TH International Limited (THCH) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 | Q1'21 |
|---|
| Cash from Operations | -9.39M | -1.71M | -1.18M | -219K | -31.63M | -13M | 31.71M | -26.75M | -80.56M | -30.45M | 241K | -85.36M | -96.1M | -35.88M | -35.89M | -119.05M | -56.72M | -73.52M | -57.36M | -57.36M |
| Operating CF Margin % | -3.09% | -0.48% | -0.34% | -0.07% | -9.51% | -3.62% | 8.64% | -8.05% | -20.59% | -7.02% | 0.06% | -25.37% | -31.88% | -11.74% | -20.03% | -52.99% | -25.33% | -40.36% | -42.24% | -48.35% |
| Operating CF Growth % | 70.32% | 86.82% | -103.71% | 99.18% | 60.74% | 57.3% | 13056.43% | 68.67% | 16.17% | 15.15% | 100.67% | 28.3% | -69.43% | 51.19% | 37.44% | -107.54% | -67.11% | -116.59% | -47.3% | -47.3% |
| Net Income | -224.97M | -72.89M | -75.45M | -58.02M | -138.04M | -88.85M | -47.63M | -144.04M | -312.08M | -160.6M | -228.68M | -174.88M | -223.87M | -194.38M | -173.78M | -150.62M | -21.64M | -111.01M | -77M | -66.19M |
| Depreciation & Amortization | 36.22M | 35.9M | 26.79M | 37.01M | 36.07M | 39.9M | 30.52M | 43.64M | 43.95M | 41.79M | 34.45M | 38.1M | 38.17M | 35.94M | 0 | 31.32M | 4.4M | 19.45M | 0 | 0 |
| Stock-Based Compensation | 0 | 566K | 749K | 1.08M | -741K | 1.38M | -1.13M | 1.01M | 2.75M | 3.01M | 55.56M | 3.16M | 41.41M | 33.28M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 179.36M | 34.72M | 46.74M | 19.71M | 71.08M | 34.58M | 49.94M | 72.64M | 169.5M | 85.36M | 138.91M | 48.26M | 19.87M | 89.28M | 137.89M | 239.35K | -36.96M | 18.04M | 19.64M | 8.83M |
| Working Capital Changes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15.32M | 0 | 0 | 0 | 28.32M | 0 | 0 | 0 | -2.53M | 0 | 0 | 0 |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -24.55M | 0 | 0 | 0 | 1.84M | 0 | 0 | 0 | -1.84M | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.16M | 0 | 0 | 0 | -29.38M | 0 | 0 | 0 | -31.17M | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 44.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 3.43M | -13.6M | -36.72M | -16.66M | 13.22M | 7.43M | -21.42M | -7.26M | -67.94M | 63.78M | 13.92M | 50.24M | -93.74M | -431.08M | -56.09M | -124.26M | -114.27M | -99.77M | -60.62M | -60.62M |
| Capital Expenditures | 3.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -292.4M | 0 | 0 | -67.43M | -334.93M | 0 | -56.09M | -124.26M | -335.32M | 0 | -60.64M | -60.64M |
| CapEx % of Revenue | 1.09% | - | - | - | - | - | - | - | 74.75% | - | - | 20.04% | 111.1% | - | 31.3% | 55.31% | 149.71% | - | 44.65% | 51.11% |
| Acquisitions | 103.48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 7 | -13.6M | -36.72M | -16.66M | 13.22M | 7.43M | -21.42M | -7.26M | 224.47M | 63.78M | 13.92M | 117.67M | 370.48B | -431.08M | 0 | 0 | 221.04M | -99.77M | 20.5K | 20.5K |
| Cash from Financing | -24.03M | -3.33M | 5.9M | 44.21M | 9.8M | 27.98M | -37.75M | 25.98M | -119.6M | 171.82M | -135.37M | 163.98M | 37.08M | 563.47M | 161.91M | 64.69M | 427.94M | 82.59M | 143.73M | 143.73M |
| Debt Issued (Net) | -24.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 162.91M | 69.45M | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 1.55K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 4 | -3.33M | 5.9M | 44.21M | 9.8M | 27.98M | -37.75M | 25.98M | -119.6M | 171.82M | -135.37M | 163.98M | 37.08M | 563.47M | -995.7K | -4.76M | 427.94M | 82.59M | 143.73M | 143.73M |
| Net Change in Cash | -26.72M | -19.43M | -32.68M | 27.2M | -12.5M | 27.87M | -28.02M | -6.7M | -258.17M | 206.16M | -108.98M | 125.49M | -143.37M | 97.31M | 75.29M | -181M | 256.44M | -90.6M | 25.06M | 25.06M |
| Free Cash Flow | -6.06M | -1.71M | -1.18M | -219K | -31.63M | -13M | 31.71M | -26.75M | -372.97M | -30.45M | 241K | -152.79M | -431.03M | -35.88M | -91.98M | -243.32M | -392.04M | -73.52M | -118M | -118M |
| FCF Margin % | -1.99% | -0.48% | -0.34% | -0.07% | -9.51% | -3.62% | 8.64% | -8.05% | -95.34% | -7.02% | 0.06% | -45.41% | -142.97% | -11.74% | -51.33% | -108.31% | -175.04% | -40.36% | -86.88% | -99.47% |
| FCF Growth % | 80.84% | 86.82% | -103.71% | 99.18% | 91.52% | 57.3% | 13056.43% | 82.49% | 13.47% | 15.15% | 100.26% | 37.21% | -9.95% | 51.19% | 22.05% | -106.2% | -333.06% | 18.79% | -115.6% | -115.6% |
| FCF per Share | -0.19 | -0.05 | -0.04 | -0.01 | -0.97 | -0.40 | 0.83 | -0.84 | -11.61 | -0.96 | 0.01 | -5.46 | -15.29 | -1.44 | -3.42 | -9.04 | -14.56 | -2.73 | -4.38 | -5.27 |
| FCF Conversion (FCF/Net Income) | 0.04x | 0.02x | 0.02x | 0.00x | 0.24x | 0.15x | -0.67x | 0.19x | 0.26x | 0.19x | -0.00x | 0.49x | 0.43x | 0.18x | 0.21x | 0.79x | 0.41x | 0.66x | 0.74x | 0.87x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |