In Q4'25, UPST's Operating Cash Flow reached $109M USD, marking a positive turnaround from the negative figures in the prior three quarters, while Free Cash Flow stood at $105M USD, similarly reflecting improved liquidity after consistent outflows. This latest data point indicates a recovery in cash generation for the fiscal year ending December 2025. Over the period from Q1'23 to Q4'25, both Operating and Free Cash Flow exhibited high volatility, with alternating patterns of significant inflows and outflows; notable positives included $162M in Q2'23 and a peak of $179M in Q3'24 for Operating Cash Flow, contrasted by deep negatives like -$144M in Q4'23 and -$127M in Q3'25. The overall trend shows no sustained growth or decline, but rather cyclical fluctuations typical of cash flow statements, with Free Cash Flow closely mirroring Operating trends after capital expenditure adjustments, highlighting periods of operational strength in mid-2023 and late 2024 amid broader instability.