Detailed financial statements for Upstart Holdings, Inc. (UPST): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Upstart Holdings, Inc., together with its subsidiaries, operates a cloud-based artificial intelligence (AI) lending platform in the United States. The company operates through three segments: Personal Lending, Auto Lending, and Other. Its platform includes unsecured personal loans, small dollar loans, auto refinance, auto retail loans, and auto secured personal loan, and home equity lines of credit. Upstart Holdings, Inc.
Analysis Summary
Upstart Holdings, Inc. reported revenue of $1.08B in the most recent fiscal year, growing at a 5-year CAGR of 36.1%. Net income reached $53.6M, with a 55.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 95.4%, operating margin 4.8%, net margin 4.7%.
At $23.02 (closing price, October 30, 2026), UPST trades at a P/E of 45.01 and an ROE of 7.85%. Market capitalisation stands at $2.2B.
Balance sheet quality for UPST: current ratio of 3.0, net debt of $1.19B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$166.1M represents -310% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $55.6M | $95.6M | $189.3M | $230.1M | $849.9M | $853.3M | $547.7M | $677.0M | $1.08B |
| Cost of Revenue | 0 | 0 | $26.5M | $8.0M | $3.3M | $15.5M | $39.6M | $48.1M | $51.5M |
| Gross Profit | $55.6M | $95.6M | $162.8M | $222.1M | $846.6M | $837.8M | $508.1M | $628.8M | $1.02B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $59.5M | $98.9M | $150.0M | $182.8M | $572.5M | $719.1M | $489.9M | $555.7M | $743.6M |
| Operating Expenses | $64.5M | $106.8M | $167.7M | $216.1M | $712.9M | $946.8M | $748.1M | $757.2M | $969.7M |
| Operating Income | -$7.5M | -$8.0M | -$4.9M | $6.0M | $133.7M | -$109.1M | -$240.0M | -$128.4M | $54.3M |
| EBITDA | $2.0M | $18.8M | -$4.2M | $8.2M | $141.3M | -$95.6M | -$215.1M | -$107.8M | $79.2M |
| Interest Expense | $9.4M | $26.5M | $26.5M | $8.0M | $3.3M | $15.5M | $39.6M | $48.1M | $51.5M |
| Pre-tax Income | -$8.9M | -$11.2M | -$4.9M | $6.0M | $133.7M | -$109.1M | -$240.0M | -$128.4M | $54.3M |
| Income Tax | $6,000 | 0 | $74,000 | $371,000 | -$1.7M | -$409,000 | $107,000 | $185,000 | $728,000 |
| Net Income | -$7.7M | -$12.3M | -$466,000 | $6.0M | $135.4M | -$108.7M | -$240.1M | -$128.6M | $53.6M |
| EPS | $-0.56 | $-0.87 | $-0.03 | $0.27 | $1.73 | $-1.31 | $-2.87 | $-1.44 | $0.56 |
| EPS (Diluted) | $-0.56 | $-0.87 | $-0.03 | $0.23 | $1.43 | $-1.31 | $-2.87 | $-1.44 | $0.45 |
| Shares Outstanding (Diluted) | 13.9 M | 14.1 M | 14.4 M | 26.4 M | 94.8 M | 82.8 M | 83.8 M | 89.5 M | 107.5 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $285.9M | $304.2M | $318.6M | $377.2M |
| Gross Profit | $277.1M | $276.2M | $308.2M | $364.7M |
| Operating Income | $31.9M | $19.2M | -$6.6M | $17.2M |
| EBITDA | $38.1M | $25.6M | -$704,000 | $24.3M |
| Net Income | $31.8M | $18.6M | -$6.6M | $16.5M |
| EPS | $0.33 | $0.19 | $-0.07 | $0.17 |
| EPS (Diluted) | $0.25 | $0.17 | $-0.07 | $0.16 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $73.0M | $50.8M | $258.8M | $995.0M | $432.4M | $377.3M | $793.6M | $657.4M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $5.1M | $42.4M | $30.7M | $63.8M | $52.8M | $55.3M | $70.3M | $97.4M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $633.2M | $98.5M | $295.5M | $1.09B | $502.0M | $450.6M | $1.08B | $1.20B |
| Property, Plant & Equipment | $102,000 | $22.2M | $28.3M | $120.4M | $130.5M | $97.3M | $82.5M | $60.6M |
| Goodwill | 0 | 0 | 0 | $67.1M | $67.1M | $67.1M | $67.1M | $67.1M |
| Intangible Assets | $1.4M | 0 | 0 | $19.9M | $15.6M | $11.4M | $9.4M | $8.3M |
| Total Assets | $645.9M | $393.5M | $477.3M | $1.82B | $1.94B | $2.02B | $2.37B | $2.97B |
| Accounts Payable | $2.9M | $6.6M | $13.8M | $6.6M | $18.7M | $12.6M | $12.4M | $32.0M |
| Short-term Debt | $49.3M | $84.6M | $40.5M | $48.0M | $336.5M | $387.4M | $195.6M | $97.3M |
| Total Current Liabilities | $71.8M | $111.9M | $79.1M | $140.1M | $400.5M | $458.3M | $457.8M | $401.0M |
| Long-term Debt | $448.1M | $34.0M | $22.1M | $647.4M | $649.9M | $653.0M | $1.21B | $1.73B |
| Total Liabilities | $542.7M | $455.1M | $177.0M | $1.01B | $1.26B | $1.38B | $1.73B | $2.18B |
| Retained Earnings | -$75.1M | -$75.2M | -$69.2M | $66.2M | -$42.4M | -$282.6M | -$411.2M | -$357.6M |
