Upstart Holdings, Inc. Financials
This page shows Upstart Holdings, Inc. (UPST) financial statements, including the 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).
Profitability has returned, but cash generation now moves with balance-sheet expansion more than with reported earnings.
The sharpest shift is that FY2025’s accounting recovery did not become cash: net income turned positive at$53.6M after a-$128.6M loss in FY2024, yet operating cash flow swung from$186.3M to-$147.7M while capex was only$347K . That mix points to funding and working-capital pressure rather than heavy physical reinvestment.
Revenue reached
Liabilities ended FY2025 at
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. 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 100/100.
Upstart Holdings, Inc. has a moderate D/E ratio of 2.72. This balance of debt and equity financing earns a leverage score of 46/100.
While Upstart Holdings, Inc. generated -$147.7M in operating cash flow, capex of $347K consumed most of it, leaving -$148.1M in free cash flow. This results in a low score of 18/100, reflecting heavy capital investment rather than weak cash generation.
Upstart Holdings, Inc. generates a 6.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -20.3% the prior year.
Upstart Holdings, Inc. passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Upstart Holdings, Inc. generates $-2.76 in operating cash flow (-$147.7M OCF vs $53.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Upstart Holdings, Inc. earns $1.3 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 $1.0B in revenue in fiscal year 2025. This represents an increase of 64.0% from the prior year.
Upstart Holdings, Inc.'s EBITDA was $67.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 144.3% from the prior year.
Upstart Holdings, Inc. reported $53.6M in net income in fiscal year 2025. This represents an increase of 141.7% from the prior year.
Upstart Holdings, Inc. earned $0.45 per diluted share (EPS) in fiscal year 2025. This represents an increase of 131.3% from the prior year.
Cash & Balance Sheet
Upstart Holdings, Inc. generated -$148.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 179.8% from the prior year.
Upstart Holdings, Inc. held $652.4M in cash against $0 in long-term debt as of fiscal year 2025.
Upstart Holdings, Inc. had 98M shares outstanding in fiscal year 2025. This represents an increase of 4.6% from the prior year.
Margins & Returns
Upstart Holdings, Inc.'s operating margin was 4.1% in fiscal year 2025, reflecting core business profitability. This is up 31.2 percentage points from the prior year.
Upstart Holdings, Inc.'s net profit margin was 5.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 25.3 percentage points from the prior year.
Upstart Holdings, Inc.'s ROE was 6.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 27.0 percentage points from the prior year.
Capital Allocation
Upstart Holdings, Inc. invested $257.6M in research and development in fiscal year 2025. This represents an increase of 1.6% from the prior year.
Upstart Holdings, Inc. invested $347K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 58.5% from the prior year.
UPST Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $296.1M+6.9% | $277.1M+7.7% | $257.3M+20.6% | $213.4M-2.6% | $219.0M+35.0% | $162.1M+27.0% | $127.6M-0.1% | $127.8M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $66.9M+4.5% | $64.0M-7.0% | $68.8M+19.0% | $57.8M-14.0% | $67.2M+3.6% | $64.9M+11.0% | $58.5M-7.4% | $63.1M |
| SG&A Expenses | $67.8M+11.6% | $60.8M-5.9% | $64.6M+6.6% | $60.6M+0.2% | $60.4M+0.9% | $59.9M+12.9% | $53.0M-8.0% | $57.6M |
| Operating Income | $18.9M-20.1% | $23.7M+421.0% | $4.5M+201.0% | -$4.5M+5.3% | -$4.8M+89.5% | -$45.2M+18.6% | -$55.5M+17.8% | -$67.5M |
| Interest Expense | $8.1M-8.1% | $8.8M+13.1% | $7.8M+10.7% | $7.0M-5.5% | $7.4M-31.3% | $10.8M-5.7% | $11.5M+7.1% | $10.7M |
