Upstart (UPST) Financials

$28.70 -2.47 (-7.92%)

Closing price 04:00 PM Eastern

Extended Trading

$28.54 -0.16 (-0.56%)

As of 07:59 PM Eastern

Annual Income Statements for Upstart

This table shows Upstart's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-0.47	5.98	135	-109	-240	-129	54
Consolidated Net Income / (Loss)	-5.02	5.58	135	-109	-240	-129	54
Net Income / (Loss) Continuing Operations	-5.02	5.58	135	-109	-240	-128	54
Total Pre-Tax Income	-4.95	5.95	134	-109	-240	-127	54
Total Operating Income	-4.58	12	141	-114	-257	-173	43
Total Gross Profit	164	233	822	907	560	635	950
Total Revenue	164	233	822	907	560	635	950
Operating Revenue	164	233	822	907	560	635	950
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	169	222	708	956	770	809	1,001
Selling, General & Admin Expense	32	46	123	185	212	231	254
Marketing Expense	93	100	333	346	127	167	302
Research & Development Expense	19	39	134	237	280	254	258
Other Operating Expenses / (Income)	25	38	118	188	150	158	188
Total Other Income / (Expense), net	-0.37	-5.82	20	-60	-30	46	106
Interest Expense	-	-	-27	175	221	160	123
Interest & Investment Income	-	-	-	106	169	186	204
Other Income / (Expense), net	-0.37	-5.82	-7.15	9.47	21	19	24
Income Tax Expense	0.07	0.37	-1.71	-0.41	0.11	0.19	0.73
Basic Earnings per Share	($0.03)	$0.00	$1.73	($1.31)	($2.87)	($1.44)	$0.56
Weighted Average Basic Shares Outstanding	14.34M	17.51M	78.11M	82.77M	83.77M	89.45M	96.03M
Diluted Earnings per Share	($0.03)	$0.00	$1.43	($1.31)	($2.87)	($1.44)	$0.45
Weighted Average Diluted Shares Outstanding	14.34M	17.51M	94.77M	82.77M	83.77M	89.45M	107.49M
Weighted Average Basic & Diluted Shares Outstanding	-	-	84.06M	81.39M	86.43M	93.71M	98.06M

This table shows Upstart's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-55	-129	-28	-40	-42	-65	-54	-6.76	-2.76	-2.45	5.61
Consolidated Net Income / (Loss)	-55	-129	-28	-40	-42	-65	-54	-6.76	-2.76	-2.45	5.61
Net Income / (Loss) Continuing Operations	-55	-129	-28	-40	-42	-65	-54	-6.76	-1.69	-2.45	5.61
Total Pre-Tax Income	-56	-129	-28	-40	-42	-65	-54	-6.71	-1.58	-2.42	5.66
Total Operating Income	-58	-132	-33	-44	-48	-67	-55	-45	-4.75	-4.50	4.54
Total Gross Profit	183	117	144	147	153	138	131	168	199	226	241
Total Revenue	183	117	144	147	153	138	131	168	199	226	241
Operating Revenue	183	117	144	147	153	138	131	168	199	226	241
Total Cost of Revenue	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Operating Expenses	205	235	169	178	188	195	183	207	224	218	253
Selling, General & Admin Expense	47	53	50	54	56	58	53	60	60	61	65
Marketing Expense	51	31	24	33	39	35	33	43	55	59	73
Research & Development Expense	64	110	58	55	57	63	58	65	67	58	69
Other Operating Expenses / (Income)	43	41	37	37	36	39	39	39	41	41	46
Total Other Income / (Expense), net	-34	-12	-2.73	-8.66	-7.37	-7.39	-1.87	33	22	-11	18
Interest Expense	169	60	42	50	69	61	56	13	29	13	29
Interest & Investment Income	-	45	34	38	52	51	53	41	41	-	46
Other Income / (Expense), net	67	2.60	5.20	3.54	9.87	2.88	1.03	5.08	9.80	2.08	1.11
Income Tax Expense	-0.46	0.02	0.02	0.01	0.06	0.01	0.02	0.05	0.11	0.03	0.05
Basic Earnings per Share	($0.65)	($1.58)	($0.34)	($0.48)	($0.47)	($0.74)	($0.62)	($0.07)	($0.01)	($0.03)	$0.06
