Gaotu Techedu Inc. (GOTU) Cash Flow Statement

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

Where GOTU’s cash came from and went, 2025

December 31, 2025 · Chinese yuan
Cash from operations
CN¥416.1M
+61.3% vs 2024
Capital expenditures
CN¥169.5M
2.8% of revenue
Free cash flow
CN¥246.6M
4.0% margin
Returned to shareholders
CN¥343.4M
139% of free cash flow
Change in cash
−CN¥614.3M
cash at year-end CN¥712.0M
Cash from operations: CN¥416.1MCash from operationsCN¥416.1MBorrowing: CN¥129.2MBorrowingCN¥129.2MDrawn from cash: CN¥614.3MDrawn from cashCN¥614.3MCurrency & other: CN¥2.5MCurrency & otherCN¥2.5MInvestments (net): CN¥456.1MInvestments (net)CN¥456.1M · 39%Share buybacks: CN¥343.4MShare buybacksCN¥343.4M · 30%Acquisitions & other: CN¥193.2MAcquisitions & otherCN¥193.2M · 17%Capital expenditures: CN¥169.5MCapital expendituresCN¥169.5M · 15%CN¥1.16B
Cash from operations
CN¥416.1M
Capital expenditures
−CN¥169.5M
Investments (net)
−CN¥456.1M
Acquisitions & other
−CN¥193.2M
Share buybacks (net)
−CN¥343.4M
Net borrowing (repayment)
+CN¥129.2M
Currency & other
+CN¥2.5M
Change in cash
−CN¥614.3M

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

GOTU operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

GOTU cash flow trends, 2017–2025

MetricTrendThenLatestChange
Operating cash flow−CN¥49.6M2017CN¥416.1M2025—
Capital expendituresCN¥370,0002017CN¥169.5M2025+115.1%/yr
Free cash flow−CN¥50.0M2017CN¥246.6M2025—
Free cash flow margin−51.3%20174.0%2025+55.3 pts
Operating cash flow / net income12.3120184.142022−8.17
Stock-based compensationCN¥5.8M2017CN¥39.2M2025+27.0%/yr
Share buybacks (net)CN¥02017CN¥343.4M2025—
Capex / revenue0.4%20172.8%2025+2.4 pts

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

GOTU cash flow by activity

OperatingInvestingFinancingChange in cash

GOTU 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).

GOTU cash flow statement in Chinese yuan

202520242023202220212020201920182017
Operating activities
Net income−CN¥323.3M−CN¥1.05B−CN¥7.3MCN¥90.3M−CN¥3.10B−CN¥1.39BCN¥226.6MCN¥19.6M−CN¥87.0M
Depreciation & amortizationCN¥112.8MCN¥65.0MCN¥54.2MCN¥70.8MCN¥112.6MCN¥57.2MCN¥12.1MCN¥4.2MCN¥4.9M
Stock-based compensationCN¥39.2MCN¥53.2MCN¥58.4MCN¥840.4MCN¥320.9MCN¥238.4MCN¥60.2MCN¥5.9MCN¥5.8M
Change in working capitalCN¥643.3MCN¥1.19BCN¥257.5M−CN¥696.4M−CN¥1.70BCN¥1.77BCN¥999.0MCN¥212.9MCN¥25.3M
Other non-cash items−CN¥56.0M−CN¥4.6M−CN¥9.1MCN¥68.7MCN¥181.6M−CN¥67.3M−CN¥12.9M−CN¥847,000CN¥1.3M
Cash from operating activitiesCN¥416.1MCN¥258.0MCN¥353.7MCN¥373.7M−CN¥4.19BCN¥603.3MCN¥1.29BCN¥241.9M−CN¥49.6M
Investing activities
Capital expenditures−CN¥169.5M−CN¥178.2M−CN¥40.8M−CN¥129.9M−CN¥272.3M−CN¥284.1M−CN¥61.3M−CN¥12.1M−CN¥370,000
Investments (net)−CN¥456.1MCN¥620.8M−CN¥424.0M−CN¥158.4MCN¥4.81B−CN¥5.20B−CN¥2.44B−CN¥186.6M−CN¥8.1M
Acquisitions & other investing−CN¥193.2MCN¥178.2MCN¥40.8M−CN¥797.0MCN¥272.3M−CN¥109.8MCN¥257,000CN¥39,000−CN¥1.7M
Cash from investing activities−CN¥818.8MCN¥620.8M−CN¥424.0M−CN¥1.09BCN¥4.81B−CN¥5.60B−CN¥2.50B−CN¥198.7M−CN¥10.1M
Financing activities
Share repurchases & issuance (net)−CN¥343.4M−CN¥205.3M−CN¥90.5MCN¥0CN¥0−CN¥282.5M−CN¥86.7M—CN¥0
Net borrowing (repayment)CN¥129.2MCN¥0CN¥0CN¥0CN¥0−CN¥460,000−CN¥34.1M−CN¥29.2MCN¥56.5M
Shares issuedCN¥0CN¥0CN¥0CN¥0CN¥0CN¥5.69BCN¥1.37BCN¥0CN¥0
Other financingCN¥0CN¥0CN¥12,000CN¥0−CN¥100.6M−CN¥132.1MCN¥0CN¥0CN¥0
Cash from financing activities−CN¥214.1M−CN¥205.3M−CN¥90.5MCN¥0−CN¥100.6MCN¥5.27BCN¥1.25B−CN¥29.2MCN¥56.5M
Summary
Net change in cash−CN¥614.3MCN¥656.4M−CN¥150.0M−CN¥528.9MCN¥541.9MCN¥281.3MCN¥40.7MCN¥14.0M−CN¥3.3M
Cash at end of periodCN¥712.0MCN¥1.33BCN¥670.0MCN¥5.62BCN¥897.1MCN¥355.2MCN¥74.0MCN¥33.3MCN¥19.3M
Free cash flowCN¥246.6MCN¥79.8MCN¥312.9MCN¥243.9M−CN¥4.46BCN¥319.2MCN¥1.22BCN¥229.7M−CN¥50.0M
Free cash flow margin4.0%1.8%10.6%9.8%−67.9%4.5%57.9%57.8%−51.3%
Capex / revenue2.8%3.9%1.4%5.2%4.2%4.0%2.9%3.1%0.4%
Operating cash flow / net income———4.14——5.6712.31—

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.

GOTU cash generation

In fiscal 2025 (ended December 31, 2025), Gaotu Techedu generated CN¥416.1 million of cash from operations (up 61.3%) and spent CN¥169.5 million on capital expenditures, leaving free cash flow of CN¥246.6 million, 4.0% of revenue. It returned CN¥343.4 million to shareholders through dividends (CN¥0) and net share buybacks (CN¥343.4 million). Cash and equivalents fell by CN¥614.3 million over the year.

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

GOTU cash flow FAQ

What is Gaotu Techedu's free cash flow?

Gaotu Techedu's free cash flow was CN¥246.6 million in fiscal 2025: CN¥416.1 million of operating cash flow minus CN¥169.5 million of capital expenditures It was CN¥79.8 million a year earlier..

How much cash does Gaotu Techedu generate from operations?

Gaotu Techedu generated CN¥416.1 million of cash from operating activities in fiscal 2025.

How much does Gaotu Techedu spend on capital expenditures?

Gaotu Techedu spent CN¥169.5 million on capital expenditures in fiscal 2025, 2.8% of revenue, compared with CN¥178.2 million the year before.

How much stock does Gaotu Techedu buy back?

Gaotu Techedu spent CN¥343.4 million on net share repurchases in fiscal 2025.

Education & Training Services: cash flow