Upstart Holdings, Inc. (UPST)
Upstart Holdings, Inc., together with its subsidiaries, operates a cloud-based artificial intelligence (AI) lending platform in the United States. The company operates through three segments: Personal Lending, Auto Lending, and Other. Its platform includes unsecured personal loans, small dollar loans, auto refinance, auto retail loans, and auto secured personal loan, and home equity lines of credit. Upstart Holdings, Inc. was founded in 2012 and is headquartered in San Mateo, California.
Sector: Finance Services
Industry: Financial - Credit Services
Upstart Holdings, Inc.
NASDAQ:UPSTFinancial Services · Financial - Credit Services
-1.13%$21.89
CLOSED · Nov 6Prev close$22.14-1.13%Close$21.89-0.51%AH close$21.78
AH$21.78-0.51%vs close
Mkt Cap$2.17B
Float79.54M
O/S98.91M
VOL4.58M sh
$ Vol$100.89M
RVOL0.96×
Inst Own59.6%
SI33.8%
Dilution
Financials Summary
Revenue$1.08B
Net Income$53.6M
Total Assets$2.97B
Free Cash Flow-$166.13M
Debt & Equity
Debt 70%
Equity 30%
Total Debt$1.85B
Total Equity$798.82M
Shares Outstanding
Short Interest
Split History1 split · 1 reverse
- 1:52.5Reverse splitJun 19, 201252.5 shares → 1
Balance Sheet Details
Assets$2.97B
Liabilities$2.18B
Accounts Receivable$97.42M
Accounts Payable$31.98M
Inventory$0
PP&E (Net)$60.58M
Goodwill$67.06M
Intangible Assets$8.29M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 |
| Revenue | $1.08B | $676.96M | $547.72M | $853.29M | $849.89M | $230.08M | $189.27M | $95.58M | $55.64M |
| YoY Growth | 58.9% | 23.6% | -35.8% | 0.4% | 269.4% | 21.6% | 98.0% | 71.8% | - |
| Cost of Revenue | $51.54M | $48.13M | $39.6M | $15.53M | $3.27M | $8.03M | $26.48M | $0 | $0 |
| Gross Profit | $1.02B | $628.83M | $508.12M | $837.76M | $846.61M | $222.05M | $162.78M | $95.58M | $55.64M |
| Gross Margin | 95.2% | 92.9% | 92.8% | 98.2% | 99.6% | 96.5% | 86.0% | 100.0% | 100.0% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $743.62M | $555.73M | $489.95M | $719.06M | $572.47M | $182.85M | $149.99M | $98.87M | $59.5M |
| Other | $226.03M | $201.5M | $258.19M | $227.77M | $140.41M | $33.25M | $17.74M | $7.93M | $4.99M |
| Total Operating Expenses | $969.66M | $757.23M | $748.14M | $946.83M | $712.88M | $216.1M | $167.73M | $106.8M | $64.5M |
| Operating Income (EBIT) | $54.33M | -$128.4M | -$240.03M | -$109.07M | $133.73M | $5.95M | -$4.95M | -$7.97M | -$7.54M |
| Operating Margin | 5.1% | -19.0% | -43.8% | -12.8% | 15.7% | 2.6% | -2.6% | -8.3% | -13.5% |
| Interest Expense | $51.54M | $48.13M | $39.6M | $15.53M | $3.27M | $8.03M | $26.48M | $26.48M | $9.42M |
| Interest Income | $204.23M | $186.36M | $169M | $105.58M | $20.63M | $26.41M | $63.31M | $76.68M | $21.13M |
| Other Income (Expense) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$3.25M | -$1.32M |
| Income Before Tax (EBT) | $54.33M | -$128.4M | -$240.03M | -$109.07M | $133.73M | $5.95M | -$4.95M | -$11.22M | -$8.86M |
| Income Tax Expense | $728K | $185K | $107K | -$409K | -$1.71M | $371K | $74K | $0 | $6K |
| Net Income | $53.6M | -$128.58M | -$240.13M | -$108.67M | $135.44M | $5.98M | -$466K | -$12.32M | -$7.72M |
| Net Income Margin | 5.0% | -19.0% | -43.8% | -12.7% | 15.9% | 2.6% | -0.2% | -12.9% | -13.9% |
| Supplementary Data | |||||||||
| EPS | 0.56 | -1.44 | -2.87 | -1.31 | 1.73 | 0.27 | -0.03 | -0.87 | -0.56 |
| Diluted EPS | 0.45 | -1.44 | -2.87 | -1.31 | 1.43 | 0.23 | -0.03 | -0.87 | -0.56 |
