H World Group Limited (HTHT) Cash Flow Statement
Where HTHT’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- CN¥8.15B +6.9% vs 2024
- Capital expenditures
- CN¥815.2M 3.3% of revenue
- Free cash flow
- CN¥7.34B 29.8% margin
- Returned to shareholders
- CN¥4.56B 62% of free cash flow
- Change in cash
- CN¥3.33B cash at year-end CN¥10.54B
Cash from operations
CN¥8.15B
Capital expenditures
−CN¥815.2M
Investments (net)
−CN¥357.0M
Acquisitions & other
+CN¥158.6M
Dividends
−CN¥3.80B
Share buybacks (net)
−CN¥761.7M
Net borrowing (repayment)
+CN¥378.0M
Currency & other
+CN¥377.9M
Change in cash
CN¥3.33B
Drawn to scale: where the cash came from and how it was used. Hover for values.
HTHT operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
HTHT cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | CN¥2.05B2016 | CN¥8.15B2025 | +16.6%/yr | |
| Capital expenditures | CN¥516.7M2016 | CN¥815.2M2025 | +5.2%/yr | |
| Free cash flow | CN¥1.53B2016 | CN¥7.34B2025 | +19.0%/yr | |
| Free cash flow margin | 23.3%2016 | 29.8%2025 | +6.5 pts | |
| Operating cash flow / net income | 2.572016 | 1.652025 | −0.92 | |
| Stock-based compensation | CN¥55.4M2016 | CN¥420.0M2025 | +25.2%/yr | |
| Dividends paid | CN¥276.3M2016 | CN¥3.80B2025 | +33.8%/yr | |
| Share buybacks (net) | CN¥02016 | CN¥761.7M2025 | — | |
| Capex / revenue | 7.9%2016 | 3.3%2025 | −4.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HTHT cash flow by activity
OperatingInvestingFinancingChange in cash
HTHT 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).
HTHT cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | CN¥4.94B | CN¥3.10B | CN¥4.13B | −CN¥1.85B | −CN¥480.0M | −CN¥2.20B | CN¥1.76B | CN¥727.0M | CN¥1.24B | CN¥796.5M |
| Depreciation & amortization | CN¥1.26B | CN¥1.33B | CN¥1.41B | CN¥1.51B | CN¥1.50B | CN¥1.45B | CN¥1.02B | CN¥891.0M | CN¥789.0M | CN¥695.0M |
| Stock-based compensation | CN¥420.0M | CN¥322.0M | CN¥143.0M | CN¥87.0M | CN¥109.0M | CN¥122.0M | CN¥110.0M | CN¥83.0M | CN¥66.4M | CN¥55.4M |
| Change in working capital | CN¥2.02B | −CN¥574.0M | −CN¥678.0M | CN¥166.0M | −CN¥92.0M | CN¥339.0M | CN¥482.0M | CN¥60.0M | CN¥188.5M | CN¥341.5M |
| Other non-cash items | −CN¥491.2M | CN¥3.44B | CN¥2.66B | CN¥1.65B | CN¥302.0M | CN¥907.0M | −CN¥79.0M | CN¥1.29B | CN¥172.0M | CN¥159.3M |
| Cash from operating activities | CN¥8.15B | CN¥7.62B | CN¥7.67B | CN¥1.56B | CN¥1.34B | CN¥609.0M | CN¥3.29B | CN¥3.05B | CN¥2.45B | CN¥2.05B |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥815.2M | −CN¥895.5M | −CN¥901.0M | −CN¥1.05B | −CN¥1.68B | −CN¥1.78B | −CN¥1.53B | −CN¥1.20B | −CN¥827.4M | −CN¥516.7M |
| Investments (net) | −CN¥357.0M | −CN¥2.24B | −CN¥1.48B | −CN¥522.0M | CN¥973.0M | −CN¥1.31B | −CN¥285.0M | −CN¥6.34B | −CN¥6.72B | CN¥183.8M |
| Acquisitions & other investing | CN¥158.6M | CN¥863.8M | CN¥901.2M | CN¥1.05B | −CN¥700.0M | −CN¥5.02B | CN¥1.53B | CN¥1.20B | CN¥827.4M | CN¥516.7M |
| Cash from investing activities | −CN¥1.01B | −CN¥2.27B | −CN¥1.48B | −CN¥522.0M | −CN¥1.40B | −CN¥8.10B | −CN¥285.0M | −CN¥6.34B | −CN¥6.72B | CN¥183.8M |
| Financing activities | ||||||||||
| Dividends paid | −CN¥3.80B | −CN¥3.53B | CN¥0 | −CN¥416.0M | −CN¥416.0M | −CN¥678.0M | −CN¥658.0M | −CN¥5.0M | −CN¥306.3M | −CN¥276.3M |
