[144] Upstart Holdings, Inc. Common stock SEC Filing

Rhea-AI Filing Summary

Starbucks (SBUX) Q3 FY-25 (quarter ended 29-Jun-25) shows modest topline growth but sharp margin compression.

• Revenue: $9.46 bn, up 3.8 % YoY; nine-month revenue $27.62 bn, +1.9 %.
• Profitability: Operating income fell 38 % to $0.94 bn; net income down 47 % to $558 m; diluted EPS $0.49 vs $0.93.
• Drivers: Store operating costs +13.5 %, product & distribution +7.8 %, and a $20.8 m restructuring charge squeezed margins. YTD restructuring expense totals $137 m.
• Cash-flow: Operating cash flow $3.37 bn (-26 % YTD); capex $1.85 bn; free cash flow contracted to ≈$1.5 bn.
• Balance-sheet: Cash rose to $4.17 bn (from $3.29 bn) but inventories climbed 27 % to $2.26 bn. Total debt increased slightly to $17.32 bn and current maturities doubled to $2.75 bn. Shareholders’ equity remains a deficit of $7.69 bn.
• Capital return: Dividends of $2.08 bn paid YTD ($0.61 per share this quarter); no repurchases vs $1.27 bn prior-year.
• Other: Closed acquisition of UK licensee 23.5 Degrees, adding 113 company-operated stores; not material to consolidated results.

Overall, higher operating expenses and restructuring offset modest sales gains, driving a steep earnings decline.

Positive

• Revenue grew 3.8 % YoY, indicating underlying demand resilience.
• Cash & cash equivalents increased to $4.17 bn, bolstering liquidity.
• Interest expense YTD declined to $396.8 m from $422.0 m.

Negative

• Net earnings fell 47 % and EPS dropped to $0.49, reflecting severe margin contraction.
• Operating margin compressed to 9.9 % from 16.6 % YoY.
• Inventory rose 27 %, potentially signaling demand-supply imbalance.
• Shareholders’ equity remains negative at –$7.69 bn.
• Restructuring charges of $137 m YTD add to cost pressure.
• Free cash flow declined ~40 % and dividend payout consumes majority of FCF.

Insights

Equity Research Analyst

TL;DR – Revenue up slightly, but costs surged and EPS nearly halved; outlook appears pressured.

Earnings deterioration is pronounced: gross profit grew only 0.9 % while opex rose 11.8 %, cutting operating margin from 16.6 % to 9.9 %. Labor inflation and the $137 m restructuring program weigh on profitability. Inventory build suggests demand forecasting risk or holiday load-in. Cash balance improvement is debt-funded; leverage (total-debt/EBITDA trailing) trends higher and equity remains negative. Dividend coverage slips to 83 % of YTD free cash flow. Absence of buybacks conserves liquidity but signals management caution. Modest UK acquisition is strategic but immaterial. Without clearer margin recovery drivers, near-term earnings momentum is negative.

Portfolio Risk Manager

TL;DR – Rising costs, inventory and leverage elevate risk; cash cushion offsets near-term liquidity concerns.

Starbucks generated $3.37 bn in operating cash but required new long-term debt ($1.75 bn) to fund capex and dividends. Current debt maturities of $2.75 bn amplify refinancing needs amid higher rates. Shareholders’ deficit deepened, limiting balance-sheet flexibility. Hedging gains partially offset FX volatility, yet AOCI loss widened to $535 m. Key watch-points: restructuring execution, wage inflation trajectory and inventory normalization. On balance, filing is impactful negative for credit and equity risk.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Charles Schwab & Co., Inc. 3000 Schwab Way Westlake TX 76262	3000	244500.00	95144858	07/29/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	07/29/2025	Stock Option Exercise	Upstart Holdings, Inc.			3000	07/29/2025	Broker Payment for Cashless Exercise

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Sukhinder Singh Cassidy 2950 S. DELAWARE STREET, SUITE 410 SAN MATEO CA 94403	Upstart Holdings, Inc.	07/01/2025	1278	85639.00
Sukhinder Singh Cassidy 2950 S. DELAWARE STREET, SUITE 410 SAN MATEO CA 94403	Upstart Holdings, Inc.	07/08/2025	10957	834683.00
Sukhinder Singh Cassidy 2950 S. DELAWARE STREET, SUITE 410 SAN MATEO CA 94403	Upstart Holdings, Inc.	07/18/2025	5000	330000.00
Sukhinder Singh Cassidy 2950 S. DELAWARE STREET, SUITE 410 SAN MATEO CA 94403	Upstart Holdings, Inc.	07/24/2025	3000	247993.00

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How did Starbucks (SBUX) revenue perform in Q3 FY-25?

Total net revenue was $9.46 billion, up 3.8 % from $9.11 billion a year earlier.

What were Starbucks' Q3 FY-25 earnings per share?

Diluted EPS was $0.49, down from $0.93 in the prior-year quarter.

Why did Starbucks' operating income decline?

Store operating costs, product distribution expenses and $20.8 million of restructuring charges drove operating income down 38 %.

What is Starbucks' current cash and debt position?

Cash rose to $4.17 bn; total debt stands at $17.32 bn, with $2.75 bn maturing within 12 months.

Did Starbucks repurchase shares this quarter?

No. No share repurchases were executed, compared with $1.27 bn in the same quarter last year.

What dividend did Starbucks declare for Q3 FY-25?

A cash dividend of $0.61 per share was declared, totaling $693 million.