Upstart Holdings, Inc.
UPST Nasdaq Finance Services Financials FY2019–FY2025
Last close · Oct 23, 2026
$23.78
0.3%
Revenue
Total sales reported in the income statement.
$1.0B
64.0%
vs prior year
Operating margin
Operating income as a share of revenue.
4.1%
31.2 pts
Net income
Profit after all expenses, interest and tax.
$53.6M
Free cash flow
Cash from operations minus capital spending.
−$148M
179.8%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
$2.6B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
45.7x
On $0.52 EPS (TTM)
What Upstart Holdings, Inc. does
No business description yet.
- Legal name
- Upstart Holdings, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 10, 2026
- Accession · CIK
- 0001647639-26-000027
0001647639
Revenue and margins
Upstart Holdings, Inc. had $1.0B of revenue in fiscal 2025, up 64.0% on the year before.
FY19
Revenue $164M
FY20
Revenue $233M
FY21
Revenue $849M
FY22
Revenue $842M
FY23
Revenue $514M
FY24
Revenue $637M
FY25
Revenue $1.0B
Q3 '23
Revenue $135M
Q4 '23
Revenue $140M
Q1 '24
Revenue $128M
Q2 '24
Revenue $128M
Q3 '24
Revenue $162M
Q4 '24
Revenue $219M
Q1 '25
Revenue $213M
Q2 '25
Revenue $257M
Q3 '25
Revenue $277M
Q4 '25
Revenue $296M
Q1 '26
Revenue $308M
Q2 '26
Revenue $365M
FY19
Gross —
Operating −2.8%
Net −0.3%
FCF 16.8%
FY20
Gross —
Operating 5.0%
Net 2.6%
FCF 6.1%
FY21
Gross —
Operating 16.6%
Net 16.0%
FCF 18.8%
FY22
Gross —
Operating −13.5%
Net −12.9%
FCF −79.1%
FY23
Gross —
Operating −50.0%
Net −46.8%
FCF −22.0%
FY24
Gross —
Operating −27.2%
Net −20.2%
FCF 29.1%
FY25
Gross —
Operating 4.1%
Net 5.1%
FCF −14.2%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating −32.6%
Net −30.0%
FCF −80.1%
Q4 '23
Gross —
Operating −33.9%
Net −30.2%
FCF −103.9%
Q1 '24
Gross —
Operating −52.8%
Net −50.5%
FCF 34.2%
Q2 '24
Gross —
Operating −43.5%
Net −42.7%
FCF 57.6%
Q3 '24
Gross —
Operating −27.8%
Net −4.2%
FCF 110.5%
Q4 '24
Gross —
Operating −2.2%
Net −1.3%
FCF −50.7%
Q1 '25
Gross —
Operating −2.1%
Net −1.1%
FCF −6.3%
Q2 '25
Gross —
Operating 1.8%
Net 2.2%
FCF −46.7%
Q3 '25
Gross —
Operating 8.5%
Net 11.5%
FCF −44.3%
Q4 '25
Gross —
Operating 6.4%
Net 6.3%
FCF 36.6%
Q1 '26
Gross —
Operating −2.4%
Net −2.2%
FCF −44.1%
Q2 '26
Gross —
Operating 4.0%
Net 4.5%
FCF −38.0%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income −$0.5M
FY20
Net income $6.0M
FY21
Net income $135M
FY22
Net income −$109M
FY23
Net income −$240M
FY24
Net income −$129M
FY25
Net income $53.6M
Q3 '23
Net income −$40.3M
Q4 '23
Net income −$42.4M
Q1 '24
Net income −$64.6M
Q2 '24
Net income −$54.5M
Q3 '24
Net income −$6.8M
Q4 '24
Net income −$2.8M
Q1 '25
Net income −$2.4M
Q2 '25
Net income $5.6M
Q3 '25
Net income $31.8M
Q4 '25
Net income $18.6M
Q1 '26
Net income −$6.6M
Q2 '26
Net income $16.5M
FY19
Diluted EPS −$0.03
FY20
Diluted EPS $0.00
FY21
Diluted EPS $1.43
