Upstart Holdings Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	32.21	-128.58	-240.13	-108.67	135.44	5.98
Depreciation & Amortization	23.07	20.55	24.9	13.51	7.54	2.28
Other Amortization	3.2	3.2	3.1	3	-	-
Loss (Gain) From Sale of Assets	-24.38	-15.45	-13.71	-28.74	-6.92	-1.53
Stock-Based Compensation	129.29	133.4	175.04	125.95	73.19	12.3
Other Operating Activities	5.05	-13.27	40.59	-1.92	1.76	28.72
Change in Accounts Payable	-	-	-	-	-7.51	7.03
Change in Other Net Operating Assets	-409.66	61.48	-291.82	-831.84	-35.14	-39.09
Operating Cash Flow	-367.2	186.33	-111.71	-657.86	168.35	15.7
Operating Cash Flow Growth	-	-	-	-	972.52%	-50.30%
Capital Expenditures	-0.19	-0.84	-1.53	-8.83	-8.43	-1.36
Cash Acquisitions	-	-	-	-	-16.76	-
Sale (Purchase) of Intangibles	-17.72	-9.15	-10.56	-14.09	-6.69	-4.25
Investment in Securities	-	-	-	-6.25	-40	-
Other Investing Activities	104.97	-49.91	-52.56	6.74	11.46	14.66
Investing Cash Flow	-386.82	-237.73	-118.46	-114.13	-143.88	136.52
Long-Term Debt Issued	-	1,313	792.23	688.81	718.42	92.06
Total Debt Issued	1,504	1,313	792.23	688.81	718.42	92.06
Long-Term Debt Repaid	-	-738.06	-648.04	-417.72	-71.32	-174.24
Total Debt Repaid	-540.51	-738.06	-648.04	-417.72	-71.32	-174.24
Net Debt Issued (Repaid)	963.37	575.04	144.19	271.09	647.11	-82.18
Issuance of Common Stock	32.08	29.1	21.31	20.02	282.81	161.85
Repurchase of Common Stock	-0.01	-0.02	-0.02	-177.9	-0.24	-
Other Financing Activities	-60.27	-44.25	-	-	-74.25	-0.62
Financing Cash Flow	935.16	559.87	165.49	113.21	855.43	79.05
Net Cash Flow	181.14	508.48	-64.68	-658.77	879.91	231.27
Free Cash Flow	-367.39	185.49	-113.24	-666.69	159.93	14.34
Free Cash Flow Growth	-	-	-	-	1015.09%	-47.99%
Free Cash Flow Margin	-36.82%	27.40%	-20.65%	-78.13%	18.77%	5.94%
Free Cash Flow Per Share	-3.58	2.07	-1.35	-8.05	1.69	0.82
Cash Interest Paid	42.84	43.12	36.55	12.47	3.27	8.03
Cash Income Tax Paid	0.58	0.26	-0.66	0.33	2.3	-
Levered Free Cash Flow	-636.72	316.28	-122.81	-693.7	-96.74	168.73
Unlevered Free Cash Flow	-618.54	340.35	-102.17	-688.05	-93.82	173.75
Change in Working Capital	-409.66	61.48	-291.82	-831.84	-42.66	-32.05

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.