# Upstart Holdings, Inc. (UPST) FY2026 Q2 Statement of Cash Flows

- Company: Upstart Holdings, Inc. (UPST)
- Period: 2026-04-01 to 2026-06-30
- Filing: Q2 FY2026 10-Q, filed 2026-08-04, accession number 0001647639-26-000063
- Page: https://plicit.ai/financials/upst/fy2026-q2-cash-flow
- Chart image: https://plicit.ai/charts/upst-fy2026-q2-cash-flow-sankey.png

## Chart details

Cash flows for Apr 1, 2026 through Jun 30, 2026. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Mar 31, 2026. Ending cash: Jun 30, 2026. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

- **Beginning cash on Mar 31, 2026**: 931,334,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
- **Operating activities**: negative 136,632,000 US dollars. Net cash used.
- **Net income**: 16,539,000 US dollars
- **Change in fair value of loans**: 136,343,000 US dollars
- **Change in fair value of servicing assets**: 6,952,000 US dollars
- **Change in fair value of servicing liabilities**: negative 1,224,000 US dollars
- **Change in fair value of beneficial interest assets**: 927,000 US dollars
- **Change in fair value of beneficial interest liabilities**: 7,480,000 US dollars
- **Change in fair value of other financial instruments**: negative 333,000 US dollars
- **Stock-based compensation**: 44,466,000 US dollars
- **Gain on loan servicing rights, net**: negative 13,370,000 US dollars
- **Depreciation and amortization**: 7,126,000 US dollars
- **Loan premium amortization**: negative 11,163,000 US dollars
- **Non-cash interest expense and other**: 4,504,000 US dollars
- **Purchases and originations of loans held-for-sale**: negative 3,590,431,000 US dollars
- **Proceeds from sale of loans held-for-sale**: 3,160,836,000 US dollars
- **Principal payments received for loans held-for-sale**: 53,969,000 US dollars
- **Principal payments received for loans held by consolidated securitization**: 7,111,000 US dollars
- **Settlements of beneficial interest liabilities, net**: negative 557,000 US dollars
- **Proceeds from beneficial interest assets (derivatives)**: 7,382,000 US dollars
- **Settlements of beneficial interest assets (derivatives)**: negative 1,623,000 US dollars
- **Other assets**: negative 9,457,000 US dollars
- **Operating lease liability and right-of-use asset**: negative 374,000 US dollars
- **Accrued expenses and other liabilities**: 38,265,000 US dollars
- **Investing activities**: 94,082,000 US dollars. Net cash provided.
- **Principal payments received for loans held-for-investment**: 81,576,000 US dollars
- **Purchases of property and equipment**: negative 2,058,000 US dollars
- **Proceeds from sale of loans held-for-investment**: 122,658,000 US dollars
- **Purchases and originations of loans held-for-investment**: negative 178,850,000 US dollars
- **Proceeds from beneficial interest assets (hybrid instruments)**: 61,821,000 US dollars
- **Capitalized software costs**: negative 4,192,000 US dollars
- **Principal payments received for notes receivable and repayments of residual certificates**: 15,311,000 US dollars
- **Repayments of line of credit receivable**: 0 US dollars
- **Acquisition and settlements of beneficial interest assets (hybrid instruments)**: negative 1,463,000 US dollars
- **Issuance of line of credit receivable**: negative 721,000 US dollars
- **Financing activities**: 93,493,000 US dollars. Net cash provided.
- **Proceeds from borrowings**: 301,026,000 US dollars
- **Payment of debt issuance costs to third parties**: 0 US dollars
- **Repayments of borrowings**: negative 221,207,000 US dollars
- **Principal payments made on securitization notes**: negative 6,934,000 US dollars
- **Payable to investors**: 19,685,000 US dollars
- **Net proceeds related to stock-based award activities**: 923,000 US dollars
- **Repurchases of stock**: 0 US dollars
- **Operating adjustment reconciliation**: 3,628,532,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
- **financing gross reconciliation**: 321,634,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
- **investing gross reconciliation**: 281,366,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
- **Exchange-rate effect**: 0 US dollars
- **Ending cash on Jun 30, 2026**: 982,277,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
- **Cash sources and uses**: 1,118,909,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
- **Net cash change**: 50,943,000 US dollars. Ending cash minus beginning cash.
- **Cash flow / Net income**: −8.26×. Operating cash flow divided by reconciliation net income for the same period. Black from 0.90× through 1.10×; green above 1.10×; red below 0.90×. Color uses the unrounded ratio.
- **Operating cash flow**: negative 136,632,000 US dollars. Operating cash flow used in the free cash flow calculation.
- **Cash purchases of property, plant and equipment**: 2,058,000 US dollars. These cash purchases are already included in investing activities above.
- **Free cash flow**: negative 138,690,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

### Chart connections

- Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
- Financing contributions meet at a reconciliation junction before connecting to the net cash total.
- Investing contributions meet at a reconciliation junction before connecting to the net cash total.
- Operating reconciliation adjustments are not all independent cash receipts.
- Net income or operating cash is negative. The full signed reconciliation is retained: losses remain deductions, and any negative operating-cash total enters the junction from the cash pool. No positive direct-income connection is implied.
- Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
- The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
- Operating cash flow minus cash purchases of property, plant and equipment equals free cash flow: negative 136,632,000 US dollars minus 2,058,000 US dollars equals negative 138,690,000 US dollars.