Upstart Holdings, Inc. (UPST)
NASDAQ: UPST · Real-Time Price · USD
38.85
+0.61 (1.60%)
At close: Feb 9, 2026, 4:00 PM EST
39.06
+0.21 (0.54%)
After-hours: Feb 9, 2026, 6:31 PM EST
Upstart Holdings Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Fiscal Quarter | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 | Sep '21 Sep 30, 2021 | Jun '21 Jun 30, 2021 | Mar '21 Mar 31, 2021 | Dec '20 Dec 31, 2020 |
Net Income | 31.81 | 5.61 | -2.45 | -2.76 | -6.76 | -54.47 | -64.6 | -42.4 | -40.32 | -28.17 | -129.25 | -55.26 | -56.22 | -29.87 | 32.69 | 58.94 | 29.11 | 37.28 | 10.1 | 1.03 |
Depreciation & Amortization | 6.13 | 5.84 | 6.4 | 4.7 | 5.39 | 4.83 | 5.63 | 9.1 | 4.93 | 4.43 | 6.44 | 3.65 | 3.72 | 3.35 | 2.78 | 2.56 | 2.19 | 1.98 | 0.82 | 0.65 |
Other Amortization | - | - | - | 3.2 | - | - | - | 3.1 | - | - | - | - | - | - | - | - | - | - | - | - |
Loss (Gain) From Sale of Assets | -7.93 | -7.51 | -4.95 | -4 | -5.55 | -2.95 | -2.95 | -3.28 | -3.47 | -3.35 | -3.61 | -4.97 | -6.04 | -9.03 | -8.71 | -6.92 | - | - | - | -1.53 |
Loss (Gain) From Sale of Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 4.22 | -2.12 | -2.17 | 0.07 | 1.75 |
Stock-Based Compensation | 34.16 | 35.51 | 29.83 | 29.8 | 33.62 | 34.21 | 35.78 | 32.77 | 35.57 | 32.6 | 74.11 | 33.91 | 36.66 | 30.33 | 25.05 | 23.06 | 20.32 | 21.19 | 8.62 | 4.41 |
Other Operating Activities | -4.81 | -1 | -20.92 | 31.78 | -51.85 | 2.7 | 4.1 | 20.46 | 12.22 | 4 | 3.91 | 98.58 | 22.71 | 31.51 | 19.13 | 6.6 | -0.9 | -4.87 | 0.92 | 10.27 |
Change in Accounts Payable | - | - | - | - | - | - | - | - | - | - | - | 8.43 | -11.63 | 11.71 | 3.37 | -2.96 | -7.94 | 9.19 | -5.81 | 7.63 |
Change in Other Net Operating Assets | -119.61 | -130.49 | -28.47 | -131.1 | 140.72 | 39.51 | 12.35 | -224.45 | -157.52 | 172.4 | -82.25 | -337.22 | -90.56 | -91.64 | -341.12 | -96.66 | 2.94 | 30.2 | 28.37 | 44.32 |
Operating Cash Flow | -122.63 | -120.16 | -13.49 | -110.93 | 179.34 | 73.58 | 44.34 | -145.6 | -107.71 | 217.32 | -75.73 | -252.88 | -101.37 | -53.64 | -266.8 | -11.14 | 43.6 | 92.8 | 43.09 | 68.51 |
Operating Cash Flow Growth | - | - | - | - | - | -66.14% | - | - | - | - | - | - | - | - | - | - | 146.03% | 480.64% | - | 549.11% |
Capital Expenditures | -0.08 | -0.12 | - | - | -0.12 | -0.04 | -0.68 | -0.24 | -0.14 | -0.04 | -1.11 | -1.74 | -1.51 | -3.95 | -1.63 | -3.47 | -2.96 | -1.73 | -0.27 | -0.07 |
Cash Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -0.2 | - | -16.56 | - | - |
Sale (Purchase) of Intangibles | -3.89 | -4.25 | -6.16 | -3.42 | -2.38 | -2.29 | -1.07 | -1.42 | -2.81 | -1.98 | -4.35 | -3.25 | -4.01 | -3.17 | -3.66 | -2.21 | -2.33 | -1.81 | -0.33 | -1.28 |
Investment in Securities | - | - | - | - | - | - | - | - | - | - | - | -5.25 | - | - | -1 | - | -40 | - | - | - |
Other Investing Activities | 48.56 | 31.43 | 18.44 | 6.53 | 2.4 | -41.95 | -16.89 | -16.62 | -12.52 | -25 | 1.57 | 1.23 | 1.6 | 1.85 | 2.07 | 2.34 | 2.77 | 3.23 | 3.12 | 3.36 |
Investing Cash Flow | -120.51 | -109.83 | -78.57 | -77.91 | -46.17 | -76.1 | -37.55 | -29.89 | -24.22 | -38.49 | -25.85 | -85.11 | -24.25 | -9.94 | 5.18 | -19.78 | -84.4 | -40.6 | 0.9 | 8.81 |
Long-Term Debt Issued | - | - | 76.6 | - | - | - | 82.55 | - | - | - | 60.67 | - | - | - | 80 | - | - | - | 5.83 | - |
