Upstart Holdings, Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating Activities | |||||||
| Net Income | $53.6M | $-128.6M | $-240.1M | $-108.7M | $135.4M | $6.0M | $-466.0K |
| Depreciation & Amortization | $24.8M | $20.5M | $24.9M | $13.5M | $7.5M | $2.3M | $774.0K |
| Depreciation | $23.7M | $18.6M | $20.6M | $13.5M | $4.2M | $2.3M | — |
| Amortization | — | — | — | — | — | — | — |
| Stock-Based Compensation | $132.0M | $133.4M | $175.0M | $125.9M | $73.2M | $11.5M | $3.8M |
| Net Cash from Operating Activities | $-147.7M | $186.3M | $-111.7M | $-657.9M | $168.4M | $15.7M | $31.6M |
| Investing Activities | |||||||
| Capital Expenditures | $347.0K | $837.0K | $1.5M | $8.8M | $8.4M | $1.4M | $4.0M |
| Business Acquisitions | — | — | $0 | $0 | $16.8M | $0 | $0 |
| Net Cash from Investing Activities | $-177.2M | $-237.7M | $-118.5M | $-114.1M | $-143.9M | $136.5M | $45.4M |
| Financing Activities | |||||||
| Dividends Paid | — | — | — | — | — | — | — |
| Stock Repurchases | — | $0 | $0 | $177.9M | $0 | — | — |
| Net Cash from Financing Activities | $405.6M | $559.9M | $165.5M | $113.2M | $855.4M | $79.1M | $-119.2M |
| Net Change in Cash | $80.7M | $508.5M | $-64.7M | $-658.8M | $879.9M | $231.3M | $-42.2M |
| Free Cash Flow | $-148.1M | $185.5M | $-113.2M | $-666.7M | $159.9M | $14.3M | $27.6M |