RLX Technology Inc. (RLX) Cash Flow Statement
Where RLX’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- CN¥1.10B +29.3% vs 2024
- Capital expenditures
- CN¥118.7M 3.4% of revenue
- Free cash flow
- CN¥985.8M 28.0% margin
- Returned to shareholders
- CN¥275.4M 28% of free cash flow
- Change in cash
- −CN¥99.3M cash at year-end CN¥5.55B
Drawn to scale: where the cash came from and how it was used. Hover for values.
RLX operating cash flow, capex and free cash flow
RLX cash flow trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −CN¥977,0002018 | CN¥1.10B2025 | — | |
| Capital expenditures | CN¥397,0002018 | CN¥118.7M2025 | +125.8%/yr | |
| Free cash flow | −CN¥1.4M2018 | CN¥985.8M2025 | — | |
| Free cash flow margin | −1.0%2018 | 28.0%2025 | +29.1 pts | |
| Operating cash flow / net income | 7.082019 | 1.182025 | −5.90 | |
| Stock-based compensation | CN¥6.8M2018 | CN¥186.2M2025 | +60.5%/yr | |
| Dividends paid | CN¥36.0M2018 | CN¥91.5M2025 | +14.2%/yr | |
| Share buybacks (net) | CN¥02018 | CN¥183.9M2025 | — | |
| Capex / revenue | 0.3%2018 | 3.4%2025 | +3.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RLX cash flow by activity
RLX 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).
RLX cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | CN¥934.4M | CN¥564.3M | CN¥541.0M | CN¥1.41B | CN¥2.03B | −CN¥128.1M | CN¥47.7M | −CN¥287,000 |
| Depreciation & amortization | CN¥91.5M | CN¥75.8M | CN¥96.6M | CN¥159.1M | CN¥113.5M | CN¥62.4M | CN¥13.4M | CN¥37,000 |
| Stock-based compensation | CN¥186.2M | CN¥369.7M | CN¥362.9M | CN¥166.2M | CN¥223.3M | CN¥929.1M | CN¥52.7M | CN¥6.8M |
| Change in working capital | −CN¥102.2M | −CN¥120.6M | −CN¥307.9M | −CN¥839.8M | −CN¥628.2M | CN¥1.76B | CN¥210.7M | −CN¥7.1M |
| Other non-cash items | −CN¥5.4M | −CN¥34.8M | −CN¥493.9M | −CN¥407.4M | CN¥63.1M | −CN¥30.0M | CN¥13.6M | −CN¥389,000 |
| Cash from operating activities | CN¥1.10B | CN¥854.3M | CN¥198.7M | CN¥486.8M | CN¥1.80B | CN¥2.59B | CN¥338.1M | −CN¥977,000 |
| Investing activities | ||||||||
| Capital expenditures | −CN¥118.7M | −CN¥12.3M | −CN¥32.4M | −CN¥38.6M | −CN¥138.8M | −CN¥17.5M | −CN¥92.4M | −CN¥397,000 |
| Investments (net) | −CN¥104.9M | CN¥3.02B | CN¥2.53B | −CN¥4.13B | −CN¥7.87B | −CN¥1.81B | −CN¥497.8M | −CN¥332.7M |
| Acquisitions & other investing | −CN¥598.5M | CN¥12.3M | −CN¥410.0M | CN¥38.6M | CN¥138.8M | CN¥17.5M | CN¥92.4M | CN¥332.7M |
| Cash from investing activities | −CN¥822.2M | CN¥3.02B | CN¥2.09B | −CN¥4.13B | −CN¥7.87B | −CN¥1.81B | −CN¥497.8M | −CN¥397,000 |
| Financing activities | ||||||||
| Dividends paid | −CN¥91.5M | −CN¥88.8M | −CN¥92.4M | −CN¥640,000 | −CN¥325.4M | CN¥0 | −CN¥36.0M | −CN¥36.0M |
| Share repurchases & issuance (net) | −CN¥183.9M | −CN¥589.4M | −CN¥996.6M | −CN¥500.4M | −CN¥127.5M | CN¥0 | CN¥0 | CN¥31.0M |
