What is Upstart Holdings, Inc.'s earnings per share (EPS)?

Upstart Holdings, Inc. (UPST) reported diluted earnings per share of $0.45 for fiscal year 2025. This represents a 131.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Upstart Holdings, Inc. (UPST) Financials

UPST

Trailing 12 months to June 30, 2026

Revenue $1.2B +46.3% YoY

Net Income $60.3M +1049.7% YoY

EPS (Diluted) $0.49 +800.0% YoY

Free Cash Flow -$289.0M -341.5% YoY

Market Cap $2.5B as of Sep 9, 2026

Price / Sales 2.0x on $1.2B revenue, trailing 12 months to June 30, 2026

Price / Earnings 41.8x on $60.3M net income, trailing 12 months to June 30, 2026

Price / Book 3.2x on $797.5M equity, Q2 FY2026

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 Sep 9, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 4, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 4, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the UPST SEC filings page.

Upstart Holdings, Inc. (UPST) reported $1.2B in revenue over the twelve months to Jun 30, 2026, up 46.3% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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).

Rhea AI UPST FY2025 2026-08-29

Revenue recovery restored reported profitability in FY2025, but cash-flow reversal and financing reliance make the turnaround mechanically incomplete.

FY2025 net income of $53.6M coexisted with operating cash flow of -$147.7M, so the accounting turnaround did not arrive as cash. FCF of -$148.1M nearly matched operating cash flow despite capital expenditure of $347K, indicating the shortfall was tied to operating or balance-sheet cash movements rather than a heavy reinvestment program.

Revenue reached $1.0B in FY2025 as operating margin turned positive at 4.1%. The move from -27.2% in FY2024 indicates that incremental volume absorbed much of the existing operating-cost base; the margin improvement reflects cost absorption at higher activity, while cash data leave its quality unresolved.

FY2025 financing cash flow was $405.6M while debt-to-equity remained 2.7x, indicating that the return to profit coincided with continued reliance on financing and a liability-heavy structure. Debt-to-equity was 2.7x in FY2025 versus 1.3x in FY2021, meaning leverage remained materially higher than at the earlier profitable point.

Financial Health Signals

Financial Health Score 26/100

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 Upstart Holdings, 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.

Profitability

Upstart Holdings, Inc. has an operating margin of 4.1%, meaning the company retains $4 of operating profit per $100 of revenue. This below-average margin results in a low score of 16/100, suggesting thin profitability after operating expenses. This is up from -27.2% the prior year.

Growth

Upstart Holdings, Inc.'s revenue surged 64.0% year-over-year to $1.0B, reflecting rapid business expansion. This strong growth earns a score of 93/100.

Leverage

Upstart Holdings, Inc. has elevated debt relative to equity (D/E of 2.72), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 24/100, reflecting increased financial risk.

Liquidity

Not available for Upstart Holdings, Inc., and counted as zero in the overall score.

Cash Flow

Upstart Holdings, Inc.'s operations used $147.7M of cash, and capex of $347K added to the outflow, for a free cash flow shortfall of $148.1M. This results in a cash flow score of 20/100.

Returns

Not available for Upstart Holdings, Inc., and counted as zero in the overall score.

Piotroski F-Score Partial

3/6

Upstart Holdings, Inc. passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality No Cash Backing

$2.76used

For every $1 of reported earnings, Upstart Holdings, Inc. used $2.76 of operating cash (-$147.7M OCF vs $53.6M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.

Interest Coverage At Risk

1.35x

Upstart Holdings, Inc. earns $1.35 in operating income for every $1 of interest expense ($42.6M vs $31.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$364.7M

YoY+41.7%

QoQ+18.3%

5Y CAGR+13.5%

Upstart Holdings, Inc. generated $364.7M in revenue in Q2 2026. This represents an increase of 41.7% from the same quarter a year earlier. Against the prior quarter it is up 18.3%.

EBITDA

$14.6M

YoY+44.3%

QoQ+981.9%

5Y CAGR-17.5%

Upstart Holdings, Inc.'s EBITDA was $14.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 44.3% from the same quarter a year earlier. Against the prior quarter it is up 981.9%.

