Upland Software, Inc. (UPLD) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the UPLD SEC filings page.
Upland Software, Inc. (UPLD) reported $197.7M in revenue over the twelve months to Jun 30, 2026, down 21.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Upland’s 2025 turnaround came from sharply lower operating costs, while declining revenue and negative equity leave financing central to the story.
In FY2025, operating income turned positive even as revenue fell21.1% from FY2024 because SG&A and R&D both contracted; this is a cost reset, not volume-led leverage. Net income of$40.4M exceeded operating cash flow of$25.8M , leaving an earnings-to-cash gap that makes reported profitability less cash-rich than it first appears.
Gross margin expansion from
The balance sheet is structurally tight: liabilities of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Upland Software, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Upland Software, Inc. has an operating margin of 2.0%, meaning the company retains $2 of operating profit per $100 of revenue. This below-average margin results in a low score of 19/100, suggesting thin profitability after operating expenses. This is up from -37.2% the prior year.
Upland Software, Inc.'s revenue declined 21.1% year-over-year, from $274.8M to $216.9M. This contraction results in a growth score of 6/100.
Upland Software, Inc.'s current ratio of 0.80 is below the typical benchmark, resulting in a score of 11/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Upland Software, Inc. converts 11.3% of revenue into free cash flow ($24.4M). This strong cash generation earns a score of 70/100.
Upland Software, Inc. scores -1.65, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($10.6M) relative to total liabilities ($461.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Upland Software, Inc. passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Upland Software, Inc. generates $0.64 in operating cash flow ($25.8M OCF vs $40.4M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Upland Software, Inc. earns $0.28 in operating income for every $1 of interest expense ($4.4M vs $15.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Upland Software, Inc. generated $49.1M in revenue in Q2 2026. This represents a decrease of 7.9% from the same quarter a year earlier. Against the prior quarter it is up 0.9%.
Upland Software, Inc.'s EBITDA was -$24.1M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 14002.3% from the same quarter a year earlier. Against the prior quarter it is down 306.6%.
Upland Software, Inc. reported -$35.3M in net income in Q2 2026. This represents a decrease of 171.1% from the same quarter a year earlier. Against the prior quarter it is down 2771.4%.
Cash & Balance Sheet
Upland Software, Inc. generated $5.3M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 99.0% from the same quarter a year earlier. Against the prior quarter it is down 4.3%.
Upland Software, Inc. held $31.0M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Upland Software, Inc.'s gross margin was 76.3% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 1.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.8 percentage points.
Upland Software, Inc.'s operating margin was -60.4% in Q2 2026, reflecting core business profitability. This is down 47.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 70.8 percentage points.
Upland Software, Inc.'s net profit margin was -71.9% in Q2 2026, showing the share of revenue converted to profit. This is down 47.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 69.3 percentage points.
Not reported for Q2 2026.
Capital Allocation
Upland Software, Inc. invested $7.8M in research and development in Q2 2026. This represents a decrease of 20.6% from the same quarter a year earlier. Against the prior quarter it is down 3.5%.
Upland Software, Inc. invested $87K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 86.3% from the same quarter a year earlier. Against the prior quarter it is up 7.4%.
Not reported for Q2 2026.
