NASDAQ : UPST
Upstart Holdings, Inc. — Financial statements
Financials · Credit Services · United States
Last price 24.84 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 2.42B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Upstart Holdings, Inc. (UPST) reported revenue of 1.29B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 1.15B | 950.01M | 635.47M | 560.43M | 907.27M | 801.27M |
| Other Revenue | 137.05M | 125.51M | 41.49M | -11.97M | -53.98M | 50.59M |
| Revenue | 1.29B | 1.08B | 676.96M | 548.46M | 853.29M | 851.86M |
| Cost of Revenue | 218.04M | 188.38M | 158.00M | 150.42M | 187.99M | 117.58M |
| Gross Profit | 1.07B | 887.14M | 518.97M | 398.04M | 665.29M | 734.28M |
| Selling, General & Admin | 673.46M | 555.25M | 397.74M | 339.53M | 531.07M | 454.89M |
| Research & Development | 304.91M | 257.60M | 253.65M | 280.14M | 237.25M | 134.00M |
| Operating Expenses | 978.37M | 812.85M | 651.39M | 619.67M | 768.31M | 588.89M |
| Operating Income | 89.48M | 74.30M | -132.42M | -221.63M | -103.02M | 145.39M |
| Interest Expense | -39.77M | -31.66M | -43.63M | -37.99M | -13.84M | -4.67M |
| Interest & Investment Income | 24.32M | 24.32M | 18.79M | 21.21M | 9.47M | |
| Other Non Operating Income (Expenses) | -19.59M | -19.87M | -4.49M | -1.61M | -1.68M | -5.75M |
| EBT Excluding Unusual Items | 54.44M | 47.08M | -161.76M | -240.03M | -109.07M | 134.97M |
| Merger & Restructuring Charges | -1.24M | |||||
| Other Unusual Items | 7.25M | 7.25M | 33.36M | |||
| Pretax Income | 61.68M | 54.33M | -128.40M | -240.03M | -109.07M | 133.73M |
| Income Tax Expense | 1.35M | 728.00K | 185.00K | 107.00K | -409.00K | -1.71M |
| Earnings From Continuing Operations | 60.33M | 53.60M | -128.58M | -240.13M | -108.67M | 135.44M |
| Net Income | 60.33M | 53.60M | -128.58M | -240.13M | -108.67M | 135.44M |
| Net Income to Common | 60.33M | 53.60M | -128.58M | -240.13M | -108.67M | 135.44M |
| Shares Outstanding (Basic) | 96.95M | 96.03M | 89.45M | 83.77M | 82.77M | 78.11M |
| Shares Outstanding (Diluted) | 106.61M | 107.49M | 89.45M | 83.77M | 82.77M | 94.77M |
| EPS (Basic) | 0.62 | 0.56 | -1.44 | -2.87 | -1.31 | 1.73 |
| EPS (Diluted) | 0.52 | 0.45 | -1.44 | -2.87 | -1.31 | 1.43 |
| Free Cash Flow | -289.05M | -148.07M | 185.49M | -113.24M | -666.68M | 159.93M |
| Free Cash Flow Per Share | -2.71 | -1.38 | 2.07 | -1.35 | -8.05 | 1.69 |
| Gross Margin | 83.04% | 82.48% | 76.66% | 72.57% | 77.97% | 86.20% |
| Operating Margin | 6.96% | 6.91% | -19.56% | -40.41% | -12.07% | 17.07% |
| Profit Margin | 4.69% | 4.98% | -18.99% | -43.78% | -12.73% | 15.90% |
| Free Cash Flow Margin | -22.48% | -13.77% | 27.40% | -20.65% | -78.13% | 18.77% |
| EBITDA | 115.06M | 99.13M | -111.87M | -196.73M | -89.51M | 152.93M |
