Revenue
$1.04B
Fiscal year ended 2025-12-31Net income
$53.60M
Fiscal year ended 2025-12-31Total assets
$2.97B
Fiscal year ended 2025-12-31Upstart Holdings, Inc. (UPST) reported revenue of $1.04B and net income of $53.60M for the fiscal year ended 2025-12-31. This page shows 7 annual periods of income statement, balance sheet and cash flow figures normalized from Upstart Holdings, Inc.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Finance Services.
Banks, brokers and insurers present a top line that is not comparable with an operating company’s revenue: it is reported net of interest expense, or as premiums earned, depending on the filer. The figures are the filer’s own and are traceable to the filing; the comparison across classes is what does not hold.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
|---|---|---|---|---|---|---|---|
| Revenue | $1.04B | $636.53M | $513.56M | $842.44M | $848.59M | $233.42M | $164.19M |
| Cost of revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross profit | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating income | $42.63M | -$172.86M | -$256.52M | -$113.86M | $140.88M | $11.76M | -$4.58M |
| Net income | $53.60M | -$128.58M | -$240.13M | -$108.66M | $135.44M | $5.98M | -$466.00K |
| Research & development | $257.60M | $253.65M | $280.14M | $237.25M | $134.00M | $38.80M | $18.78M |
| Weighted-average diluted shares | shares 107.49M | shares 89.45M | shares 83.77M | shares 82.77M | shares 94.77M | shares 17.51M | shares 14.34M |
| Pretax income | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Income tax expense | $728.00K | $185.00K | $107.00K | -$409.00K | -$1.71M | $371.00K | $74.00K |
| Diluted EPS | $0.45 | $-1.44 | $-2.87 | $-1.31 | $1.43 | $0.00 | $-0.03 |
| Selling, general & administrative | $555.25M | $397.74M | $339.53M | $531.07M | $456.13M | $145.27M | $125.04M |
| General & administrative | $253.74M | $230.94M | $212.39M | $185.29M | $122.68M | $45.61M | $31.86M |
| Selling & marketing | $301.51M | $166.80M | $127.14M | $345.78M | $333.45M | $99.66M | $93.18M |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
|---|---|---|---|---|---|---|---|
| Cash & equivalents | $652.39M | $788.42M | $368.40M | Unavailable | Unavailable | Unavailable | Unavailable |
| Total assets | $2.97B | $2.37B | $2.02B | $1.94B | $1.82B | $477.26M | Unavailable |
| Current assets | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total liabilities | $2.18B | $1.73B | $1.38B | $1.26B | $1.01B | $177.00M | Unavailable |
| Current liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total equity incl. NCI | $798.82M | $633.22M | $635.30M | $672.44M | $807.08M | $300.25M | -$61.69M |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | $0 | $0 | $162.55M |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts receivable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Goodwill | $67.06M | $67.06M | $67.06M | $67.06M | $67.06M | $0 | Unavailable |
| Long-term debt | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts payable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$147.72M | $186.33M | -$111.71M | -$657.86M | $168.35M | $15.70M | $31.58M |
| Capital expenditures | $347.00K | $837.00K | $1.53M | $8.82M | $8.43M | $1.36M | $4.00M |
| Investing cash flow | -$177.17M | -$237.73M | -$118.46M | -$114.12M | -$143.88M | $136.52M | $45.43M |
| Financing cash flow | $405.64M | $559.87M | $165.49M | $113.21M | $855.43M | $79.05M | -$119.19M |
| Net change in cash | $80.75M | $508.48M | -$64.68M | -$658.77M | $879.91M | $231.27M | -$42.18M |
| Stock-based compensation | $131.95M | $133.40M | $175.04M | $125.94M | $73.19M | $11.51M | $3.81M |
| Common dividends paid | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Common share repurchases | Unavailable | $0 | $0 | $177.88M | $0 | Unavailable | Unavailable |
| Depreciation & amortization | $24.84M | $20.55M | $24.90M | $13.51M | $7.54M | $2.28M | $774.00K |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
|---|---|---|---|---|---|---|---|
| Free cash flow | -$148.07M | $185.49M | -$113.24M | -$666.68M | $159.93M | $14.34M | $27.58M |
| Gross margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating margin | 4.1% | -27.2% | -50.0% | -13.5% | 16.6% | 5.0% | -2.8% |
| FCF margin | -14.2% | 29.1% | -22.0% | -79.1% | 18.8% | 6.1% | 16.8% |
| SBC / revenue | 12.6% | 21.0% | 34.1% | 14.9% | 8.6% | 4.9% | 2.3% |
| Current ratio | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Revenue YoY growth | 64.0% | 23.9% | -39.0% | -0.7% | 263.6% | 42.2% | Unavailable |
| Net margin | 5.1% | -20.2% | -46.8% | -12.9% | 16.0% | 2.6% | -0.3% |
| R&D / revenue | 24.7% | 39.8% | 54.5% | 28.2% | 15.8% | 16.6% | 11.4% |
| CapEx / revenue | 0.0% | 0.1% | 0.3% | 1.0% | 1.0% | 0.6% | 2.4% |
| Long-term debt / equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open UPST in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-08-04View SEC filing
10-Q · Filed 2026-05-05View SEC filing
10-K · Filed 2026-02-10View SEC filing
10-Q · Filed 2025-11-04View SEC filing
10-Q/A · Filed 2025-08-06View SEC filing
10-Q · Filed 2025-08-05View SEC filing
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.