Waterdrop Inc. (WDH) Cash Flow Statement

NYSE: WDHOperating cash, capex, free cash flow and buybacks.

Where WDH’s cash came from and went, 2025

December 31, 2025 · Chinese yuan
Cash from operations
CN¥243.9M
−44.2% vs 2024
Capital expenditures
CN¥29.6M
0.8% of revenue
Free cash flow
CN¥214.3M
5.5% margin
Returned to shareholders
CN¥221.6M
103% of free cash flow
Change in cash
−CN¥375.5M
cash at year-end CN¥1.13B
Cash from operations: CN¥243.9MCash from operationsCN¥243.9MDrawn from cash: CN¥375.5MDrawn from cashCN¥375.5MInvestments (net): CN¥178.3MInvestments (net)CN¥178.3M · 29%Debt repayment: CN¥151.5MDebt repaymentCN¥151.5M · 24%Dividends: CN¥130.4MDividendsCN¥130.4M · 21%Share buybacks: CN¥91.2MShare buybacksCN¥91.2M · 15%Capital expenditures: CN¥29.6MCapital expendituresCN¥29.6M · 5%Currency & other: CN¥21.4MCurrency & otherCN¥21.4M · 3%Acquisitions & other: CN¥16.8MAcquisitions & otherCN¥16.8M · 3%CN¥619.4M
Cash from operations
CN¥243.9M
Capital expenditures
−CN¥29.6M
Investments (net)
−CN¥178.3M
Acquisitions & other
−CN¥16.8M
Dividends
−CN¥130.4M
Share buybacks (net)
−CN¥91.2M
Net borrowing (repayment)
−CN¥151.5M
Currency & other
−CN¥21.4M
Change in cash
−CN¥375.5M

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

WDH operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

WDH cash flow trends, 2018–2025

MetricTrendThenLatestChange
Operating cash flow−CN¥211.0M2018CN¥243.9M2025—
Capital expendituresCN¥7.5M2018CN¥29.6M2025+21.8%/yr
Free cash flow−CN¥218.5M2018CN¥214.3M2025—
Free cash flow margin−91.7%20185.5%2025+97.3 pts
Operating cash flow / net income1.2620220.432025−0.83
Stock-based compensationCN¥47.8M2018CN¥51.8M2025+1.1%/yr
Dividends paidCN¥02022CN¥130.4M2025—
Share buybacks (net)CN¥7.6M2018CN¥91.2M2025+42.6%/yr
Capex / revenue3.1%20180.8%2025−2.4 pts

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

WDH cash flow by activity

OperatingInvestingFinancingChange in cash

WDH 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).