| Income Tax | $526K+324.2% | $124K+153.1% | $49K+69.0% | $29K-73.9% | $111K+146.7% | $45K+200.0% | $15K+7.1% | $14K |
| Net Income | $18.6M-41.4% | $31.8M+467.2% | $5.6M+329.1% | -$2.4M+11.2% | -$2.8M+59.2% | -$6.8M+87.6% | -$54.5M+15.7% | -$64.6M |
| EPS (Diluted) | N/A | $0.23+360.0% | $0.05+266.7% | $-0.03 | N/A | $-0.07+88.7% | $-0.62+16.2% | $-0.74 |
UPST Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.0B+2.4% | $2.9B+17.2% | $2.5B+7.9% | $2.3B-3.0% | $2.4B+30.8% | $1.8B-0.6% | $1.8B-5.6% | $1.9B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $652.4M+33.2% | $489.8M+23.7% | $395.9M-34.0% | $599.8M-23.9% | $788.4M+20.2% | $655.8M+17.0% | $560.6M+27.7% | $439.2M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $67.1M0.0% | $67.1M0.0% | $67.1M0.0% | $67.1M0.0% | $67.1M-0.1% | $67.1M0.0% | $67.1M0.0% | $67.1M |
| Total Liabilities | $2.2B+0.7% | $2.2B+23.1% | $1.8B+8.4% | $1.6B-6.6% | $1.7B+42.9% | $1.2B-1.0% | $1.2B-6.8% | $1.3B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $798.8M+7.4% | $743.7M+3.0% | $722.0M+6.7% | $676.6M+6.9% | $633.2M+6.3% | $595.5M+0.1% | $594.7M-3.0% | $612.8M |
| Retained Earnings | -$357.6M+5.0% | -$376.2M+7.8% | -$408.0M+1.4% | -$413.6M-0.6% | -$411.2M-0.7% | -$408.4M-1.7% | -$401.6M-15.7% | -$347.2M |
UPST Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $108.6M+188.5% | -$122.6M-2.1% | -$120.2M-791.0% | -$13.5M+87.8% | -$110.9M-161.9% | $179.3M+143.7% | $73.6M+66.0% | $44.3M |
| Capital Expenditures | $157K+109.3% | $75K-34.8% | $115K | $0 | $0-100.0% | $116K+213.5% | $37K-94.6% | $684K |
| Free Cash Flow | $108.4M+188.3% | -$122.7M-2.0% | -$120.3M-791.9% | -$13.5M+87.8% | -$110.9M-161.9% | $179.2M+143.7% | $73.5M+68.5% | $43.7M |
| Investing Cash Flow | $131.7M+209.3% | -$120.5M-9.7% | -$109.8M-39.8% | -$78.6M-0.8% | -$77.9M-68.7% | -$46.2M+39.3% | -$76.1M-102.7% | -$37.5M |
| Financing Cash Flow | -$20.2M-105.3% | $378.6M+311.8% | $91.9M+305.7% | -$44.7M-108.8% | $509.3M+1439.6% | -$38.0M-130.7% | $124.0M+450.0% | -$35.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
UPST Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 6.4%-2.2pp | 8.5%+6.8pp | 1.8%+3.9pp | -2.1%+0.1pp | -2.2%+25.7pp | -27.9%+15.6pp | -43.5%+9.3pp | -52.8% |
| Net Margin | 6.3%-5.2pp | 11.5%+9.3pp | 2.2%+3.3pp | -1.1%+0.1pp | -1.3%+2.9pp | -4.2%+38.5pp | -42.7%+7.9pp | -50.5% |
| Return on Equity | 2.3%-1.9pp | 4.3%+3.5pp | 0.8%+1.1pp | -0.4%+0.1pp | -0.4%+0.7pp | -1.1%+8.0pp | -9.2%+1.4pp | -10.5% |
| Return on Assets | 0.6%-0.5pp | 1.1%+0.9pp | 0.2%+0.3pp | -0.1%0.0pp | -0.1%+0.3pp | -0.4%+2.6pp | -3.0%+0.4pp | -3.4% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 2.72-0.2 | 2.91+0.5 | 2.43+0.0 | 2.39-0.3 | 2.74+0.7 | 2.04-0.0 | 2.06-0.1 | 2.15 |
| FCF Margin | 36.6%+80.9pp | -44.3%+2.5pp | -46.8%-40.4pp | -6.3%+44.3pp | -50.7%-161.2pp | 110.5%+52.9pp | 57.6%+23.5pp | 34.2% |
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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% 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) generated -$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) generated -$147.7M in operating cash flow during fiscal year 2025, representing cash generated from 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 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 cash runway?
Based on fiscal year 2025 data, Upstart Holdings, Inc. (UPST) had $652.4M in cash against an annual operating cash burn of $147.7M. This gives an estimated cash runway of approximately 53 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Upstart Holdings, Inc.'s Piotroski F-Score?
Upstart Holdings, Inc. (UPST) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. 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?
Upstart Holdings, Inc. (UPST) has an earnings quality ratio of -2.76x, considered low quality (accrual-driven). 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 1.3x, 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 27 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.