Net Income

$16.5M

YoY+195.0%

QoQ+348.9%

5Y CAGR-15.0%

Upstart Holdings, Inc. reported $16.5M in net income in Q2 2026. This represents an increase of 195.0% from the same quarter a year earlier. Against the prior quarter it is up 348.9%.

EPS (Diluted)

$0.16

YoY+220.0%

QoQ+328.6%

5Y CAGR-16.3%

Upstart Holdings, Inc. earned $0.16 per diluted share (EPS) in Q2 2026. This represents an increase of 220.0% from the same quarter a year earlier. Against the prior quarter it is up 328.6%.

Cash & Balance Sheet

Free Cash Flow

-$138.7M

YoY-15.3%

QoQ-1.9%

Upstart Holdings, Inc. recorded an outflow of $138.7M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 15.3% from the same quarter a year earlier. Against the prior quarter it is down 1.9%.

Cash & Debt

$456.0M

YoY+15.2%

QoQ-3.6%

5Y CAGR-5.9%

Upstart Holdings, Inc. held $456.0M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

97M

YoY+1.1%

QoQ+1.7%

5Y CAGR+4.6%

Upstart Holdings, Inc. had 97M shares outstanding in Q2 2026. This represents an increase of 1.1% from the same quarter a year earlier. Against the prior quarter it is up 1.7%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Operating Margin

4.0%

YoY+2.2pp

QoQ+6.5pp

5Y CAGR-14.7pp

Upstart Holdings, Inc.'s operating margin was 4.0% in Q2 2026, reflecting core business profitability. This is up 2.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 6.5 percentage points.

Net Margin

4.5%

YoY+2.4pp

QoQ+6.7pp

5Y CAGR-14.7pp

Upstart Holdings, Inc.'s net profit margin was 4.5% in Q2 2026, showing the share of revenue converted to profit. This is up 2.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 6.7 percentage points.

Return on Equity

2.1%

YoY+1.3pp

QoQ+3.0pp

5Y CAGR-3.1pp

Upstart Holdings, Inc.'s ROE was 2.1% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 1.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.0 percentage points.

Gross Margin

Not reported for Q2 2026.

Capital Allocation

R&D Spending

$93.9M

YoY+36.4%

QoQ+17.2%

5Y CAGR+24.5%

Upstart Holdings, Inc. invested $93.9M in research and development in Q2 2026. This represents an increase of 36.4% from the same quarter a year earlier. Against the prior quarter it is up 17.2%.

Share Buybacks

QoQ-100.0%

Upstart Holdings, Inc. repurchased no shares in Q2 2026. Against the prior quarter it is down 100.0%.

Capital Expenditures

$2.1M

YoY+1689.6%

QoQ-25.2%

5Y CAGR+3.5%

Upstart Holdings, Inc. invested $2.1M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 1689.6% from the same quarter a year earlier. Against the prior quarter it is down 25.2%.

UPST 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.

UPST quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
Revenue	$1.2B	$1.0B+64.0%	$636.5M+23.9%	$513.6M-39.0%	$842.4M-0.7%	$848.6M+263.6%	$233.4M+42.2%	$164.2M
R&D Expenses	$304.9M	$257.6M+1.6%	$253.7M-9.5%	$280.1M+18.1%	$237.2M+77.1%	$134.0M+245.3%	$38.8M+106.6%	$18.8M
SG&A Expenses	$285.1M	$253.7M+9.9%	$230.9M+8.7%	$212.4M+14.6%	$185.3M+51.0%	$122.7M+169.0%	$45.6M+43.1%	$31.9M
Operating Income	$49.7M	$42.6M+124.7%	-$172.9M+32.6%	-$256.5M-125.3%	-$113.9M-180.8%	$140.9M+1097.5%	$11.8M+357.2%	-$4.6M
EBITDA	N/A	$67.5M+144.3%	-$152.3M+34.2%	-$231.6M-130.8%	-$100.3M-167.6%	$148.4M+956.9%	$14.0M+469.5%	-$3.8M
Interest Expense	$39.8M	$31.7M-21.7%	$40.4M+15.9%	$34.9M+221.8%	$10.8M+231.2%	$3.3M-59.2%	$8.0M-69.7%	$26.5M
Income Tax	$1.3M	$728K+293.5%	$185K+72.9%	$107K+126.2%	-$409K+76.1%	-$1.7M-561.5%	$371K+401.4%	$74K
Net Income	$60.3M	$53.6M+141.7%	-$128.6M+46.5%	-$240.1M-121.0%	-$108.7M-180.2%	$135.4M+2163.8%	$6.0M+1383.9%	-$466K
EPS (Basic)	N/A	$0.56+138.9%	-$1.44+49.8%	-$2.87-119.1%	-$1.31-175.7%	$1.73	$0.00+100.0%	-$0.03
EPS (Diluted)	$0.49	$0.45+131.3%	-$1.44+49.8%	-$2.87-119.1%	-$1.31-191.6%	$1.43	$0.00+100.0%	-$0.03
Diluted Shares (Avg)	N/A	107M+20.2%	89M+6.8%	84M+1.2%	83M-12.7%	95M+441.1%	18M+22.2%	14M

