Saturday 17 October 2026 Export UPST’s income statement to Excel — free account

Upstart Holdings, Inc.

Upstart Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.0 billion, up 64.0% from fiscal 2024. In the quarter to June 2026, revenue grew 41.8%, EPS grew 183.3%, free cash flow fell 14.7% and total debt rose 40.2%, each against the same quarter a year earlier. Insiders bought in the last twelve months.

23.56 1.19 −4.81%

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Market cap: $2.4B
P/E: 38.0×
Fwd P/E: 32.5×
Dividend yield: —
F-score: 5/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 11.57

Total sells 7.40

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	1	—	—	—	—	—	2	—	—	—	1	—
Sell	4	2	1	4	—	—	7	1	—	7	1	—

Insider Ownership 13.81%

Capital & Financial Ratios $m

Market Cap 2,410.00

Revenue 1,246.12

Net Income 60.33

Free Cash Flow (305.13)

Net Debt 979.85

Current Ratio 0.49

Debt/Equity 2.51

P/E ratio 38.00

Fwd P/E 32.50

P/S ratio 1.83

P/B ratio 2.85

Past 5Y EPS Growth 7.15%

This Y EPS Growth (61.01%)

Next Y EPS Growth 199.31%

Next Y revenue growth 35.94%

Next 5Y EPS Growth 29.27%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 13.75%

10-year low 10-year high

P/S against its own 10 years 8.19%

10-year low 10-year high

P/B against its own 10 years 13.40%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	509	1,018	1,098	1,023
Receivables	—	—	—	—
Inventory	—	—	—	—
Other	—	—	—	—
	509	1,018	1,098	1,144

	2023	2024	2025	Q'26
Payables	—	—	—	—
ST’ Debt	1,040	1,402	1,829	2,003
Other	—	—	—	—
	1,319	1,683	2,155	2,351

Compound Annual Growth %

	10y	5y	3y
Sales	—	34.93%	7.41%
Cash Flow	—	0.00%	0.00%
Earnings	—	55.04%	0.00%
Book Value	—	21.62%	5.91%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	308	365	—	—	—
’25	213	257	277	296	1,044
’24	128	128	162	219	637
’23	103	136	135	140	514
’22	310	228	157	147	842
’21	121	194	228	305	849
’20	64	17	65	87	233

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(133)	(137)	—	—	—
’25	(13)	(120)	(123)	109	(148)
’24	44	74	179	(111)	186
’23	(76)	217	(108)	(146)	(112)
’22	(267)	(54)	(101)	(236)	(658)
’21	43	93	44	(11)	168
’20	(87)	16	18	69	16

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(140)	(143)	—	—	—
’25	(20)	(125)	(127)	105	(166)
’24	43	71	177	(114)	176
’23	(81)	215	(111)	(147)	(124)
’22	(272)	(61)	(107)	(241)	(681)
’21	42	89	38	(17)	153
’20	(88)	15	16	67	10

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.07)	0.16	—	—	—
’25	(0.03)	0.05	0.23	0.17	0.45
’24	(0.74)	(0.62)	(0.07)	(0.03)	(1.44)
’23	(1.58)	(0.34)	(0.48)	(0.50)	(2.87)
’22	0.34	(0.36)	(0.69)	(0.67)	(1.31)
’21	0.11	0.39	0.30	0.61	1.43
’20	0.07	(0.42)	0.36	0.04	0.32

