UPST · Upstart Holdings, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $1.04B | $636.53M | $513.56M | $907.27M | $233.42M | - |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | $257.60M | $253.65M | $280.14M | $237.25M | $38.80M | - |
| SG&A | $253.74M | $230.94M | $212.39M | $185.29M | $45.61M | - |
| Total Operating Expenses | $1.00B | $809.38M | $770.09M | $956.31M | $221.65M | - |
| D&A | $24.84M | $20.55M | $24.90M | $13.51M | $2.28M | - |
| Operating Income | $42.63M | ($172.86M) | ($256.52M) | ($113.86M) | $11.77M | - |
| Interest Expense | - | - | $34.89M | $10.84M | $8.03M | - |
| Income Tax | $728.0K | $185.0K | $107.0K | ($409.0K) | $371.0K | - |
| Net Income | $53.60M | ($128.58M) | ($240.13M) | ($108.67M) | $5.98M | - |
| EPS - Basic | $0.56 | ($1.44) | ($2.87) | ($1.31) | $0.00 | - |
| EPS - Diluted | $0.45 | ($1.44) | ($2.87) | ($1.31) | $0.00 | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $652.39M | $368.40M | $467.79M | $532.47M | $122.24M | - |
| Accounts Receivable | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - |
| Total Assets | $2.97B | $2.37B | $2.02B | $1.94B | $1.82B | - |
| Current Liabilities | - | - | - | - | - | - |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $2.18B | $1.73B | $1.38B | $1.26B | $1.01B | - |
| Stockholders' Equity | $798.82M | $633.22M | $635.30M | ($61.69M) | $807.08M | ($69.22M)◇ |
| Retained Earnings | ($357.56M) | ($411.16M) | ($282.58M) | ($42.44M) | $66.22M | - |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($147.72M) | $186.33M | ($160.49M) | ($674.68M) | $15.70M | - |
| Investing Cash Flow | ($177.17M) | ($237.73M) | ($118.45M) | ($114.13M) | $136.52M | - |
| Financing Cash Flow | $405.64M | $559.87M | $214.27M | $130.03M | $79.05M | - |
| CapEx | $347.0K | $837.0K | $1.53M | $8.82M | $1.35M | - |
| Free Cash Flow | ($148.07M) | $185.49M | ($162.02M) | ($683.51M) | $14.34M | - |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | 4.1% | -27.2% | -50.0% | -12.6% | 5.0% | - |
| EBITDA margin | 6.5% | -23.9% | -45.1% | -11.1% | 6.0% | - |
| Net margin | 5.1% | -20.2% | -46.8% | -12.0% | 2.6% | - |
| Free cash flow margin | -14.2% | 29.1% | -31.5% | -75.3% | 6.1% | - |
| FCF / Net income | -2.76 | -1.44 | 0.67 | 6.29 | 2.40 | - |
| R&D / Revenue | 24.7% | 39.8% | 54.5% | 26.1% | 16.6% | - |
| SG&A / Revenue | 24.3% | 36.3% | 41.4% | 20.4% | 19.5% | - |
| Effective tax rate | 1.3% | - | - | - | 5.8% | - |
| Return on assets | 1.8% | -5.4% | -11.9% | -5.6% | 0.3% | - |
| Return on equity | 6.7% | -20.3% | -37.8% | 176.2% | 0.7% | - |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | -7.4x | -10.5x | 1.5x | - |
| Equity multiplier | 3.72 | 3.74 | 3.18 | -31.38 | 2.26 | - |
| Liabilities / Assets | 0.73 | 0.73 | 0.69 | 0.65 | 0.56 | - |
| Efficiency | ||||||
| Asset turnover | 0.35 | 0.27 | 0.25 | 0.47 | 0.13 | - |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 97.2x | - | - | - | - | - |
| P / B | 5.9x | 8.7x | 5.4x | - | 3.3x | - |
| P / S | 4.5x | 8.7x | 6.7x | 1.2x | 11.4x | - |
| EV / EBITDA | 60.0x | - | - | - | 180.0x | - |
| Growth | ||||||
| Revenue growth (YoY) | 64.0% | 23.9% | -43.4% | 288.7% | - | - |
| Revenue CAGR (3y) | 4.8% | 39.7% | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | - | 32.6% | -125.3% | - | - | - |
| Net income growth (YoY) | - | 46.5% | -121.0% | - | - | - |
| EPS growth (YoY) | - | 49.8% | -119.1% | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | 76.3% | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | 26.2% | -0.3% | - | - | - | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$12.30M totalOrigination Fees$7.60M · 61.8%
Subscription Fee$4.70M · 38.2%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
3/9
Weak
- ✓Net income positive
- ✗Operating cash flow positive
- ✓ROA improved YoY
- ✗Cash flow > net income
- -Long-term debt decreased
- -Current ratio improved
- ✗No share dilution
- -Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Finance Services
Comparing Upstart Holdings against the 5 most active filers in the same SIC group.
Cells marked with a small ◇ are sourced from SEC's bulk Financial Statement Data Sets, which can lose dimensional context (notably Revenue and Operating Income for issuers that report by segment). These cells will be replaced with authoritative values from the Company Facts API as the backfill completes.