Filing Flows

Filing Flows › Companies › Upland Software › Cash flow

Upland Software cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$2.7M in Q3 2026 · $20.7M over twelve months

Operating cash flow$2.8M
Capital spending−$110K
Free cash flow+$2.7M
Cash conversion cycle16 days

Analysis

In Q3 2026, Upland Software generated $2.8M of operating cash flow and spent $110K on capital projects, leaving free cash flow of $2.7M. That is $4.0M less than in Q3 2025 ($6.7M).

Over the twelve months to Sep 30, 2026, operating cash flow was $21.1M; the largest uses were net borrowing (+) / repaid (−) ($14.6M), other financing ($824K), capital spending ($365K); besides operations, cash came from asset & business sales ($750K), other investing ($725K); the cash balance rose by $6.2M.

Operating cash flow was $2.8M against net income of −$451K. The largest differences: depreciation & amortization +$6.3M, deferred revenue −$2.0M, receivables −$1.8M.

Its cash conversion cycle was 16 days (receivables 40 + inventory 0 − payables 25).

Free cash flow

Upland Software: free cash flow by quarterUpland Software: free cash flow by quarter$9.0MQ4 2024$7.9MQ1 2025$2.7MQ2 2025$6.7MQ3 2025$7.2MQ4 2025$5.5MQ1 2026$5.3MQ2 2026$2.7MQ3 2026
Operating cash flow less capital spending.
Upland Software: operating cash flow against capital spendingUpland Software: operating cash flow against capital spendingOperating cash flowCapital spending$9.3M$320KQ4 2024$8.3M$424KQ1 2025$3.3M$634KQ2 2025$6.9M$207KQ3 2025$7.3M$87KQ4 2025$5.6M$81KQ1 2026$5.4M$87KQ2 2026$2.8M$110KQ3 2026
Latest (Q3 2026): Operating cash flow $2.8M, Capital spending $110K.

Capital allocation, year by year

Upland Software: where the cash came from (up) and went (down), by fiscal yearUpland Software: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow $41.7MFY2021: Net borrowing −$5.4MFY2021: Shares issued $274KFY2021: Capital spending −$1.1MFY2021: Acquisitions −$92.4M$42.0MFY2021FY2022: Operating cash flow $30.0MFY2022: Net borrowing −$5.4MFY2022: Shares issued $111MFY2022: Capital spending −$866KFY2022: Acquisitions −$62.4M$141MFY2022FY2023: Operating cash flow $49.9MFY2023: Net borrowing −$40.4MFY2023: Shares issued $5KFY2023: Capital spending −$1.2M$49.9MFY2023FY2024: Operating cash flow $24.2MFY2024: Net borrowing −$188MFY2024: Capital spending −$882K$24.2MFY2024FY2025: Operating cash flow $25.8MFY2025: Net borrowing −$295MFY2025: Asset sales $9.8MFY2025: Capital spending −$1.4M$35.6MFY2025
Over these 5 years operating cash flow totalled $172M; the largest uses were net borrowing ($535M) and acquisitions ($155M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$28.9M
Debt$232M
Net debt$203M
Due within a year$8.9M

Upland Software funds itself: free cash flow was $20.7M over the last twelve months, and $28.9M of cash and investments stands against $232M of debt ($8.9M due within a year, 3.3× covered by cash).

Upland Software: debt maturities by year (FY2025)Upland Software: debt maturities by year (FY2025)$8.9MYear 1$3.8MYear 2$2.4MYear 3$2.4MYear 4$2.4MYear 5$219MAfter year 5
Principal due in each year as disclosed in the annual report, against $28.9M of cash and investments now.

Where the cash came from and went

Upland Software: sources (+) and uses (−) of cash, Q3 2026Upland Software: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)−$4.2MOperating cash flow$2.8MCash drawn (+) / kept (−)$2.1MExchange rates−$404KOther financing−$355KOther investing$192KCapital spending−$110KTaxes on employees’ shares−$33K
Upland Software: sources (+) and uses (−) of cash, TTM to Q3 2026Upland Software: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$21.1MNet borrowing (+) / repaid (−)−$14.6MCash drawn (+) / kept (−)−$6.2MOther financing−$824KAsset & business sales$750KOther investing$725KCapital spending−$365KTaxes on employees’ shares−$291KNot reconciled−$282K

From profit to cash

Upland Software: net income to operating cash flow, Q3 2026Upland Software: net income to operating cash flow, Q3 2026Net income−$451KDepreciation & amortization$6.3MStock-based pay$723KDeferred taxes−$31KGains on disposals$16KReceivables−$1.8MPayables$1.2MAccrued liabilities$495KDeferred revenue−$2.0MPrepaid and other assets−$1.7MOperating cash flow$2.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202640—2516
Q2 202640—1922
Q1 202645—1729
Q4 202542—1626
Q3 202536—1917
Q2 202539—1722
Q1 202546—2818
Q4 202448—426

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$2.8M−$110K−$4.2M$2.1M$2.7M
Q2 2026$5.4M−$87K−$4.1M−$1.3M$5.3M
Q1 2026$5.6M−$81K−$4.8M−$383K$5.5M
Q4 2025$7.3M−$87K−$1.5M−$6.6M$7.2M
Q3 2025$6.9M−$207K−$258M$18.3M$6.7M
Q2 2025$3.3M−$634K−$1.3M−$7.3M$2.7M
Q1 2025$8.3M−$424K−$34.2M$22.7M$7.9M
Q4 2024$9.3M−$320K−$7.3M$2.7M$9.0M

Upland Software: income statement and cash flow

Upland Software, Q3 2026: revenue $47.5M (-6% year over year), operating margin 11.2%. The chart follows the revenue to costs, profit and cash.

Upland Software: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.