Weighted Average Basic Shares Outstanding	82.77M	81.91M	83.13M	84.40M	83.77M	87.03M	88.44M	90.12M	89.45M	94.27M	95.53M
Diluted Earnings per Share	($0.60)	($1.58)	($0.34)	($0.48)	($0.47)	($0.74)	($0.62)	($0.07)	($0.01)	($0.03)	$0.05
Weighted Average Diluted Shares Outstanding	82.77M	81.91M	83.13M	84.40M	83.77M	87.03M	88.44M	90.12M	89.45M	94.27M	102.85M
Weighted Average Basic & Diluted Shares Outstanding	81.39M	82.67M	83.89M	85.06M	86.43M	87.88M	89.51M	91.23M	93.71M	95.14M	96.22M

This table details how cash moves in and out of Upstart's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-42	231	880	-659	-65	508	81
Net Cash From Operating Activities	32	16	168	-658	-112	186	-148
Net Cash From Continuing Operating Activities	32	16	168	-658	-112	186	-148
Net Income / (Loss) Continuing Operations	-5.02	5.58	135	-109	-240	-129	54
Consolidated Net Income / (Loss)	-5.02	5.58	135	-109	-240	-129	54
Depreciation Expense	0.77	2.28	7.54	14	25	21	25
Amortization Expense	-	-	-	0.00	-3.87	-17	-49
Non-Cash Adjustments To Reconcile Net Income	1.08	-39	-30	-721	-86	100	-121
Changes in Operating Assets and Liabilities, net	35	47	55	158	193	212	-56
Net Cash From Investing Activities	45	137	-144	-114	-118	-238	-177
Net Cash From Continuing Investing Activities	45	137	-144	-114	-118	-238	-177
Purchase of Property, Plant & Equipment	-5.28	-5.61	-15	-23	-12	-9.99	-18
Purchase of Investments	-265	-9.66	-199	-151	-157	-323	-1,041
Sale and/or Maturity of Investments	158	30	36	50	107	151	343
Other Investing Activities, net	158	121	51	9.29	-56	-56	539
Net Cash From Financing Activities	-119	79	855	113	165	560	406
Net Cash From Continuing Financing Activities	-119	79	855	113	165	560	406
Repayment of Debt	-309	-174	-87	-401	-599	-742	-585
Issuance of Debt	193	92	718	689	792	1,301	972
Issuance of Common Equity	0.00	159	268	7.66	21	29	25
Other Financing Activities, net	1.91	2.37	-44	-4.48	-49	-28	-7.15
Cash Interest Paid	27	8.03	3.27	12	37	43	43
Cash Income Taxes Paid	0.00	0.00	2.30	0.33	-0.66	0.26	0.59

This table details how cash moves in and out of Upstart's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-297	-81	58	105	-147	-29	121	95	320	-137	-138
Net Cash From Operating Activities	-236	-76	217	-108	-146	44	65	179	-111	-13	-120
Net Cash From Continuing Operating Activities	-236	-76	217	-108	-146	44	65	179	-111	-13	-120
Net Income / (Loss) Continuing Operations	-55	-129	-28	-40	-42	-65	-54	-6.76	-2.76	-2.45	5.61
Consolidated Net Income / (Loss)	-55	-129	-28	-40	-42	-65	-54	-6.76	-2.76	-2.45	5.61
Depreciation Expense	3.65	6.44	4.43	4.93	9.10	5.63	4.83	5.39	4.70	6.40	5.84
Amortization Expense	-	-	-	-	-	-2.54	-	-	-	-8.35	-11
Non-Cash Adjustments To Reconcile Net Income	-291	72	160	-133	-185	65	46	69	-79	16	-139
Changes in Operating Assets and Liabilities, net	106	-25	81	60	77	41	68	112	-17	-25	18
Net Cash From Investing Activities	-85	-26	-38	-24	-30	-38	-76	-46	-78	-79	-110
Net Cash From Continuing Investing Activities	-85	-26	-38	-24	-30	-38	-76	-46	-78	-79	-110
Purchase of Property, Plant & Equipment	-4.98	-5.46	-2.02	-2.95	-1.67	-1.75	-2.33	-2.49	-3.42	-6.16	-4.37
