Upstart Holdings, Inc. (UPST)
NASDAQ: UPST · Real-Time Price · USD
38.85
+0.61 (1.60%)
At close: Feb 9, 2026, 4:00 PM EST
39.00
+0.15 (0.39%)
After-hours: Feb 9, 2026, 6:37 PM EST
Upstart Holdings Income Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Fiscal Quarter | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 | Sep '21 Sep 30, 2021 | Jun '21 Jun 30, 2021 | Mar '21 Mar 31, 2021 | Dec '20 Dec 31, 2020 |
Operating Revenue | 258.54 | 240.78 | 185.48 | 199.28 | 167.59 | 130.53 | 138.07 | 152.85 | 146.76 | 143.69 | 117.14 | 155.6 | 179.35 | 258.35 | 313.98 | 287.39 | 210.42 | 187.3 | 116.17 | 84.42 |
Other Revenue | 27.36 | 24.29 | 34.92 | 27.12 | 5.37 | 8.57 | 0.44 | 1.53 | -2.78 | -3.64 | -7.08 | -4.16 | -19.07 | -27.87 | -2.89 | 17.94 | 18.3 | 8.15 | 6.21 | 3.36 |
| 285.9 | 265.06 | 220.39 | 226.4 | 172.96 | 139.1 | 138.51 | 154.38 | 143.97 | 140.05 | 110.06 | 151.43 | 160.28 | 230.48 | 311.1 | 305.33 | 228.72 | 195.44 | 122.38 | 87.78 | |
Revenue Growth (YoY) | 65.30% | 90.56% | 59.12% | 46.65% | 20.13% | -0.68% | 25.85% | 1.94% | -10.18% | -39.23% | -64.62% | -50.40% | -29.92% | 17.92% | 154.22% | 247.81% | 242.41% | 896.55% | 81.97% | 31.16% |
Cost of Revenue | 49.79 | 46.25 | 40.5 | 40.6 | 39.3 | 38.68 | 39.41 | 36.12 | 36.91 | 36.8 | 40.59 | 43.49 | 45.03 | 51.07 | 48.41 | 41.05 | 34.98 | 24.16 | 17.39 | 12.79 |
Gross Profit | 236.11 | 218.82 | 179.89 | 185.79 | 133.66 | 100.42 | 99.1 | 118.26 | 107.06 | 103.25 | 69.47 | 107.95 | 115.26 | 179.4 | 262.69 | 264.28 | 193.74 | 171.28 | 104.99 | 75 |
Selling, General & Admin | 139.62 | 137.68 | 119.53 | 115.89 | 103.1 | 85.98 | 92.76 | 94.54 | 86.55 | 74.34 | 84.1 | 97.9 | 104.11 | 152.15 | 176.91 | 156.89 | 127.79 | 102.04 | 69.4 | 49.38 |
Research & Development | 64.03 | 68.83 | 57.84 | 67.22 | 64.89 | 58.45 | 63.09 | 57.15 | 54.94 | 57.97 | 110.07 | 64.03 | 66.18 | 57.05 | 49.99 | 46.5 | 37.09 | 31.43 | 18.99 | 14.15 |
Operating Expenses | 203.65 | 206.5 | 177.37 | 183.11 | 167.99 | 144.43 | 155.85 | 151.7 | 141.49 | 132.31 | 194.17 | 161.92 | 170.3 | 209.2 | 226.9 | 203.39 | 164.87 | 133.47 | 88.38 | 63.53 |
Operating Income | 32.46 | 12.31 | 2.52 | 2.68 | -34.33 | -44.02 | -56.75 | -33.44 | -34.43 | -29.06 | -124.7 | -53.98 | -55.04 | -29.79 | 35.79 | 60.89 | 28.87 | 37.81 | 16.6 | 11.47 |
Interest Expense | -8.79 | -7.77 | -7.02 | -10.63 | -10.82 | -11.47 | -10.71 | -17.17 | -9.41 | -5.08 | -7.93 | -5.22 | -3.85 | -3.11 | -0.96 | -0.48 | -0.27 | -1.5 | -1.03 | -1.07 |
Interest & Investment Income | - | - | - | 18.79 | - | - | - | 21.21 | - | - | - | 9.47 | - | - | - | 0.03 | - | - | - | 0.05 |
