LexinFintech Holdings Ltd. (LX) Cash Flow Statement

NASDAQ: LXOperating cash, capex, free cash flow and buybacks.

Where LX’s cash came from and went, 2025

December 31, 2025 · Chinese yuan
Cash from operations
CN¥3.61B
+234.2% vs 2024
Capital expenditures
CN¥352.9M
2.8% of revenue
Free cash flow
CN¥3.26B
25.5% margin
Returned to shareholders
CN¥585.3M
18% of free cash flow
Change in cash
−CN¥27.7M
cash at year-end CN¥3.97B
Cash from operations: CN¥3.61BCash from operationsCN¥3.61BAcquisitions & other: CN¥319.7MAcquisitions & otherCN¥319.7MOther financing, Drawn from cash: CN¥46.1MOther sourcesCN¥46.1MInvestments (net): CN¥2.58BInvestments (net)CN¥2.58B · 65%Debt repayment: CN¥464.1MDebt repaymentCN¥464.1M · 12%Dividends: CN¥383.1MDividendsCN¥383.1M · 10%Capital expenditures: CN¥352.9MCapital expendituresCN¥352.9M · 9%Share buybacks: CN¥202.1MShare buybacksCN¥202.1M · 5%CN¥3.98B
Cash from operations
CN¥3.61B
Capital expenditures
−CN¥352.9M
Investments (net)
−CN¥2.58B
Acquisitions & other
+CN¥319.7M
Dividends
−CN¥383.1M
Share buybacks (net)
−CN¥202.1M
Net borrowing (repayment)
−CN¥464.1M
Other financing
+CN¥18.4M
Change in cash
−CN¥27.7M

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

LX operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

LX cash flow trends, 2016–2025

MetricTrendThenLatestChange
Operating cash flowCN¥379.8M2016CN¥3.61B2025+28.4%/yr
Capital expendituresCN¥32.1M2016CN¥352.9M2025+30.5%/yr
Free cash flowCN¥347.7M2016CN¥3.26B2025+28.2%/yr
Free cash flow margin8.0%201625.5%2025+17.5 pts
Operating cash flow / net income6.9220172.162025−4.76
Stock-based compensationCN¥24.0M2016CN¥96.2M2025+16.7%/yr
Dividends paidCN¥02016CN¥383.1M2025—
Share buybacks (net)CN¥87.9M2016CN¥202.1M2025+9.7%/yr
Capex / revenue0.7%20162.8%2025+2.0 pts

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

LX cash flow by activity

OperatingInvestingFinancingChange in cash

LX 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).

