ZKH Group Ltd cash flow statement

In fiscal 2025, ZKH Group Ltd's operations generated $1.2m of cash; it spent $7.4m on capital projects, leaving free cash flow of −$6.2m. It returned $5.7m through buybacks.

Cash flow statement

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

ZKH Group Ltd: cash flow statement, annual
Fiscal year	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	−214	−75	−80	32	1
Depreciation and amortisation	8	11	10	8	7
Stock-based pay	28	5	2	15	7
Capital spending	23	6	7	11	7
Free cash flow	−237	−81	−87	21	−6
Free cash flow after stock pay	−265	−85	−90	6	−14
Share buybacks	—	—	—	6	6

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 ZKH Group 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 ZKH Group Ltd.