360 DigiTech, Inc. (QFIN) Cash Flow Statement
Where QFIN’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- CN¥11.08B +18.6% vs 2024
- Capital expenditures
- CN¥240.5M 1.5% of revenue
- Free cash flow
- CN¥10.84B 67.4% margin
- Returned to shareholders
- CN¥6.23B 57% of free cash flow
- Change in cash
- CN¥735.1M cash at year-end CN¥7.54B
Drawn to scale: where the cash came from and how it was used. Hover for values.
QFIN operating cash flow, capex and free cash flow
QFIN cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −CN¥164.4M2016 | CN¥11.08B2025 | — | |
| Capital expenditures | CN¥5.7M2016 | CN¥240.5M2025 | +51.4%/yr | |
| Free cash flow | −CN¥170.1M2016 | CN¥10.84B2025 | — | |
| Free cash flow margin | −4,274.8%2016 | 67.4%2025 | +4,342.3 pts | |
| Operating cash flow / net income | −0.672017 | 1.852025 | +2.53 | |
| Stock-based compensation | CN¥607.4M2018 | CN¥378.4M2025 | −6.5%/yr | |
| Dividends paid | CN¥02016 | CN¥1.38B2025 | — | |
| Share buybacks (net) | CN¥02016 | CN¥4.85B2025 | — | |
| Capex / revenue | 144.2%2016 | 1.5%2025 | −142.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
QFIN cash flow by activity
QFIN net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
QFIN cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | CN¥5.98B | CN¥6.26B | CN¥4.27B | CN¥5.76B | CN¥5.76B | CN¥3.50B | CN¥2.50B | CN¥1.19B | CN¥164.9M | −CN¥49.7M |
| Depreciation & amortization | CN¥68.1M | CN¥74.9M | CN¥73.8M | CN¥66.0M | CN¥66.0M | CN¥36.1M | CN¥7.6M | CN¥3.8M | CN¥1.3M | CN¥482,400 |
| Stock-based compensation | CN¥378.4M | CN¥167.6M | CN¥185.6M | CN¥253.9M | CN¥253.9M | CN¥301.2M | CN¥250.4M | CN¥607.4M | — | — |
| Change in working capital | −CN¥953.9M | −CN¥1.49B | −CN¥3.21B | −CN¥819.9M | −CN¥4.88B | −CN¥4.45B | −CN¥669.7M | −CN¥1.72B | −CN¥327.0M | −CN¥96.4M |
| Other non-cash items | CN¥5.62B | CN¥4.33B | CN¥5.80B | CN¥658.0M | CN¥4.59B | CN¥5.94B | CN¥883.4M | CN¥198.9M | CN¥49.9M | −CN¥18.8M |
| Cash from operating activities | CN¥11.08B | CN¥9.34B | CN¥7.12B | CN¥5.92B | CN¥5.79B | CN¥5.33B | CN¥2.97B | CN¥285.1M | −CN¥111.0M | −CN¥164.4M |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥240.5M | −CN¥153.2M | −CN¥84.6M | −CN¥25.3M | −CN¥25.3M | −CN¥15.3M | −CN¥25.6M | −CN¥8.6M | −CN¥7.1M | −CN¥5.7M |
| Investments (net) | CN¥337.5M | −CN¥7.99B | −CN¥10.94B | −CN¥7.36B | −CN¥6.06B | CN¥892.8M | −CN¥8.86B | CN¥327.6M | −CN¥1.20B | CN¥0 |
| Acquisitions & other investing | −CN¥13.18B | CN¥153.2M | −CN¥120.8M | CN¥25.3M | CN¥25.3M | CN¥15.3M | CN¥25.6M | CN¥8.6M | CN¥7.1M | CN¥0 |
| Cash from investing activities | −CN¥13.08B | −CN¥7.99B | −CN¥11.15B | −CN¥7.36B | −CN¥6.06B | CN¥892.8M | −CN¥8.86B | CN¥327.6M | −CN¥1.20B | −CN¥5.7M |
| Financing activities | ||||||||||
| Dividends paid | −CN¥1.38B | −CN¥1.26B | −CN¥941.7M | −CN¥277.0M | CN¥0 | CN¥0 | −CN¥3.10B | −CN¥3.10B | CN¥0 | CN¥0 |
| Share repurchases & issuance (net) | −CN¥4.85B | −CN¥2.97B | −CN¥636.2M | CN¥0 | CN¥0 | — | CN¥0 | CN¥4.99B | CN¥0 | CN¥0 |
