UPST Nasdaq Finance Services Financials FY2019βFY2025
Upstart Holdings, Inc. had $1.0B of revenue in fiscal 2025, up 64.0% on the year before. Over five years, revenue changed +34.9% a year on average.
Last close Β· Oct 23, 2026
$23.78
0.3%Hi! I read Upstart Holdings, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+64.0%
Yes. Sales grew 64.0% last year.
Does it make a profit?
5.1%
A little. It keeps 5.1% of every sale as profit.
Does profit turn into cash?
β14.2%
No. It spent more cash than it brought in.
How is the share priced?
45.7x
One share costs 45.7 times its yearly profit per share.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Upstart Holdings, Inc. had $1.0B of revenue in fiscal 2025, up 64.0% on the year before. Over five years, revenue changed +34.9% a year on average. Its operating margin was 4.1%, up 31.2Β pts: of every 100 in sales, about 4 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Upstart Holdings, Inc. made $53.6M of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$148M in fiscal 2025, β14.2% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $11.6M and sold $7.4M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$11.6M
2 insiders
Sold, 12 months
$7.4M
5 insiders
Of sales under plans
15%
$1.1M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 10, 2026 | Paul GuChief Executive Officer, Director | Bought | 50,000 | $25.55 | $1.3M | Form 4 |
| Sep 8, 2026 | Sanjay DattaPresident, Capital& Enterprise | Sold | 116,000 | $27.29 | $3.2M | Form 4 |
| Aug 25, 2026 | Natalia MirgorodskayaSee Remarks | Sold plan | 913 | $30.03 | $0.0M | Form 4 |
| Aug 20, 2026 | Scott DarlingChief Legal Officer | Sold | 7,696 | $28.09 | $0.2M | Form 4 |
| Aug 20, 2026 | Sanjay DattaPresident, Capital& Enterprise | Sold | 8,945 | $28.09 | $0.3M | Form 4 |
| Aug 20, 2026 | Natalia MirgorodskayaSee Remarks | Sold | 586 | $28.09 | $0.0M | Form 4 |
| Aug 19, 2026 | Andrea BlankmeyerChief Financial Officer | Sold plan | 3,000 | $29.33 | $0.1M | Form 4 |
| Aug 19, 2026 | Sanjay DattaPresident, Capital& Enterprise | Sold | 10,000 | $31.46 | $0.3M | Form 4 |
| Aug 17, 2026 | Andrea BlankmeyerChief Financial Officer | Sold plan | 7,175 | $29.36 | $0.2M | Form 4 |
| Aug 17, 2026 | Scott DarlingChief Legal Officer | Sold | 814 | $29.36 | $0.0M | Form 4 |
| Aug 17, 2026 | Sanjay DattaPresident, Capital& Enterprise | Sold | 2,033 | $29.36 | $0.1M | Form 4 |
| Jun 9, 2026 | Sanjay DattaPresident, Capital& Enterprise | Sold | 15,000 | $30.41 | $0.5M | Form 4 |
| May 26, 2026 | Natalia MirgorodskayaSee Remarks | Sold plan | 974 | $28.99 | $0.0M | Form 4 |
| May 20, 2026 | Natalia MirgorodskayaSee Remarks | Sold | 526 | $28.77 | $0.0M | Form 4 |
| May 20, 2026 | Scott DarlingChief Legal Officer | Sold | 6,634 | $28.78 | $0.2M | Form 4 |
| May 20, 2026 | Sanjay DattaPresident, Capital& Enterprise | Sold | 7,985 | $28.77 | $0.2M | Form 4 |
| May 15, 2026 | Andrea BlankmeyerChief Financial Officer | Sold | 7,044 | $29.63 | $0.2M | Form 4 |
| May 15, 2026 | Scott DarlingChief Legal Officer | Sold | 727 | $29.54 | $0.0M | Form 4 |
| May 15, 2026 | Sanjay DattaPresident, Capital& Enterprise | Sold | 1,817 | $29.56 | $0.1M | Form 4 |
| May 13, 2026 | Paul GuChief Executive Officer, Director | Bought | 50,000 | $27.50 | $1.4M | Form 4 |
| May 7, 2026 | Dave GirouardDirector, 10% owner | Bought | 170,240 | $29.37 | $5.0M | Form 4 |
| Mar 2, 2026 | Natalia MirgorodskayaSee Remarks | Sold plan | 390 | $26.02 | $0.0M | Form 4 |
| Feb 25, 2026 | Natalia MirgorodskayaSee Remarks | Sold plan | 866 | $28.79 | $0.0M | Form 4 |
| Feb 20, 2026 | Sanjay DattaChief Financial Officer | Sold | 7,982 | $29.86 | $0.2M | Form 4 |
| Feb 20, 2026 | Natalia MirgorodskayaSee Remarks | Sold | 633 | $29.90 | $0.0M | Form 4 |
| Feb 20, 2026 | Scott DarlingChief Legal Officer | Sold plan | 6,868 | $29.87 | $0.2M | Form 4 |
| Jan 5, 2026 | Scott DarlingChief Legal Officer | Sold plan | 1,000 | $50.00 | $0.1M | Form 4 |
| Dec 12, 2025 | Kerry Whorton CooperDirector | Sold plan | 1,500 | $50.00 | $0.1M | Form 4 |
| Dec 12, 2025 | Scott DarlingChief Legal Officer | Sold plan | 7,392 | $50.00 | $0.4M | Form 4 |
| Nov 25, 2025 | Natalia MirgorodskayaSee Remarks | Sold plan | 762 | $38.91 | $0.0M | Form 4 |
