Tuya Inc. (TUYA) Cash Flow Statement
Where TUYA’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $81.0M +0.8% vs 2024
- Capital expenditures
- $7.1M 2.2% of revenue
- Free cash flow
- $73.9M 22.9% margin
- Returned to shareholders
- $69.9M 95% of free cash flow
- Change in cash
- $237.6M cash at year-end $891.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
TUYA operating cash flow, capex and free cash flow
TUYA cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$56.7M2019 | $81.0M2025 | — | |
| Capital expenditures | $2.5M2019 | $7.1M2025 | +19.2%/yr | |
| Free cash flow | −$59.2M2019 | $73.9M2025 | — | |
| Free cash flow margin | −55.9%2019 | 22.9%2025 | +78.8 pts | |
| Operating cash flow / net income | 16.082024 | 1.402025 | −14.68 | |
| Stock-based compensation | $5.2M2019 | $22.3M2025 | +27.3%/yr | |
| Dividends paid | $02022 | $69.8M2025 | — | |
| Share buybacks (net) | $3.8M2019 | $24,0002025 | −56.9%/yr | |
| Capex / revenue | 2.4%2019 | 2.2%2025 | −0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TUYA cash flow by activity
TUYA 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).
TUYA cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | $57.9M | $5.0M | −$60.3M | −$146.2M | −$175.4M | −$67.0M | −$70.6M |
| Depreciation & amortization | $5.2M | $5.1M | $6.5M | $8.2M | $10.3M | $5.7M | $3.4M |
| Stock-based compensation | $22.3M | $67.8M | $65.2M | $69.0M | $66.1M | $9.4M | $5.2M |
| Change in working capital | −$10.3M | −$313,156 | $6.1M | $1.9M | −$31.8M | $1.8M | $4.4M |
| Other non-cash items | $6.0M | $2.9M | $18.8M | −$3.6M | $4.7M | $767,551 | $907,532 |
| Cash from operating activities | $81.0M | $80.4M | $36.4M | −$70.7M | −$126.1M | −$49.3M | −$56.7M |
| Investing activities | |||||||
| Capital expenditures | −$7.1M | −$4.2M | −$1.5M | −$710,000 | −$6.2M | −$3.2M | −$2.5M |
| Investments (net) | $231.6M | $107.4M | −$132.6M | −$714.2M | −$113.0M | −$4.7M | $11.0M |
| Acquisitions & other investing | $1.5M | $4.2M | $466.3M | $710,000 | $6.2M | −$3,001 | $23,897 |
| Cash from investing activities | $226.0M | $107.5M | $332.2M | −$714.2M | −$113.0M | −$7.9M | $8.5M |
| Financing activities | |||||||
| Dividends paid | −$69.8M | −$33.0M | $0 | $0 | — | — | — |
| Share repurchases & issuance (net) | −$24,000 | −$70,035 | −$3.3M | −$48.7M | −$64.0M | $0 | −$3.8M |
| Shares issued | $0 | $0 | $0 | $9.1M | $1.10B | $0 | $178.0M |
| Other financing | $2,000 | −$108,054 | $1.1M | $1.0M | $1.1M | −$172,296 | $306,415 |
| Cash from financing activities | −$69.9M | −$33.2M | −$2.2M | −$38.6M | $1.04B | −$172,296 | $174.5M |
| Summary | |||||||
| Net change in cash | $237.6M | $154.7M | $365.5M | −$831.4M | $805.6M | −$54.3M | $213.3M |
| Cash at end of period | $891.0M | $653.4M | $498.7M | $133.2M | $964.6M | $159.0M | $213.3M |
| Free cash flow | $73.9M | $76.2M | $34.9M | −$71.4M | −$132.3M | −$52.5M | −$59.2M |
| Free cash flow margin | 22.9% | 25.5% | 15.2% | −34.3% | −43.8% | −29.2% | −55.9% |
| Capex / revenue | 2.2% | 1.4% | 0.7% | 0.3% | 2.1% | 1.8% | 2.4% |
| Operating cash flow / net income | 1.40 | 16.08 | — | — | — | — | — |
| 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 | $18.6M | $15.8M | $19.3M | $15.0M | $12.6M | $11.0M | $9.8M | −$4.4M | $3.1M | −$3.5M | −$10.8M | −$4.9M |
| Depreciation & amortization | — | — | $5.2M | — | — | $5.1M | — | — | $1.3M | $1.3M | $6.5M | $6.5M |
| Stock-based compensation | $602,000 | $628,000 | $1.4M | $5.1M | $7.5M | $8.3M | $12.2M | — | — | $15.9M | $15.9M | $14.9M |
