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.
- Symbol
- UPST
- Exchange
- Nasdaq
- Sector
- Financial Services
- Industry
- Credit Services
- Market cap
- $2.53B
- 52 week range
- 23.97 - 66.51
Valuation
- Share price
- $24.45 (close of 2026-09-23)
- P/E (TTM)
- 41.22x
- Price to book
- 3.17x
- Price to free cash flow
- -8.74x
- Enterprise value
- $4.10B
- Book value per share
- $8.20
Price performance
| Period | Change |
|---|
| 1 day | -4.42% |
| 5 days | -3.28% |
| 1 month | -19.31% |
| 3 months | -22.28% |
| 6 months | -12.40% |
| Year to date | -44.09% |
| 1 year | -60.80% |
| 3 years | -7.91% |
| 5 years | -92.73% |
| All time | -17.03% |
Profitability and growth
- Return on equity
- 6.71%
- Return on invested capital
- 2.10%
- Return on assets
- 1.80%
- Gross margin
- 81.95%
- Net margin
- 5.13%
- EBITDA margin
- 6.46%
- Revenue growth
- 63.99%
- Net income growth
- 141.69%
- Free cash flow growth
- -179.83%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- -11.44%
- Net debt to EBITDA
- 22.95x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $1.04B
- Cost of revenue
- $188.38M
- Gross profit
- $855.48M
- EBITDA
- $67.47M
- Net income
- $53.60M
- Earnings per share
- $0.56
- Research and development
- $257.60M
- Interest expense
- $31.66M
- Shares outstanding
- 96.03M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|
| 2025-12-31 | $1.04B | $855.48M | $53.60M | $0.56 |
| 2024-12-31 | $636.53M | $478.53M | $-128.58M | $-1.44 |
| 2023-12-31 | $513.56M | $363.14M | $-240.13M | $-2.87 |
| 2022-12-31 | $907.27M | $654.45M | $-108.67M | $-1.31 |
| 2021-12-31 | $801.27M | $731.01M | $135.44M | $1.73 |
| 2020-12-31 | $228.60M | $195.84M | $5.98M | $0.34 |
| 2019-12-31 | $159.85M | $139.24M | $-466.00K | $-0.03 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|
| 2025-12-31 | 81.95% | 5.13% | 6.71% | 2.10% |
| 2024-12-31 | 75.18% | -20.20% | -20.31% | -13.32% |
| 2023-12-31 | 70.71% | -46.76% | -37.80% | -18.73% |
| 2022-12-31 | 72.13% | -11.98% | -16.16% | -9.25% |
| 2021-12-31 | 91.23% | 16.90% | 16.78% | - |
| 2020-12-31 | 85.67% | 2.62% | 1.99% | 136.44% |
| 2019-12-31 | 87.11% | -0.29% | 0.76% | - |
Cash and debt by year
| Period end | Cash |
|---|
| 2025-12-31 | $652.39M |
| 2024-12-31 | $788.42M |
| 2023-12-31 | $368.40M |
| 2022-12-31 | $532.47M |
| 2021-12-31 | $1.19B |
| 2020-12-31 | $311.33M |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|
| 2025-12-31 | $-148.07M | $131.95M |
| 2024-12-31 | $185.49M | $133.40M |
| 2023-12-31 | $-113.24M | $175.04M |
| 2022-12-31 | $-666.68M | $125.94M |
| 2021-12-31 | $159.93M | $73.19M |
| 2020-12-31 | $14.34M | $11.51M |
| 2019-12-31 | $27.58M | $3.81M |
Investor relations
Next earnings report
- Next confirmed report
- 2026-11-03
- Consensus EPS estimate
- $0.23
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-08-04 | Jun/2026 | $0.30 |
| 2026-05-05 | - | - |
| 2026-02-10 | - | - |
| 2025-11-04 | - | - |
| 2025-08-05 | - | - |
| 2025-05-06 | - | - |
| 2025-02-11 | - | - |
| 2024-11-07 | - | - |
Filings and sources
- Company website
- upstart.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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