Youdao, Inc. cash flow statement

In fiscal 2025, Youdao, Inc.'s operations generated $7.7m of cash; it spent $3.6m on capital projects, leaving free cash flow of $4.1m.

Cash flow statement

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

Youdao, Inc.: cash flow statement, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	−13	−15	−54	−47	−209	−90	−62	−9	8
Depreciation and amortisation	0	1	2	2	5	6	4	4	3
Stock-based pay	1	1	3	5	11	11	4	3	5
Capital spending	2	2	3	4	10	10	3	2	4
Free cash flow	−14	−17	−57	−51	−219	−100	−64	−11	4
Free cash flow after stock pay	−15	−18	−60	−56	−230	−111	−69	−14	−1
Share buybacks	—	—	—	—	—	8	18	9	—
Shares issued	—	0	—	—	—	—	—	—	—

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