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	$364.7M+41.7%	$308.2M+44.4%	$296.1M+35.2%	$277.1M+70.9%	$257.3M+101.6%	$213.4M+67.0%	$219.0M+56.1%	$162.1M+20.5%
R&D Expenses	$93.9M+36.4%	$80.1M+38.5%	$66.9M-0.5%	$64.0M-1.3%	$68.8M+17.7%	$57.8M-8.3%	$67.2M+17.6%	$64.9M+18.1%
SG&A Expenses	$80.4M+24.5%	$76.1M+25.6%	$67.8M+12.3%	$60.8M+1.5%	$64.6M+21.8%	$60.6M+5.1%	$60.4M+8.3%	$59.9M+11.9%
Operating Income	$14.6M+222.3%	-$7.5M-67.2%	$18.9M+498.3%	$23.7M+152.4%	$4.5M+108.2%	-$4.5M+93.3%	-$4.8M+90.0%	-$45.2M-3.0%
EBITDA	$14.6M+44.3%	-$1.7M-187.2%	$31.8M+5500.4%	$23.7M+159.1%	$10.1M+119.9%	$1.9M+103.1%	$567K+101.5%	-$40.1M-0.3%
Interest Expense	$12.5M+61.2%	$10.4M+47.7%	$8.1M+8.7%	$8.8M-18.7%	$7.8M-32.2%	$7.0M-34.5%	$7.4M-47.2%	$10.8M+14.9%
Income Tax	$614K+1153.1%	$84K+189.7%	$526K+373.9%	$124K+175.6%	$49K+226.7%	$29K+107.1%	$111K+76.2%	$45K+350.0%
Net Income	$16.5M+195.0%	-$6.6M-171.6%	$18.6M+776.4%	$31.8M+570.6%	$5.6M+110.3%	-$2.4M+96.2%	-$2.8M+93.5%	-$6.8M+83.2%
EPS (Basic)	$0.17+183.3%	-$0.07-133.3%	$0.19+1050.0%	$0.33+571.4%	$0.06+109.7%	-$0.03+95.9%	-$0.02+95.9%	-$0.07+85.4%
EPS (Diluted)	$0.16+220.0%	-$0.07-133.3%	$0.17+950.0%	$0.23+428.6%	$0.05+108.1%	-$0.03+95.9%	-$0.02	-$0.07+85.4%
Diluted Shares (Avg)	110M+6.7%	97M+2.8%	N/A	110M+21.8%	103M+16.3%	94M+8.3%	N/A	90M+6.8%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.

UPST Balance Sheet

UPST quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
Total Assets	$3.0B+25.7%	$2.4B+17.3%	$2.0B+4.2%	$1.9B+6.4%	$1.8B+281.4%	$477.3M	N/A
Cash & Equivalents	$652.4M-17.3%	$788.4M+114.0%	$368.4M-30.8%	$532.5M-55.3%	$1.2B+282.6%	$311.3M+288.8%	$80.1M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0
Goodwill	$67.1M0.0%	$67.1M0.0%	$67.1M0.0%	$67.1M0.0%	$67.1M	$0	N/A
Total Liabilities	$2.2B+25.5%	$1.7B+25.5%	$1.4B+9.4%	$1.3B+24.7%	$1.0B+472.5%	$177.0M	N/A
Total Equity	$798.8M+26.2%	$633.2M-0.3%	$635.3M-5.5%	$672.4M-16.7%	$807.1M+168.8%	$300.3M+586.7%	-$61.7M
Retained Earnings	-$357.6M+13.0%	-$411.2M-45.5%	-$282.6M-565.8%	-$42.4M-164.1%	$66.2M+195.7%	-$69.2M	N/A

