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 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	49.4	53.6	-128.58	-240.13	-108.67	135.44
Depreciation & Amortization	24.29	24.84	20.55	24.9	13.51	7.54
Stock-Based Compensation	136.93	131.95	133.4	175.04	125.95	73.19
Other Adjustments	-255.97	-195.29	99.48	220.3	143.19	-5.16
Changes in Accounts Payable	-	-	-	-	-	-7.51
Changes in Accrued Expenses	39.94	39.56	44.12	-3.96	-19.42	59.58
Changes in Other Operating Activities	-2,940	-202.38	17.36	-287.86	-812.42	-94.72
Operating Cash Flow	-267.54	-147.73	186.33	-111.71	-657.86	168.35
Operating Cash Flow Growth	-	-	-	-	-	972.52%
Capital Expenditures	-3.1	-0.35	-0.84	-1.53	-8.83	-8.43
Purchases of Intangible Assets	-16.14	-18.06	-9.15	-10.56	-14.09	-6.69
Purchases of Investments	-	-	-	-	-6.25	-40
Proceeds from Sale of Investments	32.11	23.05	5.92	4.33	6.74	11.46
Payments for Business Acquisitions	-	-	-	-	-	-16.76
Other Investing Activities	-103.31	-181.82	-233.65	-110.7	-91.7	-83.46
Investing Cash Flow	-97.73	-177.17	-237.73	-118.46	-114.13	-143.88
Short-Term Debt Issued	123.52	-	-	-	688.81	-
Short-Term Debt Repaid	-32.63	-	-	-	-400.9	-
Net Short-Term Debt Issued (Repaid)	90.9	-	-	-	287.92	-
Long-Term Debt Issued	206.04	972.49	1,301	792.23	-	718.42
Long-Term Debt Repaid	-277.12	-581.84	-738.06	-599.26	-	-71.32
Net Long-Term Debt Issued (Repaid)	-71.07	390.65	562.66	192.97	-	647.11
Issuance of Common Stock	20.92	25.3	29.08	21.3	20.02	282.81
Repurchase of Common Stock	-100.06	-	-	-	-177.9	-0.24
Net Common Stock Issued (Repurchased)	-79.15	25.3	29.08	21.3	-157.88	282.58
Other Financing Activities	39.7	-10.3	-31.86	-48.78	-16.82	-74.25
Financing Cash Flow	457.07	405.65	559.87	165.49	113.21	855.43
Net Cash Flow	91.81	80.75	508.48	-64.68	-658.77	879.91
Free Cash Flow	-270.63	-148.07	185.49	-113.24	-666.69	159.93
Free Cash Flow Growth	-	-	-	-	-	1297.10%
FCF Margin	-23.77%	-14.19%	29.14%	-22.05%	-79.14%	18.85%
Free Cash Flow Per Share	-2.57	-1.38	2.07	-1.35	-8.05	1.69
Levered Free Cash Flow	-2,810	305.91	515.27	-315.6	-647.9	739.01
Unlevered Free Cash Flow	-2,840	-96.28	-91.91	-525.08	-940.59	99.14

Updated May 5, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q