Despite generating $39.5 million in net income for 2026Q2, operating cash flow was reported as zero, suggesting the company's strong profitability is not translating into predictable, quarterly cash generation for capital building.
UP Fintech Holding Ltd. Sponsored ADR Class A (TIGR) cash flow statement — 10-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 | Dec'16 |
|---|
| Cash from Operations | 0 | 1.32B | 827.98M | -6.57M | 258.06M | 413.2M | 535.28M | 243.31M | -21.17M | -8.51M | -11.5M |
| Operating CF Growth % | -200% | 59.02% | 12710.08% | -102.54% | -37.55% | -22.81% | 120% | 1249.22% | -148.77% | 26.01% | - |
| Net Income | 139.38M | 171.48M | 60.73M | 32.56M | -2.26M | 14.69M | 19.18M | -5.95M | -44.29M | -7.93M | -10.81M |
| Depreciation & Amortization | 1.31M | 2.89M | 2.62M | 2.84M | 2.75M | 1.34M | 928.41K | 752.17K | 473.73K | 342.45K | 195.76K |
| Deferred Taxes | 0 | -1.67M | 0 | 0 | -1.26M | -662.31K | 1.77M | -6.22M | -1.87M | -1.18M | -2.62M |
| Other Non-Cash Items | 761.52M | -5.91M | 2.83B | -363.95M | 2.48M | 421.67K | 3.31M | -1.62M | -757.78K | 902.81K | -139.83K |
| Working Capital Changes | -924.59M | 1.13B | -2.07B | 311.83M | 242.14M | 384.04M | 504.03M | 252.28M | -8.92M | -543K | 1.58M |
| Cash from Investing | -10.23M | -5.75M | -8.66M | -7.75M | -3.61M | 10.92M | 43.56M | -22.04M | -35.12M | -3.67M | 302.25K |
| Purchase of Investments | 0 | 0 | 0 | 0 | -243.29K | -19.91M | -31.45M | -66.2M | -30M | -2.15M | -35K |
| Sale/Maturity of Investments | 0 | 470.75K | 0 | 0 | 2.07M | 33.09M | 78.37M | 30M | 2.2M | 227.47K | 144.03K |
| Net Investment Activity | 0 | 470.75K | 0 | 0 | 1.83M | 13.18M | 46.92M | -36.2M | -27.79M | -1.92M | 109.03K |
| Acquisitions | 0 | 388.33K | 0 | 0 | 0 | 2.66M | 0 | -6.76M | 0 | -90.04K | -243.69K |
| Other Investing | -10.04M | -1.12M | -7.1M | -4.99M | -552.65K | 45.35K | -2.39M | 22.24M | -3.44M | -1.07M | 1.02M |
| Cash from Financing | 0 | -2.93M | 103.83M | 1.82M | 4.73M | 330.88M | -8.37M | 114.91M | 79.53M | 14.6M | 18.09M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -3.03M | 0 | 0 | 0 | 0 | -2.17M | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 100.9K | 103.74M | 140.38K | 366.54K | 175.42M | 0 | 114.77M | 179.53K | 0 | 0 |
| Net Stock Activity | 0 | -2.93M | 103.74M | 140.38K | 366.54K | 175.42M | -2.17M | 114.77M | 179.53K | 0 | 0 |
| Debt Issuance (Net) | 0 | 0 | 0 | 0 | 0 | 1000K | 0 | -1000K | 0 | 0 | 0 |
| Other Financing | 0 | 3.03M | 84.69K | 1.68M | 4.36M | -154.91M | -6.19M | 440.62K | 2.2M | -140.23K | 144.03K |
| Net Change in Cash | -2.09B | 1.33B | 918.51M | -15.97M | 254.84M | 753.29M | 570.28M | 336.22M | 23.04M | 3.31M | 6.24M |
| Exchange Rate Effect | -2.38M | 26.64M | -4.64M | -3.48M | -4.34M | -1.72M | -194.55K | 45.69K | -189.16K | 895.64K | -650.97K |
| Cash at Beginning | 0 | 2.86B | 1.94B | 1.96B | 1.7B | 947.6M | 377.32M | 41.1M | 18.06M | 14.75M | 8.51M |
| Cash at End | 0 | 4.19B | 2.86B | 1.94B | 1.96B | 1.7B | 947.6M | 377.32M | 41.1M | 18.06M | 14.75M |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 26.07M | 11.29M | 13.32M | 2.13M | 5.59M | 266.27K | 762.18K | 0 | 22.43K | 0 |
| Free Cash Flow | 672.66M | 1.31B | 826.42M | -9.33M | 253.17M | 408.24M | 534.3M | 241.99M | -22.86M | -9.1M | -11.94M |
| FCF Growth % | 220.23% | 58.66% | 8957.72% | -103.69% | -37.98% | -23.59% | 120.79% | 1158.77% | -151.28% | 23.84% | - |
Quick answers to the most common questions about buying TIGR stock.
