UPST

MKT CAP:$3B

Upstart Holdings, Inc.

Market Cap

$3B

Financial Services·Financial - Credit Services·🇺🇸 United States·NASDAQ

Financials·Financial·🇺🇸·NASDAQ

Stock Price

$33.16-$12.68 (-27.66%)

Apr 24, 2026

Company Details

Upstart Holdings, Inc., together with its subsidiaries, operates a cloud-based artificial intelligence (AI) lending platform in the United States. Its platform aggregates consumer demand for loans and connects it to its network of the compa...

CEO

David J. Girouard

IPO Date

Dec 16, 2020

Website

www.upstart.com

Key Metrics TTM

Revenue

$1.1B

+58.9% YoY

Net Income

$54M

EPS (Diluted)

$0.45

Free Cash Flow

-$166M

Revenue / Share

$9.58

Gross Margin

95.2%

Operating Margin

5.1%

Net Margin

5.0%

FCF Margin

-15.4%

P/S

3.0x

P/E

61.0x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 10, 2026

$1.1B+58.9%EPS $0.45

Q4 2025

Feb 10, 2026

$304M+34.4%EPS $0.17

Q3 2025

Nov 4, 2025

$286M+65.3%EPS $0.25

Q2 2025

Aug 5, 2025

$265M+90.6%EPS $0.05

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$311M	$310M	$33M
Q2 22	$230M	$228M	-$30M
Q3 22	$160M	$157M	-$56M
Q4 22	$147M	$142M	-$56M
Q1 23	$110M	$103M	-$129M
Q2 23	$140M	$136M	-$28M
Q3 23	$144M	$135M	-$40M
Q4 23	$149M	$135M	-$42M
Q1 24	$139M	$128M	-$65M
Q2 24	$139M	$128M	-$54M
Q3 24	$173M	$162M	-$7M
Q4 24	$226M	$211M	-$3M
Q1 25	$220M	$213M	-$2M
Q2 25	$265M	$257M	$6M
Q3 25	$286M	$277M	$32M
Q4 25	$304M	$276M	$19M

Valuation

Quarter	P/S	P/E
Q1 22	3.1x	20.7x
Q2 22	3.0x	36.0x
Q3 22	3.3x	590.2x
Q4 22	3.9x	—
Q1 23	5.1x	—
Q2 23	5.9x	—
Q3 23	6.0x	—
Q4 23	6.0x	—
Q1 24	5.7x	—
Q2 24	5.7x	—
Q3 24	5.5x	—
Q4 24	4.8x	—
Q1 25	4.3x	—
Q2 25	3.7x	—
Q3 25	3.3x	101.5x
Q4 25	3.0x	61.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$267M	-$272M
Q2 22	-$54M	-$61M
Q3 22	-$101M	-$107M
Q4 22	-$253M	-$258M
Q1 23	-$76M	-$81M
Q2 23	$217M	$215M
Q3 23	-$108M	-$111M
Q4 23	-$144M	-$145M
Q1 24	$44M	$43M
Q2 24	$74M	$71M
Q3 24	$179M	$177M
Q4 24	-$111M	-$114M
Q1 25	-$13M	-$20M
Q2 25	-$120M	-$125M
Q3 25	-$123M	-$127M
Q4 25	$109M	$105M