| Net borrowing (repayment) | −CN¥6.9M | CN¥40.0M | CN¥0 | −CN¥1.4M | −CN¥11.2M | CN¥175.2M | CN¥612.4M | CN¥38.6M |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥10.04B | CN¥0 | CN¥0 | CN¥31.0M |
| Other financing | −CN¥427,000 | −CN¥39.8M | −CN¥104.2M | CN¥25.1M | CN¥325.8M | −CN¥298,000 | −CN¥15,000 | CN¥5.0M |
| Cash from financing activities | −CN¥282.7M | −CN¥678.0M | −CN¥1.19B | −CN¥477.3M | CN¥9.90B | CN¥174.9M | CN¥576.4M | CN¥69.6M |
| Summary | ||||||||
| Net change in cash | −CN¥99.3M | CN¥3.22B | CN¥1.13B | −CN¥3.92B | CN¥3.75B | CN¥970.7M | CN¥415.9M | CN¥68.2M |
| Cash at end of period | CN¥5.55B | CN¥5.64B | CN¥2.42B | CN¥1.29B | CN¥5.21B | CN¥1.45B | CN¥484.1M | CN¥68.2M |
| Free cash flow | CN¥985.8M | CN¥842.1M | CN¥166.3M | CN¥448.2M | CN¥1.66B | CN¥2.57B | CN¥245.7M | −CN¥1.4M |
| Free cash flow margin | 28.0% | 34.4% | 13.4% | 8.4% | 19.5% | 67.3% | 15.9% | −1.0% |
| Capex / revenue | 3.4% | 0.5% | 2.6% | 0.7% | 1.6% | 0.5% | 6.0% | 0.3% |
| Operating cash flow / net income | 1.18 | 1.51 | 0.37 | 0.35 | 0.89 | — | 7.08 | — |
| Jun '26 | Mar '26 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | CN¥217.7M | CN¥284.1M | CN¥203.2M | CN¥217.1M | CN¥222.0M | CN¥122.0M | CN¥165.7M | CN¥132.3M | CN¥131.9M | CN¥213.5M | CN¥171.0M |
| Depreciation & amortization | — | CN¥15.1M | CN¥10.1M | — | CN¥75.8M | — | — | — | CN¥96.6M | CN¥96.6M | CN¥20.4M |
| Stock-based compensation | CN¥9.1M | CN¥55.3M | CN¥70.4M | CN¥58.8M | CN¥28.3M | CN¥124.1M | CN¥92.5M | CN¥78.1M | CN¥74.9M | CN¥216.6M | CN¥24.8M |
| Change in working capital | — | −CN¥102.2M | CN¥794.3M | CN¥436.8M | −CN¥322.8M | CN¥854.3M | CN¥357.3M | — | −CN¥215.1M | −CN¥215.1M | −CN¥215.1M |
| Other non-cash items | −CN¥290.0M | −CN¥321.1M | −CN¥720.4M | −CN¥483.1M | CN¥203.8M | −CN¥603.4M | −CN¥458.9M | −CN¥13.7M | −CN¥84.2M | CN¥9.1M | CN¥66.5M |
| Cash from operating activities | −CN¥63.2M | −CN¥68.8M | CN¥357.5M | CN¥229.6M | CN¥207.2M | CN¥497.0M | CN¥156.6M | CN¥196.8M | CN¥4.0M | CN¥320.6M | CN¥67.5M |
| Investing activities | |||||||||||
| Capital expenditures | CN¥0 | −CN¥118.7M | CN¥0 | CN¥0 | −CN¥10.1M | CN¥0 | CN¥0 | CN¥0 | −CN¥28.2M | −CN¥28.2M | −CN¥28.2M |
| Investments (net) | — | — | −CN¥343.2M | −CN¥816.5M | −CN¥987.2M | CN¥1.90B | CN¥139.1M | CN¥557.1M | CN¥420.7M | CN¥310.2M | CN¥967.3M |
| Acquisitions & other investing | CN¥983.3M | CN¥2.4M | CN¥0 | CN¥0 | CN¥10.1M | CN¥1.12B | CN¥0 | CN¥0 | CN¥28.2M | CN¥28.2M | CN¥28.2M |
| Cash from investing activities | CN¥983.3M | −CN¥116.3M | −CN¥343.2M | −CN¥816.5M | −CN¥987.2M | CN¥3.02B | CN¥139.1M | CN¥557.1M | CN¥420.7M | CN¥310.2M | CN¥967.3M |
| Financing activities | |||||||||||
| Dividends paid | — | −CN¥91.5M | — | — | −CN¥88.8M | — | — | — | −CN¥92.4M | −CN¥92.4M | −CN¥92.4M |
