Upstart Holdings (UPST) financial statements
Upstart Holdings reported revenue of $1.0B in fiscal 2025, up 36.7% a year over 6 years.
Net income was $54M and the operating margin 4.1%, against -2.9% in 2019.
Free cash flow was -$166M.
The diluted share count rose 650% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Upstart Holdings's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $160M | $229M | $801M | $907M | $514M | $637M | $1.0B |
| Research and development | $19M | $39M | $134M | $237M | $280M | $254M | $258M |
| Selling, general and admin | $125M | $145M | $456M | $531M | $340M | $398M | $555M |
| Operating income | -$5M | $12M | $141M | -$114M | -$257M | -$173M | $43M |
| Interest expense | $26M | $8M | $3M | $11M | $35M | — | — |
| Pre-tax income | -$5M | $6M | $134M | -$109M | -$240M | -$128M | $54M |
| Income tax | $74,000 | $371,000 | -$2M | -$409,000 | $107,000 | $185,000 | $728,000 |
| Net income | -$466,000 | $6M | $135M | -$109M | -$240M | -$129M | $54M |
| EPS (diluted) | -$0.03 | $0.00 | $1.43 | -$1.31 | -$2.87 | -$1.44 | $0.45 |
| Diluted shares | 14M | 18M | 95M | 83M | 84M | 89M | 107M |
| Operating margin | -2.9% | 5.1% | 17.6% | -12.6% | -50.0% | -27.2% | 4.1% |
| Net margin | -0.3% | 2.6% | 16.9% | -12.0% | -46.8% | -20.2% | 5.1% |
Balance sheet
Fiscal years, from Upstart Holdings's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $80M | $251M | $987M | $422M | $368M | $788M | $652M |
| Property, plant and equipment | — | $10M | $24M | $44M | $43M | $39M | $44M |
| Goodwill | — | $0 | $67M | $67M | $67M | $67M | $67M |
| Total assets | — | $477M | $1.8B | $1.9B | $2.0B | $2.4B | $3.0B |
| Total liabilities | — | $177M | $1.0B | $1.3B | $1.4B | $1.7B | $2.2B |
| Shareholders' equity | -$62M | $300M | $807M | $672M | $635M | $633M | $799M |
| Net debt | -$80M | -$251M | -$987M | -$422M | -$368M | -$788M | -$652M |
Cash flow
Fiscal years, from Upstart Holdings's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $32M | $16M | $168M | -$658M | -$112M | $186M | -$148M |
| Capital spending | $5M | $6M | $15M | $23M | $12M | $10M | $18M |
| Free cash flow | $26M | $10M | $153M | -$681M | -$124M | $176M | -$166M |
| Stock-based compensation | $4M | $12M | $73M | $126M | $175M | $133M | $132M |
| Share buybacks (net) | — | — | $0 | -$178M | $0 | $0 | — |
| Net borrowing | $44M | -$56M | $647M | $288M | $51M | — | — |
| Free cash flow margin | 16.5% | 4.4% | 19.1% | -75.0% | -24.1% | 27.7% | -15.9% |
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Open UPST in InvestinglyQuestions
What was Upstart Holdings's revenue in 2025?
$1.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Upstart Holdings generate?
-$166M in fiscal 2025 (operating cash flow minus capital spending).
From Upstart Holdings's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.