JinkoSolar Holding Co., Ltd. (JKS) Cash Flow Statement

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

Where JKS’s cash came from and went, 2025

December 31, 2025 · Chinese yuan
Cash from operations
CN¥1.08B
−93.6% vs 2024
Capital expenditures
CN¥3.30B
5.0% of revenue
Free cash flow
−CN¥2.22B
−3.4% margin
Returned to shareholders
CN¥490.8M
Change in cash
−CN¥4.80B
cash at year-end CN¥22.94B
Cash from operations: CN¥1.08BCash from operationsCN¥1.08BAcquisitions & other: CN¥1.09BAcquisitions & otherCN¥1.09BBorrowing: CN¥1.75BBorrowingCN¥1.75BDrawn from cash: CN¥4.80BDrawn from cashCN¥4.80BCurrency & other: CN¥250.6MCurrency & otherCN¥250.6MCapital expenditures: CN¥3.30BCapital expendituresCN¥3.30B · 37%Investments (net): CN¥3.17BInvestments (net)CN¥3.17B · 35%Other financing: CN¥2.02BOther financingCN¥2.02B · 22%Dividends: CN¥486.8MDividendsCN¥486.8M · 5%CN¥8.97B
Cash from operations
CN¥1.08B
Capital expenditures
−CN¥3.30B
Investments (net)
−CN¥3.17B
Acquisitions & other
+CN¥1.09B
Dividends
−CN¥486.8M
Net borrowing (repayment)
+CN¥1.75B
Other financing
−CN¥2.02B
Currency & other
+CN¥250.6M
Change in cash
−CN¥4.80B

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

JKS operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

JKS cash flow trends, 2016–2025

MetricTrendThenLatestChange
Operating cash flow−CN¥1.80B2016CN¥1.08B2025—
Capital expendituresCN¥4.09B2016CN¥3.30B2025−2.4%/yr
Free cash flow−CN¥5.90B2016−CN¥2.22B2025—
Free cash flow margin−27.6%2016−3.4%2025+24.2 pts
Operating cash flow / net income−0.9920161,249.382024+1250.37
Stock-based compensationCN¥89.6M2016CN¥225.7M2025+10.8%/yr
Dividends paidCN¥02016CN¥486.8M2025—
Share buybacks (net)CN¥02016CN¥4.0M2025—
Capex / revenue19.1%20165.0%2025−14.1 pts

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

JKS cash flow by activity

OperatingInvestingFinancingChange in cash

JKS 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).