| Nov 20, 2025 | Sanjay DattaChief Financial Officer | Sold | 13,624 | $36.57 | $0.5M | Form 4 |
| Nov 20, 2025 | Scott DarlingChief Legal Officer | Sold | 7,723 | $36.57 | $0.3M | Form 4 |
| Nov 20, 2025 | Natalia MirgorodskayaSee Remarks | Sold | 821 | $36.62 | $0.0M | Form 4 |
| Nov 11, 2025 | Paul GuChief Technology Offier, Director | Bought | 100,000 | $39.23 | $3.9M | Form 4 |
| Oct 24, 2025 | Scott DarlingChief Legal Officer | Sold plan | 1,000 | $55.01 | $0.1M | Form 4 |
| Oct 1, 2025 | Scott DarlingChief Legal Officer | Sold plan | 1,000 | $54.64 | $0.1M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Upstart Holdings, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.2B | $532M | $368M | $788M | $652M |
| Interest coverage | 43.0x | β10.5x | β7.4x | β | β |
| 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 (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 4 | β / 6 | β / 6 | β / 6 | β / 6 | β / 6 |
| Accruals ratio | β | β2.0% | β2.9% | 29.2% | β6.5% | β14.4% | 7.5% |
| Altman Z'' | β | β | β | β | β | β | β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $164M | $233M | $849M | $842M | $514M | $637M | $1.0B |
| Net interest income | β | β | $47.3M | β$64.8M | β$46.9M | $1.1M | $93.8M |
| Research and development | $18.8M | $38.8M | $134M | $237M | $280M | $254M | $258M |
| Operating income | β$4.6M | $11.8M | $141M | β$114M | β$257M | β$173M | $42.6M |
| Interest expense | $26.5M | $8.0M | $3.3M | $10.8M | $34.9M | β | β |
| Pretax income | β$4.9M | $6.0M | $134M | β$109M | β$240M | β$128M | $54.3M |
| Income tax | $0.1M | $0.4M | β$1.7M | β$0.4M | $0.1M | $0.2M | $0.7M |
| Net income | β$0.5M | $6.0M | $135M | β$109M | β$240M | β$129M | $53.6M |
| Net income to common | β$0.5M | $0.0M | $135M | β$109M | β$240M | β$129M | $53.6M |
| Diluted EPS | β$0.03 | $0.00 | $1.43 | β$1.31 | β$2.87 | β$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 | β$658M | β$112M | $186M | β$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 | β$667M | β$113M | $185M | β$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 | β | β |
| Share buybacks | β | β | $0.0M | $178M | $0.0M | $0.0M | β |
| Dividends and buybacks | β | β | $0.0M | $178M | $0.0M | $0.0M | β |
| Balance sheet | |||||||
| Cash and short-term investments | $80.1M | $311M | $1.2B | $532M | $368M | $788M | $652M |
| Finance lease liabilities | β | β | β | $0.0M | $0.0M | β | β |
| Property and equipment, net | β | $10.0M | $24.3M | $44.2M | $42.7M | $39.0M | $44.2M |
| Goodwill | β | $0.0M | $67.1M | $67.1M | $67.1M | $67.1M | $67.1M |
| Intangible assets | β | $0.0M | $19.9M | $15.6M | $11.4M | $9.4M | $8.3M |
| Total assets | β | $477M | $1.8B | $1.9B | $2.0B | $2.4B | $3.0B |
| Total liabilities | β | $177M | $1.0B | $1.3B | $1.4B | $1.7B | $2.2B |
| Shareholders' equity | β$61.7M | $300M | $807M | $672M | $635M | $633M | $799M |
| Margins | |||||||
| Operating margin | β2.8% | 5.0% | 16.6% | β13.5% | β50.0% | β27.2% | 4.1% |
| EBITDA margin | β2.3% | 6.0% | 17.5% | β11.9% | β45.1% | β23.9% | 6.5% |
| Net margin | β0.3% | 2.6% | 16.0% | β12.9% | β46.8% | β20.2% | 5.1% |
| FCF margin | 16.8% | 6.1% | 18.8% | β79.1% | β22.0% | 29.1% | β14.2% |
| Net interest share of revenue | β | β | 5.6% | β7.7% | β9.1% | 0.2% | 9.0% |
| Returns | |||||||
| Return on equity | β | 5.0% | 24.5% | β14.7% | β36.7% | β20.3% | 7.5% |
| Return on assets | β | 1.3% | 11.8% | β5.8% | β12.1% | β5.9% | 2.0% |
| Return on tangible equity | β | 0.0% | 18.8% | β18.4% | β43.1% | β23.1% | 7.4% |
| Growth | |||||||
| Revenue growth | β | 42.2% | 263.6% | β0.7% | β39.0% | 23.9% | 64.0% |
| Net income growth | β | β | 2,163.8% | β180.2% | β | β | β |
| EPS growth | β | β | β | β191.6% | β | β | β |
| FCF growth | β | β48.0% | 1,015.1% | β516.9% | β | β | β179.8% |
| Share count change | β | 22.2% | 441.1% | β12.7% | 1.2% | 6.8% | 20.2% |
| Financial health | |||||||
| Interest coverage | β0.2x | 1.5x | 43.0x | β10.5x | β7.4x | β | β |
| 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 | β | β | 0.0% | β | β | 0.0% | β |
| Quality scores | |||||||
| Accruals ratio | β | β2.0% | β2.9% | 29.2% | β6.5% | β14.4% | 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 β not investment advice. Check the original filings before relying on any figure.