Purchase of Investments	-94	-46	-37	-37	-36	-46	-65	-86	-127	-150	-228
Sale and/or Maturity of Investments	17	26	27	29	24	28	34	41	47	62	95
Other Investing Activities, net	-2.70	0.00	-	-	0.97	0.00	2.90	1.08	4.65	16	28
Net Cash From Financing Activities	24	21	-121	237	28	-35	132	-38	509	-45	92
Net Cash From Continuing Financing Activities	24	21	-121	237	28	-35	132	-38	509	-45	92
Repayment of Debt	-192	-47	-351	-127	-74	-124	-60	-479	-79	-134	-41
Issuance of Debt	259	61	280	354	97	74	173	473	580	54	123
Other Financing Activities, net	-15	1.53	-50	7.08	5.28	9.49	19	-35	8.53	31	10
Cash Interest Paid	4.52	7.96	4.28	10	14	12	12	10	8.32	7.38	15
Cash Income Taxes Paid	0.12	-1.15	0.16	0.01	0.32	0.09	0.13	0.04	0.01	0.10	0.45

This table presents Upstart's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	477	1,820	1,936	2,017	2,367	2,975
Total Current Assets	348	987	422	368	1,595	1,637
Cash & Equivalents	251	987	422	368	788	652
Note & Lease Receivable	98	-	-	-	806	985
Plant, Property, & Equipment, net	10	24	44	43	39	44
Total Noncurrent Assets	119	810	1,469	1,606	733	1,294
Goodwill	0.00	67	67	67	67	67
Other Noncurrent Operating Assets	119	470	392	383	666	1,227
Total Liabilities & Shareholders' Equity	477	1,820	1,936	2,017	2,367	2,975
Total Liabilities	177	1,013	1,264	1,382	1,734	2,176
Total Current Liabilities	49	110	86	84	134	171
Accrued Expenses	36	103	67	84	134	171
Total Noncurrent Liabilities	128	903	1,178	1,298	1,600	2,004
Long-Term Debt	63	-	0.00	141	1,489	1,876
Other Noncurrent Operating Liabilities	65	903	1,178	1,156	110	129
Commitments & Contingencies	-	-	-	-	0.00	0.00
Total Equity & Noncontrolling Interests	300	807	672	635	633	799
Total Preferred & Common Equity	300	807	672	635	633	799
Total Common Equity	300	807	672	635	633	799
Common Stock	369	741	715	918	1,044	1,156
Retained Earnings	-69	66	-42	-283	-411	-358

This table presents Upstart's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	1,915	1,822	1,764	2,002	1,928	1,820	1,809	2,296	2,478
Total Current Assets	1,384	387	1,281	1,489	301	1,195	1,101	600	396
Cash & Equivalents	684	387	444	517	301	375	445	600	396
Plant, Property, & Equipment, net	41	47	47	48	41	40	38	42	44
Total Noncurrent Assets	490	1,388	435	465	1,587	585	669	1,654	2,038
Noncurrent Note & Lease Receivables	-	982	-	-	1,081	-	-	815	1,020
Goodwill	67	67	67	67	67	67	67	67	67
Other Noncurrent Operating Assets	406	324	368	398	439	518	602	772	951
Total Liabilities & Shareholders' Equity	1,915	1,822	1,764	2,002	1,928	1,820	1,809	2,296	2,478
Total Liabilities	1,197	1,195	1,126	1,361	1,315	1,226	1,213	1,620	1,756
Total Current Liabilities	85	54	55	59	62	77	112	79	127
Accrued Expenses	74	47	48	52	62	77	112	79	127
Total Noncurrent Liabilities	1,112	1,141	1,071	1,302	1,253	1,148	1,102	1,541	1,629
Long-Term Debt	919	-	931	1,157	129	1,026	988	1,411	65
Other Noncurrent Operating Liabilities	193	1,141	140	145	1,124	122	114	130	1,564
Commitments & Contingencies	-	-	-	-	-	-	-	0.00	0.00
Total Equity & Noncontrolling Interests	719	627	638	641	613	595	596	677	722
Total Preferred & Common Equity	719	627	638	641	613	595	596	677	722
Total Common Equity	719	627	638	641	613	595	596	677	722
Common Stock	706	799	838	881	960	996	1,004	1,090	1,130
