RLX Technology Inc. cash flow statement

In fiscal 2025, RLX Technology Inc.'s operations generated $154m of cash; it spent $16.4m on capital projects, leaving free cash flow of $137m. It returned $12.7m in dividends and $25.6m through buybacks.

Cash flow statement

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

RLX Technology Inc.: cash flow statement, annual
Fiscal year	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	−0	49	375	279	72	28	119	154
Depreciation and amortisation	0	0	3	6	11	5	4	4
Stock-based pay	1	8	135	35	25	51	51	26
Capital spending	0	12	2	20	6	4	1	16
Free cash flow	−0	37	373	259	67	24	117	137
Free cash flow after stock pay	−1	29	239	224	42	−27	66	111
Dividends paid	—	5	—	—	—	13	12	13
Share buybacks	—	—	—	20	75	141	82	26

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