| Total Equity | $91.3M | -$62.7M | $300.3M | $807.1M | $672.4M | $635.3M | $633.2M | $798.8M |
| Total Debt | $501.2M | $135.7M | $82.1M | $795.8M | $1.09B | $1.10B | $1.45B | $1.85B |
| Net Debt | $428.2M | $84.9M | -$176.7M | -$199.2M | $654.8M | $725.4M | $658.8M | $1.19B |
| Working Capital | $561.4M | -$13.4M | $216.4M | $948.7M | $101.5M | -$7.7M | $622.8M | $798.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $494.9M | $657.4M | $931.3M | $456.0M |
| Total Assets | $2.90B | $2.97B | $2.96B | $3.17B |
| Total Liabilities | $2.16B | $2.18B | $2.23B | $2.37B |
| Total Equity | $743.7M | $798.8M | $733.2M | $797.5M |
| Total Debt | $1.90B | $1.85B | $1.98B | $2.03B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$8.9M | -$11.2M | -$5.0M | $5.6M | $135.4M | -$108.7M | -$240.1M | -$128.6M | $53.6M |
| Depreciation & Amortization | $93,000 | $314,000 | $774,000 | $2.3M | $7.5M | $13.5M | $24.9M | $20.5M | $24.8M |
| Stock-based Compensation | $1.3M | $2.0M | $3.8M | $11.5M | $73.2M | $125.9M | $175.0M | $133.4M | $131.9M |
| Change in Working Capital | $21.1M | $13.9M | $33,000 | $18.3M | $55.2M | -$5.0M | -$19.7M | $34.6M | $26.6M |
| Operating Cash Flow | $10.4M | $50.3M | $31.6M | $15.7M | $168.4M | -$657.9M | -$111.7M | $186.3M | -$147.7M |
| Capital Expenditure | -$773,000 | -$1.0M | -$5.3M | -$5.6M | -$15.1M | -$22.9M | -$12.1M | -$10.0M | -$18.4M |
| Acquisitions | $16.7M | $8.9M | 0 | -$87.7M | -$16.8M | 0 | 0 | $11.9M | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | -$177.9M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $9.6M | $49.3M | $26.3M | $10.1M | $153.2M | -$680.8M | -$123.8M | $176.3M | -$166.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$122.6M | $108.6M | -$133.3M | -$136.6M |
| Capital Expenditure | -$4.0M | -$3.9M | -$7.0M | $2.2M |
| Free Cash Flow | -$126.6M | $104.6M | -$140.3M | -$134.4M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $34.2M | $32.5M | $34.8M | $44.5M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +71.8% | +98.0% | +21.6% | +269.4% | +0.4% | -35.8% | +23.6% | +58.9% | |
| Net Income Growth (YoY) | -59.6% | +96.2% | +1,383.9% | +2,163.8% | -180.2% | -121.0% | +46.5% | +141.7% | |
| EPS Growth (YoY) | -55.4% | +96.3% | +930.8% | +540.7% | -175.7% | -119.1% | +49.8% | +138.9% | |
| Shares Change (YoY) | +1.8% | +1.6% | +83.7% | +259.3% | -12.7% | +1.2% | +6.8% | +20.2% | |
| FCF Growth (YoY) | +414.3% | -46.6% | -61.6% | +1,418.4% | -544.3% | +81.8% | +242.4% | -194.2% | |
| Gross Margin | 100.0% | 100.0% | 86.0% | 96.5% | 99.6% | 98.2% | 92.8% | 92.9% | 95.2% |
| Operating Margin | -13.5% | -8.3% | -2.6% | 2.6% | 15.7% | -12.8% | -43.8% | -19.0% | 5.1% |
| EBITDA Margin | 3.6% | 19.7% | -2.2% | 3.6% | 16.6% | -11.2% | -39.3% | -15.9% | 7.4% |
| Net Margin | -13.9% | -12.9% | -0.2% | 2.6% | 15.9% | -12.7% | -43.8% | -19.0% | 5.0% |
| FCF Margin | 17.2% | 51.6% | 13.9% | 4.4% | 18.0% | -79.8% | -22.6% | 26.0% | -15.4% |
| Effective Tax Rate | -0.1% | -0.0% | -1.5% | 6.2% | -1.3% | 0.4% | -0.0% | -0.1% | 1.3% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.69 | $3.49 | $1.83 | $0.38 | $1.62 | $-8.22 | $-1.48 | $1.97 | $-1.55 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 13.9 M | 14.1 M | 14.4 M | 21.8 M | 78.1 M | 82.8 M | 83.8 M | 89.5 M | 96.0 M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 7.85% |
| Return on Invested Capital | 1.99% |
| Return on Assets | 1.90% |
| Gross Margin | 95.36% |
| Operating Margin | 4.80% |
| Net Margin | 4.69% |
Financial Health
| Debt / Equity | 2.54 |
| Current Ratio | 14.10 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.73 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| P/E | -52.62 | -33.87 | -906.77 | 150.93 | 87.46 | -10.09 | -14.24 | -42.76 | 78.09 |
| P/B | 0.00 | 4.56 | -6.75 | 2.96 | 14.64 | 1.63 | 5.39 | 8.70 | 5.26 |
| P/S | 7.35 | 4.36 | 2.24 | 3.86 | 13.90 | 1.28 | 6.25 | 8.14 | 3.90 |
| Gross Margin | 100.0% | 100.0% | 86.0% | 96.5% | 99.6% | 98.2% | 92.8% | 92.9% | 95.2% |
| Operating Margin | -13.5% | -8.3% | -2.6% | 2.6% | 15.7% | -12.8% | -43.8% | -19.0% | 5.1% |
| Net Margin | -13.9% | -12.9% | -0.2% | 2.6% | 15.9% | -12.7% | -43.8% | -19.0% | 5.0% |
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Explore sector: Financial Services · Financial - Credit Services
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