Noah Holdings (NOAH) Cash Flow: Operating & Free Cash Flow

Noah Holdings (NOAH) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Noah Holdings generated CNY 976.61M of operating cash flow and spent CNY 134.14M on capital expenditures. That left free cash flow of CNY 842.47M, up 176.1% from CNY 305.16M a year earlier, or 32.3% of revenue. It returned CNY 599.07M to shareholders through CNY 546.77M in dividends and CNY 52.30M in share buybacks.

Noah Holdings Cash Flow Statement Analysis

Values in billions CNY

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Noah Holdings Limited (NOAH) - Annual data in billions CNY
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	0.56	0.49	1.00	0.97	1.31	-0.74	0.86	0.80	0.76
Depreciation & Amortization	0.16	0.16	0.16	0.16	0.15	0.10	0.11	0.09	0.08
Deferred Income Tax	0.00	0.00	0.00	-0.08	-0.12	-0.07	-0.06	-0.04	-0.02
Stock Based Compensation	0.07	0.11	0.01	0.04	0.07	1.35	0.09	0.11	0.09
Change in Working Capital	0.01	-0.59	0.03	-0.51	0.07	-0.58	-0.06	0.01	0.06
Change in Accounts Receivable	-0.03	-0.15	0.09	0.30	-0.36	-0.22	0.05	-0.10	0.02
Change in Accounts Payable	0.00	-0.03	0.00	-0.06	0.05	0.00	0.00	0.00	0.00
Change in Other Working Capital	-0.02	-0.21	-0.06	0.10	0.09	-0.37	-0.11	0.11	0.03
Other Operating Activities	0.18	0.23	0.12	0.10	0.09	0.74	0.35	0.05	-0.35
Net Cash from Operating Activities	0.98	0.39	1.32	0.63	1.52	0.80	1.29	1.03	0.63
Investing Activities
Capital Expenditures	-0.13	-0.08	-0.16	-0.06	-2.27	-0.05	-0.07	-0.13	-0.15
Acquisitions	-0.05	-0.03	-0.06	-0.07	-0.13	0.13	0.12	-0.56	-0.30
Purchases of Investments	-1.47	-1.74	-0.53	-0.08	-0.15	-0.23	-1.70	-0.24	-1.19
Sales/Maturities of Investments	1.97	0.78	0.30	0.06	0.14	0.28	1.56	0.38	0.97
Other Investing Activities	-0.02	0.21	0.17	0.16	-0.29	0.23	-0.10	0.15	-0.16
Net Cash from Investing Activities	0.30	-0.84	-0.25	0.07	-2.57	0.35	-0.18	-0.40	-0.83
Financing Activities
Common Stock Issued	0.00	0.00	0.00	0.25	0.00	0.00	0.00	0.00	0.00
Common Stock Repurchased	-0.05	-0.05	0.00	0.00	-0.37	-0.28	0.00	0.00	-0.03
Dividends Paid	-0.55	-1.01	-0.18	0.00	0.00	0.00	0.00	0.00	0.00
Other Financing Activities	-0.03	-0.07	-0.02	-0.01	-0.15	-0.09	0.54	0.11	-0.76
Net Cash from Financing Activities	-0.64	-1.13	-0.20	0.23	-0.51	-0.37	0.54	0.11	-0.79
Summary
Effect of Forex Changes on Cash	-0.10	0.07	0.05	0.08	-0.05	-0.15	0.04	0.06	-0.08
Net Change in Cash	0.54	-1.52	0.92	1.02	-1.56	0.63	1.69	0.80	-1.08
Cash at Beginning of Period	3.84	5.35	4.43	3.41	5.02	4.39	2.71	1.91	2.98
Cash at End of Period	4.38	3.84	5.35	4.43	3.41	5.02	4.39	2.71	1.91
Free Cash Flow	0.84	0.31	1.16	0.57	-0.75	0.74	1.22	0.90	0.48
Supplemental Disclosures
Income Taxes Paid	-	0.20	0.29	0.41	0.36	0.31	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Noah Holdings Cash Flow

What is Noah Holdings's free cash flow?

Noah Holdings generated free cash flow of CNY 842.47M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of CNY 976.61M minus CNY 134.14M of capital expenditures. That was up 176.1% from CNY 305.16M a year earlier. Free cash flow equaled 32.3% of revenue.

How much does Noah Holdings spend on capital expenditures?

Noah Holdings spent CNY 134.14M on capital expenditures in fiscal 2025, compared with CNY 82.17M a year earlier. That equals 13.7% of operating cash flow.

Does Noah Holdings pay dividends or buy back shares?

Yes. In fiscal 2025 Noah Holdings returned CNY 546.77M in dividends and CNY 52.30M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition