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Upstart Holdings cash flow, quarter by quarter

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

Free cash flow−$20.6M in Q3 2026 · −$187M over twelve months

Operating cash flow−$19.8M
Capital spending−$864K
Free cash flow−$20.6M
Cash / net income-0.5×

Analysis

In Q3 2026, Upstart Holdings generated −$19.8M of operating cash flow and spent $864K on capital projects, leaving free cash flow of −$20.6M. That is $102M more than in Q3 2025 (−$123M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$181M; the largest uses were operating cash flow ($181M), other financing ($55.9M), capital spending ($5.8M); besides operations, cash came from other investing ($350M), net borrowing (+) / repaid (−) ($165M); the cash balance rose by $292M.

Operating cash flow was −$19.8M against net income of $36.6M — -0.5× profit, less cash than reported earnings, worth checking against working capital. The largest differences: stock-based pay +$40.0M, accrued liabilities −$8.8M, depreciation & amortization +$6.1M.

Free cash flow

Upstart Holdings: free cash flow by quarterUpstart Holdings: free cash flow by quarter−$111MQ4 2024−$13.5MQ1 2025−$120MQ2 2025−$123MQ3 2025$108MQ4 2025−$136MQ1 2026−$139MQ2 2026−$20.6MQ3 2026
Operating cash flow less capital spending.
Upstart Holdings: operating cash flow against capital spendingUpstart Holdings: operating cash flow against capital spendingOperating cash flowCapital spending−$111M$0Q4 2024−$13.5M$0Q1 2025−$120M$115KQ2 2025−$123M$75KQ3 2025$109M$157KQ4 2025−$133M$2.8MQ1 2026−$137M$2.1MQ2 2026−$19.8M$864KQ3 2026
Latest (Q3 2026): Operating cash flow −$19.8M, Capital spending $864K.

Capital allocation, year by year

Upstart Holdings: where the cash came from (up) and went (down), by fiscal yearUpstart Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $168MFY2021: Net borrowing $647MFY2021: Shares issued $279MFY2021: Capital spending −$8.4MFY2021: Acquisitions −$16.8M$1.1BFY2021FY2022: Operating cash flow −$658MFY2022: Net borrowing $576MFY2022: Shares issued $12.4MFY2022: Capital spending −$8.8MFY2022: Buybacks −$178M$588MFY2022FY2023: Operating cash flow −$112MFY2023: Net borrowing $102MFY2023: Shares issued $12.9MFY2023: Capital spending −$1.5M$115MFY2023FY2024: Operating cash flow $186MFY2024: Net borrowing $618MFY2024: Shares issued $21.4MFY2024: Capital spending −$837K$826MFY2024FY2025: Operating cash flow −$148MFY2025: Net borrowing $431MFY2025: Shares issued $25.3MFY2025: Capital spending −$347K$457MFY2025
Over these 5 years operating cash flow totalled −$563M; the largest uses were operating cash flow ($917M) and buybacks ($178M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$461M
Debtnone
Net cash$461M
Cash runway2.5 years

Upstart Holdings is burning cash: its operations consume cash, a free cash flow of −$187M a year at the current rate against $461M of cash and investments: a runway of about 2.5 years before any new financing.

Where the cash came from and went

Upstart Holdings: sources (+) and uses (−) of cash, Q3 2026Upstart Holdings: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$146MOther investing$118MNet borrowing (+) / repaid (−)$89.1MOther financing−$51.5MOperating cash flow−$19.8MShares issued$11.1MCapital spending−$864K
Upstart Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Upstart Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing$350MCash drawn (+) / kept (−)−$292MOperating cash flow−$181MNet borrowing (+) / repaid (−)$165MOther financing−$55.9MShares issued$19.7MCapital spending−$5.8M

From profit to cash

Upstart Holdings: net income to operating cash flow, Q3 2026Upstart Holdings: net income to operating cash flow, Q3 2026Net income$36.6MDepreciation & amortization$6.1MStock-based pay$40.0MAccrued liabilities−$8.8MPrepaid and other assets−$4.3MOperating cash flow−$19.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$19.8M−$864K—$89.1M$11.1M−$146M−$20.6M
Q2 2026−$137M−$2.1M—$79.8M$923K−$50.9M−$139M
Q1 2026−$133M−$2.8M−$100M$90.9M$5.3M$126M−$136M
Q4 2025$109M−$157K—−$28.2M$2.4M−$220M$108M
Q3 2025−$123M−$75K—−$18.3M$4.6M−$135M−$123M
Q2 2025−$120M−$115K—$92.3M$1.7M$138M−$120M
Q1 2025−$13.5M——−$68.6M$8.2M$137M−$13.5M
Q4 2024−$111M——$516M$9.1M−$320M−$111M

Upstart Holdings: income statement and cash flow

Upstart Holdings, Q3 2026: revenue $371M (+34% year over year), operating margin 9.7%. The chart follows the revenue to costs, profit and cash.

Upstart Holdings: 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.