Other Non Operating Income (Expenses) | 1.02 | 1.11 | 2.08 | -13.49 | 5.08 | 1.03 | 2.88 | -12.94 | 3.54 | 6 | 3.4 | -6 | 2.68 | 3.06 | -2.12 | -1.17 | -0.75 | 0 | -10.55 | -9.05 |
EBT Excluding Unusual Items | 24.68 | 5.66 | -2.42 | -2.64 | -40.07 | -54.46 | -64.58 | -42.34 | -40.31 | -28.15 | -129.24 | -55.73 | -56.21 | -29.85 | 32.71 | 59.27 | 27.85 | 36.31 | 5.02 | 1.4 |
Merger & Restructuring Charges | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -0.02 | - | - |
Other Unusual Items | 7.25 | - | - | - | 33.36 | - | - | - | - | - | - | - | - | - | - | - | - | - | 5.3 | - |
Pretax Income | 31.93 | 5.66 | -2.42 | -2.64 | -6.71 | -54.46 | -64.58 | -42.34 | -40.31 | -28.15 | -129.24 | -55.73 | -56.21 | -29.85 | 32.71 | 59.27 | 27.85 | 36.3 | 10.32 | 1.4 |
Income Tax Expense | 0.12 | 0.05 | 0.03 | 0.11 | 0.05 | 0.02 | 0.01 | 0.06 | 0.01 | 0.02 | 0.02 | -0.46 | 0.01 | 0.02 | 0.02 | 0.32 | -1.27 | -0.99 | 0.22 | 0.37 |
Earnings From Continuing Operations | 31.81 | 5.61 | -2.45 | -2.76 | -6.76 | -54.47 | -64.6 | -42.4 | -40.32 | -28.17 | -129.25 | -55.26 | -56.22 | -29.87 | 32.69 | 58.94 | 29.11 | 37.28 | 10.1 | 1.03 |
Net Income | 31.81 | 5.61 | -2.45 | -2.76 | -6.76 | -54.47 | -64.6 | -42.4 | -40.32 | -28.17 | -129.25 | -55.26 | -56.22 | -29.87 | 32.69 | 58.94 | 29.11 | 37.28 | 10.1 | 1.03 |
Preferred Dividends & Other Adjustments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.03 |
Net Income to Common | 31.81 | 5.61 | -2.45 | -2.76 | -6.76 | -54.47 | -64.6 | -42.4 | -40.32 | -28.17 | -129.25 | -55.26 | -56.22 | -29.87 | 32.69 | 58.94 | 29.11 | 37.28 | 10.1 | - |
Net Income Growth | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 223.62% | 5639.44% | 201.10% | - | 582.57% | -83.03% |
Shares Outstanding (Basic) | 97 | 96 | 94 | 92 | 90 | 88 | 87 | 86 | 84 | 83 | 82 | 82 | 82 | 84 | 84 | 83 | 79 | 77 | 74 | 26 |
Shares Outstanding (Diluted) | 110 | 103 | 94 | 92 | 90 | 88 | 87 | 86 | 84 | 83 | 82 | 82 | 82 | 84 | 95 | 99 | 96 | 95 | 91 | 26 |
Shares Change (YoY) | 21.75% | 16.30% | 8.32% | 7.72% | 6.77% | 6.38% | 6.25% | 4.06% | 3.35% | -0.84% | -14.19% | -16.77% | -14.98% | -11.57% | 4.38% | 279.99% | 259.15% | 546.76% | 525.28% | 80.53% |
EPS (Basic) | 0.33 | 0.06 | -0.03 | -0.03 | -0.07 | -0.62 | -0.74 | -0.50 | -0.48 | -0.34 | -1.58 | -0.67 | -0.69 | -0.36 | 0.39 | 0.71 | 0.37 | 0.49 | 0.14 | - |
EPS (Diluted) | 0.23 | 0.05 | -0.03 | -0.03 | -0.07 | -0.62 | -0.74 | -0.50 | -0.48 | -0.34 | -1.58 | -0.67 | -0.69 | -0.36 | 0.34 | 0.60 | 0.30 | 0.39 | 0.11 | - |