| Change in working capital | — | — | −$19.8M | — | — | −$6.1M | — | — | — | −$833,000 | −$833,000 | −$833,000 |
| Other non-cash items | −$13.1M | −$10.0M | $17.4M | $9.9M | −$1.9M | −$9.0M | $8.2M | $28.3M | $7.4M | $1.6M | $20.9M | $311,308 |
| Cash from operating activities | $6.2M | $6.4M | $23.5M | $30.0M | $18.3M | $9.4M | $30.2M | $23.9M | $11.8M | $14.5M | $31.8M | $16.1M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | −$7.1M | $0 | −$18.3M | −$9.4M | $0 | −$23.9M | −$11.8M | −$14.5M | −$1.5M | −$1.5M |
| Investments (net) | — | — | — | $91.4M | −$21.2M | $101.2M | $45.6M | −$28.2M | $73.9M | $16.2M | $299.8M | $55.0M |
| Acquisitions & other investing | −$8.2M | $14.9M | $61.7M | $0 | $18.5M | $9.4M | — | $23.9M | $11.8M | $14.5M | $1.5M | $1.5M |
| Cash from investing activities | −$8.2M | $14.9M | $54.6M | $91.4M | −$21.0M | $101.2M | — | −$28.2M | $73.9M | $16.2M | $299.8M | $55.0M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | −$69.8M | — | — | −$33.0M | — | — | — | — | — | — |
| Share repurchases & issuance (net) | — | — | −$24,000 | — | — | −$70,000 | — | — | — | −$3.3M | −$3.3M | −$3.3M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$38.7M | — | $36.9M | — | −$37.0M | $33.1M | −$33.0M | −$327,999 | −$103,999 | $3.6M | $3.5M | $3.0M |
| Cash from financing activities | −$38.7M | — | −$33.0M | — | −$37.0M | $1,999 | −$33.0M | −$327,999 | −$103,999 | $253,999 | $162,000 | −$318,000 |
| Summary | ||||||||||||
| Net change in cash | −$40.7M | $21.8M | $45.4M | $121.4M | −$39.9M | $110.6M | $42.3M | −$3.9M | $85.4M | $30.8M | $332.4M | $71.7M |
| Cash at end of period | $872.0M | $912.7M | $891.0M | $845.5M | $724.1M | $764.0M | $653.4M | $611.1M | $614.9M | $529.5M | $498.7M | $166.3M |
| Free cash flow | $6.2M | $6.4M | $16.4M | $30.0M | $18.2M | $9.4M | $30.2M | $23.9M | $11.8M | $30.3M | $30.3M | $16.1M |
| Free cash flow margin | 3.5% | 7.9% | 19.3% | 36.3% | 22.7% | 12.5% | 36.8% | 29.2% | 16.1% | 49.1% | 47.0% | 26.3% |
| Capex / revenue | 0.0% | 0.0% | 8.4% | 0.0% | 22.8% | 12.5% | 0.0% | 29.2% | 16.1% | 23.5% | 2.3% | 2.5% |
| Operating cash flow / net income | 0.33 | 0.41 | 1.22 | 2.00 | 1.45 | 0.85 | 3.08 | — | 3.79 | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
TUYA cash generation
In fiscal 2025 (ended December 31, 2025), Tuya generated $81.0 million of cash from operations (up 0.8%) and spent $7.1 million on capital expenditures, leaving free cash flow of $73.9 million, 22.9% of revenue. It returned $69.9 million to shareholders through dividends ($69.8 million) and net share buybacks ($0.0 million). Cash and equivalents rose by $237.6 million over the year.
Related: TUYA income statement, TUYA balance sheet, TUYA dividend history. See the TUYA stock overview for the latest quote and news.
TUYA cash flow FAQ
What is Tuya's free cash flow?
Tuya's free cash flow was $73.9 million in fiscal 2025: $81.0 million of operating cash flow minus $7.1 million of capital expenditures It was $76.2 million a year earlier..
How much cash does Tuya generate from operations?
Tuya generated $81.0 million of cash from operating activities in fiscal 2025, 1.40 times its net income of $57.9 million.
How much does Tuya spend on capital expenditures?
Tuya spent $7.1 million on capital expenditures in fiscal 2025, 2.2% of revenue, compared with $4.2 million the year before.
How much stock does Tuya buy back?
Tuya spent $0.0 million on net share repurchases in fiscal 2025.
How much does Tuya pay in dividends?
Tuya paid $69.8 million in dividends in fiscal 2025, 94.5% of free cash flow.