FY22
Diluted EPS −$1.31
FY23
Diluted EPS −$2.87
FY24
Diluted EPS −$1.44
FY25
Diluted EPS $0.45
Q3 '23
Diluted EPS −$0.48
Q4 '23
Diluted EPS −$0.47
Q1 '24
Diluted EPS −$0.74
Q2 '24
Diluted EPS −$0.62
Q3 '24
Diluted EPS −$0.07
Q4 '24
Diluted EPS −$0.01
Q1 '25
Diluted EPS −$0.03
Q2 '25
Diluted EPS $0.05
Q3 '25
Diluted EPS $0.23
Q4 '25
Diluted EPS $0.20
Q1 '26
Diluted EPS −$0.07
Q2 '26
Diluted EPS $0.16
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity —
Return on assets —
FY20
Return on capital —
Return on equity 5.0%
Return on assets 1.3%
FY21
Return on capital —
Return on equity 24.5%
Return on assets 11.8%
FY22
Return on capital —
Return on equity −14.7%
Return on assets −5.8%
FY23
Return on capital —
Return on equity −36.7%
Return on assets −12.1%
FY24
Return on capital —
Return on equity −20.3%
Return on assets −5.9%
FY25
Return on capital —
Return on equity 7.5%
Return on assets 2.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$148M in fiscal 2025, −14.2% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow $27.6M
FY20
Free cash flow $14.3M
FY21
Free cash flow $160M
FY22
Free cash flow −$667M
FY23
Free cash flow −$113M
FY24
Free cash flow $185M
FY25
Free cash flow −$148M
Q3 '23
Free cash flow −$108M
Q4 '23
Free cash flow −$146M
Q1 '24
Free cash flow $43.7M
Q2 '24
Free cash flow $73.5M
Q3 '24
Free cash flow $179M
Q4 '24
Free cash flow −$111M
Q1 '25
Free cash flow −$13.5M
Q2 '25
Free cash flow −$120M
Q3 '25
Free cash flow −$123M
Q4 '25
Free cash flow $108M
Q1 '26
Free cash flow −$136M
Q2 '26
Free cash flow −$139M
FY19
Cash from operations $31.6M
Capital spending $4.0M
FY20
Cash from operations $15.7M
Capital spending $1.4M
FY21
Cash from operations $168M
Capital spending $8.4M
FY22
Cash from operations −$658M
Capital spending $8.8M
FY23
Cash from operations −$112M
Capital spending $1.5M
FY24
Cash from operations $186M
Capital spending $0.8M
FY25
Cash from operations −$148M
Capital spending $0.3M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$108M
Capital spending $0.1M
Q4 '23
Cash from operations −$146M
Capital spending $0.2M
Q1 '24
Cash from operations $44.3M
Capital spending $0.7M
Q2 '24
Cash from operations $73.6M
Capital spending $0.0M
Q3 '24
Cash from operations $179M
Capital spending $0.1M
Q4 '24
Cash from operations −$111M
Capital spending $0.0M
Q1 '25
Cash from operations −$13.5M
Capital spending $0.0M
Q2 '25
Cash from operations −$120M
Capital spending $0.1M
Q3 '25
Cash from operations −$123M
Capital spending $0.1M
Q4 '25
Cash from operations $109M
Capital spending $0.2M
Q1 '26
Cash from operations −$133M
Capital spending $2.8M
Q2 '26
Cash from operations −$137M
Capital spending $2.1M
Cash from operations
Capital spending
Dividends, buybacks and share count
Upstart Holdings, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 20.2%.