Retained Earnings	13	-172	-200	-240	-347	-402	-408	-414	-408

This table displays calculated financial ratios and metrics derived from Upstart's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	42.16%	252.12%	10.39%	-38.23%	13.39%	49.50%
EBITDA Growth	0.00%	297.22%	1,616.97%	-164.33%	-135.80%	29.75%	128.33%
EBIT Growth	0.00%	220.30%	2,147.58%	-178.06%	-125.42%	34.53%	143.46%
NOPAT Growth	0.00%	444.46%	1,193.44%	-155.86%	-125.29%	32.62%	134.76%
Net Income Growth	0.00%	211.14%	2,327.73%	-180.23%	-120.98%	46.45%	141.69%
EPS Growth	0.00%	100.00%	0.00%	-191.61%	-119.08%	49.83%	131.25%
Operating Cash Flow Growth	0.00%	-50.30%	972.52%	-490.76%	83.02%	266.80%	-179.28%
Free Cash Flow Firm Growth	0.00%	0.00%	529.86%	-217.27%	33.66%	-209.88%	38.32%
Invested Capital Growth	0.00%	0.00%	-260.21%	239.27%	63.31%	226.78%	51.55%
Revenue Q/Q Growth	0.00%	0.00%	30.37%	-9.45%	-5.18%	7.88%	0.00%
EBITDA Q/Q Growth	0.00%	0.00%	73.35%	-122.03%	-26.04%	12.37%	0.00%
EBIT Q/Q Growth	0.00%	0.00%	76.28%	-95.68%	-24.20%	21.69%	0.00%
NOPAT Q/Q Growth	0.00%	0.00%	53.67%	-1,786.28%	4.11%	19.83%	0.00%
Net Income Q/Q Growth	0.00%	0.00%	74.71%	-2,060.75%	5.09%	23.57%	0.00%
EPS Q/Q Growth	0.00%	0.00%	27.68%	-1,537.50%	4.33%	24.21%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-32.12%	-51.95%	48.99%	81.12%	0.00%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	59.94%	34.41%	-13,800.45%	0.00%
Invested Capital Q/Q Growth	0.00%	0.00%	44.31%	-73.78%	-68.13%	17.25%	0.00%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-2.54%	3.53%	17.19%	-10.02%	-38.24%	-23.69%	4.49%
Operating Margin	-2.79%	5.04%	17.14%	-12.55%	-45.77%	-27.20%	4.49%
EBIT Margin	-3.01%	2.55%	16.27%	-11.51%	-41.99%	-24.24%	7.05%
Profit (Net Income) Margin	-3.06%	2.39%	16.48%	-11.98%	-42.85%	-20.23%	5.64%
Tax Burden Percent	101.50%	93.76%	101.28%	99.63%	100.04%	100.98%	98.66%
Interest Burden Percent	100.00%	100.00%	100.00%	104.49%	102.00%	82.65%	81.14%
Effective Tax Rate	0.00%	6.24%	-1.28%	0.00%	0.00%	0.00%	1.34%
Return on Invested Capital (ROIC)	0.00%	19.69%	0.00%	-226.13%	-54.55%	-13.89%	2.51%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	25.48%	0.00%	-222.02%	-35.90%	-17.09%	3.71%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-15.97%	0.00%	211.44%	17.83%	-6.39%	4.98%
Return on Equity (ROE)	0.00%	3.72%	24.46%	-14.69%	-36.72%	-20.27%	7.49%
Cash Return on Invested Capital (CROIC)	0.00%	-180.31%	0.00%	-203.68%	-102.64%	-120.16%	-38.48%
Operating Return on Assets (OROA)	0.00%	1.25%	11.64%	-5.56%	-11.91%	-7.03%	2.51%
Return on Assets (ROA)	0.00%	1.17%	11.79%	-5.79%	-12.15%	-5.87%	2.01%
Return on Common Equity (ROCE)	0.00%	3.72%	24.46%	-14.69%	-36.72%	-20.27%	7.49%
Return on Equity Simple (ROE_SIMPLE)	0.00%	1.86%	16.78%	-16.16%	-37.80%	-20.31%	0.00%
Net Operating Profit after Tax (NOPAT)	-3.20	11	143	-80	-180	-121	42
NOPAT Margin	-1.95%	4.73%	17.36%	-8.79%	-32.04%	-19.04%	4.43%
Net Nonoperating Expense Percent (NNEP)	0.00%	-5.79%	-1.23%	-4.11%	-18.65%	3.20%	-1.20%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-11.85%	-23.12%	-5.70%	1.57%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	19.41%	19.54%	14.93%	20.42%	37.90%	36.34%	26.71%