| EBITDA Margin | 8.95% | 9.22% | -16.53% | -35.87% | -10.49% | 17.95% |
| D&A For EBITDA | 25.58M | 24.84M | 20.55M | 24.90M | 13.51M | 7.54M |
| EBIT | 89.48M | 74.30M | -132.42M | -221.63M | -103.02M | 145.39M |
| EBIT Margin | 6.96% | 6.91% | -19.56% | -40.41% | -12.07% | 17.07% |
| Effective Tax Rate | 2.19% | 1.34% | ||||
| Revenue as Reported | 1.04B | 1.04B | 636.53M | 513.56M | 842.44M | 848.59M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 455.96M | 652.39M | 788.42M | 368.40M | 422.41M | 986.61M |
| Short-Term Investments | 1.78M | 5.06M | 5.18M | 8.92M | ||
| Trading Asset Securities | 104.00K | 225.00K | 1.86M | 5.96M | ||
| Cash & Short-Term Investments | 457.84M | 657.67M | 795.47M | 383.28M | 422.41M | 986.61M |
| Accounts Receivable | 58.19M | 46.65M | 48.23M | 40.49M | 46.65M | |
| Receivables | 1.24B | 1.13B | 876.59M | 1.21B | 1.06B | 260.76M |
| Prepaid Expenses | 32.54M | 39.66M | 28.83M | 17.98M | ||
| Restricted Cash | 526.32M | 404.62M | 187.84M | 99.38M | 110.06M | 204.63M |
| Total Current Assets | 2.26B | 2.23B | 1.89B | 1.71B | 1.60B | 1.45B |
| Property, Plant & Equipment | 26.60M | 22.08M | 51.47M | 66.05M | 103.10M | 106.88M |
| Long-Term Investments | 152.77M | 153.99M | 97.52M | 41.25M | 41.25M | 40.00M |
| Goodwill | 67.06M | 67.06M | 67.06M | 67.06M | 67.06M | 67.06M |
| Other Intangible Assets | 49.32M | 46.79M | 40.43M | 42.66M | 43.03M | 33.41M |
| Long-Term Accounts Receivable | 55.52M | |||||
| Other Long-Term Assets | 616.01M | 454.31M | 221.74M | 87.69M | 85.89M | 65.59M |
| Total Assets | 3.17B | 2.97B | 2.37B | 2.02B | 1.94B | 1.82B |
| Accounts Payable | 39.39M | 31.98M | 12.38M | 12.61M | 18.71M | 6.56M |
| Accrued Expenses | 107.08M | 127.65M | 108.09M | 64.55M | 54.15M | 98.59M |
| Current Portion of Leases | 3.12M | 10.61M | ||||
| Total Current Liabilities | 216.12M | 170.24M | 120.47M | 77.16M | 72.87M | 105.16M |
| Long-Term Debt | 1.97B | 1.88B | 1.49B | 1.18B | 986.39M | 695.43M |
| Long-Term Leases | 19.24M | 10.54M | 50.28M | 62.32M | 100.79M | 100.37M |
| Other Long-Term Liabilities | 169.72M | 119.52M | 73.50M | 60.47M | 103.57M | 112.42M |
| Total Liabilities | 2.37B | 2.18B | 1.73B | 1.38B | 1.26B | 1.01B |
| Common Stock | 10.00K | 10.00K | 9.00K | 9.00K | 8.00K | 8.00K |
| Additional Paid-In Capital | 1.15B | 1.16B | 1.04B | 917.87M | 714.87M | 740.85M |
| Retained Earnings | -347.66M | -357.56M | -411.16M | -282.58M | -42.44M | 66.22M |
| Total Common Equity | 797.49M | 798.82M | 633.22M | 635.30M | 672.43M | 807.08M |
| Shareholders' Equity | 797.49M | 798.82M | 633.22M | 635.30M | 672.43M | 807.08M |
| Total Liabilities & Equity | 3.17B | 2.97B | 2.37B | 2.02B | 1.94B | 1.82B |