WDH cash flow statement in Chinese yuan

20252024202320222021202020192018
Operating activities
Net incomeCN¥565.1MCN¥350.9MCN¥163.7MCN¥607.7M−CN¥1.57B−CN¥663.9M−CN¥321.5M−CN¥209.2M
Depreciation & amortizationCN¥13.9MCN¥11.6MCN¥13.6MCN¥23.0MCN¥18.1MCN¥13.1MCN¥6.7MCN¥2.0M
Stock-based compensationCN¥51.8MCN¥86.9MCN¥133.9MCN¥112.0MCN¥226.2MCN¥227.8MCN¥28.0MCN¥47.8M
Change in working capital−CN¥395.9M−CN¥25.0MCN¥103.1MCN¥5.7MCN¥191.9M−CN¥504.8M−CN¥246.1M−CN¥51.7M
Other non-cash itemsCN¥9.1MCN¥12.9M−CN¥7.7MCN¥17.3MCN¥41.3MCN¥150.7MCN¥41,000CN¥58,000
Cash from operating activitiesCN¥243.9MCN¥437.2MCN¥406.5MCN¥765.7M−CN¥1.10B−CN¥777.1M−CN¥532.9M−CN¥211.0M
Investing activities
Capital expenditures−CN¥29.6M−CN¥218.4M−CN¥13.5M−CN¥11.9M−CN¥36.5M−CN¥26.7M−CN¥13.3M−CN¥7.5M
Investments (net)−CN¥178.3MCN¥291.6M−CN¥1.17B−CN¥139.8M−CN¥811.2M−CN¥1.17B−CN¥27.5MCN¥39.5M
Acquisitions & other investing−CN¥16.8MCN¥218.4MCN¥13.5MCN¥11.9MCN¥792,000−CN¥18.6M−CN¥5.2MCN¥0
Cash from investing activities−CN¥224.7MCN¥291.6M−CN¥1.17B−CN¥139.8M−CN¥846.9M−CN¥1.22B−CN¥46.0MCN¥32.0M
Financing activities
Dividends paid−CN¥130.4M−CN¥158.7MCN¥0CN¥0————
Share repurchases & issuance (net)−CN¥91.2M−CN¥107.0M−CN¥526.0M−CN¥67.0M−CN¥16.5MCN¥2.05BCN¥1.49B−CN¥7.6M
Net borrowing (repayment)−CN¥151.5MCN¥59.8MCN¥137.1M−CN¥164,000−CN¥192,000−CN¥169,000−CN¥19.2MCN¥19.1M
Shares issuedCN¥0CN¥0CN¥0CN¥0CN¥2.13BCN¥2.05BCN¥1.49BCN¥351.2M
Other financing−CN¥739,000CN¥7.2MCN¥11.7MCN¥9.7MCN¥3.0M−CN¥2.05B−CN¥1.49BCN¥0
Cash from financing activities−CN¥373.9M−CN¥198.6M−CN¥377.2M−CN¥57.5MCN¥2.12BCN¥2.05BCN¥1.47BCN¥362.7M
Summary
Net change in cash−CN¥375.5MCN¥532.9M−CN¥1.12BCN¥606.2MCN¥162.0MCN¥29.2MCN¥921.3MCN¥181.7M
Cash at end of periodCN¥1.13BCN¥1.51BCN¥974.0MCN¥2.09BCN¥1.49BCN¥1.32BCN¥1.29BCN¥372.9M
Free cash flowCN¥214.3MCN¥218.8MCN¥393.0MCN¥753.8M−CN¥1.13B−CN¥803.8M−CN¥546.2M−CN¥218.5M
Free cash flow margin5.5%7.9%14.9%26.9%−35.3%−26.5%−36.1%−91.7%
Capex / revenue0.8%7.9%0.5%0.4%1.1%0.9%0.9%3.1%
Operating cash flow / net income0.431.252.481.26————

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.

WDH cash generation

In fiscal 2025 (ended December 31, 2025), Waterdrop generated CN¥243.9 million of cash from operations (down 44.2%) and spent CN¥29.6 million on capital expenditures, leaving free cash flow of CN¥214.3 million, 5.5% of revenue. It returned CN¥221.6 million to shareholders through dividends (CN¥130.4 million) and net share buybacks (CN¥91.2 million). Cash and equivalents fell by CN¥375.5 million over the year.

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

WDH cash flow FAQ

What is Waterdrop's free cash flow?

Waterdrop's free cash flow was CN¥214.3 million in fiscal 2025: CN¥243.9 million of operating cash flow minus CN¥29.6 million of capital expenditures It was CN¥218.8 million a year earlier..

How much cash does Waterdrop generate from operations?

Waterdrop generated CN¥243.9 million of cash from operating activities in fiscal 2025, 0.43 times its net income of CN¥565.1 million.

How much does Waterdrop spend on capital expenditures?

Waterdrop spent CN¥29.6 million on capital expenditures in fiscal 2025, 0.8% of revenue, compared with CN¥218.4 million the year before.

How much stock does Waterdrop buy back?

Waterdrop spent CN¥91.2 million on net share repurchases in fiscal 2025.

How much does Waterdrop pay in dividends?

Waterdrop paid CN¥130.4 million in dividends in fiscal 2025, 60.9% of free cash flow.

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