The latest financial statement is for the year ending 2025-12-31.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income (loss) | 53,601 | -128,581 | -240,132 | - |
| Change in fair value of loans | 113,672 | -125,002 | - | - |
| Change in fair value of servicing assets | -18,646 | -16,490 | - | - |
| Change in fair value of servicing liabilities | -942 | -1,246 | - | - |
| Change in fair value of beneficial interest assets | 33,184 | -5,151 | - | - |
| Net income (loss) before attribution to noncontrolling interests | - | - | - | -108,665 |
| Change in fair value of beneficial interest liabilities | 16,579 | 12,568 | - | - |
| Change in fair value of financial instruments | - | - | -234,822 | -168,878 |
| Change in fair value of other financial instruments | 6,921 | -4,130 | - | - |
| Stock-based compensation | 131,950 | 133,400 | 175,039 | 125,945 |
| Gain on loan servicing rights, net | 28,003 | 15,449 | 13,713 | - |
| Gain on loan servicing arrangement, net | - | - | - | 28,739 |
| Gain on debt extinguishment | 7,246 | 33,361 | - | - |
| Depreciation and amortization | 24,835 | 20,549 | 24,903 | 13,513 |
| Loan premium amortization | -49,149 | -17,021 | - | - |
| Incentive share expense | - | - | - | 0 |
| Non-cash interest expense and other | 8,607 | 3,217 | 3,057 | - |
| Other | - | - | 3,869 | -3,047 |
| Purchases of loans held-for-sale | 9,072,905 | 4,309,268 | 3,006,510 | 7,807,429 |
| Proceeds from sale of loans held-for-sale | 8,679,462 | 4,101,937 | 2,514,627 | 6,828,617 |
| Principal payments received for loans held-for-sale | 187,660 | 192,889 | 189,746 | 152,018 |
| Principal payments received for loans held by consolidated securitization | 37,885 | 47,997 | 24,832 | - |
| Settlements of beneficial interest liabilities, net | 21,598 | 6,700 | - | - |
| Proceeds from beneficial interest assets (derivatives) | 4,602 | - | - | - |
| Settlements of beneficial interest liabilities | - | - | 596 | - |
| Settlements of beneficial interest assets (derivatives) | 4,575 | - | - | - |
| Other assets | 10,831 | 8,690 | 8,932 | -4,173 |
| Operating lease liability and right-of-use asset | -2,084 | -807 | -6,822 | 10,204 |
| Accounts payable | - | - | -6,127 | 11,878 |
| Payable to investors | - | - | -42,989 | -16,821 |
| Payable to investors for beneficial interest assets | 0 | 0 | - | - |
| Accrued expenses and other liabilities | 39,558 | 44,124 | 2,171 | -31,300 |
| Net cash provided by (used in) operating activities | -147,725 | 186,331 | -160,493 | -674,681 |
| Principal payments received for loans held by consolidated securitizations | - | - | - | 0 |
| Purchases and originations of loans held-for-investment | 1,033,027 | 323,096 | 157,223 | 149,298 |
| Proceeds from sale of loans held-for-investment | 395,731 | 0 | 972 | 14,289 |
| Principal payments received for loans held-for-investment | 320,364 | 145,266 | 102,446 | 43,311 |
| Principal payments received for notes receivable and repayments of residual certificates | 23,051 | 5,917 | 4,328 | 6,736 |
| Acquisition of beneficial interest assets | - | 63,284 | 56,892 | - |
| Acquisition and settlements of beneficial interest assets (hybrid instruments) | 3,438 | - | - | - |
| Proceeds from beneficial interest assets | - | 11,930 | - | - |
| Proceeds from beneficial interest assets (hybrid instruments) | 142,902 | - | - | - |
| Purchases of non-marketable equity securities | - | 0 | 0 | 1,250 |
| Issuance of line of credit receivable | 7,862 | - | - | - |
| Purchase of notes receivable and residual certificates | - | - | - | 0 |
| Settlements of beneficial interest assets | - | 4,469 | - | - |
| Repayments of line of credit receivable | 3,515 | - | - | - |
| Purchases of property and equipment | 347 | 837 | 1,527 | 8,825 |
| Capitalized software costs | 18,060 | 9,153 | 10,559 | 14,088 |
| Purchase of certificates of deposit | - | 0 | 0 | 5,000 |
| Acquisition, net of cash acquired | - | - | 0 | 0 |
| Net cash used in investing activities | -177,171 | -237,726 | -118,455 | -114,125 |
| Proceeds from initial public offering, net of underwriting discounts and offering costs | - | - | - | 0 |
| Proceeds from secondary offering, net of underwriting discounts, commissions, and offering costs | - | - | 0 | 0 |
| Proceeds from borrowings | 294,218 | 387,281 | 626,910 | 688,813 |
| Proceeds from convertible notes issuance, net of debt issuance costs paid to lender | 678,270 | 913,440 | - | - |
| Payment of debt issuance costs to third parties | 3,150 | 3,945 | 0 | 0 |
| Repayments of borrowings | 317,097 | 357,352 | - | - |
| Distributions made to noncontrolling interests | - | - | - | 0 |
| Payments for repurchases of convertible notes | 224,154 | 325,344 | - | - |
| Proceeds from exercise of convertible preferred stock warrants | - | - | - | 0 |
| Purchase of capped calls | 55,200 | 40,883 | 0 | 0 |
| Proceeds from issuance of common stock under employee stock purchase plan | - | 7,685 | 8,431 | 7,662 |
| Proceeds from exercise of stock options | - | 21,414 | 12,881 | 12,354 |
| Taxes paid related to net share settlement of equity awards | - | 22 | 15 | 16 |
| Payments made on securitization notes and certificates | - | - | - | 0 |
| Repayments of borrowings | - | - | 575,937 | 400,898 |
| Settlement of capped calls | 564 | 580 | - | - |
| Principal payments made on securitization notes | 40,592 | 55,368 | 23,320 | - |
| Payable to investors | -47,486 | -12,385 | - | - |
| Proceeds from issuance of securitization notes | 0 | 0 | 165,318 | - |
| Repurchases of common stock | - | 0 | 0 | 177,883 |
| Net proceeds related to stock-based award activities | 25,300 | - | - | - |
| Net cash provided by financing activities | 405,645 | 559,871 | 214,268 | 130,032 |
| Change in cash, cash equivalents and restricted cash | 80,749 | 508,476 | -64,680 | -658,774 |
| Cash and cash equivalents at beginning of period | 976,263 | 467,787 | 532,467 | 1,191,241 |
| Cash and cash equivalents at end of period | 1,057,012 | 976,263 | 467,787 | 532,467 |
Upstart Holdings, Inc. (UPST)
Upstart Holdings, Inc. (UPST)