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	$3.2B+28.0%	$3.0B+29.0%	$3.0B+25.7%	$2.9B+60.6%	$2.5B+36.1%	$2.3B+19.1%	$2.4B+17.3%	$1.8B-9.6%
Cash & Equivalents	$456.0M+15.2%	$472.9M-21.1%	$652.4M-17.3%	$489.8M-25.3%	$395.9M-29.4%	$599.8M+36.6%	$788.4M+114.0%	$655.8M+6.6%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$67.1M0.0%	$67.1M0.0%	$67.1M0.0%	$67.1M-0.1%	$67.1M-0.1%	$67.1M-0.1%	$67.1M0.0%	$67.1M+0.1%
Total Liabilities	$2.4B+35.2%	$2.2B+37.6%	$2.2B+25.5%	$2.2B+78.1%	$1.8B+43.3%	$1.6B+23.2%	$1.7B+25.5%	$1.2B-10.8%
Total Equity	$797.5M+10.5%	$733.2M+8.4%	$798.8M+26.2%	$743.7M+24.9%	$722.0M+21.4%	$676.6M+10.4%	$633.2M-0.3%	$595.5M-7.1%
Retained Earnings	-$347.7M+14.8%	-$364.2M+11.9%	-$357.6M+13.0%	-$376.2M+7.9%	-$408.0M-1.6%	-$413.6M-19.1%	-$411.2M-45.5%	-$408.4M-70.0%

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities, Non-Current Liabilities, Long-Term Debt.

UPST Cash Flow Statement

UPST quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
Operating Cash Flow	-$284.0M	-$147.7M-179.3%	$186.3M+266.8%	-$111.7M+83.0%	-$657.9M-490.8%	$168.4M+972.5%	$15.7M-50.3%	$31.6M
Depreciation & Amortization	N/A	$24.8M+20.9%	$20.5M-17.5%	$24.9M+84.3%	$13.5M+79.2%	$7.5M+231.0%	$2.3M+194.3%	$774K
Stock-Based Compensation	N/A	$131.9M-1.1%	$133.4M-23.8%	$175.0M+39.0%	$125.9M+72.1%	$73.2M+535.7%	$11.5M+202.5%	$3.8M
Capital Expenditures	$5.0M	$347K-58.5%	$837K-45.2%	$1.5M-82.7%	$8.8M+4.7%	$8.4M+521.9%	$1.4M-66.2%	$4.0M
Free Cash Flow	-$289.0M	-$148.1M-179.8%	$185.5M+263.8%	-$113.2M+83.0%	-$666.7M-516.9%	$159.9M+1015.1%	$14.3M-48.0%	$27.6M
Investing Cash Flow	$106.2M	-$177.2M+25.5%	-$237.7M-100.7%	-$118.5M-3.8%	-$114.1M+20.7%	-$143.9M-205.4%	$136.5M+200.5%	$45.4M
Financing Cash Flow	$458.6M	$405.6M-27.5%	$559.9M+238.3%	$165.5M+46.2%	$113.2M-86.8%	$855.4M+982.1%	$79.1M+166.3%	-$119.2M
Share Buybacks	N/A	N/A	$0	$0-100.0%	$177.9M	$0	N/A	N/A