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks $0.0M
FY22
Dividends —
Buybacks $178M
FY23
Dividends —
Buybacks $0.0M
FY24
Dividends —
Buybacks $0.0M
FY25
Dividends —
Buybacks —
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks $0.0M
Q4 '23
Dividends —
Buybacks $0.0M
Q1 '24
Dividends —
Buybacks —
Q2 '24
Dividends —
Buybacks —
Q3 '24
Dividends —
Buybacks —
Q4 '24
Dividends —
Buybacks —
Q1 '25
Dividends —
Buybacks $0.0M
Q2 '25
Dividends —
Buybacks $0.0M
Q3 '25
Dividends —
Buybacks —
Q4 '25
Dividends —
Buybacks —
Q1 '26
Dividends —
Buybacks $100M
Q2 '26
Dividends —
Buybacks $0.0M
Dividends
Buybacks
FY19
Diluted shares 0.01B
FY20
Diluted shares 0.02B
FY21
Diluted shares 0.09B
FY22
Diluted shares 0.08B
FY23
Diluted shares 0.08B
FY24
Diluted shares 0.09B
FY25
Diluted shares 0.11B
Balance sheet
Cash, debt and the ratios that show how comfortably Upstart Holdings, Inc. can carry it.
FY19
Cash $80.1M
Debt —
FY20
Cash $311M
Debt —
FY21
Cash $1.2B
Debt —
FY22
Cash $532M
Debt —
FY23
Cash $368M
Debt —
FY24
Cash $788M
Debt —
FY25
Cash $652M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.2B | $532M | $368M | $788M | $652M |
| Interest coverage | 43.0x | −10.5x | −7.4x | — | — |
| Total assets | $1.8B | $1.9B | $2.0B | $2.4B | $3.0B |
| Total liabilities | $1.0B | $1.3B | $1.4B | $1.7B | $2.2B |
| Shareholders' equity | $807M | $672M | $635M | $633M | $799M |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✓ | ✓ | ✕ | ✕ | ✕ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✕ | ✕ | ✓ | ✕ |
| Return on assets rose | — | — | ✓ | ✕ | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ |
| Debt fell relative to assets | — | — | — | — | — | — | — |
| Current ratio rose | — | — | — | — | — | — | — |
| Share count didn't rise | — | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | ✕ | ✕ | ✕ | ✓ | ✓ |
| F-score | — / 3 | — / 4 | — / 6 | — / 6 | — / 6 | — / 6 | — / 6 |
| Accruals ratio | — | −2.0% | −2.9% | 29.2% | −6.5% | −14.4% | 7.5% |
| Altman Z'' | — | — | — | — | — | — | — |
7 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $164M | $233M | $849M | $842M | $514M | $637M | $1.0B |
| Net interest income | — | — | $47.3M | −$64.8M | −$46.9M | $1.1M | $93.8M |
| Research and development | $18.8M | $38.8M | $134M | $237M | $280M | $254M | $258M |
| Operating income | −$4.6M | $11.8M | $141M | −$114M | −$257M | −$173M | $42.6M |
| Interest expense | $26.5M | $8.0M | $3.3M | $10.8M | $34.9M | — | — |
| Pretax income | −$4.9M | $6.0M | $134M | −$109M | −$240M | −$128M | $54.3M |
| Income tax | $0.1M | $0.4M | −$1.7M | −$0.4M | $0.1M | $0.2M | $0.7M |
| Net income | −$0.5M | $6.0M | $135M | −$109M | −$240M | −$129M | $53.6M |
| Net income to common | −$0.5M | $0.0M | $135M | −$109M | −$240M | −$129M | $53.6M |
| Diluted EPS | −$0.03 | $0.00 | $1.43 | −$1.31 | −$2.87 | −$1.44 | $0.45 |
