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

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2026-01-01 to 2026-06-30

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Upstart Holdings, Inc. cash flow reconciliation, Jan 1, 2026 through Jun 30, 2026One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash. Intermediate calculation bars are lighter gray. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.Proceeds from borrowings → financing reconciliation: $424,550,000.00Payable to investors → financing reconciliation: $37,549,000.00Net proceeds related to stock-based award activities → financing reconciliation: $6,176,000.00financing reconciliation → Net cash from financing activities: $100,236,000.00financing reconciliation → Repayments of borrowings: $253,833,000.00financing reconciliation → Repurchases of stock: $100,057,000.00financing reconciliation → Principal payments made on securitization notes: $14,149,000.00Proceeds from sale of loans held-for-investment → investing reconciliation: $435,726,000.00Principal payments received for loans held-for-investment → investing reconciliation: $158,019,000.00Proceeds from beneficial interest assets (hybrid instruments) → investing reconciliation: $107,165,000.00Principal payments received for notes receivable and repayments of residual certificates → investing reconciliation: $27,054,000.00Repayments of line of credit receivable → investing reconciliation: $1,369,000.00investing reconciliation → Net cash from investing activities: $94,958,000.00investing reconciliation → Purchases and originations of loans held-for-investment: $617,215,000.00investing reconciliation → Capitalized software costs: $8,434,000.00investing reconciliation → Purchases of property and equipment: $4,808,000.00investing reconciliation → Acquisition and settlements of beneficial interest assets (hybrid instruments): $3,197,000.00investing reconciliation → Issuance of line of credit receivable: $721,000.00Net cash used in operating activities → operating reconciliation: $269,929,000.00Net income → operating reconciliation: $9,893,000.00Proceeds from sale of loans held-for-sale → operating reconciliation: $5,532,144,000.00Principal payments received for loans held-for-sale → operating reconciliation: $95,627,000.00Stock-based compensation → operating reconciliation: $79,277,000.00Change in fair value of loans → operating reconciliation: $74,118,000.00Principal payments received for loans held by consolidated securitization → operating reconciliation: $15,142,000.00Depreciation and amortization → operating reconciliation: $12,984,000.00Change in fair value of servicing assets → operating reconciliation: $12,535,000.00Proceeds from beneficial interest assets (derivatives) → operating reconciliation: $10,536,000.00Non-cash interest expense and other → operating reconciliation: $8,217,000.00Change in fair value of beneficial interest liabilities → operating reconciliation: $4,559,000.00Settlements of beneficial interest liabilities, net → operating reconciliation: $524,000.00operating reconciliation → Purchases and originations of loans held-for-sale: $6,049,875,000.00operating reconciliation → Loan premium amortization: $23,126,000.00operating reconciliation → Gain on loan servicing rights, net: $20,844,000.00operating reconciliation → Accrued expenses and other liabilities: $10,185,000.00operating reconciliation → Change in fair value of beneficial interest assets: $9,286,000.00operating reconciliation → Other assets: $5,083,000.00operating reconciliation → Settlements of beneficial interest assets (derivatives): $3,123,000.00operating reconciliation → Change in fair value of servicing liabilities: $1,566,000.00operating reconciliation → Change in fair value of other financial instruments: $1,227,000.00operating reconciliation → Operating lease liability and right-of-use asset: $1,170,000.00Beginning cash: Cash, cash equivalents, and restricted cash → Cash sources and uses: $1,057,012,000.00Net cash from financing activities → Cash sources and uses: $100,236,000.00Net cash from investing activities → Cash sources and uses: $94,958,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash: $982,277,000.00Cash sources and uses → Net cash used in operating activities: $269,929,000.00Net income: $9,893,000.00Net income+$9.89 MChange in fair value of loans: $74,118,000.00Finance receivables, net+$74.12 MChange in fair value of servicing assets: $12,535,000.00Servicing asset gain & loss+$12.54 MChange in fair value of servicing liabilities: -$1,566,000.00Servicing