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	-$136.6M-13.7%	-$133.3M-888.4%	$108.6M+197.9%	-$122.6M-168.4%	-$120.2M-263.3%	-$13.5M-130.4%	-$110.9M+23.8%	$179.3M+266.5%
Depreciation & Amortization	$0-100.0%	$5.9M-8.5%	$6.5M+37.5%	$0-100.0%	$5.6M+24.4%	$6.4M+13.6%	$4.7M-48.4%	$5.1M+30.8%
Stock-Based Compensation	$44.5M+25.2%	$34.8M+16.7%	N/A	$34.2M+1.6%	$35.5M+3.8%	$29.8M-16.6%	N/A	$33.6M-5.5%
Capital Expenditures	$2.1M+1689.6%	$2.8M	$157K	$75K-35.3%	$115K+210.8%	$0-100.0%	$0-100.0%	$116K-14.1%
Free Cash Flow	-$138.7M-15.3%	-$136.0M-908.8%	$108.4M+197.7%	-$122.7M-168.5%	-$120.3M-263.5%	-$13.5M-130.9%	-$110.9M+23.9%	$179.2M+266.2%
Investing Cash Flow	$94.1M+185.7%	$876K+101.1%	$131.7M+269.1%	-$120.5M-161.0%	-$109.8M-44.3%	-$78.6M-109.3%	-$77.9M-160.6%	-$46.2M-90.7%
Financing Cash Flow	$93.5M+1.7%	$6.7M+115.1%	-$20.2M-104.0%	$378.6M+1095.7%	$91.9M-25.9%	-$44.7M-26.1%	$509.3M+1702.9%	-$38.0M-116.0%
Share Buybacks	$0	$100.1M	N/A	N/A	$0	$0	N/A	N/A

Not reported in any period shown, so not listed: Dividends Paid.

UPST 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.

UPST quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
Operating Margin	4.1%+31.2pp	-27.2%+22.8pp	-50.0%-36.4pp	-13.5%-30.1pp	16.6%+11.6pp	5.0%+7.8pp	-2.8%
Net Margin	5.1%+25.3pp	-20.2%+26.6pp	-46.8%-33.9pp	-12.9%-28.9pp	16.0%+13.4pp	2.6%+2.8pp	-0.3%
Return on Equity	6.7%+27.0pp	-20.3%+17.5pp	-37.8%-21.6pp	-16.2%-32.9pp	16.8%+14.8pp	2.0%	N/A
Return on Assets	1.8%+7.2pp	-5.4%+6.5pp	-11.9%-6.3pp	-5.6%-13.1pp	7.4%+6.2pp	1.3%	N/A
Debt-to-Equity	2.720.0x	2.74+0.6x	2.17+0.3x	1.88+0.6x	1.26+0.7x	0.59	N/A
Asset Turnover	0.35+0.1x	0.270.0x	0.25-0.2x	0.440.0x	0.470.0x	0.49	N/A
FCF Margin	-14.2%-43.3pp	29.1%+51.2pp	-22.1%+57.1pp	-79.1%-98.0pp	18.9%+12.7pp	6.1%-10.7pp	16.8%

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 Margin	4.0%+2.2pp	-2.4%-0.3pp	6.4%+8.6pp	8.5%+36.4pp	1.8%+45.2pp	-2.1%+50.7pp	-2.2%+31.7pp	-27.9%+4.7pp
Net Margin	4.5%+2.4pp	-2.2%-1.0pp	6.3%+7.5pp	11.5%+15.7pp	2.2%+44.9pp	-1.1%+49.4pp	-1.3%+29.0pp	-4.2%+25.8pp
Return on Equity	2.1%+1.3pp	-0.9%-0.6pp	2.3%+2.8pp	4.3%+5.4pp	0.8%+9.9pp	-0.4%+10.2pp	-0.4%+6.2pp	-1.1%+5.2pp
Return on Assets	0.5%+0.3pp	-0.2%-0.1pp	0.6%+0.8pp	1.1%+1.5pp	0.2%+3.2pp	-0.1%+3.2pp	-0.1%+2.0pp	-0.4%+1.6pp
Debt-to-Equity	2.98+0.5x	3.04+0.6x	2.720.0x	2.91+0.9x	2.43+0.4x	2.39+0.2x	2.74+0.6x	2.04-0.1x
Asset Turnover	0.120.0x	0.100.0x	0.100.0x	0.100.0x	0.100.0x	0.090.0x	0.090.0x	0.090.0x
FCF Margin	-38.0%+8.7pp	-44.1%-37.8pp	36.6%+87.3pp	-44.3%	-46.8%-104.4pp	-6.3%-40.5pp	-50.7%	110.5%

Not reported in any period shown, so not listed: Gross Margin, Current Ratio.

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: FCF Margin.

