17 Education & Technology Group Inc. (YQ) Cash Flow Statement

NASDAQ: YQOperating cash, capex, free cash flow and buybacks.

Where YQ’s cash came from and went, 2025

December 31, 2025 · Chinese yuan
Cash from operations
CN¥36.3M
Capital expenditures
CN¥6.7M
6.5% of revenue
Free cash flow
CN¥29.6M
28.7% margin
Returned to shareholders
CN¥3.4M
12% of free cash flow
Change in cash
CN¥22.3M
cash at year-end CN¥246.7M
Cash from operations: CN¥36.3MCash from operationsCN¥36.3MShares issued: CN¥28.9MShares issuedCN¥28.9MAcquisitions & other, Currency & other: CN¥3.3MOther sourcesCN¥3.3MInvestments (net): CN¥35.4MInvestments (net)CN¥35.4M · 52%Capital expenditures: CN¥6.7MCapital expendituresCN¥6.7M · 10%Share buybacks: CN¥3.4MShare buybacksCN¥3.4M · 5%Added to cash: CN¥22.3MAdded to cashCN¥22.3M · 33%Other financing: CN¥713,453Other financingCN¥713,453 · 1%CN¥68.5M
Cash from operations
CN¥36.3M
Capital expenditures
−CN¥6.7M
Investments (net)
−CN¥35.4M
Acquisitions & other
+CN¥1.6M
Share buybacks (net)
−CN¥3.4M
Shares issued
+CN¥28.9M
Other financing
−CN¥713,453
Currency & other
+CN¥1.7M
Change in cash
CN¥22.3M

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

YQ operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

YQ cash flow trends, 2016–2025

MetricTrendThenLatestChange
Operating cash flow−CN¥4.2M2016CN¥36.3M2025—
Capital expendituresCN¥310,9152016CN¥6.7M2025+40.6%/yr
Free cash flow−CN¥4.5M2016CN¥29.6M2025—
Free cash flow margin−122.0%201628.7%2025+150.7 pts
Stock-based compensationCN¥123.5M2018CN¥30.8M2025−18.0%/yr
Share buybacks (net)CN¥21.1M2018CN¥3.4M2025−22.9%/yr
Capex / revenue8.4%20166.5%2025−2.0 pts

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

YQ cash flow by activity

OperatingInvestingFinancingChange in cash

YQ 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).

