Upstart Holdings, Inc. (UPST) Financials
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 Oct 23, 2026; every other figure is from the SEC filings on this page. Not financial advice.
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).
FY2025’s revenue recovery restored reported profit, but cash conversion broke down as operating cash flow turned negative.
The clearest earnings-quality gap is operating cash flow reversing from an inflow of$186M in FY2024 to an outflow of$148M in FY2025. That reversal occurred even though FY2025 recorded net income of$54M , whereas FY2024 recorded a net loss of$129M , so reported profitability did not translate into cash in the latest year.
Revenue increased
The balance sheet remains liability-heavy: liabilities were
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 4 of 6, with the others left out rather than counted as zero. 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.
Upstart Holdings, Inc. has an operating margin of 4.1%, meaning the company retains $4 of operating profit per $100 of revenue. Among its peers this margin ranks in the lower range, for a profitability score of 16/100. This is up from -27.2% the prior year.
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.
Not available for Upstart Holdings, Inc., so it is left out of the overall score, which averages the 4 of 6 dimensions that can be computed.
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.
Not available for Upstart Holdings, Inc., so it is left out of the overall score, which averages the 4 of 6 dimensions that can be computed.
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), the one computable operating efficiency signal (asset turnover improving) passes.
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.
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
Earnings & Revenue
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%.
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. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
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. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
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. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Cash & Balance Sheet
Upstart Holdings, Inc. recorded an outflow of $138.7M in free cash flow in Q2 2026, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Upstart Holdings, Inc. held $456.0M in cash as of Q2 2026; no long-term debt figure is on record for that period.
Not reported for Q2 2026.
Margins & Returns
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.
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.
Upstart Holdings, Inc.'s quarterly ROE was 2.1% in Q2 2026: one quarter's net income over shareholder equity, not annualized. 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.
Not reported for Q2 2026.
Capital Allocation
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%.
Upstart Holdings, Inc. repurchased no shares in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is down 100.0%.
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.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | 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 | $194.9M+41.6% | $180.5M+51.0% | $158.4M+36.7% | $139.6M+35.4% | $137.7M+60.1% | $119.5M+28.9% | $115.9M+22.6% | $103.1M+19.1% |
| Operating Income | $14.6M+222.3% | -$7.5Mn/m | $18.9Mn/m | $23.7Mn/m | $4.5Mn/m | -$4.5Mn/m | -$4.8Mn/m | -$45.2Mn/m |
| EBITDA | $14.6M+44.3% | -$1.7M-187.2% | $31.8M+5500.4% | $23.7Mn/m | $10.1Mn/m | $1.9Mn/m | $567Kn/m | -$40.1Mn/m |
| 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% | -$6.6Mn/m | $18.6Mn/m | $31.8Mn/m | $5.6Mn/m | -$2.4Mn/m | -$2.8Mn/m | -$6.8Mn/m |
| EPS (Basic) | $0.17+183.3% | -$0.07n/m | $0.19n/m | $0.33n/m | $0.06n/m | -$0.03n/m | -$0.02 | -$0.07n/m |
| EPS (Diluted) | $0.16+220.0% | -$0.07n/m | $0.17n/m | $0.23n/m | $0.05n/m | -$0.03n/m | -$0.02 | -$0.07n/m |
| 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
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.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | 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% |
| 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 | -$347.7Mn/m | -$364.2Mn/m | -$357.6Mn/m | -$376.2Mn/m | -$408.0Mn/m | -$413.6Mn/m | -$411.2Mn/m | -$408.4Mn/m |
Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Current Liabilities, Non-Current Liabilities, Long-Term Debt.
UPST Cash Flow 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.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$136.6Mn/m | -$133.3Mn/m | $108.6Mn/m | -$122.6M-168.4% | -$120.2M-263.3% | -$13.5M-130.4% | -$110.9Mn/m | $179.3Mn/m |
| 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% | $2.8Mn/m | $157Kn/m | $75K-35.3% | $115K+210.8% | $0-100.0% | $0-100.0% | $116K-14.1% |
| Free Cash Flow | -$138.7Mn/m | -$136.0Mn/m | $108.4Mn/m | -$122.7M-168.5% | -$120.3M-263.5% | -$13.5M-130.9% | -$110.9Mn/m | $179.2Mn/m |
| Investing Cash Flow | $94.1Mn/m | $876Kn/m | $131.7Mn/m | -$120.5Mn/m | -$109.8Mn/m | -$78.6Mn/m | -$77.9Mn/m | -$46.2Mn/m |
| Financing Cash Flow | $93.5M+1.7% | $6.7Mn/m | -$20.2M-104.0% | $378.6Mn/m | $91.9M-25.9% | -$44.7Mn/m | $509.3M+1702.9% | -$38.0M-116.0% |
| Share Buybacks | $0n/m | $100.1Mn/m | 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.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | 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 |
| Liabilities-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, Debt-to-Equity.
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% | $2.3B | 38/100 |
| Credit Acceptance Corp CACC | FY2025 | $2.3B | $423.9M | 18.3% | $5.7B | 66/100 |
| FirstCash Holdings, Inc. FCFS | FY2025 | $3.7B | $330.4M | 9.0% | $7.5B | 71/100 |
| SLM Corporation SLM | FY2025 | $2.0B | $744.8M | 37.5% | $3.7B | 57/100 |
| OneMain Holdings, Inc. OMF | FY2025 | $4.9B | $783.0M | 16.0% | $6.4B | 52/100 |
| Qfin Holdings, Inc. QFIN | FY2025 | $2.7B | $856.5M | 31.2% | $639.5M | 83/100 |
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 $60.3M over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net income of $53.6M, 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.
What is Upstart Holdings, Inc.'s liabilities-to-equity ratio?
Upstart Holdings, Inc. (UPST) had a liabilities-to-equity ratio of 2.72 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
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 38.4x earnings, its market capitalization divided by $60.3M net income, trailing 12 months to June 30, 2026. The market capitalization is $2.3B as of Oct 23, 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 1.9x sales, its market capitalization divided by $1.2B revenue, trailing 12 months to June 30, 2026. The market capitalization is $2.3B as of Oct 23, 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 38 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is the average 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. For Upstart Holdings, Inc. it averages the 4 of 6 dimensions that can be computed; the others are left out rather than counted as zero. 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.