Pony AI Inc. cash flow statement

In fiscal 2025, Pony AI Inc.'s operations generated −$165m of cash; it spent $43.9m on capital projects, leaving free cash flow of −$209m.

Cash flow statement

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

Pony AI Inc.: cash flow statement, annual
Fiscal year	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	−155	−115	−111	−165
Depreciation and amortisation	18	16	10	7
Stock-based pay	13	3	127	31
Capital spending	12	5	11	44
Free cash flow	−167	−121	−122	−209
Free cash flow after stock pay	−180	−124	−249	−240
Share buybacks	—	1	—	—

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