Upstart Holdings, Inc. financials
Source: EDGAR filings · Built 2026-06-02T04:17:08Z
Key metrics by reporting period
Up to six most-recent periods side-by-side. Rows are the curated key lines — revenue, margins, cash, debt, equity, cash-flow totals, plus the derived and valuation metrics we compute on top. For every tag a filer reported in one period, use the single-filing drilldown below.
Derived Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2021 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -148.07M | 185.49M | -113.24M | -666.68M | 159.93M | 14.34M |
| EBITDA | 67.47M | -152.31M | -231.62M | -100.35M | 148.42M | 14.04M |
| Net Debt | 1.20B | 664.02M | 734.34M | 664.77M | -190.81M | -168.76M |
| Operating Margin | 4.08% | -27.16% | -49.95% | -12.55% | 17.58% | 5.15% |
| Net Margin | 5.13% | -20.20% | -46.76% | -11.98% | 16.90% | 2.62% |
| Return on Equity (ROE) | 6.71% | -20.31% | -37.80% | -16.16% | 16.78% | 1.99% |
| Return on Assets (ROA) | 1.80% | -5.43% | -11.90% | -5.61% | 7.44% | 1.25% |
| Debt-to-Equity | 2.32× | 2.29× | 1.74× | 1.62× | 0.99× | 0.27× |
| Cash Conversion Ratio | -2.76× | -1.45× | 0.47× | 6.05× | 1.24× | 2.62× |
| Accruals Ratio | 0.07× | -0.13× | -0.06× | 0.28× | -0.02× | -0.02× |
| SBC % of Revenue | 12.64% | 20.96% | 34.08% | 13.88% | 9.13% | 5.04% |
| CapEx Coverage | -425.72× | 222.62× | -73.16× | -74.55× | 19.98× | 11.58× |
| Free Cash Flow Per Share | $-1.38 | $2.07 | $-1.35 | $-8.05 | $1.69 | $0.82 |
Valuation Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2021 |
|---|---|---|---|---|---|---|
| P/E Trailing (Diluted) | 97.18× | — | — | — | 105.80× | — |
| P/FCF | — | 29.69× | — | — | 89.66× | 49.76× |
| FCF Yield | — | 3.37% | — | — | 1.12% | 2.01% |
| EV / EBITDA | 81.30× | — | — | — | 84.00× | 200.73× |
| P/S | 4.11× | 9.04× | 6.87× | 1.18× | 15.80× | 13.07× |
| P/B | 5.37× | 9.09× | 5.55× | 1.60× | 15.68× | 9.95× |
Income Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2021 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | — | — | — | 907.27M | 801.27M | 228.60M |
| Revenues | 1.04B | 636.53M | 513.56M | 842.44M | 848.59M | 233.42M |
| Research and Development Expense | 257.60M | 253.65M | 280.14M | 237.25M | 134.00M | 38.80M |
| Operating Expenses | 1.00B | 809.38M | 770.09M | 956.31M | 707.71M | 221.65M |
| Operating Income (Loss) | 42.63M | -172.86M | -256.52M | -113.86M | 140.88M | 11.77M |
| Income Tax Expense (Benefit) | 728.00K | 185.00K | 107.00K | -409.00K | -1.71M | 371.00K |
| Net Income (Loss) Attributable to Parent | 53.60M | -128.58M | -240.13M | -108.67M | 135.44M | 5.98M |
| Earnings Per Share, Basic | $0.56 | $-1.44 | $-2.87 | $-1.31 | $1.73 | $0.00 |
| Weighted Average Number of Shares Outstanding, Basic | 96.03M | 89.45M | 83.77M | 82.77M | 78.11M | 17.51M |
| Earnings Per Share, Diluted | $0.45 | $-1.44 | $-2.87 | $-1.31 | $1.43 | $0.00 |
| Weighted Average Number of Shares Outstanding, Diluted | 107.49M | 89.45M | 83.77M | 82.77M | 94.77M | 17.51M |
Balance Sheet
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2021 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 652.39M | 788.42M | 368.40M | — | — | — |
| Assets | 2.97B | 2.37B | 2.02B | 1.94B | 1.82B | 477.25M |
| Liabilities | 2.18B | 1.73B | 1.38B | 1.26B | 1.01B | 177.00M |
| Stockholders' Equity Attributable to Parent | 798.82M | 633.22M | 635.30M | 672.43M | 807.08M | 300.25M |
| Common Stock, Shares, Outstanding | 98.03M | 93.47M | 86.33M | 81.26M | 83.66M | 73.31M |
Cash Flow Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2021 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | -147.72M | 186.33M | -111.71M | -657.86M | 168.35M | 15.70M |
| Payments to Acquire Property, Plant, and Equipment | 347.00K | 837.00K | 1.53M | 8.82M | 8.43M | 1.35M |
| Net Cash Provided by (Used in) Investing Activities | -177.17M | -237.73M | -118.45M | -114.13M | -143.88M | 136.52M |
| Payments for Repurchase of Common Stock | — | 0 | 0 | 177.88M | 0 | — |
| Net Cash Provided by (Used in) Financing Activities | 405.64M | 559.87M | 165.49M | 113.21M | 855.43M | 79.05M |
