Upstart Holdings annual free cash flow
2019
2020
2021
2022
2023
2024
2025
Upstart Holdings Free Cash Flow (FCF) History (UPST)
Upstart Holdings reported −$148.1M in free cash flow for fiscal 2025, a decrease of $333.6M from the previous fiscal year, with a free cash flow margin of −14.19%.
View full Upstart Holdings company overviewUpstart Holdings free cash flow by year
| Fiscal year | Period ended | Free cash flow | Change | Growth | FCF margin |
|---|---|---|---|---|---|
| 2025 | 2025-12-31 | −$148.1M | −$333.6M | — | −14.19% |
| 2024 | 2024-12-31 | $185.5M | $298.7M | — | +29.14% |
| 2023 | 2023-12-31 | −$113.2M | $553.4M | — | −22.05% |
| 2022 | 2022-12-31 | −$666.7M | −$826.6M | — | −73.48% |
| 2021 | 2021-12-31 | $159.9M | $145.6M | +1015.09% | +19.96% |
| 2020 | 2020-12-31 | $14.3M | −$13.2M | −47.99% | +6.27% |
| 2019 | 2019-12-31 | $27.6M | — | — | +17.25% |
Upstart Holdings quarterly free cash flow
Q1.20
Q2.20
Q3.20
Q4.20
Q1.21
Q2.21
Q3.21
Q4.21
Q1.22
Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Free cash flow | Change | YoY growth | FCF margin |
|---|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | −$138.7M | −$18.4M | — | −38.03% |
| Q1 2026 | 2026-03-31 | −$136.0M | −$122.6M | — | −44.14% |
| Q4 2025 | 2025-12-31 | $108.4M | $219.3M | — | +36.61% |
| Q3 2025 | 2025-09-30 | −$122.7M | −$301.9M | — | −44.28% |
| Q2 2025 | 2025-06-30 | −$120.3M | −$193.8M | — | −46.75% |
| Q1 2025 | 2025-03-31 | −$13.5M | −$57.1M | — | −6.32% |
| Q4 2024 | 2024-12-31 | −$110.9M | $34.9M | — | −50.66% |
| Q3 2024 | 2024-09-30 | $179.2M | $287.1M | — | +110.54% |
| Q2 2024 | 2024-06-30 | $73.5M | −$143.7M | −66.15% | +57.62% |
| Q1 2024 | 2024-03-31 | $43.7M | $120.5M | — | +34.16% |
| Q4 2023 | 2023-12-31 | −$145.8M | $92.0M | — | −137.62% |
| Q3 2023 | 2023-09-30 | −$107.8M | −$5.0M | — | −73.49% |
| Q2 2023 | 2023-06-30 | $217.3M | $274.9M | — | +151.22% |
| Q1 2023 | 2023-03-31 | −$76.8M | $191.6M | — | −65.59% |
| Q4 2022 | 2022-12-31 | −$237.8M | −$223.2M | — | −152.83% |
| Q3 2022 | 2022-09-30 | −$102.9M | −$143.5M | — | −57.36% |
| Q2 2022 | 2022-06-30 | −$57.6M | −$148.7M | — | −22.29% |
| Q1 2022 | 2022-03-31 | −$268.4M | −$311.2M | — | −85.49% |
| Q4 2021 | 2021-12-31 | −$14.6M | −$83.1M | — | −5.09% |
| Q3 2021 | 2021-09-30 | $40.6M | $23.3M | +134.27% | +19.31% |
| Q2 2021 | 2021-06-30 | $91.1M | $75.5M | +484.44% | +48.63% |
| Q1 2021 | 2021-03-31 | $42.8M | $129.9M | — | +36.86% |
| Q4 2020 | 2020-12-31 | $68.4M | — | — | +81.07% |
| Q3 2020 | 2020-09-30 | $17.3M | — | — | +27.60% |
| Q2 2020 | 2020-06-30 | $15.6M | — | — | +117.12% |
| Q1 2020 | 2020-03-31 | −$87.0M | — | — | −127.96% |
Upstart Holdings free cash flow growth trends
Over the last five reported fiscal years, free cash flow declined from $14.3M to −$148.1M, a net decrease of $162.4M. Upstart Holdings's latest reported quarter, Q2 2026, generated −$138.7M in free cash flow, a decrease of $18.4M year over year.
About the metric
What free cash flow means
Free cash flow is the cash a company generates from operations after capital expenditures. Positive FCF can fund dividends, buybacks, debt repayment, or reinvestment; negative FCF means capital spending exceeded operating cash flow for that period.
Calculation and source
How free cash flow is calculated
TickerStat calculates free cash flow as SEC-reported operating cash flow minus capital expenditures. FCF margin equals free cash flow divided by revenue. Fiscal periods can differ from calendar years, so the tables include exact period-end dates.
Review Upstart Holdings filings at SEC.gov ↗