Tuniu Corporation (TOUR) Cash Flow Statement
Where TOUR’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- −CN¥109.1M −213.3% vs 2024
- Capital expenditures
- CN¥7.1M 1.3% of revenue
- Free cash flow
- −CN¥116.2M −20.7% margin
- Returned to shareholders
- CN¥81.0M
- Change in cash
- −CN¥273.6M cash at year-end CN¥217.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
TOUR operating cash flow, capex and free cash flow
TOUR cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −CN¥2.24B2016 | −CN¥109.1M2025 | — | |
| Capital expenditures | CN¥117.9M2016 | CN¥7.1M2025 | −26.8%/yr | |
| Free cash flow | −CN¥2.36B2016 | −CN¥116.2M2025 | — | |
| Free cash flow margin | −22.3%2016 | −20.7%2025 | +1.7 pts | |
| Operating cash flow / net income | 1.152024 | −3.682025 | −4.83 | |
| Stock-based compensation | CN¥92.4M2016 | CN¥5.6M2025 | −26.8%/yr | |
| Dividends paid | CN¥02016 | CN¥29.8M2025 | — | |
| Share buybacks (net) | CN¥19.7M2016 | CN¥51.2M2025 | +11.2%/yr | |
| Capex / revenue | 1.1%2016 | 1.3%2025 | +0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TOUR cash flow by activity
TOUR 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).
TOUR cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | CN¥29.7M | CN¥83.7M | −CN¥99.3M | −CN¥203.0M | −CN¥128.5M | −CN¥1.34B | −CN¥729.4M | −CN¥199.4M | −CN¥771.3M | −CN¥2.44B |
| Depreciation & amortization | CN¥15.0M | CN¥17.1M | CN¥29.7M | CN¥38.2M | CN¥63.8M | CN¥223.4M | CN¥322.6M | CN¥220.2M | CN¥215.8M | CN¥211.6M |
| Stock-based compensation | CN¥5.6M | CN¥9.4M | CN¥15.9M | CN¥5.0M | CN¥9.1M | CN¥20.5M | CN¥61.7M | CN¥68.7M | CN¥98.7M | CN¥92.4M |
| Change in working capital | −CN¥144.5M | CN¥22.3M | CN¥156.3M | CN¥14.2M | −CN¥134.8M | −CN¥1.05B | CN¥47.0M | CN¥190.5M | −CN¥12.1M | −CN¥136.7M |
| Other non-cash items | −CN¥14.8M | −CN¥36.3M | CN¥130.3M | CN¥2.6M | −CN¥36.1M | CN¥832.5M | CN¥177.6M | −CN¥12.0M | CN¥50.3M | CN¥35.8M |
| Cash from operating activities | −CN¥109.1M | CN¥96.3M | CN¥232.8M | −CN¥143.0M | −CN¥226.3M | −CN¥1.31B | −CN¥120.5M | CN¥268.1M | −CN¥418.6M | −CN¥2.24B |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥7.1M | −CN¥11.8M | −CN¥9.8M | −CN¥6.5M | −CN¥14.7M | −CN¥28.3M | −CN¥122.5M | −CN¥119.4M | −CN¥160.5M | −CN¥117.9M |
| Investments (net) | −CN¥120.2M | CN¥26.7M | CN¥40.9M | −CN¥51.8M | CN¥703.8M | CN¥946.7M | −CN¥578.1M | CN¥154.0M | CN¥648.3M | −CN¥2.51B |
| Acquisitions & other investing | CN¥132.2M | CN¥11.8M | CN¥9.8M | CN¥6.5M | CN¥14.7M | CN¥240.7M | CN¥122.5M | CN¥119.4M | CN¥160.5M | CN¥117.9M |
| Cash from investing activities | CN¥4.9M | CN¥26.7M | CN¥40.9M | −CN¥51.8M | CN¥703.8M | CN¥1.16B | −CN¥578.1M | CN¥154.0M | CN¥648.3M | −CN¥2.51B |
| Financing activities | ||||||||||
| Dividends paid | −CN¥29.8M | CN¥0 | CN¥0 | — | — | — | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Share repurchases & issuance (net) | −CN¥51.2M | −CN¥44.9M | CN¥0 | CN¥0 | CN¥0 | −CN¥308,000 | −CN¥13.5M | −CN¥139.1M | −CN¥166.1M | −CN¥19.7M |
