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 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $308.21M | - | $277.11M | $257.29M | $213.37M | - | $162.14M | $127.63M | $127.79M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | $80.11M | - | $64.03M | $68.83M | $57.84M | - | $64.89M | $58.45M | $63.09M | - |
| SG&A | $76.07M | - | $60.78M | $64.57M | $60.56M | - | $59.87M | $53.02M | $57.61M | - |
| Total Operating Expenses | $315.73M | - | $253.44M | $252.75M | $217.87M | - | $207.29M | $183.12M | $195.26M | - |
| D&A | $5.86M | - | $0 | $5.60M | $6.40M | - | $5.10M | $4.50M | $5.63M | - |
| Operating Income | ($7.52M) | - | $23.67M | $4.54M | ($4.50M) | - | ($45.15M) | ($55.49M) | ($67.47M) | - |
| Interest Expense | - | - | - | - | - | - | - | - | $10.71M | - |
| Income Tax | $84.0K | - | $124.0K | $49.0K | $29.0K | - | $45.0K | $15.0K | $14.0K | - |
| Net Income | ($6.65M) | - | $31.80M | $5.61M | ($2.45M) | - | ($6.76M) | ($54.47M) | ($64.60M) | - |
| EPS - Basic | ($0.07) | - | $0.33 | $0.06 | ($0.03) | - | ($0.07) | ($0.62) | ($0.74) | - |
| EPS - Diluted | ($0.07) | - | $0.23 | $0.05 | ($0.03) | - | ($0.07) | ($0.62) | ($0.74) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $472.93M | $652.39M | $489.78M | $395.94M | $599.78M | $788.42M | $655.77M | $560.62M | $439.15M | $368.40M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - | - | - | - | - |
| Total Assets | $2.96B | $2.97B | $2.90B | $2.48B | $2.30B | $2.37B | $1.81B | $1.82B | $1.93B | $2.02B |
| Current Liabilities | - | - | - | - | - | - | - | - | - | - |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $2.23B | $2.18B | $2.16B | $1.76B | $1.62B | $1.73B | $1.21B | $1.23B | $1.31B | $1.38B |
| Stockholders' Equity | $733.17M | $798.82M | $743.72M | $722.01M | $676.64M | $633.22M | $595.54M | $594.71M | $612.80M | $635.30M |
| Retained Earnings | ($364.20M) | ($357.56M) | ($376.19M) | ($408.00M) | ($413.60M) | ($411.16M) | ($408.40M) | ($401.64M) | ($347.17M) | ($282.58M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($133.30M) | - | - | - | ($13.49M) | - | - | - | $52.62M | - |
| Investing Cash Flow | $876.0K | - | - | - | ($78.57M) | - | - | - | ($37.55M) | - |
| Financing Cash Flow | $6.74M | - | - | - | ($44.68M) | - | - | - | ($43.71M) | - |
| CapEx | $2.75M | - | - | - | $0 | - | - | - | $684.0K | - |
| Free Cash Flow | ($136.05M) | - | - | - | ($13.49M) | - | - | - | $51.94M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | -2.4% | - | 8.5% | 1.8% | -2.1% | - | -27.8% | -43.5% | -52.8% | - |
| EBITDA margin | -0.5% | - | 8.5% | 3.9% | 0.9% | - | -24.7% | -39.9% | -48.4% | - |
| Net margin | -2.2% | - | 11.5% | 2.2% | -1.1% | - | -4.2% | -42.7% | -50.5% | - |
| Free cash flow margin | -44.1% | - | - | - | -6.3% | - | - | - | 40.6% | - |
| FCF / Net income | 20.47 | - | - | - | 5.51 | - | - | - | -0.80 | - |
| R&D / Revenue | 26.0% | - | 23.1% | 26.7% | 27.1% | - | 40.0% | 45.8% | 49.4% | - |
| SG&A / Revenue | 24.7% | - | 21.9% | 25.1% | 28.4% | - | 36.9% | 41.5% | 45.1% | - |
| Effective tax rate | - | - | 0.4% | 0.9% | - | - | - | - | - | - |
| Return on assets | -0.2% | - | 1.1% | 0.2% | -0.1% | - | -0.4% | -3.0% | -3.4% | - |
| Return on equity | -0.9% | - | 4.3% | 0.8% | -0.4% | - | -1.1% | -9.2% | -10.5% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | - | - | - | - | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - | - | - | - | - |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | -6.3x | - |
| Equity multiplier | 4.04 | 3.72 | 3.91 | 3.43 | 3.39 | 3.74 | 3.04 | 3.06 | 3.15 | 3.18 |
| Liabilities / Assets | 0.75 | 0.73 | 0.74 | 0.71 | 0.71 | 0.73 | 0.67 | 0.67 | 0.68 | 0.69 |
| Efficiency | ||||||||||
| Asset turnover | 0.10 | - | 0.10 | 0.10 | 0.09 | - | 0.09 | 0.07 | 0.07 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | 220.9x | 1293.6x | - | - | - | - | - | - |
| P / B | 3.4x | - | 7.5x | 9.2x | 6.4x | - | 6.1x | 3.5x | 3.8x | - |
| P / S | 8.1x | - | 20.1x | 25.9x | 20.3x | - | 22.2x | 16.3x | 18.3x | - |
| EV / EBITDA | - | - | 214.8x | 616.9x | 1964.1x | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 44.4% | - | 70.9% | 101.6% | 67.0% | - | 10.5% | -11.2% | 9.1% | - |
| Revenue CAGR (3y) | 38.1% | - | 15.6% | -0.1% | -12.1% | - | -10.8% | -12.0% | 23.4% | - |
| Revenue CAGR (5y) | 35.3% | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | -67.2% | - | - | - | 93.3% | - | -3.0% | -66.4% | 48.8% | - |
| Net income growth (YoY) | -171.6% | - | - | - | 96.2% | - | 83.2% | -93.4% | 50.0% | - |
| EPS growth (YoY) | -133.3% | - | - | - | 95.9% | - | 85.4% | -82.4% | 53.2% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | -908.8% | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 8.4% | 26.2% | 24.9% | 21.4% | 10.4% | -0.3% | -7.1% | -6.8% | -2.3% | -5.5% |
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%
Peer comparison
Same SIC group: Finance Services
Comparing Upstart Holdings against the 5 most active filers in the same SIC group.