Upstart Holdings Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	53.6	-128.58	-240.13	-108.67	135.44
Depreciation & Amortization	24.84	20.55	24.9	13.51	7.54
Other Amortization	-	3.2	3.1	3	-
Loss (Gain) From Sale of Assets	-28	-15.45	-13.71	-28.74	-6.92
Stock-Based Compensation	131.95	133.4	175.04	125.95	73.19
Other Operating Activities	-53.61	-13.27	40.59	-1.92	1.76
Change in Accounts Payable	-	-	-	-	-7.51
Change in Other Net Operating Assets	-162.83	61.48	-291.82	-831.84	-35.14
Operating Cash Flow	-147.73	186.33	-111.71	-657.86	168.35
Operating Cash Flow Growth	-	-	-	-	972.52%
Capital Expenditures	-0.35	-0.84	-1.53	-8.83	-8.43
Cash Acquisitions	-	-	-	-	-16.76
Sale (Purchase) of Intangibles	-18.06	-9.15	-10.56	-14.09	-6.69
Investment in Securities	-	-	-	-6.25	-40
Other Investing Activities	158.17	-49.91	-52.56	6.74	11.46
Investing Cash Flow	-177.17	-237.73	-118.46	-114.13	-143.88
Long-Term Debt Issued	1,020	1,313	792.23	688.81	718.42
Total Debt Issued	1,020	1,313	792.23	688.81	718.42
Long-Term Debt Repaid	-581.84	-738.06	-648.04	-417.72	-71.32
Total Debt Repaid	-581.84	-738.06	-648.04	-417.72	-71.32
Net Debt Issued (Repaid)	438.13	575.04	144.19	271.09	647.11
Issuance of Common Stock	25.3	29.08	21.3	20.02	282.81
Repurchase of Common Stock	-	-	-	-177.9	-0.24
Other Financing Activities	-57.79	-44.25	-	-	-74.25
Financing Cash Flow	405.65	559.87	165.49	113.21	855.43
Net Cash Flow	80.75	508.48	-64.68	-658.77	879.91
Free Cash Flow	-148.07	185.49	-113.24	-666.69	159.93
Free Cash Flow Growth	-	-	-	-	1015.09%
Free Cash Flow Margin	-13.77%	27.40%	-20.65%	-78.13%	18.77%
Free Cash Flow Per Share	-1.38	2.07	-1.35	-8.05	1.69
Cash Interest Paid	36.55	43.12	43.48	12.47	3.27
Cash Income Tax Paid	-0.66	0.26	0.59	0.33	2.3
Levered Free Cash Flow	-275.45	316.28	-122.81	-693.7	-96.74
Unlevered Free Cash Flow	-255.66	340.35	-102.17	-688.05	-93.82
Change in Working Capital	-162.83	61.48	-291.82	-831.84	-42.66

Source: S&P Global Market Intelligence. Standard template. Financial Sources.