Upstart Holdings, Inc.
Cash Flow Statement
| Line Item | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $16.5M | $-6.6M | $18.6M | $31.8M | $5.6M | $-2.4M | $-2.8M | $-6.8M |
| Depreciation & Amortization | $7.1M | $5.9M | $6.5M | $6.1M | $5.8M | $6.4M | $4.7M | $5.4M |
| Depreciation | $0 | $0 | $12.0M | $0 | $5.6M | $6.1M | $4.4M | $5.1M |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $44.5M | $34.8M | $32.5M | $34.2M | $35.5M | $29.8M | $29.8M | $33.6M |
| Net Cash from Operating Activities | $-136.6M | $-133.3M | $108.6M | $-122.6M | $-120.2M | $-13.5M | $-110.9M | $179.3M |
| Investing Activities | ||||||||
| Capital Expenditures | $2.1M | $2.8M | $157.0K | $75.0K | $115.0K | $0 | $0 | $116.0K |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $94.1M | $876.0K | $131.7M | $-120.5M | $-109.8M | $-78.6M | $-77.9M | $-46.2M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | $0 | $100.1M | — | — | $0 | $0 | — | — |
| Net Cash from Financing Activities | $93.5M | $6.7M | $-20.2M | $378.6M | $91.9M | $-44.7M | $509.3M | $-38.0M |
| Net Change in Cash | $50.9M | $-125.7M | $220.1M | $135.4M | $-138.1M | $-136.7M | $320.5M | $95.1M |
| Free Cash Flow | $-138.7M | $-136.0M | $108.4M | $-122.7M | $-120.3M | $-13.5M | $-110.9M | $179.2M |