LX cash flow statement in Chinese yuan

2025202420232022202120202019201820172016
Operating activities
Net incomeCN¥1.68BCN¥1.10BCN¥1.07BCN¥825.9MCN¥2.33BCN¥595.0MCN¥2.29BCN¥1.98BCN¥240.4M−CN¥117.9M
Depreciation & amortizationCN¥105.4MCN¥109.6MCN¥145.1MCN¥148.1MCN¥145.3MCN¥107.3MCN¥87.8MCN¥30.4MCN¥18.9MCN¥4.6M
Stock-based compensationCN¥96.2MCN¥94.6MCN¥117.9MCN¥156.3MCN¥187.9MCN¥198.8MCN¥177.3MCN¥122.6MCN¥75.7MCN¥24.0M
Change in working capital−CN¥2.41B−CN¥6.18B−CN¥4.19B−CN¥2.78B−CN¥1.50B−CN¥5.45B−CN¥4.17B−CN¥11.1MCN¥672.1MCN¥110.9M
Other non-cash itemsCN¥4.15BCN¥5.95BCN¥5.65BCN¥1.75BCN¥1.50BCN¥4.34BCN¥835.7MCN¥675.5MCN¥655.3MCN¥358.3M
Cash from operating activitiesCN¥3.61BCN¥1.08BCN¥2.79BCN¥98.8MCN¥2.67B−CN¥211.0M−CN¥778.5MCN¥2.79BCN¥1.66BCN¥379.8M
Investing activities
Capital expenditures−CN¥352.9M−CN¥247.1M−CN¥229.5M−CN¥148.8M−CN¥121.5M−CN¥86.6M−CN¥49.9M−CN¥54.2M−CN¥37.8M−CN¥32.1M
Investments (net)−CN¥2.58B−CN¥904.9MCN¥2.33B−CN¥2.41BCN¥26.9M−CN¥57.5M−CN¥783.6MCN¥3.60B−CN¥5.42B−CN¥4.50B
Acquisitions & other investingCN¥319.7MCN¥247.1MCN¥229.5MCN¥148.8MCN¥509.3M−CN¥1.99BCN¥49.9MCN¥54.2MCN¥37.8MCN¥32.1M
Cash from investing activities−CN¥2.61B−CN¥904.9MCN¥2.33B−CN¥2.41BCN¥414.6M−CN¥2.14B−CN¥783.6MCN¥3.60B−CN¥5.42B−CN¥4.50B
Financing activities
Dividends paid−CN¥383.1M−CN¥164.4M−CN¥135.6MCN¥0CN¥0—CN¥0CN¥0−CN¥18.49BCN¥0
Share repurchases & issuance (net)−CN¥202.1MCN¥0CN¥0−CN¥326.9MCN¥0CN¥0−CN¥339.5M−CN¥171.2M−CN¥50.0M−CN¥87.9M
Net borrowing (repayment)−CN¥464.1M−CN¥242.1M−CN¥3.72BCN¥1.42B−CN¥1.79BCN¥1.19BCN¥3.06B−CN¥5.67BCN¥3.76BCN¥4.57B
Shares issuedCN¥0CN¥0CN¥0CN¥0CN¥0CN¥0CN¥348.3MCN¥170.8MCN¥0CN¥0
Other financingCN¥18.4MCN¥19.3MCN¥5.9MCN¥15.2MCN¥7.1MCN¥48.0M−CN¥13.1MCN¥56.1MCN¥19.19B−CN¥21.1M
Cash from financing activities−CN¥1.03B−CN¥387.3M−CN¥3.85BCN¥1.11B−CN¥1.78BCN¥1.23BCN¥3.06B−CN¥5.62BCN¥4.41BCN¥4.46B
Summary
Net change in cash−CN¥27.7M−CN¥209.6MCN¥1.27B−CN¥1.19BCN¥1.28B−CN¥1.15BCN¥1.49BCN¥761.8MCN¥646.9MCN¥344.2M
Cash at end of periodCN¥3.97BCN¥3.99BCN¥4.20BCN¥2.93BCN¥4.12BCN¥2.84BCN¥3.99BCN¥2.50BCN¥1.13BCN¥479.6M
Free cash flowCN¥3.26BCN¥834.4MCN¥2.56B−CN¥50.0MCN¥2.55B−CN¥297.6M−CN¥828.4MCN¥2.74BCN¥1.62BCN¥347.7M
Free cash flow margin25.5%5.9%19.6%−0.5%22.4%−2.6%−7.8%36.1%29.1%8.0%
Capex / revenue2.8%1.7%1.8%1.5%1.1%0.7%0.5%0.7%0.7%0.7%
Operating cash flow / net income2.160.982.610.121.14−0.35−0.341.416.92—

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.

LX cash generation

In fiscal 2025 (ended December 31, 2025), LexinFintech generated CN¥3.6 billion of cash from operations (up 234.2%) and spent CN¥352.9 million on capital expenditures, leaving free cash flow of CN¥3.3 billion, 25.5% of revenue. It returned CN¥585.3 million to shareholders through dividends (CN¥383.1 million) and net share buybacks (CN¥202.1 million). Cash and equivalents fell by CN¥27.7 million over the year.

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

LX cash flow FAQ

What is LexinFintech's free cash flow?

LexinFintech's free cash flow was CN¥3.3 billion in fiscal 2025: CN¥3.6 billion of operating cash flow minus CN¥352.9 million of capital expenditures It was CN¥834.4 million a year earlier..

How much cash does LexinFintech generate from operations?

LexinFintech generated CN¥3.6 billion of cash from operating activities in fiscal 2025, 2.16 times its net income of CN¥1.7 billion.

How much does LexinFintech spend on capital expenditures?

LexinFintech spent CN¥352.9 million on capital expenditures in fiscal 2025, 2.8% of revenue, compared with CN¥247.1 million the year before.

How much stock does LexinFintech buy back?

LexinFintech spent CN¥202.1 million on net share repurchases in fiscal 2025.

How much does LexinFintech pay in dividends?

LexinFintech paid CN¥383.1 million in dividends in fiscal 2025, 11.7% of free cash flow.

Credit Services: cash flow