TH International Ltd cash flow statement

In fiscal 2025, TH International Ltd's operations generated −$1.8m of cash; it spent $9.1m on capital projects, leaving free cash flow of −$10.9m.

Cash flow statement

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

TH International Ltd: cash flow statement, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	−21	−38	−43	−28	−6	−2
Depreciation and amortisation	4	12	18	20	18	15
Stock-based pay	—	—	11	9	0	0
Capital spending	21	52	50	41	14	9
Free cash flow	−42	−90	−93	−69	−20	−11
Free cash flow after stock pay	—	—	−104	−78	−20	−11
Shares issued	32	45	—	—	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.

Compare with peers

Head to head: NATH vs THCH GENK vs THCH ARKR vs THCH GTIM vs THCH

More: Restaurants stocks compared, Consumer Discretionary sector, rankings of US companies

Figures from TH International Ltd's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to TH International Ltd.