Upstart Holdings, Inc. (UPST) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | 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 |
|---|
| Cash from Operations | 0 | 108.55M | -122.63M | -120.16M | -13.49M | -110.93M | 179.34M | 73.58M | 44.34M | -143.71M | -107.71M | 217.32M | -75.73M | -252.88M | -101.37M | -53.64M | -266.8M | -26.87M | 43.6M | 92.8M |
| Operating CF Margin % | - | 35.69% | -42.89% | -45.33% | -6.12% | -49% | 103.69% | 52.9% | 32.01% | -96.49% | -74.81% | 155.18% | -68.81% | -172.32% | -63.24% | -23.28% | -85.76% | -8.83% | 19.06% | 47.48% |
| Operating CF Growth % | 100% | 197.86% | -168.38% | -263.31% | -130.42% | 22.81% | 266.5% | -66.14% | 158.55% | 43.17% | -6.26% | 505.13% | 71.62% | -841.08% | -332.49% | -157.8% | -719.13% | -139.22% | - | - |
| Net Income | 79K | 18.64M | 31.8M | 5.61M | -2.45M | -2.75M | -6.76M | -54.47M | -64.6M | -42.4M | -40.31M | -28.16M | -129.25M | -55.26M | -56.22M | -29.87M | 32.69M | 58.94M | 29.11M | 37.28M |
| Depreciation & Amortization | 0 | 6.46M | 6.13M | 5.84M | 6.4M | 4.7M | 5.39M | 4.83M | 5.63M | 9.1M | 4.93M | 4.42M | 6.44M | 3.65M | 3.72M | 3.35M | 2.78M | 2.56M | 2.19M | 1.98M |
| Stock-Based Compensation | 1.72M | 32.45M | 34.16M | 35.51M | 29.83M | 29.8M | 33.62M | 34.21M | 35.78M | 32.77M | 35.57M | 32.6M | 74.11M | 33.91M | 36.66M | 30.33M | 25.05M | 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 | -1.8M | 6.32M | -180.76M | -205.73M | -4.57M | -161.36M | 123.35M | 69.95M | 94.4M | -149.03M | -112.2M | 156.87M | 52.51M | -232.7M | -59.44M | -29.8M | -361.67M | 11.24M | 17.3M | 14.15M |
| Working Capital Changes | 0 | 44.69M | -13.96M | 38.61M | -42.7M | 18.69M | 23.74M | 19.07M | -26.87M | 5.85M | 4.31M | 51.6M | -79.53M | -2.48M | -26.08M | -27.66M | 34.35M | -99.62M | -5M | 39.39M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.57M | 87K | 384K | -12.17M | 8.43M | -11.63M | 11.71M | 3.37M | -2.96M | -7.94M | 9.19M |
| Cash from Investing | 0 | 131.74M | -120.51M | -109.83M | -78.57M | -77.91M | -46.17M | -76.1M | -37.55M | -29.89M | -24.22M | -38.49M | -25.85M | -85.11M | -24.25M | -9.94M | 5.18M | -19.78M | -84.4M | -40.6M |
| Capital Expenditures | 0 | -157K | -75K | -115K | -6.16M | -3.42M | -116K | -37K | -684K | -242K | -135K | -39K | -1.11M | -1.74M | -1.51M | -3.95M | -1.63M | -5.68M | -5.29M | -3.54M |
| CapEx % of Revenue | - | 0.05% | 0.03% | 0.04% | 2.79% | 1.51% | 0.07% | 0.03% | 0.49% | 0.16% | 0.09% | 0.03% | 1.01% | 1.18% | 0.94% | 1.71% | 0.52% | 1.87% | 2.31% | 1.81% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 41.25M | 1.03B | 1.27B | 1.06B | 857.06M | 849.42M | 699.51M | 867M | 1.13B | 1.2B | 1.02B | 889.15M | 1.02B | 1.05B | 741.46M | 664.76M | 638.98M | 292.48M | 169.63M | 82.31M |
| Other Investing | 0 | 131.9M | -120.43M | -109.72M | -72.41M | -74.49M | -46.05M | -76.06M | -19.92M | -12.26M | -11M | -12.03M | -24.74M | -78.13M | -22.74M | -5.99M | 7.81M | 2.34M | 2.77M | 3.23M |
| Cash from Financing | 6.74M | -20.18M | 378.58M | 91.93M | -44.68M | 509.33M | -38.02M | 123.99M | -35.43M | 26.36M | 237.06M | -120.8M | 20.97M | 40.53M | 41.12M | -34.69M | 83.07M | 66.13M | 595.03M | 229.26M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | 2.36M | 8.38M | 1.66M | 12.9M | 9.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -27.81M | -25.03M | 0 | 0 | 4.96M | 10.99M | 1.44M |
| 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 | -27.81M | -25.03M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 6.74M | 14.26M | -55.61M | 8.55M | 22.49M | -3.1M | -33.32M | 10.44M | 14.05M | 3.4M | 9.78M | -49.81M | 7.26M | 1.62M | 4.54M | -121.26M | 10.06M | 0 | -58.52M | 263.69M |
| Net Change in Cash | -125.68M | 220.11M | 135.44M | -138.07M | -136.74M | 320.5M | 95.15M | 121.47M | -28.64M | -147.24M | 105.14M | 58.03M | -80.61M | -297.46M | -84.5M | -98.27M | -178.55M | 19.48M | 554.23M | 281.47M |
| Free Cash Flow | 0 | 104.63M | -126.59M | -124.53M | -19.64M | -114.34M | 176.85M | 71.25M | 42.59M | -145.38M | -110.66M | 215.31M | -81.19M | -257.86M | -106.89M | -60.76M | -272.08M | -30.34M | 40.64M | 91.07M |
| FCF Margin % | - | 34.4% | -44.28% | -46.98% | -8.91% | -50.51% | 102.25% | 51.22% | 30.75% | -97.61% | -76.86% | 153.74% | -73.77% | -175.71% | -66.69% | -26.36% | -87.46% | -9.98% | 17.77% | 46.6% |
| FCF Growth % | 100% | 191.51% | -171.58% | -274.77% | -146.13% | 21.35% | 259.82% | -66.91% | 152.46% | 43.62% | -3.52% | 454.34% | 70.16% | -749.85% | -363% | -166.72% | -740.33% | -145.18% | - | - |
| FCF per Share | - | 0.93 | -1.15 | -1.21 | -0.21 | -1.24 | 1.96 | 0.81 | 0.49 | -1.70 | -1.31 | 2.59 | -0.99 | -3.14 | -1.31 | -0.72 | -2.85 | -0.31 | 0.42 | 0.95 |
| FCF Conversion (FCF/Net Income) | - | 5.82x | -3.86x | -21.43x | 5.51x | 40.26x | -26.54x | -1.35x | -0.69x | 3.39x | 2.67x | -7.72x | 0.59x | 4.58x | 1.80x | 1.80x | -8.16x | -0.46x | 1.50x | 2.49x |
| Interest Paid | 0 | 8.97M | 12.4M | 14.73M | 7.38M | 8.32M | 10.29M | 12.05M | 12.46M | 14.07M | 10.24M | 4.28M | 7.96M | 4.52M | 3.88M | 2.31M | 1.76M | 0 | 0 | 0 |
| Taxes Paid | 0 | 18K | 22K | 454K | 96K | 8K | 37K | 125K | 88K | 0 | 0 | 0 | 0 | 122K | 154K | 34K | 18K | 0 | 0 | 0 |