| Weighted Average OS | 96.03M | 89.45M | 83.77M | 82.77M | 78.11M | 21.78M | 14.36M | 14.13M | 13.87M |
| EBITDA | $79.16M | -$107.85M | -$215.12M | -$95.56M | $141.27M | $8.23M | -$4.17M | $18.83M | $1.98M |
| EBITDA Margin | 7.4% | -15.9% | -39.3% | -11.2% | 16.6% | 3.6% | -2.2% | 19.7% | 3.6% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Assets | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $657.45M | $793.61M | $377.32M | $432.41M | $994.99M | $258.77M | $50.82M | $73.04M |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $657.45M | $793.61M | $377.32M | $432.41M | $994.99M | $258.77M | $50.82M | $73.04M |
| Accounts Receivable | $97.42M | $70.29M | $55.34M | $52.83M | $63.81M | $30.73M | $42.44M | $5.05M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $404.62M | $187.84M | $0 | $0 | $0 | $0 | $0 | $555.13M |
| Total Current Assets | $1.2B | $1.08B | $450.64M | $501.99M | $1.09B | $295.5M | $98.48M | $633.22M |
| Long-Term Assets | ||||||||
| Property, Plant & Equipment Net | $60.58M | $82.47M | $97.35M | $130.5M | $120.38M | $28.34M | $22.22M | $102K |
| Goodwill | $67.06M | $67.06M | $67.06M | $67.06M | $67.06M | $0 | $0 | $0 |
| Intangible Assets | $8.29M | $9.43M | $11.36M | $15.63M | $19.91M | $0 | $0 | $1.4M |
| Long-Term Investments | $1.03B | $849.42M | $1.2B | $1.05B | $292.48M | $78.46M | $232.31M | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $613.92M | $278.01M | $187.07M | $169.2M | $231.83M | $74.95M | $40.46M | $11.18M |
| Total Long-Term Assets | $1.78B | $1.29B | $1.57B | $1.43B | $731.65M | $181.75M | $294.98M | $12.69M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $2.97B | $2.37B | $2.02B | $1.94B | $1.82B | $477.25M | $393.46M | $645.91M |
| Liabilities | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $31.98M | $12.38M | $12.61M | $18.71M | $6.56M | $13.78M | $6.56M | $2.92M |
| Short-Term Debt | $97.33M | $195.6M | $387.43M | $336.45M | $48.03M | $40.49M | $84.6M | $49.27M |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $337.26M |
| Total Current Liabilities | $401.02M | $457.77M | $458.3M | $400.5M | $140.09M | $79.08M | $111.91M | $71.81M |
| Long-Term Liabilities | ||||||||
| Long-Term Debt | $1.73B | $1.21B | $653M | $649.94M | $647.4M | $22.13M | $34.01M | $448.05M |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $22.01M | $19.12M | $208.17M | $112.39M | $125.52M | $56.36M | $292.17M | $22.79M |
| Total Long-Term Liabilities | $1.77B | $1.28B | $923.5M | $863.12M | $873.28M | $97.93M | $343.24M | $470.84M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $2.18B | $1.73B | $1.38B | $1.26B | $1.01B | $177M | $455.15M | $542.65M |
| Stockholders' Equity | ||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $157.92M |
| Common Stock | $10K | $9K | $9K | $8K | $8K | $7K | $2K | $1K |
| Retained Earnings | -$357.56M | -$411.16M | -$282.58M | -$42.44M | $66.22M | -$69.22M | -$75.2M | -$75.08M |
| Comprehensive Income & Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Stockholders' Equity | $1.16B | $1.04B | $917.87M | $714.87M | $740.85M | $369.47M | $12.49M | $166.33M |
| Total Equity | $798.82M | $633.22M | $635.3M | $672.43M | $807.08M | $300.25M | -$62.71M | $91.25M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $1.03M | $12M |
| Total Liabilities and Equity | $2.97B | $2.37B | $2.02B | $1.94B | $1.82B | $477.25M | $392.44M | $633.91M |
| Supplementary Data | ||||||||
