UPBOUND GROUP, INC.
For the period ended Dec 31, 2025. Filed Feb 23, 2026.
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FY2025 · Filed Feb 23, 2026
UPBD$24.68+1.8%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2025 | 2024 | 2023 |
| Cash flows from operating activities | |||
| Net earnings (loss) | $73,242 | $123,478 | $(5,179) |
| Adjustments to reconcile net earnings (loss) to net cash provided by operating activities | |||
| Depreciation of rental merchandise | 1,380,425 | 1,302,571 | 1,160,579 |
| Bad debt expense | 75,136 | 19,350 | 25,869 |
| Stock-based compensation expense | 45,368 | 36,074 | 162,116 |
| Depreciation of property assets | 75,300 | 71,995 | 75,450 |
| Loss (gain) on sale or disposal of property assets | 838 | (2,158) | 568 |
| Amortization of intangibles | 59,052 | 46,382 | 58,022 |
| Amortization of financing fees | 4,426 | 5,322 | 6,374 |
| Write-off of debt financing fees | 958 | 4,817 | — |
| Deferred income taxes | 46,668 | (27,147) | (17,944) |
| Changes in operating assets and liabilities, net of effects of acquisitions | |||
| Rental merchandise(1) | (1,447,207) | (1,328,899) | (1,272,043) |
| Receivables | (19,450) | (62,283) | (25,009) |
| Prepaid expenses and other assets | (96,108) | (3,946) | (4,188) |
| Operating lease right-of-use assets and lease liabilities | 6,660 | 3,713 | 487 |
| Accounts payable — trade | 20,574 | (61,770) | 21,800 |
| Accrued liabilities | 79,689 | (22,778) | 13,388 |
| Net cash provided by operating activities | 305,571 | 104,721 | 200,290 |
| Cash flows from investing activities | |||
| Net originations and collections of customer cash advances | (58,227) | — | — |
| Purchase of property assets | (66,863) | (56,275) | (53,402) |
| Proceeds from sale of assets | 61 | 18,683 | 2,484 |
| Promissory loan issuance | — | (2,500) | — |
| Promissory loan collection | 240 | — | — |
| Acquisitions of businesses, net of cash acquired | (278,942) | (1,413) | (39) |
| Net cash used in investing activities | (403,731) | (41,505) | (50,957) |
| Cash flows from financing activities | |||
| Share repurchases | — | — | (50,000) |
| Excise tax related to share repurchases(2) | — | (392) | — |
| Exercise of stock options | 566 | 1,799 | 2,386 |
| Shares withheld for payment of employee tax withholdings | (7,178) | (3,689) | (2,850) |
| Debt issuance costs | (8,531) | (5,186) | — |
| Proceeds from debt | 776,042 | 320,000 | 70,000 |
| Repayments of debt | (516,563) | (323,750) | (138,604) |
| Dividends paid | (87,865) | (82,299) | (83,056) |
| Net cash provided by (used in) financing activities | 156,471 | (93,517) | (202,124) |
| Effect of exchange rate changes on cash | 1,357 | (2,544) | 2,355 |
| Net increase (decrease) in cash and cash equivalents | 59,668 | (32,845) | (50,436) |
| Cash and cash equivalents at beginning of year | 60,860 | 93,705 | 144,141 |
| Cash and cash equivalents at end of year | $120,528 | $60,860 | $93,705 |
| Supplemental cash flow information: | |||
| Cash paid during the year for: | |||
| Interest | $105,290 | $108,509 | $106,161 |
| Income taxes (excludes $49, $751, and $20,714 of income taxes refunded in 2025, 2024, and 2023, respectively) | $69,826 | $103,110 | $89,241 |
(1)The change in Rental merchandise includes lease charge-offs and other merchandise losses.
(2)Excise tax cash payment of $0.4 million during the year ended December 31, 2024 is related to share repurchases of $50.0 million during the year ended December 31, 2023.
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