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MARKETS / NASDAQ / Financials / Credit / UPST
NASDAQ · FINANCE SERVICES · LARGE CAP

Upstart Holdings, Inc. UPST

7 fiscal years on record · USD · FY2025 reported · SEC filings only
$1.0B
▲ 64.0% YoY
$53.6M
$-148.1M
▼ 179.8% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Upstart Holdings, Inc. operates a marketplace that supports unsecured and secured credit products, including personal loans, auto loans and home equity lines of credit (HELOCs). Its platform applies artificial intelligence to quantify the risk of a loan, a capability the company refers to as "risk separation." As of December 31, 2025, it had more than 100 lending partners. In the year ended December 31, 2025, its top three lending partners collectively originated 83% of the loans facilitated through the marketplace, and revenue from fees paid by those partners accounted for 61% of total revenue. As of December 31, 2025, it had 1,405 full-time employees. Upstart Network, Inc. was incorporated in Delaware in 2012, and Upstart Holdings, Inc. was incorporated in December 2013 and became the holding company of Upstart Network, Inc.

Written from the business description in Upstart Holdings, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 10 February 2026. Every sentence was checked against that document before publication.

Growth

USD 1.0B
Revenue, FY2025 · full 7-year series below
Revenue $B Net income $B
FY2025 · Revenue 1.0 · Net income 0.1
0.5B1.0B-0.1B-0.2B
201920222025
Compound annual growth
+7.4%
+34.9%
+55.0%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +34.9% a year over the five years to FY2025 — but profit grew faster: net income at +55.0%.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

5 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 4.1% · Net 5.1%
5%10%15%-20%-40%
201920222025
ROE
FY2025 · ROE 7.5%
10%20%-10%-20%-30%
201920222025
Three returns, three denominators.
Return on capital employedNot available: we don't have total assets or current liabilities for this period.
Gross margin·
Operating margin4.1%
Net margin5.1%
EBITDAUSD 67.5M

Each USD of equity produced 7 cents of profit this year.

Cash & shareholders

·
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -148.1
100.0M200.0M-250.0M-500.0M
201920222025
Net buybacks $M Dividends $M
FY2024 · Dividends · · Net buybacks -21.4
100M200M-100M-200M
2021202220232024
Dividends paid·
Net buybacks·
Share of profit·
Consecutive raises·

Total assetsUSD 3.0B
EquityUSD 798.8M
CashUSD 652.4M

Equity funds 27% of total assets.

The 7-year record

7 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
UPST, 7-year financial record
Metric 2025202420232022202120202019
Revenue $B1.00.60.50.80.80.20.2
Operating income $B0.0−0.2−0.3−0.10.10.0−0.0
EBITDA $B0.1−0.2−0.2−0.10.10.0−0.0
Income tax $B0.00.00.0−0.0−0.00.00.0
Net income $B0.1−0.1−0.2−0.10.10.0−0.0
Free cash flow $B−0.10.2−0.1−0.70.20.00.0
EPS, diluted $0.45−1.44−2.87−1.311.430.00−0.03
Dividend / sh $◌◌◌◌◌◌◌
Payout % — not applicable: no dividend———————
ROE %7.5−20.3−36.7−14.724.5——
Shares out B0.100.090.090.080.080.07◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

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UNH · BRK-A · BRK-B · CI · ELV · CNC
Provenance

Company facts, as filed

How we verify · 0 failures in 19 reconciliationsAUDITED

Reconciled in 7 of the 7 fiscal years we could check. 13 checks were skipped: the balance sheet is not tagged before 2020. 12 checks were skipped: EPS is not tagged before 2019.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityFinance Services
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2019

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