Upstart Holdings, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $1.0B | $636.5M | $513.6M | $842.4M | $848.6M |
| Research and development | $257.6M | $253.7M | $280.1M | $237.2M | $134.0M |
| Operating expenses | $1.0B | $809.4M | $770.1M | $956.3M | $707.7M |
| Operating income | $42.6M | -$172.9M | -$256.5M | -$113.9M | $140.9M |
| Interest expense | — | — | $34.9M | $10.8M | $3.3M |
| Income tax expense | $728,000 | $185,000 | $107,000 | -$409,000 | -$1.7M |
| Net income | $53.6M | -$128.6M | -$240.1M | -$108.7M | $135.4M |
| Balance Sheet | |||||
| Cash and equivalents | $652.4M | $788.4M | $368.4M | — | — |
| Total assets | $3.0B | $2.4B | $2.0B | $1.9B | $1.8B |
| Total liabilities | $2.2B | $1.7B | $1.4B | $1.3B | $1.0B |
| Total debt | $1.8B | $1.4B | $1.0B | $986.4M | $695.4M |
| Stockholders' equity | $798.8M | $633.2M | $635.3M | $672.4M | $807.1M |
| Cash Flow Statement | |||||
| Cash from operations | -$147.7M | $186.3M | -$111.7M | -$657.9M | $168.4M |
| Depreciation and amortization | $24.8M | $20.5M | $24.9M | $13.5M | $7.5M |
| Stock-based compensation | $131.9M | $133.4M | $175.0M | $125.9M | $73.2M |
| Capital expenditure | $347,000 | $837,000 | $1.5M | $8.8M | $8.4M |
| Free cash flow | -$148.1M | $185.5M | -$113.2M | -$666.7M | $159.9M |
| Share repurchases | — | $0 | $0 | $177.9M | $0 |
| Impairments | — | — | — | $0 | $0 |
Shares outstanding 95.7M · Free float 84.8%
Annual filing data through FY ended December 31, 2025; float as of July 14, 2026.