Derived Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -136.05M | 108.39M | -256.47M | -133.76M | -13.49M | -110.93M |
| EBITDA | -1.66M | 25.38M | — | — | 1.90M | -51.00K |
| Net Debt | 1.47B | 1.20B | 1.41B | 1.08B | 782.16M | 664.02M |
| Operating Margin | -2.44% | 6.39% | 8.54% | 1.77% | -2.11% | -2.17% |
| Net Margin | -2.16% | 6.29% | 11.48% | 2.18% | -1.15% | -1.26% |
| Return on Equity (ROE) | -0.91% | 2.33% | 4.28% | 0.78% | -0.36% | -0.44% |
| Return on Assets (ROA) | -0.22% | 0.63% | 1.09% | 0.23% | -0.11% | -0.12% |
| Debt-to-Equity | 2.65× | 2.32× | 2.55× | 2.04× | 2.04× | 2.29× |
| Cash Conversion Ratio | 20.06× | 5.82× | -8.06× | -23.84× | 5.51× | 40.26× |
| Accruals Ratio | 0.04× | -0.03× | 0.10× | 0.06× | 0.00× | 0.05× |
| SBC % of Revenue | 11.29% | 10.96% | 35.91% | 25.40% | 13.98% | 13.61% |
| CapEx Coverage | -48.47× | 691.41× | -1348.83× | -1162.16× | — | — |
| Free Cash Flow Per Share | $-1.40 | $1.01 | $-2.34 | $-1.30 | $-0.14 | $-1.24 |
Valuation Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| P/E Trailing (Diluted) | 67.50× | 104.12× | 220.87× | — | — | — |
| P/S | 2.16× | 4.11× | 5.11× | 7.30× | 6.06× | 9.04× |
| P/B | 3.35× | 5.37× | 6.64× | 8.61× | 6.47× | 9.09× |
Income Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Revenues | 308.21M | 296.09M | 277.11M | 257.29M | 213.37M | 218.96M |
| Research and Development Expense | 80.11M | 66.91M | 64.03M | 68.83M | 57.84M | 67.22M |
| Operating Expenses | 315.73M | 277.17M | 253.44M | 252.75M | 217.87M | 223.71M |
| Operating Income (Loss) | -7.52M | 18.92M | 23.67M | 4.54M | -4.50M | -4.75M |
| Income Tax Expense (Benefit) | 84.00K | 526.00K | 124.00K | 49.00K | 29.00K | 111.00K |
| Net Income (Loss) Attributable to Parent | -6.65M | 18.64M | 31.80M | 5.61M | -2.45M | -2.75M |
| Earnings Per Share, Basic | $-0.07 | $0.19 | $0.33 | $0.06 | $-0.03 | $-0.02 |
| Weighted Average Number of Shares Outstanding, Basic | 96.90M | 96.03M | 96.68M | 95.53M | 94.27M | 89.45M |
| Earnings Per Share, Diluted | $-0.07 | $0.17 | $0.23 | $0.05 | $-0.03 | $-0.02 |
| Weighted Average Number of Shares Outstanding, Diluted | 96.90M | 107.49M | 109.72M | 102.85M | 94.27M | 89.45M |
Balance Sheet
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 472.93M | 652.39M | 489.78M | 395.94M | 599.78M | 788.42M |
| Assets | 2.96B | 2.97B | 2.90B | 2.48B | 2.30B | 2.37B |
| Liabilities | 2.23B | 2.18B | 2.16B | 1.76B | 1.62B | 1.73B |
| Stockholders' Equity Attributable to Parent | 733.17M | 798.82M | 743.72M | 722.01M | 676.64M | 633.22M |
| Common Stock, Shares, Outstanding | 95.71M | 98.03M | 97.28M | 96.09M | 95.07M | 93.47M |
Cash Flow Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | -133.30M | 108.55M | -256.28M | -133.65M | -13.49M | -110.93M |
| Payments to Acquire Property, Plant, and Equipment | 2.75M | 157.00K | 190.00K | 115.00K | 0 | 0 |
| Net Cash Provided by (Used in) Investing Activities | 876.00K | 131.74M | -308.91M | -188.40M | -78.57M | -77.91M |
| Payments for Repurchase of Common Stock | 100.06M | — | — | — | 0 | — |
| Net Cash Provided by (Used in) Financing Activities | 6.74M | -20.18M | 425.83M | 47.25M | -44.68M | 509.33M |
Raw XBRL tagging for a single filing
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Methodology
All facts on this page come straight from SEC EDGAR XBRL
company-facts filings (UPST CIK 0001647639),
grouped by financial statement using FASB's base
us-gaap presentation taxonomy. Filers may re-parent
concepts onto different statements in their own extension
taxonomy, so a handful of rows can show up under a different
statement than on the actual 10-K / 10-Q; custom concepts and
any we couldn't map fall into Other. Hover a
cell to see the fully-qualified concept name and the filer's
description.
For the full methodology — statement grouping, the Other bucket, derived metrics, and fact tooltips — see the methodology reference for the statement grouping, the "Other" bucket, derived metrics, and fact tooltips.