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Financials · UPST

Upstart Holdings Inc. (UPST) financials

For the twelve months ended Sep 30, 2026, Upstart Holdings Inc. reported $1.34B of revenue and $65.11M of net income.

Revenue, TTM
$1.34B
Revenue growth, YoY
+38.6%
Net income, TTM
$65.11M
Net income growth, YoY
+102.1%
Net margin
4.9%
Free cash flow, TTM
-$186.96M
EPS, diluted, TTM
$0.62
Cash
$461.48M
Total debt
$2.03B
P/E
33.25
P/S
1.62
Market cap
$2.17B
Annual revenue$1.04B
FY2019FY2025
Annual net income$53.60M
FY2019FY2025
Annual free cash flow-$148.07M
FY2019FY2025

UPST revenue and earnings growth

UPST revenueQ3 2026$370.52M

Quarter YoY
+33.7%
QoQ
+1.6%
FY YoY
+64.0%
5Y CAGR
+34.9%

UPST revenue was $370.52M in fiscal Q3 2026 (ended Sep 30, 2026), up 33.7% from a year earlier and up 1.6% from the prior quarter. For the full fiscal 2025 it was $1.04B, up 64.0% from fiscal 2024. Compound annual growth was +34.9% over 5 years. It rose in 4 of the last 6 fiscal years. Fiscal 2025 is the highest of the 7 fiscal years on file.

UPST net incomeQ3 2026$36.58M

Quarter YoY
+15.0%
QoQ
+121.2%
5Y CAGR
+55.0%

UPST net income was $36.58M in fiscal Q3 2026 (ended Sep 30, 2026), up 15.0% from a year earlier and up 121.2% from the prior quarter. For the full fiscal 2025 it was $53.60M, compared with -$128.58M in fiscal 2024. Compound annual growth was +55.0% over 5 years.

UPST EPSQ3 2026$0.33

Quarter YoY
+43.5%
QoQ
+106.3%

UPST diluted EPS was $0.33 in fiscal Q3 2026 (ended Sep 30, 2026), up 43.5% from a year earlier and up 106.3% from the prior quarter. For the full fiscal 2025 it was $0.45, compared with -$1.44 in fiscal 2024.

UPST free cash flowQ3 2026-$20.62M

UPST free cash flow was -$20.62M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$122.70M a year earlier. For the full fiscal 2025 it was -$148.07M, compared with $185.49M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
Revenue$1.04B$636.53M$513.56M$842.44M$848.59M$233.42M$164.19M
Research and development$257.60M$253.65M$280.14M$237.25M$134.00M$38.80M$18.78M
Selling, general and admin$253.74M$230.94M$212.39M$185.29M$122.68M$45.61M$31.86M
Operating income$42.63M-$172.86M-$256.52M-$113.86M$140.88M$11.77M-$4.58M
Interest expense--$34.89M$10.84M$3.27M$8.03M$26.48M
Income tax$728.0K$185.0K$107.0K-$409.0K-$1.71M$371.0K$74.0K
Net income$53.60M-$128.58M-$240.13M-$108.67M$135.44M$5.98M-$466.0K
EPS, basic$0.56-$1.44-$2.87-$1.31$1.73$0.00-$0.03
EPS, diluted$0.45-$1.44-$2.87-$1.31$1.43$0.00-$0.03
Diluted shares107.5M89.5M83.8M82.8M94.8M17.5M14.3M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
Cash and equivalents$652.39M$976.26M$467.79M$532.47M$1.19B$311.33M$80.07M
Goodwill$67.06M$67.06M$67.06M$67.06M$67.06M$0-
Total assets$2.97B$2.37B$2.02B$1.94B$1.82B$477.25M-
Total debt$1.83B$1.40B$1.04B$986.39M$695.43M$62.63M-
Total liabilities$2.18B$1.73B$1.38B$1.26B$1.01B$177.00M-
Shareholders' equity$798.82M$633.22M$635.30M$672.43M$807.08M$300.25M-$61.69M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
Operating cash flow-$147.72M$186.33M-$111.71M-$657.86M$168.35M$15.70M$31.58M
Capital expenditures$347.0K$837.0K$1.53M$8.82M$8.43M$1.35M$4.00M
Free cash flow-$148.07M$185.49M-$113.24M-$666.68M$159.93M$14.34M$27.58M
Investing cash flow-$177.17M-$237.73M-$118.45M-$114.13M-$143.88M$136.52M$45.43M
Financing cash flow$405.64M$559.87M$165.49M$113.21M$855.43M$79.05M-$119.19M
Share repurchases-$0$0$177.88M$0--
Stock-based compensation$131.95M$133.40M$175.04M$125.94M$73.19M$11.51M$3.81M
Depreciation and amortization$24.84M$20.55M$24.90M$13.51M$7.54M$2.28M$774.0K

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
Revenue growth, YoY64.0%23.9%-39.0%-0.7%263.6%42.2%-
Net income growth, YoY----2163.8%--
Operating margin4.1%-27.2%-50.0%-13.5%16.6%5.0%-2.8%
Net margin5.1%-20.2%-46.8%-12.9%16.0%2.6%-0.3%
Free cash flow margin-14.2%29.1%-22.0%-79.1%18.8%6.1%16.8%
Return on equity6.7%-20.3%-37.8%-16.2%16.8%2.0%-
Return on assets1.8%-5.4%-11.9%-5.6%7.4%1.3%-
Debt to equity2.292.211.641.470.860.21-

Source: XBRL data Upstart Holdings Inc. files with the SEC, latest filing dated Nov 3, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

UPST peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
UPST$1.34B+38.6%$65.11M4.9%$2.17B
AXP$77.59B+10.2%$12.26B15.8%$215.24B
SPGI$17.21B+18.2%$4.99B29.0%$135.62B
MCO$8.18B+9.0%$2.88B35.3%$87.18B
NU$15.77B+37.0%$2.87B18.2%$58.39B
RKT$11.46B+90.4%$1.30B11.4%$42.74B
COIN$5.63B-26.6%-$701.62M-12.5%$35.68B
AFRM$4.59B+32.7%$2.01B43.9%$23.08B
SYF$19.31B+2.6%$3.33B17.3%$22.96B

UPST FAQ

8 questions
  • What is UPST revenue?
    Upstart Holdings Inc. (UPST) reported $1.34B of revenue for the twelve months ended Sep 30, 2026. That is up 38.6% from the year before. Revenue for fiscal 2025 was $1.04B.
  • Is UPST profitable?
    Yes. Upstart Holdings Inc. earned $65.11M in net income for the twelve months ended Sep 30, 2026, a net margin of 4.9%.
  • How much cash and debt does UPST have?
    Upstart Holdings Inc. reported $461.48M in cash and cash equivalents and $2.03B of debt on its most recent balance sheet in SEC filings.
  • How fast is UPST revenue growing?
    Upstart Holdings Inc.'s revenue changed +64.0% in fiscal 2025, to $1.04B. Its compound annual growth rate was +34.9% over 5 years.
  • What is UPST free cash flow?
    Upstart Holdings Inc. generated -$186.96M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of -$181.13M less capital expenditures.
  • What is UPST earnings per share?
    Diluted earnings per share were $0.62 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did UPST last report financial results?
    The latest statements here come from Upstart Holdings Inc.'s 10-Q filed on Nov 3, 2026, covering the period ended Sep 30, 2026.
  • Where does this UPST financial data come from?
    Quantisnow builds these statements from the structured XBRL data Upstart Holdings Inc. files with the SEC. It is provided for information only and is not investment advice.