Upstart Holdings, Inc. (UPST)

Upstart Holdings Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Operating Revenue	884.07	635.47	560.43	907.27	801.28	228.6
Other Revenue	113.68	41.5	-11.98	-53.99	50.59	12.84
Revenue	997.75	676.96	548.46	853.29	851.86	241.44
Revenue Growth (YoY)	64.93%	23.43%	-35.72%	0.17%	252.82%	26.63%
Cost of Revenue	177.14	158	150.42	187.99	117.58	37.58
Gross Profit	820.61	518.97	398.04	665.29	734.28	203.86
Selling, General & Admin	512.72	397.74	339.53	531.07	454.89	145.27
Research & Development	257.91	253.65	280.14	237.25	134	38.8
Operating Expenses	770.63	651.39	619.67	768.31	588.89	184.07
Operating Income	49.98	-132.42	-221.63	-103.02	145.39	19.79
Interest Expense	-34.22	-43.63	-37.99	-13.84	-4.67	-8.03
Interest & Investment Income	18.79	18.79	21.21	9.47	-	0.25
Other Non Operating Income (Expenses)	-9.28	-4.49	-1.61	-1.68	-5.75	-11.36
EBT Excluding Unusual Items	25.28	-161.76	-240.03	-109.07	134.97	0.65
Merger & Restructuring Charges	-	-	-	-	-1.24	-
Other Unusual Items	7.25	33.36	-	-	-	5.3
Pretax Income	32.52	-128.4	-240.03	-109.07	133.73	5.95
Income Tax Expense	0.31	0.19	0.11	-0.41	-1.71	0.37
Earnings From Continuing Operations	32.21	-128.58	-240.13	-108.67	135.44	5.58
Minority Interest in Earnings	-	-	-	-	-	0.4
Net Income	32.21	-128.58	-240.13	-108.67	135.44	5.98
Preferred Dividends & Other Adjustments	-	-	-	-	-	5.98
Net Income to Common	32.21	-128.58	-240.13	-108.67	135.44	-
Net Income Growth	-	-	-	-	2163.80%	-
Shares Outstanding (Basic)	95	89	84	83	78	18
Shares Outstanding (Diluted)	102	89	84	83	95	18
Shares Change (YoY)	16.73%	6.79%	1.20%	-12.66%	441.13%	22.17%
EPS (Basic)	0.34	-1.44	-2.87	-1.31	1.73	-
EPS (Diluted)	0.26	-1.44	-2.87	-1.31	1.43	-
Free Cash Flow	-367.39	185.49	-113.24	-666.69	159.93	14.34
Free Cash Flow Per Share	-3.58	2.07	-1.35	-8.05	1.69	0.82
Gross Margin	82.25%	76.66%	72.57%	77.97%	86.20%	84.44%
Operating Margin	5.01%	-19.56%	-40.41%	-12.07%	17.07%	8.20%
Profit Margin	3.23%	-18.99%	-43.78%	-12.73%	15.90%	-
Free Cash Flow Margin	-36.82%	27.40%	-20.65%	-78.13%	18.77%	5.94%
EBITDA	73.05	-111.87	-196.73	-89.51	152.93	22.07
EBITDA Margin	7.32%	-16.53%	-35.87%	-10.49%	17.95%	9.14%
D&A For EBITDA	23.07	20.55	24.9	13.51	7.54	2.28
EBIT	49.98	-132.42	-221.63	-103.02	145.39	19.79
EBIT Margin	5.01%	-19.56%	-40.41%	-12.07%	17.07%	8.20%
Effective Tax Rate	0.96%	-	-	-	-	6.24%
Revenue as Reported	966.73	636.53	513.56	842.44	848.59	233.42

Updated Nov 4, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q