36Kr Holdings Inc (KRKR) Cash Flow Statement
Where KRKR’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- CN¥19.0M
- Capital expenditures
- CN¥149,000 0.1% of revenue
- Free cash flow
- CN¥18.9M 8.3% margin
- Returned to shareholders
- —
- Change in cash
- CN¥76.6M cash at year-end CN¥114.1M
Cash from operations
CN¥19.0M
Capital expenditures
−CN¥149,000
Investments (net)
+CN¥41.9M
Acquisitions & other
+CN¥6.3M
Net borrowing (repayment)
+CN¥9.9M
Other financing
−CN¥201,000
Currency & other
−CN¥227,000
Change in cash
CN¥76.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
KRKR operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
KRKR cash flow trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −CN¥11.4M2017 | CN¥19.0M2025 | — | |
| Capital expenditures | CN¥392,0002017 | CN¥149,0002025 | −11.4%/yr | |
| Free cash flow | −CN¥11.8M2017 | CN¥18.9M2025 | — | |
| Free cash flow margin | −9.8%2017 | 8.3%2025 | +18.1 pts | |
| Operating cash flow / net income | −2.252017 | 1.662025 | +3.91 | |
| Stock-based compensation | CN¥4.9M2017 | CN¥13,0002025 | −52.3%/yr | |
| Dividends paid | CN¥02017 | CN¥178.0M2019 | — | |
| Share buybacks (net) | CN¥02017 | CN¥02023 | — | |
| Capex / revenue | 0.3%2017 | 0.1%2025 | −0.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
KRKR cash flow by activity
OperatingInvestingFinancingChange in cash
KRKR 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).
KRKR cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | CN¥11.4M | −CN¥140.8M | −CN¥90.0M | CN¥21.9M | −CN¥89.6M | −CN¥280.2M | −CN¥25.9M | −CN¥80.6M | CN¥5.1M |
| Depreciation & amortization | CN¥10.4M | CN¥10.2M | CN¥13.2M | CN¥1.9M | CN¥2.7M | CN¥5.6M | CN¥4.2M | CN¥1.6M | CN¥487,000 |
| Stock-based compensation | CN¥13,000 | −CN¥178,000 | CN¥4.7M | CN¥13.9M | CN¥15.0M | CN¥39.3M | CN¥91.2M | CN¥5.1M | CN¥4.9M |
| Change in working capital | −CN¥6.3M | −CN¥508,000 | −CN¥84.1M | CN¥34.7M | CN¥242.0M | CN¥118.3M | −CN¥222.3M | −CN¥114.4M | −CN¥49.5M |
| Other non-cash items | CN¥3.4M | CN¥98.3M | CN¥34.0M | −CN¥77.4M | CN¥24.9M | CN¥99.9M | −CN¥6.1M | CN¥142.6M | CN¥27.6M |
| Cash from operating activities | CN¥19.0M | −CN¥33.0M | −CN¥122.2M | −CN¥5.0M | CN¥195.0M | −CN¥17.1M | −CN¥158.9M | −CN¥45.6M | −CN¥11.4M |
| Investing activities | |||||||||
| Capital expenditures | −CN¥149,000 | −CN¥486,000 | −CN¥5.4M | −CN¥1.7M | −CN¥2.2M | −CN¥2.4M | −CN¥4.8M | −CN¥16.7M | −CN¥392,000 |
| Investments (net) | CN¥41.9M | CN¥32.5M | CN¥20.2M | CN¥43.3M | −CN¥158.0M | −CN¥64.3M | CN¥9.9M | −CN¥56.3M | −CN¥105.9M |
| Acquisitions & other investing | CN¥6.3M | CN¥486,000 | CN¥5.4M | CN¥1.7M | CN¥2.2M | CN¥2.4M | CN¥4.8M | CN¥16.7M | CN¥392,000 |
| Cash from investing activities | CN¥48.0M | CN¥32.5M | CN¥20.2M | CN¥43.3M | −CN¥158.0M | −CN¥64.3M | CN¥9.9M | −CN¥56.3M | −CN¥105.9M |
| Financing activities | |||||||||
| Dividends paid | — | — | — | — | — | — | −CN¥178.0M | CN¥0 | CN¥0 |
| Share repurchases & issuance (net) | — | — | CN¥0 | CN¥0 | −CN¥5.8M | −CN¥33.4M | −CN¥2.3M | CN¥105.7M | CN¥0 |
| Net borrowing (repayment) | CN¥9.9M | CN¥50,000 | CN¥0 | CN¥5.0M | CN¥5.0M | CN¥5.0M | −CN¥217,000 | −CN¥979,000 | CN¥979,000 |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥278.8M | CN¥105.7M | CN¥0 |
| Other financing | −CN¥201,000 | −CN¥3.7M | CN¥481,000 | CN¥174,000 | CN¥757,000 | −CN¥4.5M | CN¥180.1M | −CN¥105.7M | CN¥162.0M |
| Cash from financing activities | CN¥9.7M | −CN¥3.6M | CN¥481,000 | CN¥5.1M | −CN¥23,000 | −CN¥32.8M | CN¥278.3M | CN¥104.7M | CN¥163.0M |
| Summary | |||||||||
| Net change in cash | CN¥76.6M | −CN¥3.9M | −CN¥101.1M | CN¥45.6M | CN¥36.1M | −CN¥117.0M | CN¥128.9M | CN¥3.3M | CN¥163.0M |