liability gain & loss−$1.57 MChange in fair value of beneficial interest assets: -$9,286,000.00Beneficial asset gain & loss−$9.29 MChange in fair value of beneficial interest liabilities: $4,559,000.00Beneficial liability gain & loss+$4.56 MChange in fair value of other financial instruments: -$1,227,000.00Other financial instrument FV−$1.23 MStock-based compensation: $79,277,000.00Stock-based compensation+$79.28 MGain on loan servicing rights, net: -$20,844,000.00Loan servicing rights gain, net−$20.84 MDepreciation and amortization: $12,984,000.00Depreciation & amortization+$12.98 MLoan premium amortization: -$23,126,000.00Loan premium amortization−$23.13 MNon-cash interest expense and other: $8,217,000.00Paid-in-kind interest+$8.22 MPurchases and originations of loans held-for-sale: -$6,049,875,000.00Loan purchases & originations−$6.05 BProceeds from sale of loans held-for-sale: $5,532,144,000.00Held-for-sale loan sales+$5.53 BPrincipal payments received for loans held-for-sale: $95,627,000.00Held-for-sale loan repayments+$95.63 MPrincipal payments received for loans held by consolidated securitization: $15,142,000.00Securitized loan repayments+$15.14 MSettlements of beneficial interest liabilities, net: $524,000.00Beneficial liability paid, net+$524.00 KProceeds from beneficial interest assets (derivatives): $10,536,000.00Beneficial asset proceeds+$10.54 MSettlements of beneficial interest assets (derivatives): -$3,123,000.00Beneficial asset settlements−$3.12 MOther assets: -$5,083,000.00Other operating assets−$5.08 MOperating lease liability and right-of-use asset: -$1,170,000.00Lease liability & right-of-use−$1.17 MAccrued expenses and other liabilities: -$10,185,000.00Accrued & other liabilities−$10.19 MNet cash used in operating activities: -$269,929,000.00. Cash required to fund net payments.Operating cash−$269.93 Moperating reconciliation: $6,125,485,000.00Proceeds from borrowings: $424,550,000.00Long-term credit line borrowings+$424.55 MPayment of debt issuance costs to third parties: $0.00Repayments of borrowings: -$253,833,000.00Long-term credit line repayments−$253.83 MPrincipal payments made on securitization notes: -$14,149,000.00Securitization repayments−$14.15 MPayable to investors: $37,549,000.00Payable to investors+$37.55 MNet proceeds related to stock-based award activities: $6,176,000.00Stock plan proceeds+$6.18 MRepurchases of stock: -$100,057,000.00Common stock repurchases−$100.06 MNet cash from financing activities: $100,236,000.00Financing cash+$100.24 Mfinancing reconciliation: $468,275,000.00Principal payments received for loans held-for-investment: $158,019,000.00Loan & lease repayments+$158.02 MPurchases of property and equipment: -$4,808,000.00PP&E purchases−$4.81 MProceeds from sale of loans held-for-investment: $435,726,000.00Investment loan sales+$435.73 MPurchases and originations of loans held-for-investment: -$617,215,000.00Investment loan purchases−$617.22 MProceeds from beneficial interest assets (hybrid instruments): $107,165,000.00Beneficial asset proceeds+$107.17 MCapitalized software costs: -$8,434,000.00Software spending−$8.43 MPrincipal payments received for notes receivable and repayments of residual certificates: $27,054,000.00Notes receivable collected+$27.05 MRepayments of line of credit receivable: $1,369,000.00Finance receivable collections+$1.37 MAcquisition and settlements of beneficial interest assets (hybrid instruments): -$3,197,000.00Beneficial asset purchases−$3.20 MIssuance of line of credit receivable: -$721,000.00Finance receivable purchases−$721.00 KNet cash from investing activities: $94,958,000.00Investing cash+$94.96 Minvesting reconciliation: $729,333,000.00Cash sources and uses: $1,252,206,000.00Beginning cash: Cash, cash equivalents, and restricted cash: $1,057,012,000.00Beginning cash$1.06 BEnding cash: Cash, cash equivalents, and restricted cash: $982,277,000.00Ending cash$982.28 MCASH RECONCILIATIONFinancingflowsInvestingflowsOperatingflowsFree cash flow−$274.74 MOperating cash − cash spent on PP&ECash flow / Net income−27.28×Operating cash flow ÷ net incomeNet cash change−$74.74 MEnding cash − beginning cash
Chart details

Upstart Holdings, Inc. cash flow reconciliation, Jan 1, 2026 through Jun 30, 2026

Cash flows for Jan 1, 2026 through Jun 30, 2026. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Dec 31, 2025. 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 Dec 31, 2025
1,057,012,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
Operating activities
negative 269,929,000 US dollars. Net cash used.
