Upstart Holdings, Inc.
For the period ended Sep 30, 2026. Filed Nov 3, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 3, 2026
UPST$20.41-8.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows
(In thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2026 | |
| Cash flows from operating activities | ||
| Net income | $34,965 | $46,471 |
| Adjustments to reconcile net income to net cash used in operating activities | ||
| Change in fair value of loans | (83,448) | 110,989 |
| Change in fair value of servicing assets | 12,795 | 17,753 |
| Change in fair value of servicing liabilities | (1,009) | (4,514) |
| Change in fair value of beneficial interest assets | (16,205) | (15,386) |
| Change in fair value of beneficial interest liabilities | 18,813 | 17,726 |
| Change in fair value of other financial instruments | (5,529) | (473) |
| Stock-based compensation | 99,497 | 119,232 |
| Gain on loan servicing rights, net | (20,376) | (37,481) |
| Gain on debt extinguishment | (7,246) | — |
| Depreciation and amortization | 18,374 | 19,103 |
| Loan premium amortization | (33,560) | (32,833) |
| Non-cash interest expense and other | 5,219 | 11,982 |
| Net changes in operating assets and liabilities: | ||
| Purchases and originations of loans held-for-sale | (6,410,254) | (9,721,430) |
| Proceeds from sale of loans held-for-sale | 5,994,691 | 9,038,098 |
| Principal payments received for loans held-for-sale | 138,545 | 142,001 |
| Principal payments received for loans held by consolidated securitization | 29,772 | 21,540 |
| Settlements of beneficial interest liabilities, net | (15,716) | (2,251) |
| Proceeds from beneficial interest assets (derivatives) | 4,096 | 14,167 |
| Settlements of beneficial interest assets (derivatives) | (1,659) | (5,331) |
| Other assets | 3,825 | (9,422) |
| Operating lease liability and right-of-use asset | (918) | (669) |
| Accrued expenses and other liabilities | (20,949) | (18,953) |
| Net cash used in operating activities | (256,277) | (289,681) |
| Cash flows from investing activities | ||
| Purchases and originations of loans held-for-investment | (666,049) | (870,246) |
| Proceeds from sale of loans held-for-investment | 51,195 | 628,324 |
| Principal payments received for loans held-for-investment | 221,996 | 244,315 |
| Principal payments received for notes receivable and repayments of residual certificates | 12,895 | 45,456 |
| Acquisition and settlements of beneficial interest assets (hybrid instruments) | (1,608) | (10,138) |
| Proceeds from beneficial interest assets (hybrid instruments) | 94,229 | 191,038 |
| Issuance of line of credit receivable | (7,862) | (721) |
| Repayments of line of credit receivable | 783 | 2,791 |
| Purchases of property and equipment | (190) | (5,672) |
Condensed Consolidated Statements of Cash Flows (Continued)
(In thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2026 | |
| Capitalized software costs | (14,298) | (13,003) |
| Net cash provided by (used in) investing activities | (308,909) | 212,144 |
| Cash flows from financing activities | ||
| Proceeds from borrowings | 212,848 | 771,672 |
| Proceeds from convertible notes issuance, net of debt issuance costs paid to lender | 678,270 | — |
| Payment of debt issuance costs to third parties | (3,144) | — |
| Repayments of borrowings | (207,494) | (511,831) |
| Repurchases and repayments of convertible notes | (224,154) | (66,544) |
| Purchase of capped calls, net | (54,636) | — |
| Principal payments made on securitization notes | (32,023) | (20,640) |
| Payable to investors | 33,227 | 59,070 |
| Net proceeds related to stock-based award activities | 22,934 | 17,323 |
| Repurchases of stock | — | (100,057) |
| Net cash provided by financing activities | 425,828 | 148,993 |
| Change in cash, cash equivalents and restricted cash | (139,358) | 71,456 |
| Cash, cash equivalents and restricted cash | ||
| Cash, cash equivalents and restricted cash at beginning of period | 976,263 | 1,057,012 |
| Cash, cash equivalents and restricted cash at end of period | $836,905 | $1,128,468 |
| Supplemental disclosures of cash flow information | ||
| Cash paid for interest | $34,514 | $20,285 |
| Cash paid for income taxes, net | 572 | 2,484 |
| Supplemental disclosures of non-cash investing and financing activities | ||
| Beneficial interests obtained in connection with loan sales | $218,204 | $391,786 |
| Securities retained under unconsolidated securitization transactions | 65,880 | 91,755 |
| Capitalized stock-based compensation expense | 7,740 | 5,636 |
| Issuance of line of credit receivable | 51,430 | 7,255 |
The following presents cash, cash equivalents and restricted cash by category within the unaudited condensed consolidated balance sheets:
| December 31, | September 30, | |
|---|---|---|
| 2025 | 2026 | |
| Cash and cash equivalents | $652,388 | $461,484 |
| Restricted cash | 404,624 | 666,984 |
| Total cash, cash equivalents and restricted cash | $1,057,012 | $1,128,468 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.