Capital Expenditures

Quarter	CapEx
Q1 22	$5M
Q2 22	$7M
Q3 22	$6M
Q4 22	$5M
Q1 23	$5M
Q2 23	$2M
Q3 23	$3M
Q4 23	$2M
Q1 24	$2M
Q2 24	$2M
Q3 24	$2M
Q4 24	$3M
Q1 25	$6M
Q2 25	$4M
Q3 25	$4M
Q4 25	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+154.2%	+148.4%
Q2 22	+17.9%	+63.6%
Q3 22	-29.9%	+7.8%
Q4 22	-51.8%	-17.3%
Q1 23	-64.6%	-14.0%
Q2 23	-39.2%	-35.4%
Q3 23	-10.2%	-14.9%
Q4 23	+1.5%	-5.5%
Q1 24	+25.8%	-15.1%
Q2 24	-0.7%	+15.1%
Q3 24	+20.1%	-2.5%
Q4 24	+52.0%	+19.7%
Q1 25	+59.1%	+9.7%
Q2 25	+90.6%	+34.0%
Q3 25	+65.3%	+41.4%
Q4 25	+34.4%	+24.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$25M	8.1%
Q2 22	$30M	13.2%
Q3 22	$37M	22.9%
Q4 22	$34M	23.1%
Q1 23	$74M	67.3%
Q2 23	$33M	23.3%
Q3 23	$36M	24.7%
Q4 23	$33M	22.0%
Q1 24	$36M	25.8%
Q2 24	$34M	24.6%
Q3 24	$34M	19.4%
Q4 24	$30M	13.2%
Q1 25	$30M	13.5%
Q2 25	$36M	13.4%
Q3 25	$34M	11.9%
Q4 25	$32M	10.7%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$92M	$133M
Q2 22	$98M	$105M
Q3 22	$93M	$56M
Q4 22	$91M	$51M
Q1 23	$93M	$31M
Q2 23	$87M	$24M
Q3 23	$90M	$33M
Q4 23	$92M	$39M
Q1 24	$97M	$35M
Q2 24	$92M	$33M
Q3 24	$99M	$43M
Q4 24	$101M	$55M
Q1 25	$101M	$59M
Q2 25	$111M	$73M
Q3 25	$111M	$79M
Q4 25	$120M	$91M

Revenue Segments

Quarter	Platform And Referral Fees, Net	Servicing Fees, Net
Q1 22	$272M	$42M
Q2 23	$106M	$38M
Q3 23	$112M	$34M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$767M	$0	$767M
Q2 22	$801M	$0	$801M
Q3 22	$693M	$0	$693M
Q4 22	$432M	$0	$432M
Q1 23	$397M	$0	$397M
Q2 23	$454M	$0	$454M
Q3 23	$525M	$0	$525M
Q4 23	$377M	$0	$377M
Q1 24	$307M	$0	$307M
Q2 24	$380M	$0	$380M
Q3 24	$450M	$0	$450M
Q4 24	$794M	$0	$794M
Q1 25	$605M	$0	$605M
Q2 25	$401M	$0	$401M
Q3 25	$495M	$0	$495M
Q4 25	$657M	$0	$657M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	95M	-3.4%	+3.9%
Q2 22	84M	-12.2%	-12.3%
Q3 22	82M	-2.6%	-15.8%
Q4 22	82M	+0.7%	-16.8%
Q1 23	82M	-0.4%	-14.2%
Q2 23	83M	+1.5%	-0.8%
Q3 23	84M	+1.5%	+3.3%
Q4 23	86M	+1.4%	+4.1%
Q1 24	87M	+1.7%	+6.2%
Q2 24	88M	+1.6%	+6.4%
Q3 24	90M	+1.9%	+6.8%
Q4 24	92M	+2.3%	+7.7%
Q1 25	94M	+2.3%	+8.3%
Q2 25	103M	+9.1%	+16.3%
Q3 25	110M	+6.7%	+21.8%
Q4 25	112M	+2.3%	+21.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$207.8K	1K
Q2 22	$154.0K	1K
Q3 22	$107.1K	1K
Q4 22	$78.3K	2K
Q1 23	$58.7K	2K
Q2 23	$74.7K	2K
Q3 23	$76.8K	2K
Q4 23	$107.3K	1K
Q1 24	$99.8K	1K
Q2 24	$100.2K	1K
Q3 24	$124.6K	1K
Q4 24	$189.8K	1K
Q1 25	$184.7K	1K
Q2 25	$222.2K	1K
Q3 25	$239.6K	1K
Q4 25	$216.5K	1K

Revenue / Employee