| Cash at end of period | CN¥114.1M | CN¥37.6M | CN¥41.5M | CN¥142.6M | CN¥97.0M | CN¥60.8M | CN¥177.9M | CN¥49.0M | CN¥45.6M |
| Free cash flow | CN¥18.9M | −CN¥33.5M | −CN¥127.6M | −CN¥6.6M | CN¥192.8M | −CN¥19.5M | −CN¥163.7M | −CN¥62.3M | −CN¥11.8M |
| Free cash flow margin | 8.3% | −14.5% | −37.5% | −2.1% | 60.9% | −5.0% | −25.0% | −20.8% | −9.8% |
| Capex / revenue | 0.1% | 0.2% | 1.6% | 0.5% | 0.7% | 0.6% | 0.7% | 5.6% | 0.3% |
| Operating cash flow / net income | 1.66 | — | — | −0.23 | — | — | — | — | −2.25 |
| Sep '23 | Jun '23 | Mar '23 | Sep '22 | Jun '22 | Mar '22 | Dec '21 | Sep '21 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | −CN¥18.9M | −CN¥13.9M | −CN¥38.4M | CN¥1.7M | CN¥8.0M | CN¥33.0M | CN¥14.6M | −CN¥30.5M |
| Depreciation & amortization | CN¥77,827 | CN¥48,859 | CN¥499,322 | CN¥69,893 | — | CN¥734,025 | — | CN¥343,000 |
| Stock-based compensation | CN¥1.4M | CN¥1.8M | CN¥1.9M | CN¥2.6M | CN¥2.6M | CN¥4.1M | CN¥4.1M | CN¥4.9M |
| Change in working capital | — | — | CN¥146.9M | — | — | CN¥146.9M | — | CN¥146.9M |
| Other non-cash items | CN¥17.6M | CN¥12.2M | −CN¥51.9M | −CN¥4.2M | −CN¥10.5M | CN¥74.3M | CN¥240.3M | CN¥137.4M |
| Cash from operating activities | CN¥155,654 | CN¥97,718 | CN¥59.1M | CN¥139,787 | CN¥139,787 | CN¥259.0M | CN¥259.0M | CN¥259.0M |
| Investing activities | ||||||||
| Capital expenditures | CN¥0 | CN¥0 | −CN¥1.2M | CN¥0 | CN¥0 | −CN¥503,000 | −CN¥503,000 | −CN¥503,000 |
| Acquisitions & other investing | — | — | CN¥100.9M | — | — | −CN¥101.1M | −CN¥101.1M | — |
| Cash from investing activities | — | — | CN¥99.7M | — | — | −CN¥101.6M | −CN¥101.6M | — |
| Financing activities | ||||||||
| Share repurchases & issuance (net) | — | — | −CN¥276.5M | — | — | −CN¥276.5M | −CN¥276.5M | −CN¥276.5M |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | — | — | CN¥4.0M | — | — | CN¥4.0M | CN¥4.0M | CN¥4.0M |
| Cash from financing activities | — | — | −CN¥272.5M | — | — | −CN¥272.5M | −CN¥272.5M | −CN¥272.5M |
| Summary | ||||||||
| Net change in cash | −CN¥4.5M | −CN¥2.5M | CN¥6.2M | −CN¥5.9M | −CN¥5.9M | −CN¥114.8M | −CN¥114.8M | −CN¥114.8M |
| Cash at end of period | CN¥9.0M | CN¥13.5M | CN¥20.5M | CN¥14.3M | CN¥14.3M | −CN¥114.8M | −CN¥114.8M | −CN¥114.8M |
| Free cash flow | CN¥155,654 | CN¥97,718 | CN¥60.2M | CN¥139,787 | CN¥139,787 | CN¥259.5M | CN¥259.5M | CN¥259.5M |
| Free cash flow margin | 0.2% | 0.1% | 108.5% | 0.1% | 0.2% | 523.2% | 223.2% | 305.7% |
| Capex / revenue | 0.0% | 0.0% | 2.1% | 0.0% | 0.0% | 1.0% | 0.4% | 0.6% |
| Operating cash flow / net income | — | — | — | 0.08 | 0.02 | 7.85 | 17.79 | — |
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.
KRKR cash generation
In fiscal 2025 (ended December 31, 2025), 36Kr generated CN¥19.0 million of cash from operations and spent CN¥0.1 million on capital expenditures, leaving free cash flow of CN¥18.9 million, 8.3% of revenue. Cash and equivalents rose by CN¥76.6 million over the year.
Related: KRKR income statement, KRKR balance sheet. See the KRKR stock overview for the latest quote and news.
KRKR cash flow FAQ
What is 36Kr's free cash flow?
36Kr's free cash flow was CN¥18.9 million in fiscal 2025: CN¥19.0 million of operating cash flow minus CN¥0.1 million of capital expenditures It was -CN¥33.5 million a year earlier..
How much cash does 36Kr generate from operations?
36Kr generated CN¥19.0 million of cash from operating activities in fiscal 2025, 1.66 times its net income of CN¥11.4 million.
How much does 36Kr spend on capital expenditures?
36Kr spent CN¥0.1 million on capital expenditures in fiscal 2025, 0.1% of revenue, compared with CN¥0.5 million the year before.