| Net borrowing (repayment) | −CN¥80.0M | −CN¥2.0M | −CN¥22.8M | −CN¥532,000 | −CN¥343.0M | −CN¥185.3M | CN¥552.1M | CN¥195.4M | CN¥195.4M | CN¥195.4M |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | CN¥920,000 | −CN¥27.1M | CN¥224,000 | CN¥46,000 | −CN¥1.5M | −CN¥24.0M | −CN¥53.5M | −CN¥201.5M | −CN¥814.0M | CN¥3.45B |
| Cash from financing activities | −CN¥160.1M | −CN¥74.0M | −CN¥22.6M | −CN¥486,000 | −CN¥344.6M | −CN¥209.5M | CN¥485.1M | −CN¥145.2M | −CN¥784.8M | CN¥3.63B |
| Summary | ||||||||||
| Net change in cash | −CN¥273.6M | CN¥46.2M | CN¥247.0M | −CN¥197.7M | CN¥131.5M | −CN¥358.4M | −CN¥208.5M | CN¥255.1M | −CN¥601.1M | −CN¥1.02B |
| Cash at end of period | CN¥217.4M | CN¥491.1M | CN¥444.9M | CN¥197.9M | CN¥395.6M | CN¥264.1M | CN¥622.5M | CN¥831.0M | CN¥484.1M | CN¥1.09B |
| Free cash flow | −CN¥116.2M | CN¥84.5M | CN¥223.1M | −CN¥149.4M | −CN¥241.1M | −CN¥1.34B | −CN¥242.9M | CN¥148.6M | −CN¥579.1M | −CN¥2.36B |
| Free cash flow margin | −20.7% | 16.4% | 50.5% | −81.4% | −56.5% | −297.9% | −10.7% | 6.6% | −26.4% | −22.3% |
| Capex / revenue | 1.3% | 2.3% | 2.2% | 3.5% | 3.5% | 6.3% | 5.4% | 5.3% | 7.3% | 1.1% |
| Operating cash flow / net income | −3.68 | 1.15 | — | — | — | — | — | — | — | — |
| Sep '23 | |
|---|---|
| Operating activities | |
| Net income | CN¥39.4M |
| Depreciation & amortization | CN¥832,464 |
| Stock-based compensation | CN¥5.6M |
| Other non-cash items | −CN¥44.1M |
| Cash from operating activities | CN¥1.7M |
| Investing activities | |
| Capital expenditures | CN¥0 |
| Financing activities | |
| Shares issued | CN¥0 |
| Summary | |
| Net change in cash | CN¥1.3M |
| Cash at end of period | CN¥351.8M |
| Free cash flow | CN¥1.7M |
| Free cash flow margin | 0.9% |
| Capex / revenue | 0.0% |
| Operating cash flow / net income | 0.04 |
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.
TOUR cash generation
In fiscal 2025 (ended December 31, 2025), Tuniu generated -CN¥109.1 million of cash from operations (down 213.3%) and spent CN¥7.1 million on capital expenditures, leaving free cash flow of -CN¥116.2 million, −20.7% of revenue. It returned CN¥81.0 million to shareholders through dividends (CN¥29.8 million) and net share buybacks (CN¥51.2 million). Cash and equivalents fell by CN¥273.6 million over the year.
Related: TOUR income statement, TOUR balance sheet, TOUR dividend history. See the TOUR stock overview for the latest quote and news.
TOUR cash flow FAQ
What is Tuniu's free cash flow?
Tuniu's free cash flow was -CN¥116.2 million in fiscal 2025: -CN¥109.1 million of operating cash flow minus CN¥7.1 million of capital expenditures It was CN¥84.5 million a year earlier..
How much cash does Tuniu generate from operations?
Tuniu generated -CN¥109.1 million of cash from operating activities in fiscal 2025, −3.68 times its net income of CN¥29.7 million.
How much does Tuniu spend on capital expenditures?
Tuniu spent CN¥7.1 million on capital expenditures in fiscal 2025, 1.3% of revenue, compared with CN¥11.8 million the year before.
How much stock does Tuniu buy back?
Tuniu spent CN¥51.2 million on net share repurchases in fiscal 2025.
How much does Tuniu pay in dividends?
Tuniu paid CN¥29.8 million in dividends in fiscal 2025.