EPS Growth | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 209.09% | - | 203.70% | - | 9.38% | - |
Free Cash Flow | -122.7 | -120.28 | -13.49 | -110.93 | 179.22 | 73.54 | 43.65 | -145.84 | -107.84 | 217.28 | -76.84 | -254.61 | -102.88 | -57.59 | -268.42 | -14.62 | 40.64 | 91.07 | 42.83 | 68.44 |
Free Cash Flow Per Share | -1.12 | -1.17 | -0.14 | -1.20 | 1.99 | 0.83 | 0.50 | -1.70 | -1.28 | 2.61 | -0.94 | -3.10 | -1.26 | -0.69 | -2.81 | -0.15 | 0.42 | 0.96 | 0.47 | 2.63 |
Gross Margin | 82.58% | 82.55% | 81.62% | 82.07% | 77.28% | 72.19% | 71.55% | 76.61% | 74.36% | 73.72% | 63.12% | 71.28% | 71.91% | 77.84% | 84.44% | 86.56% | 84.71% | 87.64% | 85.79% | 85.43% |
Operating Margin | 11.35% | 4.65% | 1.15% | 1.18% | -19.85% | -31.64% | -40.98% | -21.66% | -23.91% | -20.75% | -113.31% | -35.64% | -34.34% | -12.93% | 11.51% | 19.94% | 12.62% | 19.35% | 13.57% | 13.06% |
Profit Margin | 11.13% | 2.11% | -1.11% | -1.22% | -3.91% | -39.16% | -46.64% | -27.46% | -28.00% | -20.11% | -117.44% | -36.49% | -35.08% | -12.96% | 10.51% | 19.30% | 12.73% | 19.08% | 8.25% | - |
Free Cash Flow Margin | -42.92% | -45.38% | -6.12% | -49.00% | 103.62% | 52.87% | 31.52% | -94.47% | -74.91% | 155.15% | -69.81% | -168.13% | -64.18% | -24.99% | -86.28% | -4.79% | 17.77% | 46.60% | 34.99% | 77.96% |
EBITDA | 38.59 | 18.16 | 8.92 | 7.38 | -28.94 | -39.19 | -51.12 | -24.33 | -29.5 | -24.64 | -118.26 | -50.32 | -51.32 | -26.44 | 38.57 | 63.45 | 31.05 | 39.79 | 17.42 | 12.11 |
EBITDA Margin | 13.50% | 6.85% | 4.05% | 3.26% | -16.73% | -28.17% | -36.91% | -15.76% | -20.49% | -17.59% | -107.45% | -33.23% | -32.02% | -11.47% | 12.40% | 20.78% | 13.58% | 20.36% | 14.24% | 13.80% |
D&A For EBITDA | 6.13 | 5.84 | 6.4 | 4.7 | 5.39 | 4.83 | 5.63 | 9.1 | 4.93 | 4.43 | 6.44 | 3.65 | 3.72 | 3.35 | 2.78 | 2.56 | 2.19 | 1.98 | 0.82 | 0.65 |
EBIT | 32.46 | 12.31 | 2.52 | 2.68 | -34.33 | -44.02 | -56.75 | -33.44 | -34.43 | -29.06 | -124.7 | -53.98 | -55.04 | -29.79 | 35.79 | 60.89 | 28.87 | 37.81 | 16.6 | 11.47 |
EBIT Margin | 11.35% | 4.65% | 1.15% | 1.18% | -19.85% | -31.64% | -40.98% | -21.66% | -23.91% | -20.75% | -113.30% | -35.64% | -34.34% | -12.93% | 11.51% | 19.94% | 12.62% | 19.35% | 13.57% | 13.06% |
Effective Tax Rate | 0.39% | 0.87% | - | - | - | - | - | - | - | - | - | - | - | - | 0.06% | 0.55% | - | - | 2.14% | 26.54% |
Revenue as Reported | 277.11 | - | - | 218.96 | 162.14 | - | - | 140.31 | 134.56 | 135.77 | - | 146.91 | 157.23 | 228.16 | 310.14 | 304.85 | 228.45 | 193.95 | 121.35 | 86.71 |
Updated Nov 4, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.