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Upstart Holdings, Inc.

UPST Clue Score42
United States Fiscal year ends December CIK 0001647639
$24.10 -0.37% Close, 9 Oct 2026
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Price $24.10 −92.25% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 16 Dec 2020. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2019Revenue159.8Operating income−4.6Net income−0.5EPS, diluted−0.03Fiscal year 2020Revenue228.6 +43.0%Operating income11.8Net income6.0EPS, diluted0.00Fiscal year 2021Revenue801.3 +250.5%Operating income140.9Net income135.4 +2,163.8%EPS, diluted1.43Fiscal year 2022Revenue907.3 +13.2%Operating income−113.9Net income−108.7 −180.2%EPS, diluted−1.31Fiscal year 2023Revenue513.6 −43.4%Operating income−256.5Net income−240.1EPS, diluted−2.87Fiscal year 2024Revenue636.5 +23.9%Operating income−172.9Net income−128.6EPS, diluted−1.44Fiscal year 2025Revenue1,043.9 +64.0%Operating income42.6Net income53.6EPS, diluted0.45
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 159.8 228.6 801.3 907.3 513.6 636.5 1,043.9
Growth +43.0% +250.5% +13.2% −43.4% +23.9% +64.0%
Operating income −4.6 11.8 140.9 −113.9 −256.5 −172.9 42.6
Net income −0.5 6.0 135.4 −108.7 −240.1 −128.6 53.6
Growth +2,163.8% −180.2%
EPS, diluted −0.03 0.00 1.43 −1.31 −2.87 −1.44 0.45

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2019Operating margin−2.9%Net margin−0.3%Free cash flow margin17.3%Fiscal year 2020Operating margin5.1%Net margin2.6%Free cash flow margin6.3%Fiscal year 2021Operating margin17.6%Net margin16.9%Free cash flow margin20.0%Fiscal year 2022Operating margin−12.6%Net margin−12.0%Free cash flow margin−73.5%Fiscal year 2023Operating margin−50.0%Net margin−46.8%Free cash flow margin−22.0%Fiscal year 2024Operating margin−27.2%Net margin−20.2%Free cash flow margin29.1%Fiscal year 2025Operating margin4.1%Net margin5.1%Free cash flow margin−14.2%
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin −2.9% 5.1% 17.6% −12.6% −50.0% −27.2% 4.1%
Net margin −0.3% 2.6% 16.9% −12.0% −46.8% −20.2% 5.1%
Free cash flow margin 17.3% 6.3% 20.0% −73.5% −22.0% 29.1% −14.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2019Operating cash flow31.6Capital expenditure−4.0Free cash flow27.6Fiscal year 2020Operating cash flow15.7Capital expenditure−1.4Free cash flow14.3 −48.0%Fiscal year 2021Operating cash flow168.4Capital expenditure−8.4Free cash flow159.9 +1,015.1%Buybacks0.0Fiscal year 2022Operating cash flow−657.9Capital expenditure−8.8Free cash flow−666.7 −516.9%Buybacks−177.9Fiscal year 2023Operating cash flow−111.7Capital expenditure−1.5Free cash flow−113.2Buybacks0.0Fiscal year 2024Operating cash flow186.3Capital expenditure−0.8Free cash flow185.5Buybacks0.0Fiscal year 2025Operating cash flow−147.7Capital expenditure−0.3Free cash flow−148.1 −179.8%
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 31.6 15.7 168.4 −657.9 −111.7 186.3 −147.7
Capital expenditure −4.0 −1.4 −8.4 −8.8 −1.5 −0.8 −0.3
Free cash flow 27.6 14.3 159.9 −666.7 −113.2 185.5 −148.1
Growth −48.0% +1,015.1% −516.9% −179.8%
Buybacks n/a n/a 0.0 −177.9 0.0 0.0 n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2019Cash80.1Shareholders’ equity−61.7Fiscal year 2020Cash311.3Shareholders’ equity300.3Fiscal year 2021Cash1,191.2Shareholders’ equity807.1Fiscal year 2022Cash532.5Shareholders’ equity672.4Fiscal year 2023Cash368.4Shareholders’ equity635.3Fiscal year 2024Cash788.4Shareholders’ equity633.2Fiscal year 2025Cash652.4Shareholders’ equity798.8
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 80.1 311.3 1,191.2 532.5 368.4 788.4 652.4
Shareholders’ equity −61.7 300.3 807.1 672.4 635.3 633.2 798.8

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
−2.9% 5.1% 17.6% −12.6% −50.0% −27.2% 4.1%
−0.3% 2.6% 16.9% −12.0% −46.8% −20.2% 5.1%
17.3% 6.3% 20.0% −73.5% −22.0% 29.1% −14.2%
Spending
11.7% 17.0% 16.7% 26.1% 54.5% 39.8% 24.7%
19.9% 20.0% 15.3% 20.4% 41.4% 36.3% 24.3%
2.5% 0.6% 1.1% 1.0% 0.3% 0.1% 0.0%
Returns
n/a 2.0% 16.8% −16.2% −37.8% −20.3% 6.7%
n/a 1.3% 7.4% −5.6% −11.9% −5.4% 1.8%
Balance and payout
n/a 37.1% 55.7% 65.3% 68.5% 73.2% 73.1%
n/a n/a 0.0% n/a n/a 0.0% n/a