HUYA Inc (HUYA) Cash Flow Statement

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

Where HUYA’s cash came from and went, 2025

December 31, 2025 · Chinese yuan
Cash from operations
−CN¥176.2M
−286.8% vs 2024
Capital expenditures
CN¥188.8M
2.9% of revenue
Free cash flow
−CN¥365.0M
−5.6% margin
Returned to shareholders
CN¥2.50B
Change in cash
−CN¥501.2M
cash at year-end CN¥704.7M
Investments (net): CN¥2.37BInvestments (net)CN¥2.37BDrawn from cash: CN¥501.2MDrawn from cashCN¥501.2MAcquisitions & other: CN¥1.1MAcquisitions & otherCN¥1.1MDividends: CN¥2.41BDividendsCN¥2.41B · 84%Capital expenditures: CN¥188.8MCapital expendituresCN¥188.8M · 7%Cash used in operations: CN¥176.2MCash used in operationsCN¥176.2M · 6%Share buybacks: CN¥90.3MShare buybacksCN¥90.3M · 3%Currency & other: CN¥12.2MCurrency & otherCN¥12.2M · 0%CN¥2.88B
Cash from operations
−CN¥176.2M
Capital expenditures
−CN¥188.8M
Investments (net)
+CN¥2.37B
Acquisitions & other
+CN¥1.1M
Dividends
−CN¥2.41B
Share buybacks (net)
−CN¥90.3M
Currency & other
−CN¥12.2M
Change in cash
−CN¥501.2M

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

HUYA operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

HUYA cash flow trends, 2016–2025

MetricTrendThenLatestChange
Operating cash flow−CN¥420.5M2016−CN¥176.2M2025—
Capital expendituresCN¥1.1M2016CN¥188.8M2025+76.5%/yr
Free cash flow−CN¥421.6M2016−CN¥365.0M2025—
Free cash flow margin−52.9%2016−5.6%2025+47.3 pts
Operating cash flow / net income4.1620190.562021−3.59
Stock-based compensationCN¥52.1M2016CN¥73.6M2025+3.9%/yr
Dividends paidCN¥02016CN¥2.41B2025—
Share buybacks (net)CN¥02016CN¥90.3M2025—
Capex / revenue0.1%20162.9%2025+2.8 pts

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

HUYA cash flow by activity

OperatingInvestingFinancingChange in cash

HUYA 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).