| Net borrowing (repayment) | CN¥3.07B | CN¥728.2M | CN¥721.4M | −CN¥371.9M | CN¥498.4M | −CN¥13.2M | CN¥200.0M | −CN¥740.0M | CN¥663.0M | CN¥184.9M |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥239.1M | CN¥0 | CN¥0 | CN¥0 | CN¥1.72B | CN¥0 | CN¥0 |
| Other financing | CN¥5.94B | CN¥1.39B | CN¥1.92B | CN¥3.61B | CN¥1.77B | −CN¥3.27B | CN¥10.61B | −CN¥2.42B | CN¥1.60B | CN¥0 |
| Cash from financing activities | CN¥2.78B | −CN¥2.11B | CN¥1.07B | CN¥3.20B | CN¥2.26B | −CN¥3.28B | CN¥7.71B | CN¥457.4M | CN¥2.27B | CN¥184.9M |
| Summary | ||||||||||
| Net change in cash | CN¥735.1M | −CN¥753.2M | −CN¥2.95B | CN¥1.75B | CN¥1.99B | CN¥2.94B | CN¥1.82B | CN¥1.06B | CN¥950.3M | CN¥14.8M |
| Cash at end of period | CN¥7.54B | CN¥6.81B | CN¥7.56B | CN¥10.51B | CN¥8.76B | CN¥6.77B | CN¥3.84B | CN¥2.01B | CN¥956.4M | CN¥14.8M |
| Free cash flow | CN¥10.84B | CN¥9.19B | CN¥7.03B | CN¥5.90B | CN¥5.76B | CN¥5.31B | CN¥2.95B | CN¥276.6M | −CN¥118.1M | −CN¥170.1M |
| Free cash flow margin | 67.4% | 53.5% | 43.2% | 35.6% | 34.7% | 39.2% | 41.1% | 7.4% | −18.0% | −4,274.8% |
| Capex / revenue | 1.5% | 0.9% | 0.5% | 0.2% | 0.2% | 0.1% | 0.4% | 0.2% | 1.1% | 144.2% |
| Operating cash flow / net income | 1.85 | 1.49 | 1.67 | 1.03 | 1.00 | 1.52 | 1.19 | 0.24 | −0.67 | — |
| 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¥405.9M | CN¥883.3M | CN¥1.01B | CN¥1.44B | CN¥1.73B | CN¥1.80B | CN¥6.26B | CN¥1.80B | CN¥1.38B | CN¥1.16B | CN¥1.11B | CN¥1.14B |
| Depreciation & amortization | — | — | — | CN¥18.7M | — | — | CN¥74.9M | CN¥18.4M | CN¥18.4M | CN¥18.4M | CN¥73.8M | CN¥19.2M |
| Stock-based compensation | CN¥53.5M | CN¥66.1M | — | — | CN¥118.5M | CN¥129.6M | CN¥59.7M | CN¥26.3M | CN¥36.9M | CN¥44.6M | CN¥42.6M | CN¥43.3M |
| Change in working capital | — | — | — | — | — | — | −CN¥1.49B | — | — | −CN¥3.36B | −CN¥3.36B | −CN¥3.36B |
| Other non-cash items | CN¥625.7M | CN¥1.15B | CN¥2.08B | CN¥1.05B | CN¥769.5M | CN¥875.9M | −CN¥1.86B | CN¥524.2M | CN¥525.7M | CN¥4.09B | CN¥4.49B | CN¥3.40B |
| Cash from operating activities | CN¥1.09B | CN¥2.10B | CN¥3.08B | CN¥2.50B | CN¥2.62B | CN¥2.81B | CN¥3.05B | CN¥2.37B | CN¥1.96B | CN¥1.96B | CN¥2.35B | CN¥1.24B |
| Investing activities | ||||||||||||
| Capital expenditures | CN¥0 | −CN¥3.08B | −CN¥3.08B | CN¥0 | CN¥0 | CN¥0 | −CN¥153.2M | CN¥0 | CN¥0 | −CN¥84.6M | −CN¥84.6M | −CN¥84.6M |
| Investments (net) | — | — | — | −CN¥645.6M | −CN¥8.19B | −CN¥3.24B | −CN¥945.6M | −CN¥2.93B | −CN¥980.4M | −CN¥3.14B | −CN¥1.89B | −CN¥2.26B |
| Acquisitions & other investing | −CN¥2.37B | CN¥5.49B | CN¥2.08B | CN¥0 | CN¥0 | CN¥0 | CN¥153.2M | CN¥0 | CN¥0 | CN¥84.6M | CN¥84.6M | CN¥84.6M |
| Cash from investing activities | −CN¥2.37B | CN¥2.41B | −CN¥1.00B | −CN¥645.6M | −CN¥8.19B | −CN¥3.24B | −CN¥945.6M | −CN¥2.93B | −CN¥980.4M | −CN¥3.14B | −CN¥1.89B | −CN¥2.26B |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | −CN¥1.26B | — | — | −CN¥941.7M | −CN¥941.7M | −CN¥941.7M |