UPLD Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $49.1M-7.9% | $48.7M-23.5% | $49.3M-27.5% | $50.5M-24.2% | $53.4M-23.0% | $63.7M-10.0% | $68.0M-5.8% | $66.7M-10.0% |
| Cost of Revenue | $11.7M-13.1% | $11.9M-33.9% | $11.6M-41.6% | $11.7M-40.7% | $13.4M-34.4% | $18.0M-14.3% | $19.9M-16.2% | $19.7M-14.1% |
| Gross Profit | $37.5M-6.2% | $36.8M-19.4% | $37.7M-21.7% | $38.8M-17.3% | $39.9M-18.2% | $45.6M-8.2% | $48.2M-0.6% | $47.0M-8.2% |
| R&D Expenses | $7.8M-20.6% | $8.0M-30.3% | $7.3M-35.2% | $7.9M-31.1% | $9.8M-19.7% | $11.5M-7.3% | $11.3M-3.2% | $11.4M-10.3% |
| SG&A Expenses | $9.1M-11.3% | $8.5M-26.5% | $7.4M-34.5% | $8.8M-20.5% | $10.2M-26.4% | $11.6M-12.2% | $11.3M-18.7% | $11.1M-24.3% |
| Operating Income | -$29.7M-322.1% | $5.0M+579.9% | $7.2M+463.5% | $5.3M+261.5% | -$7.0M-31.0% | -$1.1M+98.9% | -$2.0M+79.0% | -$3.3M+57.1% |
| EBITDA | -$24.1M-14002.3% | $11.7M+35.6% | $16.4M+0.5% | $11.7M+43.1% | -$171K-102.8% | $8.6M+111.1% | $16.3M+9.0% | $8.2M+25.0% |
| Interest Expense | $4.5M+9.4% | $4.5M+82.5% | $5.0M+296.4% | $4.2M+279.9% | $4.1M-18.2% | $2.4M-50.7% | $1.3M-92.2% | -$2.3M-192.6% |
| Income Tax | $841K+591.8% | $986K+173.3% | $2.0M+38.7% | -$259K-148.9% | -$171K-114.1% | -$1.3M-145.9% | $1.4M+128.6% | $530K+136.0% |
| Net Income | -$35.3M-171.1% | -$1.2M+95.2% | $80.4M-63.8% | -$1.1M+35.3% | -$13.0M-13.9% | -$25.8M+73.1% | $222.0M-35.4% | -$1.7M+80.0% |
| EPS (Basic) | -$12.53-146.7% | -$0.09+90.7% | $0.00+100.0% | -$0.09+25.0% | -$5.08-980.9% | -$0.97+71.2% | -$0.19+68.3% | -$0.12+61.3% |
| EPS (Diluted) | -$12.53 | -$0.09 | $0.00+100.0% | -$0.09+25.0% | -$5.08 | -$0.97+71.2% | -$0.19+68.3% | -$0.12 |
| Diluted Shares (Avg) | 3M | 29M | N/A | 29M+5.5% | 3M | 28M-2.4% | N/A | 27M |
UPLD Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $356.6M-19.3% | $402.7M-11.9% | $413.2M-22.0% | $409.1M-26.3% | $441.7M-40.3% | $457.0M-39.5% | $529.5M-39.1% | $554.9M-37.9% |
| Current Assets | $70.1M-15.9% | $73.5M-12.7% | $75.3M-36.4% | $65.1M-44.8% | $83.4M-71.2% | $84.2M-70.9% | $118.4M-60.6% | $117.9M-61.5% |
| Cash & Equivalents | $31.0M-24.3% | $29.8M-11.6% | $29.4M-47.9% | $22.8M-61.9% | $41.0M-82.4% | $33.7M-85.4% | $56.4M-76.1% | $59.7M-75.1% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $19.9M-1.4% | $23.6M-9.4% | $25.6M-33.8% | $18.9M-40.5% | $20.1M-33.4% | $26.1M-10.9% | $38.6M-0.3% | $31.8M-14.3% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $222.7M-14.6% | $258.3M-0.7% | $259.6M-0.5% | $259.0M-3.7% | $260.7M-1.3% | $260.1M-1.5% | $261.0M-26.2% | $269.0M-22.7% |
| Total Liabilities | $446.3M-7.8% | $455.0M-8.0% | $461.5M-15.7% | $456.4M-17.6% | $484.1M-21.0% | $494.8M-19.7% | $547.8M-12.5% | $554.0M-11.8% |
| Current Liabilities | $80.2M-10.5% | $87.2M-13.9% | $93.8M-22.1% | $84.0M-29.4% | $89.6M-26.7% | $101.3M-17.9% | $120.4M-7.8% | $119.0M-7.5% |
| Non-Current Liabilities | $366.1M-7.2% | $367.8M-6.5% | $367.8M-13.9% | $372.4M-14.4% | $394.5M-19.6% | $393.5M-20.1% | $427.4M-13.7% | $435.1M-12.9% |
| Long-Term Debt | N/A | N/A | $224.7M-21.7% | N/A | N/A | N/A | $287.0M-39.4% | N/A |
| Total Equity | -$89.8M-111.7% | -$52.4M-38.5% | -$48.4M-164.2% | -$47.3M-5309.5% | -$42.4M-753.3% | -$37.8M-288.0% | -$18.3M-114.5% | $907K-99.4% |
| Retained Earnings | -$677.1M-5.7% | -$641.7M-2.3% | -$640.5M-6.5% | -$641.6M-7.3% | -$640.5M-7.4% | -$627.5M-7.3% | -$601.6M-23.1% | -$598.2M-26.5% |
Not reported in any period shown, so not listed: Inventory.