| Share repurchases & issuance (net) | −CN¥761.7M | −CN¥1.17B | −CN¥848.0M | −CN¥334.0M | −CN¥191.0M | CN¥6.91B | CN¥14.0M | CN¥14.0M | CN¥9.0M | CN¥12.0M |
| Net borrowing (repayment) | CN¥378.0M | −CN¥6.0M | −CN¥4.75B | −CN¥693.0M | −CN¥1.79B | −CN¥4.30B | CN¥6.71B | CN¥4.29B | CN¥4.82B | −CN¥40.0M |
| Shares issued | CN¥0 | CN¥0 | CN¥1.97B | CN¥0 | CN¥1.0M | CN¥6.02B | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | −CN¥4.5M | −CN¥874.7M | −CN¥94.0M | CN¥49.0M | CN¥593.0M | −CN¥7.06B | −CN¥22.0M | −CN¥55.0M | CN¥9.4M | CN¥56.7M |
| Cash from financing activities | −CN¥4.19B | −CN¥5.58B | −CN¥3.72B | −CN¥1.39B | −CN¥1.80B | CN¥883.0M | CN¥6.04B | CN¥4.25B | CN¥4.54B | −CN¥247.5M |
| Summary | ||||||||||
| Net change in cash | CN¥3.33B | −CN¥411.1M | CN¥2.52B | −CN¥55.0M | −CN¥1.95B | −CN¥6.91B | CN¥9.12B | CN¥928.0M | CN¥239.7M | CN¥2.00B |
| Cash at end of period | CN¥10.54B | CN¥7.52B | CN¥7.70B | CN¥5.09B | CN¥5.14B | CN¥7.09B | CN¥14.00B | CN¥4.88B | CN¥3.47B | CN¥3.24B |
| Free cash flow | CN¥7.34B | CN¥6.73B | CN¥6.77B | CN¥511.0M | −CN¥333.0M | −CN¥1.17B | CN¥1.76B | CN¥1.85B | CN¥1.63B | CN¥1.53B |
| Free cash flow margin | 29.8% | 28.2% | 31.0% | 3.7% | −2.6% | −11.4% | 15.7% | 18.4% | 19.7% | 23.3% |
| Capex / revenue | 3.3% | 3.7% | 4.1% | 7.6% | 13.1% | 17.4% | 13.7% | 11.9% | 10.1% | 7.9% |
| Operating cash flow / net income | 1.65 | 2.46 | 1.86 | — | — | — | 1.87 | 4.19 | 1.98 | 2.57 |
| 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¥1.57B | CN¥812.1M | CN¥1.16B | CN¥1.47B | CN¥1.56B | CN¥899.0M | CN¥49.0M | CN¥1.25B | CN¥1.07B | CN¥667.0M | CN¥667.0M | CN¥1.35B |
| Depreciation & amortization | CN¥318.0M | CN¥290.2M | CN¥285.0M | CN¥319.0M | CN¥317.0M | CN¥319.0M | CN¥305.0M | CN¥329.0M | CN¥337.0M | CN¥345.0M | CN¥345.0M | CN¥358.0M |
| Stock-based compensation | CN¥179.0M | CN¥86.0M | CN¥81.0M | CN¥92.0M | CN¥170.0M | CN¥77.0M | CN¥73.0M | CN¥79.0M | CN¥112.0M | CN¥58.0M | CN¥58.0M | CN¥44.0M |
| Change in working capital | CN¥1.17B | −CN¥1.19B | CN¥2.94B | −CN¥240.0M | CN¥924.0M | −CN¥288.0M | CN¥1.32B | −CN¥1.16B | CN¥602.9M | −CN¥230.0M | −CN¥230.0M | −CN¥583.0M |
| Other non-cash items | CN¥136.0M | CN¥237.0M | −CN¥1.11B | CN¥54.0M | −CN¥311.0M | −CN¥427.0M | CN¥954.0M | CN¥1.12B | CN¥127.0M | CN¥46.0M | CN¥46.0M | CN¥10.0M |
| Cash from operating activities | CN¥3.37B | CN¥231.6M | CN¥3.35B | CN¥1.70B | CN¥2.66B | CN¥580.0M | CN¥2.70B | CN¥1.62B | CN¥2.25B | CN¥886.0M | CN¥886.0M | CN¥1.18B |
| Investing activities | ||||||||||||
| Capital expenditures | −CN¥166.9M | −CN¥180.9M | −CN¥200.4M | −CN¥204.0M | −CN¥189.0M | −CN¥240.0M | −CN¥205.0M | −CN¥199.0M | −CN¥203.4M | −CN¥281.0M | −CN¥281.0M | −CN¥196.0M |
| Investments (net) | CN¥2.00B | CN¥1.58B | CN¥1.16B | −CN¥3.05B | CN¥239.0M | CN¥757.0M | −CN¥3.10B | CN¥166.0M | CN¥346.0M | CN¥348.0M | −CN¥277.0M | −CN¥2.05B |
| Acquisitions & other investing | CN¥4.3M | CN¥19.3M | CN¥19.9M | CN¥204.0M | CN¥189.0M | CN¥240.0M | — | CN¥189.2M | CN¥203.4M | CN¥281.0M | — | CN¥196.0M |
| Cash from investing activities | CN¥1.83B | CN¥1.42B | CN¥974.4M | −CN¥3.05B | CN¥239.0M | CN¥757.0M | — | CN¥156.2M | CN¥346.0M | CN¥348.0M | — | −CN¥2.05B |
