Waterdrop Inc. cash flow statement

In fiscal 2025, Waterdrop Inc.'s operations generated $33.9m of cash; it spent $4.1m on capital projects, leaving free cash flow of $29.8m. It returned $18.1m in dividends and $12.7m through buybacks.

Cash flow statement

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

Waterdrop Inc.: cash flow statement, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	−77	−113	−170	114	57	61	34
Depreciation and amortisation	1	2	3	3	2	2	2
Stock-based pay	4	33	35	17	19	12	7
Capital spending	2	4	6	2	2	30	4
Free cash flow	−79	−117	−176	112	56	30	30
Free cash flow after stock pay	−83	−150	−211	96	37	18	23
Dividends paid	—	—	—	—	—	22	18
Share buybacks	—	—	3	10	74	15	13

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