Net income
9,893,000 US dollars
Change in fair value of loans
74,118,000 US dollars
Change in fair value of servicing assets
12,535,000 US dollars
Change in fair value of servicing liabilities
negative 1,566,000 US dollars
Change in fair value of beneficial interest assets
negative 9,286,000 US dollars
Change in fair value of beneficial interest liabilities
4,559,000 US dollars
Change in fair value of other financial instruments
negative 1,227,000 US dollars
Stock-based compensation
79,277,000 US dollars
Gain on loan servicing rights, net
negative 20,844,000 US dollars
Depreciation and amortization
12,984,000 US dollars
Loan premium amortization
negative 23,126,000 US dollars
Non-cash interest expense and other
8,217,000 US dollars
Purchases and originations of loans held-for-sale
negative 6,049,875,000 US dollars
Proceeds from sale of loans held-for-sale
5,532,144,000 US dollars
Principal payments received for loans held-for-sale
95,627,000 US dollars
Principal payments received for loans held by consolidated securitization
15,142,000 US dollars
Settlements of beneficial interest liabilities, net
524,000 US dollars
Proceeds from beneficial interest assets (derivatives)
10,536,000 US dollars
Settlements of beneficial interest assets (derivatives)
negative 3,123,000 US dollars
Other assets
negative 5,083,000 US dollars
Operating lease liability and right-of-use asset
negative 1,170,000 US dollars
Accrued expenses and other liabilities
negative 10,185,000 US dollars
Investing activities
94,958,000 US dollars. Net cash provided.
Principal payments received for loans held-for-investment
158,019,000 US dollars
Purchases of property and equipment
negative 4,808,000 US dollars
Proceeds from sale of loans held-for-investment
435,726,000 US dollars
Purchases and originations of loans held-for-investment
negative 617,215,000 US dollars
Proceeds from beneficial interest assets (hybrid instruments)
107,165,000 US dollars
Capitalized software costs
negative 8,434,000 US dollars
Principal payments received for notes receivable and repayments of residual certificates
27,054,000 US dollars
Repayments of line of credit receivable
1,369,000 US dollars
Acquisition and settlements of beneficial interest assets (hybrid instruments)
negative 3,197,000 US dollars
Issuance of line of credit receivable
negative 721,000 US dollars
Financing activities
100,236,000 US dollars. Net cash provided.
Proceeds from borrowings
424,550,000 US dollars
Payment of debt issuance costs to third parties
0 US dollars
Repayments of borrowings
negative 253,833,000 US dollars
Principal payments made on securitization notes
negative 14,149,000 US dollars
Payable to investors
37,549,000 US dollars
Net proceeds related to stock-based award activities
6,176,000 US dollars
Repurchases of stock
negative 100,057,000 US dollars
Operating adjustment reconciliation
6,125,485,000 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
468,275,000 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
729,333,000 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
1,252,206,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
negative 74,735,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
−27.28×. 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 269,929,000 US dollars. Operating cash flow used in the free cash flow calculation.
Cash purchases of property, plant and equipment
4,808,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
negative 274,737,000 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 269,929,000 US dollars minus 4,808,000 US dollars equals negative 274,737,000 US dollars.
Upstart Holdings, Inc. (UPST) FY2026 YTD Q2 Statement of Cash Flows Sankey chart
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