| Diluted shares | 0.01B | 0.02B | 0.09B | 0.08B | 0.08B | 0.09B | 0.11B |
| Cash flow | |||||||
| Cash from operations | $31.6M | $15.7M | $168M | −$658M | −$112M | $186M | −$148M |
| Capital expenditure | $4.0M | $1.4M | $8.4M | $8.8M | $1.5M | $0.8M | $0.3M |
| Free cash flow | $27.6M | $14.3M | $160M | −$667M | −$113M | $185M | −$148M |
| Depreciation and amortization | $0.8M | $2.3M | $7.5M | $13.5M | $24.9M | $20.5M | $24.8M |
| Stock-based compensation | $3.8M | $11.5M | $73.2M | $126M | $175M | $133M | $132M |
| Acquisitions | $0.0M | $0.0M | $16.8M | $0.0M | $0.0M | — | — |
| Share buybacks | — | — | $0.0M | $178M | $0.0M | $0.0M | — |
| Dividends and buybacks | — | — | $0.0M | $178M | $0.0M | $0.0M | — |
| Balance sheet | |||||||
| Cash and short-term investments | $80.1M | $311M | $1.2B | $532M | $368M | $788M | $652M |
| Finance lease liabilities | — | — | — | $0.0M | $0.0M | — | — |
| Property and equipment, net | — | $10.0M | $24.3M | $44.2M | $42.7M | $39.0M | $44.2M |
| Goodwill | — | $0.0M | $67.1M | $67.1M | $67.1M | $67.1M | $67.1M |
| Intangible assets | — | $0.0M | $19.9M | $15.6M | $11.4M | $9.4M | $8.3M |
| Total assets | — | $477M | $1.8B | $1.9B | $2.0B | $2.4B | $3.0B |
| Total liabilities | — | $177M | $1.0B | $1.3B | $1.4B | $1.7B | $2.2B |
| Shareholders' equity | −$61.7M | $300M | $807M | $672M | $635M | $633M | $799M |
| Margins | |||||||
| Operating margin | −2.8% | 5.0% | 16.6% | −13.5% | −50.0% | −27.2% | 4.1% |
| EBITDA margin | −2.3% | 6.0% | 17.5% | −11.9% | −45.1% | −23.9% | 6.5% |
| Net margin | −0.3% | 2.6% | 16.0% | −12.9% | −46.8% | −20.2% | 5.1% |
| FCF margin | 16.8% | 6.1% | 18.8% | −79.1% | −22.0% | 29.1% | −14.2% |
| Net interest share of revenue | — | — | 5.6% | −7.7% | −9.1% | 0.2% | 9.0% |
| Returns | |||||||
| Return on equity | — | 5.0% | 24.5% | −14.7% | −36.7% | −20.3% | 7.5% |
| Return on assets | — | 1.3% | 11.8% | −5.8% | −12.1% | −5.9% | 2.0% |
| Return on tangible equity | — | 0.0% | 18.8% | −18.4% | −43.1% | −23.1% | 7.4% |
| Growth | |||||||
| Revenue growth | — | 42.2% | 263.6% | −0.7% | −39.0% | 23.9% | 64.0% |
| Net income growth | — | — | 2,163.8% | −180.2% | — | — | — |
| EPS growth | — | — | — | −191.6% | — | — | — |
| FCF growth | — | −48.0% | 1,015.1% | −516.9% | — | — | −179.8% |
| Share count change | — | 22.2% | 441.1% | −12.7% | 1.2% | 6.8% | 20.2% |
| Financial health | |||||||
| Interest coverage | −0.2x | 1.5x | 43.0x | −10.5x | −7.4x | — | — |
| Capital allocation | |||||||
| Capex / revenue | 2.4% | 0.6% | 1.0% | 1.0% | 0.3% | 0.1% | 0.0% |
| Stock comp / revenue | 2.3% | 4.9% | 8.6% | 15.0% | 34.1% | 21.0% | 12.6% |
| Payouts / FCF | — | — | 0.0% | — | — | 0.0% | — |
| Quality scores | |||||||
| Accruals ratio | — | −2.0% | −2.9% | 29.2% | −6.5% | −14.4% | 7.5% |
Source: SEC EDGAR XBRL filings (CIK 0001647639). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.