Upstart Holdings, Inc.
UPST- Exchange
- Nasdaq
- Industry
- Finance Services
- SEC CIK
- 0001647639
In the last 90 days, Upstart Holdings, Inc. insiders filed 1 open-market purchase and 8 sales; 372 institutions reported holding it in 13F filings for Q2 2026, worth $2.07B in total; Coatue Management is the only superinvestor holding it.
- Currency
- USD
- Source
- SEC XBRL data (10-K, 10-Q, 20-F, 40-F)
- Updated
- Nov 5, 2026, 12:19 AM ET
Revenue flow, FY2025
Where the revenue went in FY2025, from the income statement below. Green is profit; orange is costs, expenses and taxes. Percentages are shares of revenue; hover over a band or a bar for the exact amount.
Income statement
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Feb 10, 2026 | Feb 11, 2025 | Feb 13, 2024 | Feb 14, 2023 | Feb 15, 2022 |
| Revenue | $1.04B | $636.5M | $513.6M | $842.4M | $848.6M |
| Operating expenses | $1.00B | $809.4M | $770.1M | $956.3M | $707.7M |
| Research and development | $257.6M | $253.7M | $280.1M | $237.2M | $134.0M |
| Selling, general and administrative | $253.7M | $230.9M | $212.4M | $185.3M | $122.7M |
| Operating income | $42.6M | -$172.9M | -$256.5M | -$113.9M | $140.9M |
| Interest expense | – | – | $34.9M | $10.8M | $3.27M |
| Income tax | $728.0K | $185.0K | $107.0K | -$409.0K | -$1.71M |
| Net income | $53.6M | -$128.6M | -$240.1M | -$108.7M | $135.4M |
| EPS, basic | $0.56 | $-1.44 | $-2.87 | $-1.31 | $1.73 |
| EPS, diluted | $0.45 | $-1.44 | $-2.87 | $-1.31 | $1.43 |
| Weighted shares, basic | 96.0M | 89.5M | 83.8M | 82.8M | 78.1M |
| Weighted shares, diluted | 107.5M | 89.5M | 83.8M | 82.8M | 94.8M |
| Margins and growth | |||||
| Operating margin | 4.1% | -27.2% | -50.0% | -13.5% | 16.6% |
| Net margin | 5.1% | -20.2% | -46.8% | -12.9% | 16.0% |
| Revenue growth, year over year | +64.0% | +23.9% | −39.0% | −0.7% | – |
| Net income growth, year over year | – | – | – | −180.2% | – |
Balance sheet
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Feb 10, 2026 | Feb 11, 2025 | Feb 13, 2024 | Feb 14, 2023 | Feb 15, 2022 |
| Cash and equivalents | $652.4M | $788.4M | $368.4M | $422.4M | $986.6M |
| Property, plant and equipment | $44.2M | $39.0M | $42.7M | $44.2M | $24.3M |
| Goodwill | $67.1M | $67.1M | $67.1M | $67.1M | $67.1M |
| Intangible assets | $8.29M | $9.43M | $11.4M | $15.6M | $19.9M |
| Total assets | $2.97B | $2.37B | $2.02B | $1.94B | $1.82B |
| Total liabilities | $2.18B | $1.73B | $1.38B | $1.26B | $1.01B |
| Shareholders' equity | $798.8M | $633.2M | $635.3M | $672.4M | $807.1M |
Cash flow statement
Each column is one fiscal year, newest first. Free cash flow is operating cash flow minus capital expenditures.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Feb 10, 2026 | Feb 11, 2025 | Feb 13, 2024 | Feb 14, 2023 | Feb 15, 2022 |
| Operating cash flow | -$147.7M | $186.3M | -$160.5M | -$674.7M | $168.4M |
| Capital expenditures | $347.0K | $837.0K | $1.53M | $8.82M | $8.43M |
| Free cash flow | -$148.1M | $185.5M | -$162.0M | -$683.5M | $159.9M |
| Depreciation and amortization | $24.8M | $20.5M | $24.9M | $13.5M | $7.54M |
| Stock-based compensation | $131.9M | $133.4M | $175.0M | $125.9M | $73.2M |
| Share buybacks | – | $0 | $0 | $177.9M | – |
| Investing cash flow | -$177.2M | -$237.7M | -$118.5M | -$114.1M | -$143.9M |
| Financing cash flow | $405.6M | $559.9M | $214.3M | $130.0M | $855.4M |
| Net change in cash | $80.7M | $508.5M | -$64.7M | -$658.8M | $879.9M |
| Ratio | |||||
| Stock-based compensation, % of revenue | 12.6% | 21.0% | 34.1% | 14.9% | 8.6% |
Shares outstanding
Common shares outstanding as stated on the cover of each 10-K and 10-Q. The date is the cover date, not the period end; a rising count means dilution.
| Cover date | Shares outstanding | Change in a year | Filing |
|---|---|---|---|
| Oct 27, 2026 | 98.9M | +1.7% | SEC |
| Jul 28, 2026 | 97.3M | +1.1% | SEC |
| Apr 28, 2026 | 95.7M | +0.6% | SEC |
| Feb 3, 2026 | 98.1M | +4.6% | SEC |
| Oct 28, 2025 | 97.3M | +6.6% | SEC |
| Jul 29, 2025 | 96.2M | +7.5% | SEC |
| Apr 29, 2025 | 95.1M | +8.3% | SEC |
| Feb 6, 2025 | 93.7M | +8.4% | SEC |
Notes and known gaps
How these numbers are put together, and what they can't tell you.
- Numbers come from the XBRL data in each period's original 10-K, 10-Q, 20-F or 40-F, or its amendment. They are shown as filed: later filings don't restate earlier periods here.
- Reported is the filing date of the first 8-K with Item 2.02 (results of operations) after the period ended, no later than the 10-Q or 10-K and within 120 days. Companies that release results only in the 10-Q, and foreign companies, which use Form 6-K, have none.
Known gaps
- Foreign companies that file Form 20-F or 40-F have annual statements only: their quarterly results are furnished on Form 6-K, which has no XBRL data.
- EPS and share counts are as reported at the time, not adjusted for later stock splits.
- For ADRs, EPS is per ordinary share, not per ADS (one TSMC ADS is five ordinary shares).
- For banks, revenue may be interest income only, depending on how the bank tags its filings; cost of revenue and gross profit are usually blank.
- Companies with several share classes, such as Berkshire Hathaway, may have no EPS and no cover share count.
- Depreciation and amortization is missing for some companies that report it under their own XBRL tags.