Yatsen Holding Ltd cash flow statement

In fiscal 2025, Yatsen Holding Ltd's operations generated −$13.2m of cash; it spent $5.9m on capital projects, leaving free cash flow of −$19.0m. It returned $15.4m through buybacks.

Cash flow statement

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

Yatsen Holding Ltd: 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	−15	−1	−143	−158	20	−15	−34	−13
Depreciation and amortisation	0	2	11	20	17	8	5	5
Stock-based pay	2	11	275	82	51	11	13	8
Capital spending	1	15	33	22	8	6	7	6
Free cash flow	−15	−16	−175	−180	13	−21	−41	−19
Free cash flow after stock pay	−17	−27	−451	−262	−38	−32	−54	−27
Share buybacks	—	7	71	2	97	30	56	15
Shares issued	—	—	635	—	—	—	—	—

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