| Total Debt | 2.06B | 1.90B | 1.54B | 1.24B | 1.09B | 795.80M |
| Net Cash (Debt) | -1.60B | -1.24B | -744.30M | -860.88M | -664.77M | 190.81M |
| Net Cash Per Share | -15.01 | -11.53 | -8.32 | -10.28 | -8.03 | 2.01 |
| Filing Date Shares Outstanding | 97.31M | 98.06M | 93.71M | 86.43M | 81.39M | 84.06M |
| Total Common Shares Outstanding | 97.31M | 98.03M | 93.47M | 86.33M | 81.26M | 83.66M |
| Working Capital | 2.04B | 2.06B | 1.77B | 1.64B | 1.52B | 1.35B |
| Book Value Per Share | 8.20 | 8.15 | 6.77 | 7.36 | 8.28 | 9.65 |
| Tangible Book Value | 681.11M | 684.96M | 525.73M | 525.59M | 562.34M | 706.61M |
| Tangible Book Value Per Share | 7.00 | 6.99 | 5.62 | 6.09 | 6.92 | 8.45 |
| Machinery | 12.71M | 11.15M | 10.86M | 10.81M | 10.47M | 7.00M |
| Leasehold Improvements | 19.23M | 15.52M | 15.07M | 14.28M | 13.07M | 7.45M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 60.33M | 53.60M | -128.58M | -240.13M | -108.67M | 135.44M |
| Depreciation & Amortization | 25.58M | 24.84M | 20.55M | 24.90M | 13.51M | 7.54M |
| Other Amortization | 3.20M | 3.10M | 3.00M | |||
| Loss (Gain) From Sale of Assets | -36.40M | -28.00M | -15.45M | -13.71M | -28.74M | -6.92M |
| Stock-Based Compensation | 145.88M | 131.95M | 133.40M | 175.04M | 125.94M | 73.19M |
| Other Operating Activities | -41.59M | -53.61M | -13.27M | 40.59M | -1.92M | 1.75M |
| Change in Accounts Payable | -7.51M | |||||
| Change in Other Net Operating Assets | -419.33M | -162.83M | 61.48M | -291.82M | -831.84M | -35.14M |
| Operating Cash Flow | -284.01M | -147.72M | 186.33M | -111.71M | -657.86M | 168.35M |
| Capital Expenditures | -5.04M | -347.00K | -837.00K | -1.53M | -8.82M | -8.43M |
| Cash Acquisitions | -16.76M | |||||
| Sale (Purchase) of Intangibles | -16.08M | -18.06M | -9.15M | -10.56M | -14.09M | -6.69M |
| Investment in Securities | -6.25M | -40.00M | ||||
| Other Investing Activities | 239.96M | 158.17M | -49.91M | -52.56M | 6.74M | 11.46M |
| Investing Cash Flow | 106.19M | -177.17M | -237.73M | -118.45M | -114.12M | -143.88M |
| Long-Term Debt Issued | 1.02B | 1.31B | 792.23M | 688.81M | 718.42M | |
| Total Debt Issued | 1.27B | 1.02B | 1.31B | 792.23M | 688.81M | 718.42M |
| Long-Term Debt Repaid | -581.84M | -738.06M | -648.04M | -417.72M | -71.32M | |
| Total Debt Repaid | -675.11M | -581.84M | -738.06M | -648.04M | -417.72M | -71.32M |
| Net Debt Issued (Repaid) | 599.11M | 438.13M | 575.04M | 144.19M | 271.09M | 647.11M |
| Issuance of Common Stock | 16.93M | 25.30M | 29.08M | 21.30M | 20.02M | 282.81M |
| Repurchase of Common Stock | -100.06M | -177.90M | -236.00K | |||
| Other Financing Activities | -57.34M | -57.79M | -44.25M | -74.25M | ||
| Financing Cash Flow | 458.63M | 405.64M | 559.87M | 165.49M | 113.21M | 855.43M |
