Upstart Holdings, Inc. (UPST) Financial Statements
Industry: Finance Services
In fiscal 2025, Upstart reported revenue of $1.04B, up 64.0% from $636.5M the year before. Net income was $53.6M (a 5.1% net margin), or $0.45 per diluted share. Operating margin was 4.1%. Operating activities generated -$147.7M of cash, leaving -$148.1M of free cash flow. At fiscal year end, Upstart held $2.97B in total assets against $2.18B in total liabilities, including $652.4M of cash and equivalents.
Open the full interactive Upstart financials → Quarterly statements, key ratios, valuation history and price charts.
Upstart Key Stats
| Share Price | $23.83 |
|---|---|
| Market Cap | $2.61B |
| P/E Ratio | 53.0 |
| Revenue YoY Growth | +64.0% |
| 52-Week Range | $22.81 – $52.74 |
| Shares Outstanding | 96.6 million (basic, 2026 Q2) |
Upstart Income Statement
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $848.6M | $842.4M | $513.6M | $636.5M | $1.04B |
| Operating Income | $140.9M | -$113.9M | -$256.5M | -$172.9M | $42.6M |
| Pre-Tax Income | $133.7M | -$109.1M | -$240.0M | -$128.4M | $54.3M |
| Income Tax | -$1.7M | -$409,000 | $107,000 | $185,000 | $728,000 |
| Net Income | $135.4M | -$108.7M | -$240.1M | -$128.6M | $53.6M |
| Diluted EPS | $1.43 | -$1.31 | -$2.87 | -$1.44 | $0.45 |
Upstart Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $277.1M | $296.1M | $308.2M | $364.7M |
| Net Income | $31.8M | $18.6M | -$6.6M | $16.5M |
| Diluted EPS | $0.23 | $0.17 | -$0.07 | $0.16 |
Upstart Balance Sheet
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Cash & Equivalents | — | — | — | $788.4M | $652.4M |
| Total Assets | $1.82B | $1.94B | $2.02B | $2.37B | $2.97B |
| Total Long-Term Debt | $695.4M | $986.4M | $1.04B | $1.40B | $1.83B |
| Total Liabilities | $1.01B | $1.26B | $1.38B | $1.73B | $2.18B |
| Shareholders' Equity | $807.1M | $672.4M | $635.3M | $633.2M | $798.8M |
Upstart Cash Flow Statement
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Cash From Operations | $168.4M | -$674.7M | -$160.5M | $186.3M | -$147.7M |
| Cash From Investing | -$143.9M | -$114.1M | -$118.5M | -$237.7M | -$177.2M |
| Cash From Financing | $855.4M | $130.0M | $214.3M | $559.9M | $405.6M |
| Free Cash Flow | $159.9M | -$683.5M | -$162.0M | $185.5M | -$148.1M |
Figures from Upstart's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Upstart financials page for every line item.
Upstart Company Profile
| Ticker | UPST |
|---|---|
| Exchange | Nasdaq |
| Industry | Finance Services |
| Headquarters | Burlingame, California |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001647639 |
Frequently Asked Questions
What was Upstart's revenue in fiscal 2025?
Upstart (UPST) reported revenue of $1.04B for fiscal 2025.
What is Upstart's annual revenue history?
Upstart's annual revenue by fiscal year: 2021: $848.6M; 2022: $842.4M; 2023: $513.6M; 2024: $636.5M; 2025: $1.04B.
What was Upstart's net income in fiscal 2025?
Upstart reported net income of $53.6M for fiscal 2025.
What was Upstart's earnings per share (EPS) in fiscal 2025?
Upstart's diluted EPS was $0.45 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Upstart generate in fiscal 2025?
Upstart generated -$148.1M of free cash flow in fiscal 2025.
What was Upstart's revenue last quarter?
In its most recent reported quarter (2026 Q2), Upstart reported revenue of $364.7M.
How much debt does Upstart have?
Upstart reported $1.83B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Upstart are outstanding?
Upstart reported a weighted average of 96.6 million basic shares outstanding in 2026 Q2.
What is Upstart's market cap?
Based on its latest closing price, Upstart (UPST) has a market capitalization of about $2.61B.
When does Upstart's fiscal year end?
Upstart's fiscal year end, as registered with the SEC, is December 31.
Where is Upstart headquartered?
Upstart lists its business address in Burlingame, California in its SEC filings.