| Financing activities | ||||||||||||
| Dividends paid | −CN¥2.81B | −CN¥8.5M | −CN¥8.5M | −CN¥1.77B | −CN¥2.14B | −CN¥40.1M | CN¥0 | −CN¥1.33B | CN¥0 | −CN¥2.09B | −CN¥2.09B | CN¥0 |
| Share repurchases & issuance (net) | −CN¥1.84B | −CN¥328.2M | −CN¥328.2M | −CN¥3.0M | −CN¥13.0M | −CN¥430.0M | CN¥0 | −CN¥475.3M | −CN¥132.0M | −CN¥544.0M | −CN¥544.0M | −CN¥848.0M |
| Net borrowing (repayment) | CN¥1.49B | CN¥439.0M | −CN¥865.0M | −CN¥29.0M | CN¥1.44B | −CN¥166.0M | −CN¥60.0M | −CN¥106.0M | — | — | — | −CN¥595.0M |
| 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¥27.9M | CN¥311.2M | CN¥72.3M | −CN¥10.0M | CN¥2.0M | CN¥8.1M | CN¥23.0M | −CN¥102.0M | −CN¥973.0M | CN¥377.0M | CN¥377.0M | CN¥830.0M |
| Cash from financing activities | −CN¥3.19B | CN¥413.5M | −CN¥1.13B | −CN¥1.81B | −CN¥709.0M | −CN¥628.0M | −CN¥37.0M | −CN¥2.01B | −CN¥1.10B | −CN¥2.26B | −CN¥2.26B | −CN¥613.0M |
| Summary | ||||||||||||
| Net change in cash | CN¥2.11B | CN¥2.08B | CN¥3.40B | −CN¥3.25B | CN¥2.21B | CN¥781.0M | −CN¥416.0M | CN¥55.8M | CN¥1.50B | −CN¥1.05B | −CN¥1.05B | −CN¥1.54B |
| Cash at end of period | CN¥14.40B | CN¥12.45B | CN¥10.54B | CN¥7.27B | CN¥10.52B | CN¥8.30B | CN¥7.52B | CN¥7.94B | CN¥8.16B | CN¥6.66B | CN¥6.66B | CN¥6.30B |
| Free cash flow | CN¥3.21B | CN¥50.7M | CN¥3.15B | CN¥1.49B | CN¥2.47B | CN¥340.0M | CN¥2.50B | CN¥1.42B | CN¥2.05B | CN¥605.0M | CN¥605.0M | CN¥985.0M |
| Free cash flow margin | 45.0% | 0.9% | 49.0% | 21.4% | 38.4% | 6.3% | 41.5% | 22.0% | 33.3% | 11.5% | 11.5% | 15.7% |
| Capex / revenue | 2.3% | 3.0% | 3.1% | 2.9% | 2.9% | 4.4% | 3.4% | 3.1% | 3.3% | 5.3% | 5.3% | 3.1% |
| Operating cash flow / net income | 2.15 | 0.29 | 2.90 | 1.15 | 1.71 | 0.65 | 55.18 | 1.30 | 2.10 | 1.33 | 1.33 | 0.87 |
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.
HTHT cash generation
In fiscal 2025 (ended December 31, 2025), H World generated CN¥8.2 billion of cash from operations (up 6.9%) and spent CN¥815.2 million on capital expenditures, leaving free cash flow of CN¥7.3 billion, 29.8% of revenue. It returned CN¥4.6 billion to shareholders through dividends (CN¥3.8 billion) and net share buybacks (CN¥761.7 million). Cash and equivalents rose by CN¥3.3 billion over the year.
Related: HTHT income statement, HTHT balance sheet, HTHT dividend history. See the HTHT stock overview for the latest quote and news.
HTHT cash flow FAQ
What is H World's free cash flow?
H World's free cash flow was CN¥7.3 billion in fiscal 2025: CN¥8.2 billion of operating cash flow minus CN¥815.2 million of capital expenditures It was CN¥6.7 billion a year earlier..
How much cash does H World generate from operations?
H World generated CN¥8.2 billion of cash from operating activities in fiscal 2025, 1.65 times its net income of CN¥4.9 billion.
How much does H World spend on capital expenditures?
H World spent CN¥815.2 million on capital expenditures in fiscal 2025, 3.3% of revenue, compared with CN¥895.5 million the year before.
How much stock does H World buy back?
H World spent CN¥761.7 million on net share repurchases in fiscal 2025.
How much does H World pay in dividends?
H World paid CN¥3.8 billion in dividends in fiscal 2025, 51.8% of free cash flow.