R&D to Revenue	11.44%	16.62%	16.30%	26.15%	49.99%	39.92%	27.12%
Operating Expenses to Revenue	102.79%	94.96%	86.11%	105.40%	137.41%	127.37%	105.39%
Earnings before Interest and Taxes (EBIT)	-4.95	5.95	134	-104	-235	-154	67
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-4.17	8.23	141	-91	-214	-151	43
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	1.63	15.36	1.61	5.47	8.87	5.27
Price to Tangible Book Value (P/TBV)	0.00	1.63	17.22	1.79	6.12	9.92	5.75
Price to Revenue (P/Rev)	1.46	2.10	15.09	1.19	6.20	8.84	4.43
Price to Earnings (P/E)	0.00	81.84	91.55	0.00	0.00	0.00	78.50
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	1.22%	1.09%	0.00%	0.00%	0.00%	1.27%
Enterprise Value to Invested Capital (EV/IC)	0.00	2.69	0.00	2.64	7.96	4.74	2.69
Enterprise Value to Revenue (EV/Rev)	0.00	1.29	13.89	0.73	5.80	9.94	5.72
Enterprise Value to EBITDA (EV/EBITDA)	0.00	36.64	80.79	0.00	0.00	0.00	127.36
Enterprise Value to EBIT (EV/EBIT)	0.00	50.66	85.35	0.00	0.00	0.00	81.11
Enterprise Value to NOPAT (EV/NOPAT)	0.00	27.33	79.99	0.00	0.00	0.00	129.12
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	19.20	67.80	0.00	0.00	33.91	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	26.28	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	0.21	0.00	0.00	0.22	2.35	2.35
Long-Term Debt to Equity	0.00	0.21	0.00	0.00	0.22	2.35	2.35
Financial Leverage	0.00	-0.63	-1.06	-0.95	-0.50	0.37	1.34
Leverage Ratio	0.00	1.59	2.08	2.54	3.02	3.46	3.73
Compound Leverage Factor	0.00	1.59	2.08	2.65	3.08	2.86	3.03
Debt to Total Capital	0.00%	17.26%	0.00%	0.00%	18.21%	70.17%	70.13%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	17.26%	0.00%	0.00%	18.21%	70.17%	70.13%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	82.74%	100.00%	100.00%	81.79%	29.83%	29.87%
Debt to EBITDA	0.00	7.61	0.00	0.00	-0.66	-9.89	43.99
Net Debt to EBITDA	0.00	-22.87	0.00	0.00	1.06	-4.66	28.69
Long-Term Debt to EBITDA	0.00	7.61	0.00	0.00	-0.66	-9.89	43.99
Debt to NOPAT	0.00	5.68	0.00	0.00	-0.79	-12.31	44.60
Net Debt to NOPAT	0.00	-17.06	0.00	0.00	1.26	-5.79	29.08
Long-Term Debt to NOPAT	0.00	5.68	0.00	0.00	-0.79	-12.31	44.60
Altman Z-Score	0.00	2.74	8.66	0.98	1.38	2.50	1.98
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	7.05	8.97	4.93	4.38	11.92	9.55
Quick Ratio	0.00	7.05	8.97	4.93	4.38	11.92	9.55
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-101	434	-509	-338	-1,047	-646
Operating Cash Flow to CapEx	598.26%	280.05%	1,113.81%	-2,871.12%	-924.31%	1,865.18%	-802.55%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	-2.91	-1.53	-6.56	-5.25
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	-3.76	-0.51	1.17	-1.20
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	-3.89	-0.56	1.10	-1.35
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.49	0.72	0.48	0.28	0.29	0.36
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	23.27	47.94	26.52	12.91	15.56	22.84
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	112	-180	250	408	1,334	2,022
Invested Capital Turnover	0.00	4.17	-24.36	25.74	1.70	0.73	0.57
Increase / (Decrease) in Invested Capital	0.00	112	-292	430	158	926	688
Enterprise Value (EV)	0.00	301	11,414	660	3,248	6,318	5,431
