Free cash flow remains deeply negative at -$318.5 million in 2025Q4, driven by capital expenditures that represent 102.5% of quarterly revenue.
EHang Holdings Limited (EH) cash flow statement — 9-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Cash from Operations | -174.62M | -174.62M | 157.96M | -88.41M | -173.46M | -121.63M | -151.7M | -55.09M | -43.41M | -38.43M |
| Operating CF Margin % | - | -41.78% | 34.63% | -75.29% | -391.4% | -214.11% | -84.23% | -45.23% | -65.29% | -121.26% |
| Operating CF Growth % | 0% | -210.54% | 278.67% | 49.03% | -42.61% | 19.82% | -175.35% | -26.91% | -12.95% | - |
| Net Income | -326.77M | -276.41M | -229.78M | -301.7M | -329.33M | -313.9M | -92.04M | -47.99M | -80.46M | -86.58M |
| Depreciation & Amortization | 29.18M | 29.18M | 19.8M | 21.36M | 20.89M | 7.77M | 6.19M | 5.67M | 5.6M | 4.44M |
| Stock-Based Compensation | 22.51M | 246.16M | 273.12M | 151.49M | 96.52M | 121.13M | 54.86M | 14.75M | 22.3M | 32.16M |
| Deferred Taxes | -6.78M | -6.97M | 0 | 0 | 0 | 60.07M | 184K | -49K | -135K | 292K |
| Other Non-Cash Items | 233.91M | -31.21M | 6.73M | 23.48M | 48.47M | -1.37M | 15.61M | 721K | 8.55M | -2.85M |
| Working Capital Changes | -135.36M | -135.36M | 88.08M | 16.97M | -10.01M | 4.66M | -136.49M | -28.19M | 735K | 14.09M |
| Change in Receivables | -59.75M | -59.75M | -30.09M | -20.52M | -10.07M | 39.34M | -150.92M | -39.03M | 3.44M | 2.19M |
| Change in Inventory | -34.7M | -34.7M | -21.59M | 7.82M | -3.26M | -35.97M | -29.27M | -12.3M | -2.52M | 25.59M |
| Change in Payables | 4.89M | 4.89M | 92.34M | 5.45M | -10.1M | -7.75M | 26.61M | 10.36M | 917K | -18.39M |
| Cash from Investing | -532.17M | -532.17M | -482.51M | -128.69M | 56.4M | -33.4M | -66.21M | -11.41M | 25.75M | -51.07M |
| Capital Expenditures | -156.01M | -156.01M | -38.97M | -9.09M | -13.82M | -15.7M | -9.08M | -3.74M | -4.95M | -11.81M |
| CapEx % of Revenue | 33.23% | 37.32% | 8.54% | 7.74% | 31.18% | 27.63% | 5.04% | 3.07% | 7.44% | 37.26% |
| Acquisitions | -38.84M | -38.84M | 0 | -6.92M | 0 | 51K | -54K | -1.42M | 19K | -258K |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 26.74M | 26.74M | 591.88M | -30.48M | 188K | -51K | -13.71M | 1.42M | -19K | 0 |
| Cash from Financing | 367.08M | 367.08M | 701.36M | 195.48M | 106.74M | 266.95M | 42.68M | 325.3M | 16M | 34.3M |
| Debt Issued (Net) | 220.7M | 220.7M | 13.31M | -54.72M | 36.79M | 10M | 8M | 25M | 12M | 0 |
| Equity Issued (Net) | 162.27M | 162.27M | 688.04M | 250.2M | 69.86M | 256.94M | 7.31M | 300.3M | 0 | 34.3M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -10.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -15.89M | -15.89M | 0 | 0 | 85K | 2K | 27.37M | 5K | 4M | 0 |
| Net Change in Cash | 265.23M | -328M | 382.63M | -21.06M | 2.29M | 106.85M | -181.49M | 260.14M | 64K | -47.52M |
| Free Cash Flow | -318.49M | -318.49M | 118.99M | -97.5M | -187.28M | -137.32M | -160.78M | -58.83M | -48.36M | -50.24M |
| FCF Margin % | -67.83% | -76.2% | 26.09% | -83.03% | -422.59% | -241.74% | -89.27% | -48.3% | -72.73% | -158.52% |
| FCF Growth % | - | -367.65% | 222.05% | 47.94% | -36.38% | 14.59% | -173.28% | -21.66% | 3.75% | - |
| FCF per Share | -8.39 | -8.69 | 3.54 | -1.60 | -3.27 | -2.43 | -2.93 | -1.07 | -0.90 | -0.94 |
| FCF Conversion (FCF/Net Income) | 0.97x | 0.63x | -0.69x | 0.29x | 0.53x | 0.39x | 1.73x | 1.13x | 0.55x | 0.44x |
| Interest Paid | 6.66M | 6.66M | 3.4M | 2.18M | 1.5M | 1.18M | 342K | 249K | 307K | 0 |
| Taxes Paid | 879K | 879K | 101K | 184K | 79K | 342K | 40K | 130K | 680K | 0 |
Quick answers to the most common questions about buying EH stock.
EHang Holdings Limited (EH) generated $-174.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
EHang Holdings Limited (EH) reported negative free cash flow of $318.5M in 2025, indicating capital requirements exceeded cash from operations.
EHang Holdings Limited (EH) spent $156.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Regulatory and liquidity dependence
Earnings Quality Obscured by Accruals
Based on recent SEC filings, EHang's operating cash flow of -$174.6 million in 2025Q4 significantly trails its net loss of -$35.4 million, indicating a substantial disconnect between accounting profitability metrics and the actual cash generation capabilities of the firm's current business model.
The wide divergence between net income and operating cash flow suggests that reported earnings are heavily influenced by non-cash items and accruals rather than realized cash inflows. Investors should monitor whether this gap persists, as it may imply that revenue recognition is outpacing the company's ability to collect cash from its municipal and project-based partners.
Free Cash Flow Remains Deeply Negative
As reported in financial statements, EHang's free cash flow plummeted to -$318.5 million in 2025Q4, reflecting a negative FCF margin of 2.1% that underscores the company's ongoing struggle to achieve self-sustaining operations amidst heavy investment in its autonomous flight infrastructure.
The trajectory of free cash flow indicates that the company is currently in a capital-intensive phase where cash outflows for operations and capital expenditures far exceed internal funding. This trend suggests that the firm remains entirely dependent on external financing to bridge the gap between its ambitious growth targets and its current lack of operational scale.
Capital Intensity Escalates with Production
According to the latest quarterly data, EHang's capital expenditures reached $156.0 million in 2025Q4, representing a capital-to-revenue ratio of 102.5%, which highlights the massive investment required to transition from prototype development to the mass-market production of its pilotless eVTOL units.
This high level of capital intensity suggests that the company is aggressively building out its manufacturing and testing capabilities to meet regulatory requirements. Analysts should evaluate whether these expenditures are primarily for maintenance or growth, as the current scale of investment may necessitate further capital raises if revenue does not materialize as expected.
Working Capital Dragging Cash Position
Based on EHang's reported figures, a working capital outflow of $135.4 million in 2025Q4 indicates significant pressure on liquidity, likely stemming from inventory build-ups or delayed collections associated with its project-based revenue model in the Chinese aerospace sector.
The negative working capital movement suggests that the company is tying up substantial cash in its operations, which may be a byproduct of the long lead times inherent in municipal aerospace contracts. This trend warrants further investigation into the efficiency of the company's collection cycles and the potential for future liquidity constraints if these outflows continue.