UP Fintech Holding Ltd. Sponsored ADR Class A (TIGR) generated $1.32B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
UP Fintech Holding Ltd. Sponsored ADR Class A (TIGR) generated $1.31B 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.
UP Fintech Holding Ltd. Sponsored ADR Class A (TIGR) spent $5.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, UP Fintech Holding Ltd. Sponsored ADR Class A (TIGR) spent $3.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Regulatory and geopolitical sensitivity
Strong Earnings Masked by Cash Flow Volatility
TIGR generated $39.5 million in net income for 2026Q2, yet operating cash flow was reported as zero, suggesting that the company's strong profitability is not translating into predictable, quarterly cash generation for capital building.
The persistent pattern of zero or highly volatile operating cash flow relative to net income indicates that TIGR's cash generation is heavily influenced by large, non-recurring movements in client assets and margin balances, which are balance sheet items. This makes traditional earnings retention analysis less meaningful for assessing organic capital generation capacity. Investors should focus on the underlying profitability trend, as the cash flow statement appears to be a poor proxy for the company's ability to fund growth from internal resources.
Investment Portfolio Activity Appears Dormant
Across the last ten quarters, TIGR reported zero cash flows from both the purchase and sale of investment securities, indicating that the company's investment portfolio is either static or its activity is not material enough to be separately disclosed.
The absence of reported investment cash flows suggests that TIGR's balance sheet is primarily deployed towards client margin lending and financing activities rather than a proprietary securities trading book. This aligns with a brokerage model focused on earning interest income from client balances and margin loans. The lack of activity here implies that the company's cash flow dynamics are almost entirely driven by its core lending and financing operations.
Loan Loss Provision Swing Signals Portfolio Shift
The loan loss provision swung from a $23.9 million expense in 2025Q2 to a $9.2 million benefit in 2026Q2, a $33.1 million positive swing that appears to be a key driver of the recent net income improvement.
This dramatic reversal in provisions, as noted in the prior income statement analysis, suggests either a significant improvement in the credit quality of the margin loan portfolio or a release of previously built reserves. Given the concurrent surge in net interest income, it may indicate that the loan book is growing with higher-quality collateral or that the company is benefiting from favorable market conditions that reduce default risk. However, this swing is a major component of the recent profit growth and its sustainability is a key risk.
Cash Flow Statement Obscures Core Dynamics
The cash flow statement for TIGR is largely uninformative, with operating cash flow reported as zero for seven of the last ten quarters, hiding the true cash dynamics of its margin lending and client asset management business.
For a brokerage like TIGR, the statement of cash flows is distorted by the massive inflows and outflows of client cash held in segregated and margin accounts, which are not part of the company's own operating cash flow. The reported zero OCF figures likely reflect a presentation choice or a netting of these client flows. This means analysts cannot use traditional metrics like free cash flow or OCF/NI to assess financial health. The true cash generation ability is better inferred from the income statement's profitability and the balance sheet's capital adequacy.
Client Cash Flows Dominate Financing Activity
The single largest cash flow event in the dataset is a $672.9 million operating cash flow in 2024Q4, which likely represents a massive net inflow of client cash and deposits, dwarfing all other activity.
This enormous quarterly swing highlights that TIGR's cash flow statement is dominated by the movement of client assets, not the company's own operational cash generation. Such volatility makes it impossible to assess the quality or stability of deposit flows from this data alone. The company's financing capacity and liquidity are therefore tied to its ability to attract and retain client assets, which is a balance sheet metric, rather than the periodic cash flow statement.