6M | CN¥522.3M | CN¥155.4M | CN¥1.58B | CN¥965.3M | CN¥213.3M | CN¥3.6M | CN¥178.4M |
| Investing activities | ||||||||||||
| Capital expenditures | CN¥0 | −CN¥435.0M | −CN¥435.0M | CN¥0 | CN¥0 | −CN¥9.9M | −CN¥27.8M | CN¥0 | CN¥0 | −CN¥4.5M | −CN¥538.1M | −CN¥538.1M |
| Investments (net) | — | — | — | −CN¥1.19B | −CN¥1.03B | CN¥365.2M | −CN¥748.1M | −CN¥1.90B | −CN¥577.5M | CN¥925.5M | CN¥1.33B | CN¥591.1M |
| Acquisitions & other investing | — | CN¥581.0M | CN¥136.1M | CN¥0 | CN¥0 | CN¥9.9M | CN¥27.8M | CN¥0 | CN¥0 | CN¥4.7M | −CN¥898.6M | CN¥538.1M |
| Cash from investing activities | — | CN¥146.0M | −CN¥298.9M | −CN¥1.19B | −CN¥1.03B | CN¥365.2M | −CN¥748.1M | −CN¥1.90B | −CN¥577.5M | CN¥925.7M | −CN¥104.2M | CN¥591.1M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | −CN¥441.3M | −CN¥441.3M | — | — | −CN¥430.4M | −CN¥430.4M | −CN¥430.4M |
| Share repurchases & issuance (net) | — | −CN¥39.4M | −CN¥744.8M | — | — | −CN¥13.7M | −CN¥643.2M | — | — | −CN¥194.0M | −CN¥694.5M | −CN¥694.5M |
| Net borrowing (repayment) | — | — | — | — | — | CN¥20.9M | — | — | — | — | — | — |
| Shares issued | CN¥0 | 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¥48.8M | CN¥225.3M | −CN¥123.5M | CN¥658.0M | CN¥235.8M | CN¥1.49B | −CN¥253.7M | −CN¥479.8M | CN¥314.2M | CN¥136.1M | CN¥1.01B |
| Cash from financing activities | — | CN¥9.4M | −CN¥519.5M | −CN¥123.5M | CN¥658.0M | −CN¥198.3M | CN¥401.9M | −CN¥253.7M | −CN¥479.8M | −CN¥310.1M | −CN¥988.7M | −CN¥110.9M |
| Summary | ||||||||||||
| Net change in cash | −CN¥1.66B | CN¥352.7M | −CN¥288.6M | −CN¥465.0M | −CN¥352.7M | CN¥677.9M | −CN¥185.3M | −CN¥544.3M | −CN¥113.3M | CN¥820.7M | −CN¥1.09B | CN¥647.1M |
| Cash at end of period | CN¥4.89B | CN¥6.55B | CN¥6.20B | CN¥6.61B | CN¥7.07B | CN¥7.43B | CN¥6.75B | CN¥6.93B | CN¥7.48B | CN¥7.59B | CN¥6.77B | CN¥7.86B |
| Free cash flow | −CN¥390.0M | CN¥226.0M | CN¥371.6M | CN¥871.7M | CN¥8.6M | CN¥512.4M | CN¥127.6M | CN¥1.58B | CN¥965.3M | CN¥208.8M | −CN¥534.5M | CN¥178.4M |
| Free cash flow margin | −11.5% | 7.1% | 12.5% | 25.0% | 0.2% | 14.7% | 3.7% | 48.2% | 30.5% | 6.6% | −16.3% | 5.6% |
| Capex / revenue | 0.0% | 13.6% | 14.6% | 0.0% | 0.0% | 0.3% | 0.8% | 0.0% | 0.0% | 0.1% | 16.4% | 16.8% |
| Operating cash flow / net income | −0.88 | 0.54 | 1.04 | 1.40 | 0.01 | 0.71 | 0.23 | 2.53 | 1.75 | 0.40 | 0.00 | 0.32 |
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.
FINV cash generation
In fiscal 2025 (ended December 31, 2025), FinVolution generated CN¥1.9 billion of cash from operations (down 35.4%) and spent CN¥93.4 million on capital expenditures, leaving free cash flow of CN¥1.8 billion, 13.4% of revenue. It returned CN¥1.3 billion to shareholders through dividends (CN¥510.2 million) and net share buybacks (CN¥767.0 million). Cash and equivalents fell by CN¥549.1 million over the year.
Related: FINV income statement, FINV balance sheet, FINV dividend history. See the FINV stock overview for the latest quote and news.
FINV cash flow FAQ
What is FinVolution's free cash flow?
FinVolution's free cash flow was CN¥1.8 billion in fiscal 2025: CN¥1.9 billion of operating cash flow minus CN¥93.4 million of capital expenditures It was CN¥2.9 billion a year earlier..
How much cash does FinVolution generate from operations?
FinVolution generated CN¥1.9 billion of cash from operating activities in fiscal 2025, 0.73 times its net income of CN¥2.5 billion.
How much does FinVolution spend on capital expenditures?
FinVolution spent CN¥93.4 million on capital expenditures in fiscal 2025, 0.7% of revenue, compared with CN¥27.8 million the year before.
How much stock does FinVolution buy back?
FinVolution spent CN¥767.0 million on net share repurchases in fiscal 2025.
How much does FinVolution pay in dividends?
FinVolution paid CN¥510.2 million in dividends in fiscal 2025, 28.8% of free cash flow.