Upstart Holdings, Inc. UPST
Upstart is the leading artificial intelligence ("AI") lending marketplace. We aim to radically reduce the cost and complexity of borrowing for all Americans by using our proprietary AI models to remake the entire lending process. Founded in 2012, Upstart's marketplace supports unsecured and secured credit products, such as personal loans, auto loans, and home equity lines of credit ("HELOCs"). Long-term, our vision is to become the always-on, everything-store for credit, where we can automatically approve borrowers at the right prices – instantly and effortlessly.
We're dedicated to providing the best rates and the best process to all consumers. Throughout history, affordable credit has been central to unlocking mobility and opportunity. The FICO score was invented in 1989 and remains the standard for determining who is approved for credit and at what interest rate. While FICO is rarely the only input in a lending decision, most lenders use simple rules-based systems that consider only a limited number of variables. Unfortunately, because these legacy credit systems fail to accurately identify and quantify risk, millions of creditworthy individuals are left out of the system, and millions more pay too much to borrow money.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.04B | $636.5M | $513.6M | $842.4M | $848.6M | $228.6M | $159.8M | — |
| R&D | $257.6M | $253.7M | $280.1M | $237.2M | $134.0M | $38.8M | $18.8M | — |
| SG&A | $253.7M | $230.9M | $212.4M | $185.3M | $122.7M | $45.6M | $31.9M | — |
| Total operating expenses | $1.00B | $809.4M | $770.1M | $956.3M | $707.7M | $221.7M | $168.8M | — |
| Operating income | $42.6M | -$172.9M | -$256.5M | -$113.9M | $140.9M | $11.8M | -$4.6M | — |
| Interest expense | $93.8M | $1.1M | $46.9M | $64.8M | $3.3M | $8.0M | $26.5M | — |
| Pre-tax income | $54.3M | -$128.4M | -$240.0M | -$108.3M | $137.2M | $6.4M | -$392.0K | — |
| Income tax | $728.0K | $185.0K | $107.0K | $409.0K | $1.7M | $371.0K | $74.0K | — |
| Net income | $53.6M | -$128.6M | -$240.1M | -$108.7M | $135.4M | $6.0M | -$466.0K | — |
| EPS, basic | 0.56 | -1.44 | -2.87 | -1.31 | 1.73 | 0.00 | -0.03 | — |
| EPS, diluted | 0.45 | -1.44 | -2.87 | -1.31 | 1.43 | 0.00 | -0.03 | — |
| Shares, diluted (wtd. avg.) | 107.5M | 89.5M | 83.8M | 82.8M | 94.8M | 17.5M | 14.3M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $652.4M | $788.4M | $467.8M | $532.5M | $1.19B | $311.3M | $80.1M | $122.2M |
| Property, plant and equipment | $44.2M | $39.0M | $42.7M | $44.2M | $24.3M | $10.0M | — | — |
| Goodwill | $67.1M | $67.1M | $67.1M | $67.1M | $67.1M | $0 | — | — |
| Other intangibles | $8.3M | $9.4M | $11.4M | $15.6M | $19.9M | $0 | — | — |
| Total assets | $2.97B | $2.37B | $2.02B | $1.94B | $1.82B | $477.3M | — | — |
| Total liabilities | $2.18B | $1.73B | $1.38B | $1.26B | $1.01B | $177.0M | — | — |
| Retained earnings | -$357.6M | -$411.2M | -$282.6M | -$42.4M | $66.2M | -$69.2M | — | — |
| Total equity | $798.8M | $633.2M | $635.3M | $672.4M | $807.1M | $300.3M | -$61.7M | -$54.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$147.7M | $186.3M | -$111.7M | -$657.9M | $168.4M | $15.7M | $31.6M | — |
| Depreciation and amortisation | $24.8M | $20.5M | $24.9M | $13.5M | $7.5M | $2.3M | $774.0K | — |
| Stock-based compensation | $131.9M | $133.4M | $175.0M | $125.9M | $73.2M | $11.5M | $3.8M | — |
| Capital expenditure | $347.0K | $837.0K | $1.5M | $8.8M | $8.4M | $1.4M | $4.0M | — |
| Investing cash flow | -$177.2M | -$237.7M | -$118.5M | -$114.1M | -$143.9M | $136.5M | $45.4M | — |
| Financing cash flow | $405.6M | $559.9M | $165.5M | $113.2M | $855.4M | $79.1M | -$119.2M | — |
| Buybacks | — | $0 | $0 | $177.9M | $0 | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-158972.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | $159.8M | $228.6M | $848.6M | $842.4M | $513.6M | $636.5M | $1.04B |
| Gross profit | — | — | — | — | — | — | — | — |
| Net income | — | -$466.0K | $6.0M | $135.4M | -$108.7M | -$240.1M | -$128.6M | $53.6M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Other event Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Officer or director change Item 5.02
- Results announced Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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