HUYA cash flow statement in Chinese yuan

2025202420232022202120202019201820172016
Operating activities
Net income−CN¥112.6M−CN¥48.0M−CN¥204.5M−CN¥3.33BCN¥583.5MCN¥884.2MCN¥468.2M−CN¥1.94B−CN¥81.0M−CN¥625.6M
Depreciation & amortizationCN¥108.0MCN¥114.0MCN¥140.4MCN¥143.6MCN¥125.0MCN¥131.2MCN¥87.8MCN¥35.0MCN¥7.7MCN¥4.5M
Stock-based compensationCN¥73.6MCN¥64.5MCN¥78.3MCN¥1.07BCN¥289.7MCN¥408.2MCN¥281.7MCN¥226.7MCN¥40.1MCN¥52.1M
Change in working capital−CN¥430.9M−CN¥261.8M−CN¥307.9M−CN¥2.06B−CN¥260.8M−CN¥162.0MCN¥1.15BCN¥274.4MCN¥255.0MCN¥148.6M
Other non-cash itemsCN¥185.7MCN¥225.6MCN¥261.6MCN¥1.18B−CN¥410.0M−CN¥21.7M−CN¥46.5MCN¥2.12BCN¥20.7MCN¥0
Cash from operating activities−CN¥176.2MCN¥94.3M−CN¥32.1M−CN¥3.00BCN¥327.5MCN¥1.24BCN¥1.95BCN¥717.5MCN¥242.4M−CN¥420.5M
Investing activities
Capital expenditures−CN¥188.8M−CN¥210.5M−CN¥131.3M−CN¥1.13B−CN¥98.1M−CN¥428.2M−CN¥71.4M−CN¥127.4M−CN¥43.4M−CN¥1.1M
Investments (net)CN¥2.37BCN¥3.68BCN¥53.2M−CN¥848.6M−CN¥1.78BCN¥1.43B−CN¥3.68B−CN¥4.57B−CN¥559.6M−CN¥96.1M
Acquisitions & other investingCN¥1.1MCN¥210.5MCN¥131.3M−CN¥3.84BCN¥1.8MCN¥971,000CN¥71.4MCN¥127.4MCN¥43.4MCN¥1.1M
Cash from investing activitiesCN¥2.19BCN¥3.68BCN¥53.2M−CN¥5.81B−CN¥1.88BCN¥1.00B−CN¥3.68B−CN¥4.57B−CN¥559.6M−CN¥96.1M
Financing activities
Dividends paid−CN¥2.41B−CN¥2.86BCN¥0CN¥0——CN¥0CN¥0CN¥0CN¥0
Share repurchases & issuance (net)−CN¥90.3M−CN¥247.9M−CN¥202.4MCN¥0CN¥0—CN¥2.13BCN¥4.13BCN¥509.5MCN¥0
Net borrowing (repayment)——————CN¥0CN¥0CN¥0CN¥0
Shares issuedCN¥0CN¥0CN¥0CN¥0CN¥0CN¥0CN¥2.11BCN¥4.13BCN¥0CN¥0
Other financingCN¥0CN¥680,000CN¥128,000CN¥41.4MCN¥10.7MCN¥265.3M−CN¥2.11B−CN¥4.13BCN¥264.9MCN¥522.8M
Cash from financing activities−CN¥2.50B−CN¥3.10B−CN¥202.3MCN¥41.4MCN¥10.7MCN¥265.3MCN¥2.13BCN¥4.13BCN¥774.4MCN¥522.8M
Summary
Net change in cash−CN¥501.2MCN¥675.8M−CN¥168.0M−CN¥8.13B−CN¥1.61BCN¥2.34BCN¥405.6MCN¥266.5MCN¥436.3MCN¥6.2M
Cash at end of periodCN¥704.7MCN¥1.21BCN¥530.1MCN¥4.52BCN¥1.85BCN¥3.46BCN¥1.11BCN¥709.0MCN¥442.5MCN¥6.2M
Free cash flow−CN¥365.0M−CN¥116.2M−CN¥163.4M−CN¥4.12BCN¥229.4MCN¥811.7MCN¥1.87BCN¥590.1MCN¥199.1M−CN¥421.6M
Free cash flow margin−5.6%−1.9%−2.3%−44.5%2.0%7.4%155.5%12.7%9.1%−52.9%
Capex / revenue2.9%3.5%1.9%12.2%0.9%3.9%5.9%2.7%2.0%0.1%
Operating cash flow / net income————0.561.404.16———

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.

HUYA cash generation

In fiscal 2025 (ended December 31, 2025), HUYA generated -CN¥176.2 million of cash from operations (down 286.8%) and spent CN¥188.8 million on capital expenditures, leaving free cash flow of -CN¥365.0 million, −5.6% of revenue. It returned CN¥2.5 billion to shareholders through dividends (CN¥2.4 billion) and net share buybacks (CN¥90.3 million). Cash and equivalents fell by CN¥501.2 million over the year.

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

HUYA cash flow FAQ

What is HUYA's free cash flow?

HUYA's free cash flow was -CN¥365.0 million in fiscal 2025: -CN¥176.2 million of operating cash flow minus CN¥188.8 million of capital expenditures It was -CN¥116.2 million a year earlier..

How much cash does HUYA generate from operations?

HUYA generated -CN¥176.2 million of cash from operating activities in fiscal 2025.

How much does HUYA spend on capital expenditures?

HUYA spent CN¥188.8 million on capital expenditures in fiscal 2025, 2.9% of revenue, compared with CN¥210.5 million the year before.

How much stock does HUYA buy back?

HUYA spent CN¥90.3 million on net share repurchases in fiscal 2025.

How much does HUYA pay in dividends?

HUYA paid CN¥2.4 billion in dividends in fiscal 2025.

Entertainment: cash flow