| Share repurchases & issuance (net) | — | −CN¥183.9M | — | — | −CN¥589.4M | — | — | — | −CN¥996.6M | −CN¥996.6M | −CN¥996.6M |
| Shares issued | 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¥403.6M | −CN¥588.3M | −CN¥370.2M | −CN¥326.9M | CN¥692.6M | −CN¥130.4M | −CN¥74.8M | — | CN¥616.1M | CN¥320.0M | CN¥859.5M |
| Cash from financing activities | −CN¥403.6M | −CN¥863.7M | −CN¥370.2M | −CN¥326.9M | CN¥14.4M | −CN¥130.4M | −CN¥74.8M | — | −CN¥472.9M | −CN¥769.0M | −CN¥229.5M |
| Summary | |||||||||||
| Net change in cash | CN¥401.5M | −CN¥1.11B | −CN¥382.9M | −CN¥911.4M | −CN¥773.6M | CN¥2.33B | CN¥175.1M | CN¥763.9M | −CN¥45.3M | −CN¥157.1M | CN¥799.7M |
| Cash at end of period | CN¥4.84B | CN¥4.44B | CN¥3.58B | CN¥3.96B | CN¥4.87B | CN¥5.64B | CN¥3.31B | CN¥3.14B | CN¥2.37B | CN¥2.42B | CN¥2.58B |
| Free cash flow | −CN¥63.2M | −CN¥68.8M | CN¥357.5M | CN¥229.6M | CN¥207.2M | CN¥497.0M | CN¥156.6M | CN¥196.8M | CN¥4.0M | CN¥292.4M | CN¥67.5M |
| Free cash flow margin | −6.9% | −4.7% | 34.6% | 28.9% | 29.2% | 67.5% | 23.0% | 35.2% | 0.9% | 56.1% | 20.6% |
| Capex / revenue | 0.0% | 8.1% | 0.0% | 0.0% | 1.4% | 0.0% | 0.0% | 0.0% | 6.0% | 5.4% | 8.6% |
| Operating cash flow / net income | −0.29 | −0.24 | 1.76 | 1.06 | 0.93 | 4.08 | 0.95 | 1.49 | 0.03 | 1.50 | 0.39 |
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.
RLX cash generation
In fiscal 2025 (ended December 31, 2025), RLX Technology generated CN¥1.1 billion of cash from operations (up 29.3%) and spent CN¥118.7 million on capital expenditures, leaving free cash flow of CN¥985.8 million, 28.0% of revenue. It returned CN¥275.4 million to shareholders through dividends (CN¥91.5 million) and net share buybacks (CN¥183.9 million). Cash and equivalents fell by CN¥99.3 million over the year.
Related: RLX income statement, RLX balance sheet, RLX dividend history. See the RLX stock overview for the latest quote and news.
RLX cash flow FAQ
What is RLX Technology's free cash flow?
RLX Technology's free cash flow was CN¥985.8 million in fiscal 2025: CN¥1.1 billion of operating cash flow minus CN¥118.7 million of capital expenditures It was CN¥842.1 million a year earlier..
How much cash does RLX Technology generate from operations?
RLX Technology generated CN¥1.1 billion of cash from operating activities in fiscal 2025, 1.18 times its net income of CN¥934.4 million.
How much does RLX Technology spend on capital expenditures?
RLX Technology spent CN¥118.7 million on capital expenditures in fiscal 2025, 3.4% of revenue, compared with CN¥12.3 million the year before.
How much stock does RLX Technology buy back?
RLX Technology spent CN¥183.9 million on net share repurchases in fiscal 2025.
How much does RLX Technology pay in dividends?
RLX Technology paid CN¥91.5 million in dividends in fiscal 2025, 9.3% of free cash flow.