Upstart Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Upstart Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	164	233	849	907	514	637	1,044
Research and development	18.8	38.8	134	237	280	254	258
Selling and marketing	93.2	99.7	333	346	127	167	302
General and administrative	31.9	45.6	123	185	212	231	254
Operating expenses	169	222	708	956	770	809	1,001
Operating income	-4.58	11.8	141	-114	-257	-173	42.6
Interest expense	26.5	8.03	3.27	10.8	34.9
Other non-operating income	1.04	5.55	-5.17	9.47	21.2	18.8	24.3
Pre-tax income	-4.9	6	134	-109	-240	-128	54.3
Income tax	0.07	0.37	-1.71	-0.41	0.11	0.19	0.73
Net income to minority interests	-4.55	-0.4	0	0
Net income	-0.47	5.98	135	-109	-240	-129	53.6
EBITDA	-3.8	14	148	-100	-232	-152	67.5
EPS, basic	-0.03	0.00	1.73	-1.31	-2.87	-1.44	0.56
EPS, diluted	-0.03	0.00	1.43	-1.31	-2.87	-1.44	0.45
Shares, basic (weighted)	14.3	17.5	78.1	82.8	83.8	89.5	96
Shares, diluted (weighted)	14.3	17.5	94.8	82.8	83.8	89.5	107

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	80.1	311	1,191	532	368	788	652
Property, plant and equipment		10	24.3	44.2	42.7	39	44.2
Lease right-of-use assets		18.3	96.1	86.3	54.7	43.5	16.4
Goodwill		0	67.1	67.1	67.1	67.1	67.1
Intangible assets		0	19.9	15.6	11.4	9.43	8.29
Total assets		477	1,820	1,936	2,017	2,367	2,975
Total liabilities		177	1,013	1,264	1,382	1,734	2,176
Paid-in capital		369	741	715	918	1,044	1,156
Retained earnings		-69.2	66.2	-42.4	-283	-411	-358
Shareholders' equity	-61.7	300	807	672	635	633	799
Total equity	-61.7	300	807	672	635	633	799
Total liabilities and equity		477	1,820	1,936	2,017	2,367	2,975
Shares outstanding		73.3	83.7	81.3	86.3	93.5	98

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-5.02	5.58	135	-109	-240	-129	53.6
Depreciation and amortization	0.77	2.28	7.54	13.5	24.9	20.5	24.8
Stock-based compensation	3.81	11.5	73.2	126	175	133	132
Deferred income tax	0	0	-1.94	-0.58	0	0	0
Cash from operations	31.6	15.7	168	-658	-112	186	-148
Capital expenditures	-4	-1.36	-8.43	-8.83	-1.53	-0.84	-0.35
Acquisitions	0	0	-16.8	0	0
Cash from investing	45.4	137	-144	-114	-118	-238	-177
Debt issued	153	92.1	718	689	627
Debt repaid	-110	-148	-71.3	-401	-576
Stock issued	0	0	264	0	0	21.4
Share buybacks			0	-178	0	0
Cash from financing	-119	79.1	855	113	165	560	406
Net change in cash	-42.2	231	880	-659	-64.7	508	80.7
Free cash flow	27.6	14.3	160	-667	-113	185	-148
Interest paid	26.9	8.03	3.27	12.5	36.5	43.1	43.5
Income taxes paid	0	0	2.3	0.33	-0.66	0.26	0.59

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $23.81 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	4.0%	Operating income / revenue.
EBITDA margin	5.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	4.8%	Net income / revenue.
FCF margin	-23.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-22.8%	Cash from operations / revenue.
Return on equity (ROE)	7.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.9%	Net income / average total assets.
Return on invested capital (ROIC)	11.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	24.5%	Research and development expense / revenue.
Stock-based pay / revenue	11.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.4%	Capital expenditures / revenue.
D&A / revenue	1.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	64.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	34.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 5y	29.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 5y	36.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 5y	55.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-179.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-179.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	26.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	21.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	25.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	15.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	44.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	20.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	9.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	43.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	74.9%	Total liabilities / total assets.
Goodwill and intangibles / assets	2.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$722.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.39x	Revenue / average total assets.
Fixed asset turnover	25.2x	Revenue / average property, plant and equipment.
FCF conversion	-479.1%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.55	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$11.36	Revenue / diluted weighted shares.
FCF per share	-$2.63	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$2.59	Cash from operations / diluted weighted shares.
Book value per share	$8.20	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.43	Tangible book value / shares outstanding.
Cash per share	$4.69	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.32B	Share price x shares outstanding.
Enterprise value	$1.86B	Market cap + total debt - cash - short-term investments.
P/E	38.4x	Market cap / net income. Only when net income is positive.
P/S	1.86x	Market cap / revenue.
P/B	2.91x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.21x	Market cap / tangible book value, when positive.
EV/Sales	1.49x	Enterprise value / revenue.
EV/EBIT	37.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	30.0x	Enterprise value / EBITDA, when both are positive.
FCF yield	-12.5%	Free cash flow / market cap.
Earnings yield	2.6%	Net income / market cap (the inverse of P/E).

What was Upstart Holdings, Inc.'s revenue in fiscal 2025?

Upstart Holdings, Inc. reported revenue of $1.04B for fiscal 2025, 64% higher than the year before.

Was Upstart Holdings, Inc. profitable in fiscal 2025?

Yes. Net income was $53.6M, a net margin of 5.1%.

How much free cash flow did Upstart Holdings, Inc. generate in fiscal 2025?

Cash from operations of $147.7M minus capital expenditures of $347.0K left free cash flow of -$148.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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