Market Capitalization	240	490	12,400	1,082	3,475	5,617	4,208
Book Value per Share	$0.00	$17.14	$9.85	$8.21	$7.47	$6.94	$8.30
Tangible Book Value per Share	$0.00	$17.14	$8.79	$7.39	$6.68	$6.21	$7.61
Total Capital	0.00	363	807	672	777	2,123	2,675
Total Debt	0.00	63	0.00	0.00	141	1,489	1,876
Total Long-Term Debt	0.00	63	0.00	0.00	141	1,489	1,876
Net Debt	0.00	-188	-987	-422	-227	701	1,223
Capital Expenditures (CapEx)	5.28	5.61	15	23	12	9.99	18
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	48	-110	-86	-84	673	813
Debt-free Net Working Capital (DFNWC)	0.00	299	877	337	284	1,461	1,465
Net Working Capital (NWC)	0.00	299	877	337	284	1,461	1,465
Net Nonoperating Expense (NNE)	1.82	5.45	7.24	29	61	7.58	-12
Net Nonoperating Obligations (NNO)	0.00	-188	-987	-422	-227	701	1,223
Total Depreciation and Amortization (D&A)	0.77	2.28	7.54	14	21	3.53	-24
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	20.60%	-13.38%	-9.44%	-15.00%	105.83%	85.58%
Debt-free Net Working Capital to Revenue	0.00%	128.06%	106.66%	37.12%	50.74%	229.90%	154.26%
Net Working Capital to Revenue	0.00%	128.06%	106.66%	37.12%	50.74%	229.90%	154.26%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$1.73	($1.31)	($2.87)	($1.44)	$0.56
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	78.11M	82.77M	83.77M	89.45M	96.03M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$1.43	($1.31)	($2.87)	($1.44)	$0.45
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	94.77M	82.77M	83.77M	89.45M	107.49M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	84.06M	81.39M	86.43M	93.71M	98.06M
Normalized Net Operating Profit after Tax (NOPAT)	-3.20	11	99	-80	-180	-121	42
Normalized NOPAT Margin	-1.95%	4.73%	12.00%	-8.79%	-32.04%	-19.04%	4.43%
Pre Tax Income Margin	-3.01%	2.55%	16.27%	-12.02%	-42.83%	-20.04%	5.72%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	-0.60	-1.07	-0.97	0.54
NOPAT to Interest Expense	0.00	0.00	0.00	-0.46	-0.81	-0.76	0.34
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	-0.73	-1.12	-1.03	0.39
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	-0.59	-0.87	-0.82	0.19
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	-98.80%	11.15%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-98.80%	11.15%	0.00%	-163.70%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Upstart's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-34.04%	-62.69%	-37.66%	-18.17%	-16.69%	17.86%	-9.16%	14.20%	30.38%	63.72%	84.46%
EBITDA Growth	-80.79%	-802.86%	10.46%	62.26%	-340.18%	51.99%	-109.20%	1.94%	134.18%	92.89%	101.27%
EBIT Growth	-86.13%	-979.77%	5.70%	58.64%	-557.61%	50.03%	-93.47%	0.57%	113.42%	96.26%	110.39%
NOPAT Growth	-168.15%	-365.09%	-3.85%	24.52%	18.80%	48.82%	-66.40%	-2.98%	90.00%	93.34%	111.59%
Net Income Growth	-193.76%	-495.37%	5.71%	28.29%	23.28%	50.02%	-93.40%	83.24%	93.50%	96.21%	110.29%
EPS Growth	-195.24%	-564.71%	5.56%	30.43%	21.67%	53.16%	-82.35%	85.42%	97.87%	95.95%	108.06%
Operating Cash Flow Growth	-2,018.23%	71.62%	505.13%	-6.26%	38.32%	169.49%	-69.95%	266.50%	23.81%	-130.42%	-263.31%
Free Cash Flow Firm Growth	-233.79%	164.22%	37.87%	72.77%	59.29%	-144.71%	50.81%	131.18%	-385.16%	-322.60%	637.20%