YQ cash flow statement in Chinese yuan

2025202420232022202120202019201820172016
Operating activities
Net income−CN¥150.2M−CN¥192.9M−CN¥311.8M−CN¥177.9M−CN¥1.44B−CN¥1.34B−CN¥963.8M−CN¥656.1M−CN¥22.0M−CN¥16.4M
Depreciation & amortizationCN¥9.7MCN¥12.3MCN¥16.2MCN¥24.7MCN¥64.8MCN¥39.7MCN¥22.7MCN¥15.8MCN¥5.8MCN¥108,243
Stock-based compensationCN¥30.8MCN¥61.9MCN¥83.7MCN¥129.6MCN¥195.2MCN¥356.0MCN¥93.1MCN¥123.5M——
Change in working capitalCN¥141.9M−CN¥42.9M−CN¥36.1M−CN¥483.8M−CN¥546.8MCN¥358.2MCN¥175.2MCN¥80.6M——
Other non-cash itemsCN¥4.0MCN¥22.4MCN¥35.9MCN¥43.4MCN¥222.1MCN¥63.0MCN¥41.5MCN¥17.3M−CN¥8.7MCN¥12.1M
Cash from operating activitiesCN¥36.3M−CN¥139.2M−CN¥212.1M−CN¥463.9M−CN¥1.51B−CN¥523.0M−CN¥631.3M−CN¥418.9M−CN¥24.9M−CN¥4.2M
Investing activities
Capital expenditures−CN¥6.7M−CN¥9.4M−CN¥26.6M−CN¥2.8M−CN¥129.4M−CN¥89.5M−CN¥48.6M−CN¥33.9M−CN¥510,621−CN¥310,915
Investments (net)−CN¥35.4MCN¥35.6M−CN¥161.1M−CN¥8.9M−CN¥117.6M−CN¥89.5MCN¥20.0M−CN¥15.0M−CN¥7.3M−CN¥1.6M
Acquisitions & other investingCN¥1.6MCN¥9.4MCN¥26.6MCN¥2.8MCN¥129.4MCN¥89.5MCN¥0CN¥0——
Cash from investing activities−CN¥40.5MCN¥35.6M−CN¥161.1M−CN¥8.9M−CN¥117.6M−CN¥89.5M−CN¥28.6M−CN¥48.9M——
Financing activities
Share repurchases & issuance (net)−CN¥3.4M−CN¥1.1M−CN¥51.4M−CN¥33.9MCN¥0CN¥0CN¥0−CN¥21.1M——
Net borrowing (repayment)———CN¥0CN¥0−CN¥85.0MCN¥85.0MCN¥85.0M——
Shares issuedCN¥28.9MCN¥22.4MCN¥0CN¥0CN¥0CN¥2.90BCN¥0CN¥1.59BCN¥0CN¥0
Other financing−CN¥713,453CN¥15,000CN¥36,000CN¥91,000CN¥952,000−CN¥18.8M−CN¥551,000−CN¥101.6MCN¥47.2MCN¥11.9M
Cash from financing activitiesCN¥24.8MCN¥21.3M−CN¥51.4M−CN¥33.9MCN¥952,000CN¥2.80BCN¥84.4MCN¥1.55BCN¥47.2MCN¥11.9M
Summary
Net change in cashCN¥22.3M−CN¥72.7M−CN¥411.2M−CN¥462.8M−CN¥1.65BCN¥2.15B−CN¥587.1MCN¥1.16BCN¥15.0MCN¥5.9M
Cash at end of periodCN¥246.7MCN¥234.2MCN¥306.9MCN¥718.1MCN¥1.18BCN¥2.84BCN¥688.7MCN¥1.28BCN¥120.5M—
Free cash flowCN¥29.6M−CN¥148.6M−CN¥238.7M−CN¥466.7M−CN¥1.64B−CN¥612.5M−CN¥679.9M−CN¥452.8M−CN¥25.4M−CN¥4.5M
Free cash flow margin28.7%−78.5%−139.6%−87.9%−74.9%−47.3%−167.4%−145.7%−32.0%−122.0%
Capex / revenue6.5%5.0%15.6%0.5%5.9%6.9%12.0%10.9%0.6%8.4%

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.

YQ cash generation

In fiscal 2025 (ended December 31, 2025), 17 Education & Technology generated CN¥36.3 million of cash from operations and spent CN¥6.7 million on capital expenditures, leaving free cash flow of CN¥29.6 million, 28.7% of revenue. It returned CN¥3.4 million to shareholders through dividends (CN¥0) and net share buybacks (CN¥3.4 million). Cash and equivalents rose by CN¥22.3 million over the year.

Related: YQ income statement, YQ balance sheet. See the YQ stock overview for the latest quote and news.

YQ cash flow FAQ

What is 17 Education & Technology's free cash flow?

17 Education & Technology's free cash flow was CN¥29.6 million in fiscal 2025: CN¥36.3 million of operating cash flow minus CN¥6.7 million of capital expenditures It was -CN¥148.6 million a year earlier..

How much cash does 17 Education & Technology generate from operations?

17 Education & Technology generated CN¥36.3 million of cash from operating activities in fiscal 2025.

How much does 17 Education & Technology spend on capital expenditures?

17 Education & Technology spent CN¥6.7 million on capital expenditures in fiscal 2025, 6.5% of revenue, compared with CN¥9.4 million the year before.

How much stock does 17 Education & Technology buy back?

17 Education & Technology spent CN¥3.4 million on net share repurchases in fiscal 2025.

Education & Training Services: cash flow