JKS cash flow statement in Chinese yuan

2025202420232022202120202019201820172016
Operating activities
Net income−CN¥7.11BCN¥13.5MCN¥6.45BCN¥620.5MCN¥721.0MCN¥230.4MCN¥898.7MCN¥406.5MCN¥141.7MCN¥1.83B
Depreciation & amortizationCN¥8.03BCN¥7.82BCN¥8.19BCN¥2.76BCN¥1.80BCN¥1.38BCN¥978.9MCN¥817.3MCN¥616.1MCN¥788.4M
Stock-based compensationCN¥225.7MCN¥365.8MCN¥862.6MCN¥1.00BCN¥9.9MCN¥923,000CN¥4.6MCN¥29.3MCN¥64.9MCN¥89.6M
Change in working capital−CN¥3.96BCN¥6.29B−CN¥3.14B−CN¥16.54B−CN¥9.86B−CN¥834.6M−CN¥1.74B−CN¥788.2M−CN¥1.17B−CN¥4.53B
Other non-cash itemsCN¥3.89BCN¥2.36BCN¥1.47BCN¥6.36BCN¥7.75B−CN¥188.4MCN¥1.27BCN¥149.7MCN¥169.7MCN¥21.4M
Cash from operating activitiesCN¥1.08BCN¥16.85BCN¥13.83B−CN¥5.80BCN¥430.6MCN¥591.5MCN¥1.41BCN¥614.5M−CN¥177.1M−CN¥1.80B
Investing activities
Capital expenditures−CN¥3.30B−CN¥9.37B−CN¥15.85B−CN¥12.25B−CN¥8.65B−CN¥4.13B−CN¥3.67B−CN¥2.45B−CN¥2.56B−CN¥4.09B
Investments (net)−CN¥3.17B−CN¥2.90B−CN¥15.16B−CN¥12.27BCN¥10.0M−CN¥570.0M−CN¥6.03B−CN¥3.93B−CN¥2.43B−CN¥6.91B
Acquisitions & other investingCN¥1.09BCN¥9.37BCN¥15.85BCN¥12.25B−CN¥2.67B−CN¥217.3MCN¥3.67BCN¥2.45BCN¥2.56BCN¥4.05B
Cash from investing activities−CN¥5.38B−CN¥2.90B−CN¥15.16B−CN¥12.27B−CN¥11.31B−CN¥4.92B−CN¥6.03B−CN¥3.93B−CN¥2.43B−CN¥6.95B
Financing activities
Dividends paid−CN¥486.8M−CN¥547.7M−CN¥559.6MCN¥0−CN¥23.21B−CN¥15.60BCN¥0CN¥0CN¥0CN¥0
Share repurchases & issuance (net)−CN¥4.0M−CN¥875.0M−CN¥79.3MCN¥9.78BCN¥23.21B−CN¥29.3MCN¥527.2MCN¥707.5MCN¥69.9MCN¥21.7M
Net borrowing (repayment)CN¥1.75B−CN¥8.43BCN¥9.09BCN¥10.37BCN¥10.75BCN¥2.53BCN¥4.58BCN¥2.66BCN¥2.62BCN¥7.39B
Shares issuedCN¥0CN¥0CN¥0CN¥0CN¥641.1MCN¥0CN¥489.0MCN¥663.2MCN¥0CN¥0
Other financing−CN¥2.02BCN¥3.58BCN¥185.9M−CN¥130.5MCN¥627.0MCN¥19.39BCN¥1.78B−CN¥58.8M−CN¥64.9M−CN¥35.7M
Cash from financing activities−CN¥758.7M−CN¥6.27BCN¥8.64BCN¥20.02BCN¥12.02BCN¥6.30BCN¥7.38BCN¥3.97BCN¥2.62BCN¥7.38B
Summary
Net change in cash−CN¥4.80BCN¥8.31BCN¥8.16BCN¥2.17BCN¥1.02BCN¥1.80BCN¥2.79BCN¥720.7M−CN¥58.8M−CN¥863.5M
Cash at end of periodCN¥22.94BCN¥27.74BCN¥19.43BCN¥11.27BCN¥9.10BCN¥8.07BCN¥6.27BCN¥3.48BCN¥2.76BCN¥2.82B
Free cash flow−CN¥2.22BCN¥7.48B−CN¥2.02B−CN¥18.05B−CN¥8.22B−CN¥3.54B−CN¥2.26B−CN¥1.84B−CN¥2.74B−CN¥5.90B
Free cash flow margin−3.4%8.1%−1.7%−21.7%−20.1%−10.1%−7.6%−7.3%−10.4%−27.6%
Capex / revenue5.0%10.2%13.4%14.7%21.2%11.8%12.4%9.8%9.7%19.1%
Operating cash flow / net income—1,249.382.14−9.350.602.571.571.51−1.25−0.99

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.

JKS cash generation

In fiscal 2025 (ended December 31, 2025), JinkoSolar generated CN¥1.1 billion of cash from operations (down 93.6%) and spent CN¥3.3 billion on capital expenditures, leaving free cash flow of -CN¥2.2 billion, −3.4% of revenue. It returned CN¥490.8 million to shareholders through dividends (CN¥486.8 million) and net share buybacks (CN¥4.0 million). Cash and equivalents fell by CN¥4.8 billion over the year.

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

JKS cash flow FAQ

What is JinkoSolar's free cash flow?

JinkoSolar's free cash flow was -CN¥2.2 billion in fiscal 2025: CN¥1.1 billion of operating cash flow minus CN¥3.3 billion of capital expenditures It was CN¥7.5 billion a year earlier..

How much cash does JinkoSolar generate from operations?

JinkoSolar generated CN¥1.1 billion of cash from operating activities in fiscal 2025.

How much does JinkoSolar spend on capital expenditures?

JinkoSolar spent CN¥3.3 billion on capital expenditures in fiscal 2025, 5.0% of revenue, compared with CN¥9.4 billion the year before.

How much stock does JinkoSolar buy back?

JinkoSolar spent CN¥4.0 million on net share repurchases in fiscal 2025.

How much does JinkoSolar pay in dividends?

JinkoSolar paid CN¥486.8 million in dividends in fiscal 2025.

Solar: cash flow