Invested Capital Growth	239.27%	-72.94%	36.68%	34.38%	63.31%	83.70%	10.77%	-11.19%	226.78%	237.06%	-68.61%
Revenue Q/Q Growth	2.30%	-36.15%	22.66%	2.13%	4.15%	-9.67%	-5.46%	28.39%	18.91%	13.43%	6.52%
EBITDA Q/Q Growth	112.67%	-1,133.91%	80.68%	-49.11%	19.35%	-593.32%	15.82%	30.11%	128.11%	-144.83%	115.45%
EBIT Q/Q Growth	108.44%	-1,671.66%	78.22%	-43.19%	6.64%	-2,368.49%	15.68%	26.41%	112.60%	-147.88%	333.91%
NOPAT Q/Q Growth	-0.70%	-125.37%	74.71%	-31.49%	-8.34%	-42.03%	17.76%	18.62%	89.48%	5.35%	243.07%
Net Income Q/Q Growth	1.71%	-133.89%	78.21%	-43.14%	-5.17%	-52.36%	15.68%	87.59%	59.23%	11.18%	329.14%
EPS Q/Q Growth	13.04%	-163.33%	78.48%	-41.18%	2.08%	-57.45%	16.22%	88.71%	85.71%	-200.00%	266.67%
Operating Cash Flow Q/Q Growth	-132.87%	70.05%	386.98%	-149.56%	-35.18%	136.62%	24.08%	174.66%	-161.85%	87.84%	-791.01%
Free Cash Flow Firm Q/Q Growth	64.26%	218.03%	-158.57%	-10.23%	46.58%	-29.64%	35.56%	169.86%	-931.31%	-12.93%	181.91%
Invested Capital Q/Q Growth	-73.78%	-3.90%	368.28%	13.89%	-68.13%	8.09%	182.38%	-8.69%	17.25%	11.49%	-73.70%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	6.47%	-104.83%	-16.51%	-24.10%	-18.66%	-42.70%	-38.02%	-20.70%	4.89%	-1.93%	0.28%
Operating Margin	-31.88%	-112.54%	-23.21%	-29.88%	-31.08%	-48.87%	-42.51%	-26.94%	-2.38%	-1.99%	1.89%
EBIT Margin	4.48%	-110.33%	-19.59%	-27.46%	-24.62%	-46.78%	-41.72%	-23.91%	2.53%	-1.07%	2.35%
Profit (Net Income) Margin	-30.12%	-110.34%	-19.60%	-27.47%	-27.74%	-46.79%	-41.73%	-4.03%	-1.38%	-1.08%	2.33%
Tax Burden Percent	99.17%	100.01%	100.06%	100.02%	100.15%	100.02%	100.03%	100.67%	174.15%	101.20%	99.13%
Interest Burden Percent	-677.70%	100.00%	100.00%	100.00%	112.51%	100.00%	100.00%	16.75%	-31.33%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.87%
Return on Invested Capital (ROIC)	-574.51%	-99.22%	-10.40%	-11.06%	-37.04%	-58.35%	-14.26%	-9.18%	-1.22%	-1.04%	1.90%
ROIC Less NNEP Spread (ROIC-NNEP)	-572.48%	-79.53%	-12.14%	-13.26%	-34.22%	-52.13%	-17.00%	-4.98%	-0.98%	-0.83%	2.59%
Return on Net Nonoperating Assets (RNNOA)	545.20%	19.86%	-4.81%	-8.54%	16.99%	23.47%	-15.70%	-4.77%	-0.36%	-0.41%	0.63%
Return on Equity (ROE)	-29.31%	-79.36%	-15.21%	-19.60%	-20.04%	-34.88%	-29.96%	-13.95%	-1.58%	-1.45%	2.54%
Cash Return on Invested Capital (CROIC)	-203.68%	80.00%	-51.24%	-46.10%	-102.64%	-98.47%	-22.87%	-0.62%	-120.16%	-116.45%	100.17%
Operating Return on Assets (OROA)	2.17%	-41.15%	-6.64%	-8.29%	-6.98%	-14.51%	-13.23%	-7.39%	0.73%	-0.37%	0.91%
Return on Assets (ROA)	-14.55%	-41.16%	-6.64%	-8.29%	-7.87%	-14.51%	-13.23%	-1.25%	-0.40%	-0.37%	0.90%
Return on Common Equity (ROCE)	-29.31%	-79.36%	-15.21%	-19.60%	-20.04%	-34.88%	-29.96%	-13.95%	-1.58%	-1.45%	2.54%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-43.15%	-42.14%	-39.48%	0.00%	-28.64%	-33.93%	-28.25%	0.00%	-9.82%	0.00%
Net Operating Profit after Tax (NOPAT)	-41	-92	-23	-31	-33	-47	-39	-32	-3.33	-3.15	4.50
NOPAT Margin	-22.32%	-78.78%	-16.24%	-20.91%	-21.75%	-34.21%	-29.76%	-18.86%	-1.67%	-1.39%	1.87%
Net Nonoperating Expense Percent (NNEP)	-2.03%	-19.69%	1.74%	2.20%	-2.82%	-6.22%	2.75%	-4.20%	-0.24%	-0.22%	-0.69%