Total Debt Issued | 716.49 | 131.26 | 76.6 | 579.53 | 468.36 | 182.68 | 82.55 | 97.42 | 354.44 | 279.7 | 60.67 | 258.54 | 169.07 | 181.2 | 80 | 51.34 | 661.25 | - | 5.83 | 10.3 |
Long-Term Debt Repaid | - | - | -133.73 | - | - | - | -123.74 | - | - | - | -46.96 | - | - | - | -6.99 | - | - | - | -26.58 | - |
Total Debt Repaid | -288.96 | -40.98 | -133.73 | -76.84 | -477.78 | -59.71 | -123.74 | -72.56 | -122.89 | -405.63 | -46.96 | -191.82 | -107.47 | -94.62 | -6.99 | -5.9 | -2.96 | -35.87 | -26.58 | -48.28 |
Net Debt Issued (Repaid) | 427.53 | 90.27 | -57.13 | 502.69 | -9.43 | 122.97 | -41.19 | 24.85 | 231.55 | -125.93 | 13.71 | 66.72 | 61.61 | 86.57 | 73.01 | 45.44 | 658.29 | -35.87 | -20.75 | -37.98 |
Issuance of Common Stock | 8.39 | 1.66 | 12.9 | 9.13 | 13.18 | 1.02 | 5.77 | 3.41 | 5.51 | 5.14 | 7.27 | 1.63 | 4.55 | 3.78 | 10.06 | 4.96 | 10.99 | 265.37 | 1.49 | 161.34 |
Repurchase of Common Stock | -0 | -0 | -0.01 | -0 | -0.02 | -0 | -0 | -0.01 | - | -0 | -0.01 | -27.82 | -25.04 | -125.04 | - | - | - | -0.24 | - | - |
Other Financing Activities | -57.34 | - | -0.44 | -2.49 | -41.76 | - | - | - | - | - | - | - | - | - | - | - | -74.25 | - | - | - |
Financing Cash Flow | 378.58 | 91.93 | -44.68 | 509.33 | -38.02 | 123.99 | -35.43 | 28.25 | 237.06 | -120.8 | 20.97 | 40.53 | 41.12 | -34.69 | 83.07 | 50.4 | 595.03 | 229.26 | -19.26 | 123.36 |
Net Cash Flow | 135.45 | -138.07 | -136.74 | 320.5 | 95.15 | 121.47 | -28.64 | -147.24 | 105.14 | 58.03 | -80.61 | -297.46 | -84.5 | -98.27 | -178.55 | 19.48 | 554.23 | 281.47 | 24.73 | 200.69 |
Free Cash Flow | -122.7 | -120.28 | -13.49 | -110.93 | 179.22 | 73.54 | 43.65 | -145.84 | -107.84 | 217.28 | -76.84 | -254.61 | -102.88 | -57.59 | -268.42 | -14.62 | 40.64 | 91.07 | 42.83 | 68.44 |
Free Cash Flow Growth | - | - | - | - | - | -66.15% | - | - | - | - | - | - | - | - | - | - | 134.28% | 484.44% | - | 905.89% |
Free Cash Flow Margin | -42.92% | -45.38% | -6.12% | -49.00% | 103.62% | 52.87% | 31.52% | -94.47% | -74.91% | 155.15% | -69.81% | -168.13% | -64.18% | -24.99% | -86.28% | -4.79% | 17.77% | 46.60% | 34.99% | 77.96% |
Free Cash Flow Per Share | -1.12 | -1.17 | -0.14 | -1.20 | 1.99 | 0.83 | 0.50 | -1.70 | -1.28 | 2.61 | -0.94 | -3.10 | -1.26 | -0.69 | -2.81 | -0.15 | 0.42 | 0.96 | 0.47 | 2.63 |
Cash Interest Paid | 12.4 | 14.73 | 7.38 | 8.32 | 10.29 | 12.05 | 12.46 | 14.07 | 10.24 | 4.28 | 7.96 | 4.52 | 3.88 | 2.31 | 1.76 | 0.48 | 0.27 | 1.5 | 1.03 | 1.07 |
Cash Income Tax Paid | 0.02 | 0.45 | 0.1 | 0.01 | 0.04 | 0.13 | 0.09 | 0.32 | 0.01 | 0.16 | -1.15 | 0.12 | 0.15 | 0.03 | 0.02 | 0.05 | 0.68 | 1.57 | - | - |
Levered Free Cash Flow | -239.43 | -227.13 | -74.41 | -95.76 | 173.82 | 170.39 | 67.82 | -221.28 | -152.25 | 162.67 | 87.05 | -325.68 | -117.35 | 107.83 | -361.06 | -108.56 | -33.32 | 22.18 | 23.06 | 64.93 |
Unlevered Free Cash Flow | -233.93 | -222.27 | -70.02 | -92.31 | 180.58 | 177.56 | 74.52 | -213.66 | -146.37 | 165.85 | 92.01 | -322.42 | -114.94 | 109.78 | -360.46 | -108.26 | -33.15 | 23.12 | 23.71 | 65.6 |
Change in Working Capital | -119.61 | -130.49 | -28.47 | -131.1 | 140.72 | 39.51 | 12.35 | -224.45 | -157.52 | 172.4 | -82.25 | -328.78 | -102.2 | -79.94 | -337.75 | -99.62 | -5 | 39.39 | 22.57 | 51.94 |
Updated Nov 4, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.