Canaan Inc. cash flow statement

In fiscal 2025, Canaan Inc.'s operations generated −$271m of cash; it spent $24.6m on capital projects, leaving free cash flow of −$296m. It returned $5.0m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Canaan Inc.: cash flow statement, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	−40	6	202	−183	−124	−199	−271
Stock-based pay	39	0	76	63	42	31	23
Capital spending	1	0	6	18	3	19	25
Free cash flow	−41	6	197	−200	−127	−219	−296
Free cash flow after stock pay	−80	6	120	−263	−169	−249	−319
Share buybacks	—	4	16	37	—	—	5
Shares issued	96	—	—	—	65	—	—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Canaan Inc.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Canaan Inc.