| Share repurchases & issuance (net) | — | −CN¥4.71B | −CN¥4.71B | — | — | — | −CN¥2.97B | — | — | −CN¥636.2M | −CN¥636.2M | −CN¥636.2M |
| 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¥619.9M | CN¥2.28B | CN¥632.7M | −CN¥448.7M | CN¥2.00B | CN¥5.45B | CN¥2.36B | −CN¥1.25B | −CN¥767.6M | CN¥3.35B | CN¥666.3M | CN¥2.28B |
| Cash from financing activities | −CN¥619.9M | −CN¥2.43B | −CN¥4.08B | −CN¥448.7M | CN¥2.00B | CN¥5.45B | −CN¥1.87B | −CN¥1.25B | −CN¥767.6M | CN¥1.78B | −CN¥911.6M | CN¥703.0M |
| Summary | ||||||||||||
| Net change in cash | −CN¥1.92B | CN¥2.06B | −CN¥1.91B | CN¥1.41B | −CN¥3.60B | CN¥5.01B | CN¥263.9M | −CN¥1.83B | CN¥215.7M | CN¥597.6M | −CN¥446.4M | −CN¥309.1M |
| Cash at end of period | CN¥7.68B | CN¥9.60B | CN¥7.55B | CN¥9.63B | CN¥8.21B | CN¥11.82B | CN¥6.81B | CN¥6.54B | CN¥8.37B | CN¥8.16B | CN¥7.56B | CN¥8.01B |
| Free cash flow | CN¥1.09B | CN¥2.10B | CN¥2.91B | CN¥2.50B | CN¥2.62B | CN¥2.81B | CN¥2.90B | CN¥2.37B | CN¥1.96B | CN¥1.96B | CN¥2.27B | CN¥1.24B |
| Free cash flow margin | 30.5% | 53.7% | 85.5% | 48.1% | 60.6% | 69.1% | 64.7% | 54.3% | 47.2% | 47.2% | 58.3% | 29.1% |
| Capex / revenue | 0.0% | 78.8% | 90.4% | 0.0% | 0.0% | 0.0% | 3.4% | 0.0% | 0.0% | 2.0% | 2.2% | 2.0% |
| Operating cash flow / net income | 2.67 | 2.37 | 3.06 | 1.74 | 1.51 | 1.56 | 0.49 | 1.32 | 1.42 | 1.68 | 2.12 | 1.09 |
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.
QFIN cash generation
In fiscal 2025 (ended December 31, 2025), 360 DigiTech generated CN¥11.1 billion of cash from operations (up 18.6%) and spent CN¥240.5 million on capital expenditures, leaving free cash flow of CN¥10.8 billion, 67.4% of revenue. It returned CN¥6.2 billion to shareholders through dividends (CN¥1.4 billion) and net share buybacks (CN¥4.8 billion). Cash and equivalents rose by CN¥735.1 million over the year.
Related: QFIN income statement, QFIN balance sheet, QFIN dividend history. See the QFIN stock overview for the latest quote and news.
QFIN cash flow FAQ
What is 360 DigiTech's free cash flow?
360 DigiTech's free cash flow was CN¥10.8 billion in fiscal 2025: CN¥11.1 billion of operating cash flow minus CN¥240.5 million of capital expenditures It was CN¥9.2 billion a year earlier..
How much cash does 360 DigiTech generate from operations?
360 DigiTech generated CN¥11.1 billion of cash from operating activities in fiscal 2025, 1.85 times its net income of CN¥6.0 billion.
How much does 360 DigiTech spend on capital expenditures?
360 DigiTech spent CN¥240.5 million on capital expenditures in fiscal 2025, 1.5% of revenue, compared with CN¥153.2 million the year before.
How much stock does 360 DigiTech buy back?
360 DigiTech spent CN¥4.8 billion on net share repurchases in fiscal 2025.
How much does 360 DigiTech pay in dividends?
360 DigiTech paid CN¥1.4 billion in dividends in fiscal 2025, 12.7% of free cash flow.