Operating cash flow swung to -$226.1M in 2026Q3 despite earnings volatility, and a $5.1B dividend payout in 2024Q4 was not supported by positive cash generation, indicating weak conversion of reported earnings into internal capital.
Lufax Holding Ltd (LU) 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 | 12.72T | 13.65B | 1.95B | 13.76B | 5.8B | 6.72B | 8.1B | 2.83B | -1.91B | 3.3B |
| Operating CF Growth % | -327.78% | 599.07% | -85.81% | 137.15% | -13.67% | -17.05% | 186.41% | 247.7% | -157.95% | - |
| Net Income | -3.12B | -632.11M | -2.23B | 1.72B | 14.1B | 20.25B | 13.88B | 15.12B | 16.13B | 6.88B |
| Depreciation & Amortization | 12.46M | 299.33M | 459.73M | 674.38M | 922.63M | 993.86M | 969.42M | 926.7M | 1.13B | 1B |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 5.14T | 8.97B | 8.31B | 4.88B | 5.76B | 7.95B | 7.55B | 6.32B | 2.98B | 4.94B |
| Working Capital Changes | 6.03T | 5.01B | -4.57B | 6.52B | -15.04B | -22.48B | -14.3B | -19.54B | -22.15B | -9.52B |
| Cash from Investing | -3.47T | -18.02B | 2.87B | -3.75B | 9.36B | -1.35B | -16.49B | -13.28B | 3.24B | -2.02B |
| Purchase of Investments | -71.55T | -92.08B | -65.18B | -77.38B | -114.8B | -160.8B | -190.42B | -145.79B | -156.48B | -131.3B |
| Sale/Maturity of Investments | 67.27T | 72.79B | 67.95B | 72.75B | 115.82B | 159.63B | 174.2B | 134.65B | 159.89B | 129.81B |
| Net Investment Activity | -4.28T | -19.29B | 2.77B | -4.63B | 1.02B | -1.17B | -16.22B | -11.14B | 3.41B | -1.49B |
| Acquisitions | -251.01K | -3.05M | -750.07M | 27.12M | 0 | 6.03K | -41.88M | -1.94B | 147.02M | 6.52M |
| Other Investing | 861.47B | 1.31B | 926.54M | 902.11M | 8.49B | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -20.25T | 3.63B | -12.12B | -21.9B | -11.63B | -1.93B | 27.49B | -2.51B | -1.28B | 7.42B |
| Dividends Paid | -1.44T | 0 | -5.51B | -1.55B | -9.03B | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -7.76B | 0 | 0 | 0 | 0 |
| Stock Issued | 252M | 0 | 0 | 0 | 18.66M | 52.37M | 19.49B | 654.3M | 10.93B | 0 |
| Net Stock Activity | 252M | 0 | 0 | 0 | 18.66M | -7.71B | 19.49B | 654.3M | 10.93B | 0 |
| Debt Issuance (Net) | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K |
| Other Financing | -875.44B | -577.73M | -725.44M | -946.85M | -1.31B | -799.25M | -670.37M | -649.32M | -665.1M | -497.77M |
| Net Change in Cash | -11T | -776.11M | -7.28B | -11.91B | 3.6B | 23.8B | 19.69B | 6.2B | -170.84M | 30.23B |
| Exchange Rate Effect | -20.42B | -35.91M | 18.57M | -22.01M | 66.76M | 20.37B | 594.81M | 19.16B | -210.68M | 21.53B |
| Cash at Beginning | 0 | 12.91B | 19.96B | 32B | 31.05B | 55.95B | 36.26B | 30.06B | 30.23B | 0 |
| Cash at End | 12.78B | 12.13B | 12.68B | 20.09B | 34.65B | 79.75B | 55.95B | 36.26B | 30.06B | 30.23B |
| Interest Paid | 1.53T | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | -2.75T | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 12.67T | 13.61B | 1.87B | 13.7B | 5.65B | 6.53B | 7.87B | 2.62B | -2.23B | 2.76B |
| FCF Growth % | 190221.82% | 626.02% | -86.32% | 142.52% | -13.55% | -16.95% | 200.07% | 217.35% | -180.87% | - |
Quick answers to the most common questions about buying LU stock.
Lufax Holding Ltd (LU) generated $13.65B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Lufax Holding Ltd (LU) generated $13.61B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Lufax Holding Ltd (LU) spent $40.2M 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
Credit costs eroding operating cash
Operating Cash Flow Fails to Track Earnings
According to recent SEC filings, Lufax's operating cash flow swung from $3.5B in 2025Q3 to negative $226.1M in 2026Q3 while net losses persisted, meaning reported earnings are not converting into internally generated capital.
The quarterly OCF/NI ratio has been erratic and in several periods mathematically meaningless because net income was negative, which limits its usefulness as a conversion metric. The shift to negative operating cash flow in the latest two quarters suggests that loan-related and credit-related outflows are absorbing whatever cash the operating base generates. Investors should treat the reported capital base as more dependent on the balance sheet cash pile than on organic earnings retention.
Dividend Payouts Lack Cash Support
As reported in financial statements, Lufax paid $5.1B in dividends in 2024Q4 and roughly $25.8M per quarter in 2026, while net income remained negative across the same window.
The 2024Q4 payout of $5.1B appears to be a one-time special distribution rather than a recurring policy, and its scale relative to ongoing losses suggests it drew down capital rather than being funded by earnings. Subsequent smaller payments continue despite negative net income, which may indicate capital return is being prioritized over retention. Sustainability should be judged against the regulatory capital buffer rather than reported dividend yield.
Credit Losses Dominate Cash Drain
Based on Lufax's reported figures, loan loss charges rose to $4.8B in 2026Q2 and $4.6B in 2025Q4, the periods of most negative operating cash flow pressure.
Provision charges appear to be the primary non-cash drag that the operating cash line is absorbing, and the timing of charges relative to cash outflows warrants scrutiny. The shift to a risk-bearing model means loan originations and their eventual losses now flow through operating and investing lines in ways that are not separable from the balance sheet. Investors should monitor whether provisioning peaks are behind the company or merely recurring.
Investment Portfolio Activity Largely Absent
According to reported cash flow data, Lufax recorded near-zero purchases and sales of investment securities across most quarters, with a single large activity spike of $71.6T purchased and $67.3T sold in 2025Q4.
The 2025Q4 figures are implausibly large relative to the company's other reported values and appear to reflect a data-scaling or classification anomaly rather than genuine portfolio turnover. Outside that period, the lack of securities activity suggests little reinvestment dynamics to analyze. This data gap should not be interpreted as evidence of portfolio stability without confirmation from filed statements.
What the Cash Flow Statement Obscures
Based on reported figures, the 2025Q4 operating cash flow of $12.7T and investment swings may be distorting the cash profile, so the apparent stability in other quarters warrants caution.
Reported operating cash flow and investing activity figures in 2025Q4 appear inconsistent with the rest of the series, which may indicate reporting or scaling issues that could distort any trend-based conclusion. Off-balance-sheet credit commitments and guarantee obligations tied to the risk-bearing transition are not visible in this cash flow data and may represent future cash demands. Investors should monitor filed statements for confirmation before relying on the cash flow trend.