Upstart Holdings, Inc. (UPST) Cash Flow Statement

The quarterly OCF/NI ratio has swung between large positive and negative values over the ten quarters shown, which makes the conversion of earnings into cash difficult to read with confidence. Net income turned negative in 2026Q1 at negative $6.6M while operating cash flow was negative $133.3M, indicating that working capital and loan-related movements, rather than earnings, dominate the cash result. Investors should monitor whether organic capital generation can fund the balance sheet growth implied by these movements.

Investment activity was absent in most other reported quarters, so the 2026Q3 turnover appears to be an isolated event rather than a steady portfolio program. The net inflow of roughly $121M in that quarter may indicate maturities or sales used to meet other funding needs, though the data alone does not establish the purpose. Further investigation of the securities portfolio composition would be needed to assess reinvestment rates.

The 2026Q1 buyback coincided with a net loss of $6.6M and negative operating cash flow of $133.3M, which raises questions about how the repurchase was funded relative to internally generated capital. The absence of any dividend payments is consistent with a company retaining capital, though the data does not reveal management's stated intent. Investors should monitor whether repurchases recur when cash generation remains volatile.