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	—	—	22.61	38.05	12.01	11.93	20.60	31.40	Analyst estimates 2026–2028 Powerpack
	High	—	—	—	—	51.40	401.49	161.00	72.58	88.95	96.43
People
People	Employees	—	—	—	—	554	1,497	1,875	1,388	1,193	1,405
	Revenue/emp, $m	—	0.00	0.00	0.00	0.42	0.57	0.45	0.37	0.53	0.74
Income, $m
Income, $m	Revenue	—	57	99	164	233	849	842	514	637	1,044
	Gross margin, %	—	0.00	84.48	84.81	83.90	86.14	77.68	70.71	75.18	81.95
	EBT	—	(9)	(11)	(5)	6	134	(109)	(240)	(128)	54
	EBT margin, %	—	(15.46)	(11.30)	(3.01)	2.55	15.76	(12.95)	(46.74)	(20.17)	5.20
	Net income	—	0	(11)	(5)	6	135	(109)	(240)	(129)	54
	Depreciation	—	0	0	1	2	8	14	25	21	25
Per share, $
Per share, $	Revenue	—	0.78	7.03	11.45	13.33	10.86	10.18	6.13	7.12	10.87
	Earnings	—	(0.11)	(0.79)	(0.35)	0.32	1.73	(1.31)	(2.87)	(1.44)	0.56
	Cash flow	—	0.14	3.56	2.20	0.90	2.16	(7.95)	(1.33)	2.08	(1.54)
	Capex	—	0.00	(0.07)	(0.37)	(0.32)	(0.19)	(0.28)	(0.14)	(0.11)	(0.19)
	Free cash flow	—	0.14	3.49	1.83	0.58	1.96	(8.22)	(1.48)	1.97	(1.73)
	Book value	—	0.00	0.00	7.04	17.14	10.33	8.12	7.58	7.08	8.32
	Shares, m	—	73	14	14	18	78	83	84	89	96
Valuation, ×
Valuation, ×	P/E	—	95.56	95.56	95.56	117.13	88.48	0.00	0.00	0.00	79.51
	P/S	—	2.21	2.21	2.21	4.54	13.93	1.27	6.33	8.65	4.02
	P/B	—	0.00	0.00	0.00	3.53	14.64	1.59	5.12	8.70	5.26
	EV/Sales	—	2.23	2.23	2.23	3.47	13.29	1.76	7.36	9.26	4.72
	EV/FCF	—	(14.22)	(14.22)	(14.22)	80.35	73.62	(2.17)	(30.55)	33.41	(29.68)
Cash, $m
Cash, $m	Operating cash flow	—	10	50	32	16	168	(658)	(112)	186	(148)
	Capex	—	(1)	(1)	(5)	(6)	(15)	(23)	(12)	(10)	(18)
	Free cash flow	—	10	49	26	10	153	(681)	(124)	176	(166)
Balance, $m
Balance, $m	Working capital	—	—	(266)	(161)	173	318	(589)	(810)	(666)	(1,057)
	Total debt	—	—	128	119	63	695	986	1,040	1,402	1,829
	Net debt	—	—	6	39	(249)	(536)	413	531	385	731
	Shareholders’ equity	—	—	—	101	300	807	672	635	633	799
Returns, %
Returns, %	ROA	—	0.00	0.00	(0.24)	1.37	11.79	(5.79)	(12.15)	(5.87)	2.01
	ROIC	—	—	(83.03)	(2.05)	14.27	32.46	(6.56)	(13.74)	(10.61)	1.74
	ROE	—	0.00	18.95	0.72	5.02	24.46	(14.69)	(36.72)	(20.27)	7.49

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
ENVA Enova International, Inc.	$4.4B	12.4×	11.3×	+21.58% (above 0%: growing)	+40.20% (above 0%: growing)	+21.85% (above 0%: growing)	61.15%	25.53%	Compare
SLM SLM Corporation	$4.2B	6.0×	7.1×	−1.93% (below 0%: shrinking)	−9.38% (below 0%: shrinking)	+2.81% (above 0%: growing)	59.84%	0.00%	Compare
BFH Bread Financial Holdings, Inc.	$3.9B	7.9×	8.2×	+3.39% (above 0%: growing)	+21.89% (above 0%: growing)	+1.93% (above 0%: growing)	100.00%	76.43%	Compare
UPST Upstart Holdings, Inc.	$2.4B	38.0×	32.5×	+41.75% (above 0%: growing)	+183.33% (above 0%: growing)	−14.74% (below 0%: shrinking)	83.19%	4.01%
ECPG Encore Capital Group Inc	$2.2B	7.5×	6.3×	+11.25% (above 0%: growing)	+18.80% (above 0%: growing)	−1,282.62% (below 0%: shrinking)	100.00%	0.00%	Compare
AGM Federal Agricultural Mortgage Corporation	$2.2B	11.1×	9.4×	+12.93% (above 0%: growing)	+20.67% (above 0%: growing)	+188.57% (above 0%: growing)	27.34%	0.00%	Compare
EZPW EZCORP, Inc.	$2.0B	12.8×	16.0×	+34.65% (above 0%: growing)	+37.78% (above 0%: growing)	+27.86% (above 0%: growing)	58.79%	13.09%	Compare
WU The Western Union Company	$1.9B	5.0×	4.7×	−1.26% (below 0%: shrinking)	−32.43% (below 0%: shrinking)	+316.72% (above 0%: growing)	33.21%	13.04%	Compare
ATLC Atlanticus Holdings Corporation	$1.4B	9.6×	8.8×	+88.84% (above 0%: growing)	+67.38% (above 0%: growing)	+112.08% (above 0%: growing)	83.42%	0.00%	Compare
Median of peers	$2.2B	8.7×	8.5×	+12.09%	+21.28%	+24.86%	60.50%	6.52%

All 55 Credit Services stocks →

Upstart Holdings, Inc. (UPST) key facts

Strength: Upstart Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.0 billion, up 64.0% from fiscal 2024.
Upstart Holdings, Inc. (UPST) is a Credit Services company in the Financial sector, listed on Nasdaq.
As of October 16, 2026, UPST traded at $23.56, a market capitalization of $2.4 billion.
Return on equity was 7.49% and debt-to-equity 2.51.
Its Piotroski F-score is 5 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.