| Net Cash Flow | 280.82M | 80.75M | 508.48M | -64.68M | -658.77M | 879.91M |
| Free Cash Flow | -289.05M | -148.07M | 185.49M | -113.24M | -666.68M | 159.93M |
| Free Cash Flow Margin | -22.48% | -13.77% | 27.40% | -20.65% | -78.13% | 18.77% |
| Free Cash Flow Per Share | -2.71 | -1.38 | 2.07 | -1.35 | -8.05 | 1.69 |
| Levered Free Cash Flow | -132.38M | -275.45M | 316.28M | -122.81M | -693.70M | -96.74M |
| Unlevered Free Cash Flow | -107.52M | -255.66M | 340.35M | -102.17M | -688.05M | -93.82M |
| Cash Interest Paid | 35.77M | 43.48M | 43.12M | 36.55M | 12.47M | 3.27M |
| Cash Income Tax Paid | 1.38M | 590.00K | 258.00K | -658.00K | 328.00K | 2.30M |
| Change in Working Capital | -419.33M | -162.83M | 61.48M | -291.82M | -831.84M | -42.66M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.16B | 4.25B | 5.62B | 3.48B | 1.08B | 12.40B |
| Enterprise Value | 3.76B | 5.71B | 6.21B | 4.21B | 1.42B | 12.08B |
| Last Close Price | 23.02 | 43.73 | 61.57 | 40.86 | 13.22 | 151.30 |
| PE Ratio | 42.38 | 79.37 | 91.55 | |||
| Forward PE | 7.31 | 19.68 | 292.91 | 267.92 | 18.38 | 72.48 |
| PS Ratio | 1.68 | 3.96 | 8.30 | 6.34 | 1.27 | 14.56 |
| PB Ratio | 2.81 | 5.33 | 8.87 | 5.47 | 1.61 | 15.36 |
| P/TBV Ratio | 3.18 | 6.21 | 10.68 | 6.61 | 1.93 | 17.55 |
| P/FCF Ratio | 30.28 | 77.54 | ||||
| P/OCF Ratio | 30.14 | 73.66 | ||||
| PEG Ratio | 0.19 | 0.21 | 2.23 | 2.23 | 3.29 | 0.41 |
| EV/Sales Ratio | 2.93 | 5.31 | 9.17 | 7.67 | 1.66 | 14.18 |
| EV/EBITDA Ratio | 32.70 | 57.60 | 78.99 | |||
| EV/EBIT Ratio | 42.05 | 76.86 | 83.09 | |||
| EV/FCF Ratio | 33.45 | 75.54 | ||||
| Debt / Equity Ratio | 2.58 | 2.38 | 2.43 | 1.96 | 1.62 | 0.99 |
| Debt / EBITDA Ratio | 15.51 | 16.19 | 4.90 | |||
| Debt / FCF Ratio | 8.30 | 4.98 | ||||
| Net Debt / Equity Ratio | 2.01 | 1.55 | 1.18 | 1.35 | 0.99 | -0.24 |
| Net Debt / EBITDA Ratio | 13.90 | 12.50 | -6.65 | -4.38 | -7.43 | -1.25 |
| Net Debt / FCF Ratio | -5.54 | -8.37 | 4.01 | -7.60 | -1.00 | -1.19 |
| Asset Turnover | 0.46 | 0.40 | 0.31 | 0.28 | 0.45 | 0.74 |
| Quick Ratio | 2.39 | 4.14 | 7.00 | 5.49 | 6.44 | 9.38 |
| Current Ratio | 10.46 | 13.10 | 15.68 | 22.19 | 21.90 | 13.81 |
| Return on Equity (ROE) | 7.94% | 7.49% | -20.27% | -36.73% | -14.69% | 24.46% |
| Return on Assets (ROA) | 1.98% | 1.74% | -3.78% | -7.01% | -3.43% | 7.91% |
| Return on Invested Capital (ROIC) | 3.78% | 4.29% | -9.22% | -15.64% | -10.55% | 38.89% |
| Return on Capital Employed (ROCE) | 3.00% | 2.60% | -5.90% | -11.40% | -5.50% | 8.50% |
| Earnings Yield | 2.36% | 1.26% | -2.29% | -6.91% | -10.04% | 1.09% |
| FCF Yield | -13.36% | -3.48% | 3.30% | -3.26% | -61.59% | 1.29% |
| Buyback Yield / Dilution | -14.59% | -20.17% | -6.79% | -1.20% | 12.66% | -441.13% |