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
Upstart Holdings, Inc. UPST	FY2025	$1.0B	$53.6M	5.1%	$2.5B	26/100
Credit Accep Corp Mich CACC	FY2025	$2.3B	$424	0.0%	$6.2B	30/100
Firstcash Holdings Inc FCFS	FY2025	$3.7B	$330.4M	9.0%	$9.8B	46/100
Slm Corp SLM	FY2025	$2.0B	$744.8M	37.5%	$4.9B	13/100
Onemain Hldgs Inc OMF	FY2025	$4.9B	$783.0M	16.0%	$7.3B	11/100
Qfin Holdings, Inc. QFIN	FY2025	$2.7B	$854.5M	31.1%	$1.1B	75/100

Where Upstart Holdings, Inc. Ranks

Frequently Asked Questions

What is Upstart Holdings, Inc.'s annual revenue?

Upstart Holdings, Inc. (UPST) reported $1.0B in total revenue for fiscal year 2025. This represents a 64.0% 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 Upstart Holdings, Inc.'s revenue growing?

Upstart Holdings, Inc. (UPST) revenue grew by 64.0% year-over-year, from $636.5M to $1.0B in fiscal year 2025.

Is Upstart Holdings, Inc. profitable?

Yes, Upstart Holdings, Inc. (UPST) reported a net income of $53.6M in fiscal year 2025, with a net profit margin of 5.1%.

What is Upstart Holdings, Inc.'s EBITDA?

Upstart Holdings, Inc. (UPST) had EBITDA of $67.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Upstart Holdings, Inc.'s operating margin?

Upstart Holdings, Inc. (UPST) had an operating margin of 4.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Upstart Holdings, Inc.'s net profit margin?

Upstart Holdings, Inc. (UPST) had a net profit margin of 5.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Upstart Holdings, Inc.'s return on equity (ROE)?

Upstart Holdings, Inc. (UPST) has a return on equity of 6.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Upstart Holdings, Inc.'s free cash flow?

Upstart Holdings, Inc. (UPST) recorded an outflow of $148.1M in free cash flow during fiscal year 2025. This represents a -179.8% 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 Upstart Holdings, Inc.'s operating cash flow?

Upstart Holdings, Inc. (UPST) recorded an outflow of $147.7M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Upstart Holdings, Inc.'s total assets?

Upstart Holdings, Inc. (UPST) had $3.0B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Upstart Holdings, Inc.'s capital expenditures?

Upstart Holdings, Inc. (UPST) invested $347K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Upstart Holdings, Inc. spend on research and development?

Upstart Holdings, Inc. (UPST) invested $257.6M in research and development during fiscal year 2025.

How many shares does Upstart Holdings, Inc. have outstanding?

Upstart Holdings, Inc. (UPST) had 98M shares outstanding as of fiscal year 2025.

What is Upstart Holdings, Inc.'s debt-to-equity ratio?

Upstart Holdings, Inc. (UPST) had a debt-to-equity ratio of 2.72 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Upstart Holdings, Inc.'s return on assets (ROA)?

Upstart Holdings, Inc. (UPST) had a return on assets of 1.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Upstart Holdings, Inc.'s P/E ratio?

Upstart Holdings, Inc. (UPST) trades at 41.8x earnings, its market capitalization divided by net income of $60.3M net income, trailing 12 months to June 30, 2026. The market capitalization is $2.5B as of Sep 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Upstart Holdings, Inc.'s price-to-sales ratio?

Upstart Holdings, Inc. (UPST) trades at 2.0x sales, its market capitalization divided by revenue of $1.2B revenue, trailing 12 months to June 30, 2026. The market capitalization is $2.5B as of Sep 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Upstart Holdings, Inc.'s Piotroski F-Score?

Upstart Holdings, Inc. (UPST) has a Piotroski F-Score of 3 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 Upstart Holdings, Inc.'s earnings high quality?

For every $1 of reported earnings, Upstart Holdings, Inc. (UPST) used $2.76 of operating cash (-$147.7M OCF vs $53.6M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. 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 Upstart Holdings, Inc. cover its interest payments?

Upstart Holdings, Inc. (UPST) has an interest coverage ratio of 1.35x, 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 Upstart Holdings, Inc.?

Upstart Holdings, Inc. (UPST) scores 26 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.