| Total Debt | $1.85B | $1.45B | $1.1B | $1.09B | $795.8M | $82.06M | $135.67M | $501.23M |
| Net Debt | $1.19B | $658.84M | $725.42M | $654.77M | -$199.19M | -$176.71M | $84.85M | $428.19M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 |
| Operating Activities | |||||||||
| Net Income | $53.6M | -$128.58M | -$240.13M | -$108.67M | $135.44M | $5.58M | -$5.02M | -$11.22M | -$8.86M |
| Depreciation & Amortization | $24.84M | $20.55M | $24.9M | $13.51M | $7.54M | $2.28M | $774K | $314K | $93K |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $29.05M | $0 | $42.28M | -$5.2M |
| Stock-Based Compensation | $131.95M | $133.4M | $175.04M | $125.94M | $73.19M | $11.51M | $3.81M | $2.04M | $1.29M |
| Changes in Working Capital: | |||||||||
| Accounts Receivable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $0 | $0 | -$6.13M | $11.88M | -$7.51M | $7.03M | $3.61M | $1.12M | $946K |
| Other Working Capital | $26.64M | $34.63M | -$13.58M | -$16.92M | $62.76M | $11.22M | -$3.58M | $12.81M | $20.12M |
| Total Working Capital Change | $26.64M | $34.63M | -$19.71M | -$5.04M | $55.24M | $18.25M | $33K | $13.93M | $21.06M |
| Other Non-Cash Items | -$384.75M | $126.34M | -$51.81M | -$683.61M | -$103.06M | -$50.98M | $31.99M | $2.98M | $1.97M |
| Net Cash from Operating | -$147.72M | $186.33M | -$111.71M | -$657.86M | $168.35M | $15.7M | $31.58M | $50.34M | $10.36M |
| Investing Activities | |||||||||
| Capital Expenditures | -$347K | -$837K | -$1.53M | -$8.82M | -$8.43M | -$5.61M | -$4M | -$1.04M | -$773K |
| Acquisitions | $0 | $11.93M | $0 | $0 | -$16.76M | -$87.69M | $0 | $8.91M | $16.69M |
| Purchases of Investments | $0 | $0 | $0 | -$6.25M | -$40M | -$9.65M | $0 | -$421.12M | -$513.95M |
| Sales of Investments | $0 | $11.93M | $0 | $0 | $0 | $97.34M | $8.76M | $1.23M | $76.22M |
| Other Investing Activities | -$176.82M | -$260.75M | -$116.93M | -$99.05M | -$78.69M | $142.12M | $40.68M | -$137.42M | -$392.65M |
| Net Cash from Investing | -$177.17M | -$237.73M | -$118.45M | -$114.13M | -$143.88M | $136.52M | $45.43M | -$137.24M | -$393.42M |
| Financing Activities | |||||||||
| Debt Repaid | -$390.64M | -$562.66M | -$192.97M | -$287.92M | -$647.11M | $82.18M | $115.96M | -$87.84M | -$397.01M |
| Common Stock Issuance | $25.3M | $29.08M | $21.3M | $20.02M | $263.93M | $159.49M | $0 | $292.7M | $1.25M |
| Common Stock Repurchases | $0 | $0 | $0 | -$177.88M | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | -$10.3M | -$31.86M | -$48.78M | -$16.84M | -$55.6M | $1.75M | -$4.48M | -$2M | $15.71M |
| Net Cash from Financing | $405.64M | $559.87M | $165.49M | $113.21M | $855.43M | $79.05M | -$119.19M | $135.77M | $412.71M |
| Forex Effect | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $80.75M | $508.48M | -$64.68M | -$658.77M | $879.91M | $231.27M | -$42.17M | $48.87M | $29.65M |
| Supplementary Data | |||||||||
| Operating Cash Flow | -$147.72M | $186.33M | -$111.71M | -$657.86M | $168.35M | $15.7M | $31.58M | $50.34M | $10.36M |
| Capital Expenditure | -$18.41M | -$9.99M | -$12.09M | -$22.91M | -$15.12M | -$5.61M | -$5.28M | -$1.04M | -$773K |
| Free Cash Flow | -$166.13M | $176.34M | -$123.8M | -$680.77M | $153.24M | $10.09M | $26.3M | $49.29M | $9.58M |
| Cash at Beginning | $976.26M | $467.79M | $532.47M | $1.19B | $311.33M | $80.07M | $122.24M | $73.38M | $43.72M |
| Cash at End | $1.06B | $976.26M | $467.79M | $532.47M | $1.19B | $311.33M | $80.07M | $122.24M | $73.38M |