UPLD Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $5.4M+63.3% | $5.6M-32.5% | $7.3M-21.7% | $6.9M+59.9% | $3.3M-39.9% | $8.3M+62.2% | $9.3M+6.3% | $4.3M-76.5% |
| Depreciation & Amortization | $5.6M-18.7% | $6.6M-31.4% | $6.8M-50.1% | $6.4M-44.7% | $6.9M-39.7% | $9.7M-30.0% | $13.6M-22.4% | $11.5M-19.4% |
| Stock-Based Compensation | $830K-73.0% | $961K-64.1% | N/A | $2.3M-32.1% | $3.1M-40.1% | $2.7M-24.0% | N/A | $3.4M-36.1% |
| Capital Expenditures | $87K-86.3% | $81K-80.9% | $87K-72.8% | $207K+97.1% | $634K+131.4% | $424K+131.7% | $320K+72.0% | $105K-80.2% |
| Free Cash Flow | $5.3M+99.0% | $5.5M-29.9% | $7.2M-19.8% | $6.7M+59.0% | $2.7M-48.9% | $7.9M+59.6% | $9.0M+4.9% | $4.2M-76.4% |
| Investing Cash Flow | $97K-97.7% | $96K-97.5% | $835K+360.9% | -$40K+61.9% | $4.2M+1638.7% | $3.8M+2170.5% | -$320K-72.0% | -$105K+80.2% |
| Financing Cash Flow | -$4.2M-172.0% | -$5.1M+85.3% | -$1.9M+80.4% | -$25.3M+85.8% | -$1.5M+67.2% | -$34.7M-261.7% | -$9.5M+25.1% | -$178.5M-347.1% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
UPLD Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 76.3%+1.4pp | 75.5%+3.8pp | 76.5%+5.7pp | 76.9%+6.4pp | 74.8%+4.4pp | 71.7%+1.4pp | 70.8%+3.6pp | 70.5%+1.4pp |
| Operating Margin | -60.4%-47.2pp | 10.4%+12.0pp | 14.5%+17.4pp | 10.6%+15.5pp | -13.2%-5.4pp | -1.7% | -2.9%+10.1pp | -5.0%+5.5pp |
| Net Margin | -71.9%-47.5pp | -2.5%+38.1pp | 163.0% | -2.2%+0.4pp | -24.4%-7.9pp | -40.6% | 326.3% | -2.6%+9.1pp |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -191.1%-185.3pp |
| Return on Assets | -9.9%-7.0pp | -0.3%+5.3pp | 19.5%-22.5pp | -0.3%0.0pp | -2.9%-1.4pp | -5.7%+7.1pp | 41.9%+2.4pp | -0.3%+0.7pp |
| Current Ratio | 0.87-0.1x | 0.840.0x | 0.80-0.2x | 0.78-0.2x | 0.93-1.4x | 0.83-1.5x | 0.98-1.3x | 0.99-1.4x |
| Debt-to-Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 610.84+606.6x |
| Asset Turnover | 0.140.0x | 0.120.0x | 0.120.0x | 0.120.0x | 0.120.0x | 0.140.0x | 0.130.0x | 0.120.0x |
| FCF Margin | 10.8%+5.8pp | 11.3%-1.0pp | 14.7%+1.4pp | 13.2%+6.9pp | 5.0%-2.5pp | 12.4%+5.4pp | 13.3%+1.3pp | 6.3%-17.7pp |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
Note: Shareholder equity is negative (-$48.4M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.80), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Upland Software, Inc. UPLD | FY2025 | $216.9M | $40.4M | 18.6% | $10.6M | 23/100 |
| Roadzen, Inc. RDZN | FY2026 | $55.0M | -$22.5M | -40.9% | $95.4M | 30/100 |
| mF International Limited MFI | FY2025 | $4.3M | $10.1M | N/A | $466.6M | 37/100 |
| Phunware, Inc. PHUN | FY2025 | $2.6M | -$11.4M | N/A | $42.2M | 50/100 |
| Aware Inc AWRE | FY2025 | $17.3M | $5.9M | 34.0% | $22.7M | 39/100 |
Where Upland Software, Inc. Ranks
Frequently Asked Questions
What is Upland Software, Inc.'s annual revenue?
Upland Software, Inc. (UPLD) reported $216.9M in total revenue for fiscal year 2025. This represents a -21.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Upland Software, Inc.'s revenue growing?
Upland Software, Inc. (UPLD) revenue declined by 21.1% year-over-year, from $274.8M to $216.9M in fiscal year 2025.
Is Upland Software, Inc. profitable?
Yes, Upland Software, Inc. (UPLD) reported a net income of $40.4M in fiscal year 2025, with a net profit margin of 18.6%.
What is Upland Software, Inc.'s EBITDA?
Upland Software, Inc. (UPLD) had EBITDA of $36.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Upland Software, Inc. have?
As of fiscal year 2025, Upland Software, Inc. (UPLD) had $29.4M in cash and equivalents against $224.7M in long-term debt.
What is Upland Software, Inc.'s gross margin?
Upland Software, Inc. (UPLD) had a gross margin of 74.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Upland Software, Inc.'s operating margin?
Upland Software, Inc. (UPLD) had an operating margin of 2.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Upland Software, Inc.'s net profit margin?
Upland Software, Inc. (UPLD) had a net profit margin of 18.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Upland Software, Inc.'s free cash flow?
Upland Software, Inc. (UPLD) generated $24.4M in free cash flow during fiscal year 2025. This represents a 4.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Upland Software, Inc.'s operating cash flow?
Upland Software, Inc. (UPLD) generated $25.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Upland Software, Inc.'s total assets?
Upland Software, Inc. (UPLD) had $413.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Upland Software, Inc.'s capital expenditures?
Upland Software, Inc. (UPLD) invested $1.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Upland Software, Inc. spend on research and development?
Upland Software, Inc. (UPLD) invested $36.5M in research and development during fiscal year 2025.
What is Upland Software, Inc.'s current ratio?
Upland Software, Inc. (UPLD) had a current ratio of 0.80 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Upland Software, Inc.'s return on assets (ROA)?
Upland Software, Inc. (UPLD) had a return on assets of 9.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Upland Software, Inc.'s P/E ratio?
Upland Software, Inc. (UPLD) trades at 0.2x earnings, its market capitalization divided by net income of $42.7M net income, trailing 12 months to June 30, 2026. The market capitalization is $10.6M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Upland Software, Inc.'s price-to-sales ratio?
Upland Software, Inc. (UPLD) trades at 0.1x sales, its market capitalization divided by revenue of $197.7M revenue, trailing 12 months to June 30, 2026. The market capitalization is $10.6M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Why is Upland Software, Inc.'s debt-to-equity ratio negative or not reported?
Upland Software, Inc. (UPLD) has negative shareholder equity of -$48.4M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Upland Software, Inc.'s Altman Z-Score?
Upland Software, Inc. (UPLD) has an Altman Z-Score of -1.65, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Upland Software, Inc.'s Piotroski F-Score?
Upland Software, Inc. (UPLD) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Upland Software, Inc.'s earnings high quality?
Upland Software, Inc. (UPLD) has an earnings quality ratio of 0.64x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Upland Software, Inc. cover its interest payments?
Upland Software, Inc. (UPLD) has an interest coverage ratio of 0.28x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Upland Software, Inc.?
Upland Software, Inc. (UPLD) scores 23 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.