Return On Investment Capital (ROIC_SIMPLE)	-6.09%	-	-	-	-4.28%	-	-	-	-0.16%	-0.15%	0.57%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	25.70%	44.96%	35.11%	36.46%	36.49%	41.73%	40.62%	35.73%	30.32%	26.79%	26.82%
R&D to Revenue	34.90%	93.96%	40.35%	37.44%	37.39%	45.70%	44.78%	38.72%	33.73%	25.59%	28.58%
Operating Expenses to Revenue	111.96%	200.41%	117.69%	121.56%	122.88%	141.42%	140.28%	123.69%	112.26%	96.38%	104.97%
Earnings before Interest and Taxes (EBIT)	8.22	-129	-28	-40	-38	-65	-54	-40	5.05	-2.42	5.66
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	12	-123	-24	-35	-29	-59	-50	-35	9.75	-4.37	0.68
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.61	2.06	4.64	3.74	5.47	3.73	3.49	6.01	8.87	6.37	8.52
Price to Tangible Book Value (P/TBV)	1.79	2.37	5.18	4.17	6.12	4.19	3.93	6.78	9.92	7.08	9.40
Price to Revenue (P/Rev)	1.19	1.82	4.75	4.05	6.20	3.93	3.65	6.08	8.84	5.96	7.38
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.64	3.77	3.06	2.37	7.96	4.79	2.19	3.62	4.74	3.44	14.88
Enterprise Value to Revenue (EV/Rev)	0.73	1.28	5.53	5.13	5.80	3.64	4.80	7.00	9.94	7.08	6.98
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	40.09	33.91	39.88	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	2.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.10
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	1.46	1.81	0.22	0.21	1.73	1.66	2.35	2.09	0.09
Long-Term Debt to Equity	0.00	0.00	1.46	1.81	0.22	0.21	1.73	1.66	2.35	2.09	0.09
Financial Leverage	-0.95	-0.25	0.40	0.64	-0.50	-0.45	0.92	0.96	0.37	0.50	0.24
Leverage Ratio	2.54	2.53	2.64	2.88	3.02	3.02	2.91	3.08	3.46	3.28	3.26
Compound Leverage Factor	-17.21	2.53	2.64	2.88	3.40	3.02	2.91	0.52	-1.08	3.28	3.26
Debt to Total Capital	0.00%	0.00%	59.32%	64.36%	18.21%	17.40%	63.31%	62.38%	70.17%	67.58%	8.28%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	59.32%	64.36%	18.21%	17.40%	63.31%	62.38%	70.17%	67.58%	8.28%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	40.68%	35.64%	81.79%	82.60%	36.69%	37.62%	29.83%	32.42%	91.72%
Debt to EBITDA	0.00	0.00	-4.08	-6.81	-0.66	-0.88	-5.95	-5.75	-9.89	-15.10	-1.65
Net Debt to EBITDA	0.00	0.00	-2.13	-3.77	1.06	1.17	-3.78	-3.16	-4.66	-8.68	8.36
Long-Term Debt to EBITDA	0.00	0.00	-4.08	-6.81	-0.66	-0.88	-5.95	-5.75	-9.89	-15.10	-1.65
Debt to NOPAT	0.00	0.00	-4.72	-6.18	-0.79	-0.96	-6.84	-6.54	-12.31	-18.34	-1.87
Net Debt to NOPAT	0.00	0.00	-2.47	-3.42	1.26	1.27	-4.34	-3.59	-5.79	-10.54	9.48
Long-Term Debt to NOPAT	0.00	0.00	-4.72	-6.18	-0.79	-0.96	-6.84	-6.54	-12.31	-18.34	-1.87
Altman Z-Score	1.17	0.89	2.56	1.97	1.70	1.13	1.66	2.36	2.72	1.93	2.35
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.93	7.23	23.45	25.29	4.38	4.84	15.47	9.87	11.92	7.62	3.12
Quick Ratio	4.93	7.23	23.45	25.29	4.38	4.84	15.47	9.87	11.92	7.62	3.12
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-471	555	-325	-359	-192	-248	-160	112	-929	-1,049	860
Operating Cash Flow to CapEx	-4,737.23%	-1,387.45%	10,779.91%	-3,656.11%	-8,739.44%	3,008.69%	2,804.77%	7,190.86%	-3,244.40%	-218.96%	-2,752.22%
Free Cash Flow to Firm to Interest Expense	-2.79	9.33	-7.77	-7.19	-2.76	-4.04	-2.87	8.64	-31.54	-82.81	29.53
Operating Cash Flow to Interest Expense	-1.40	-1.27	5.19	-2.16	-2.10	0.86	1.17	13.87	-3.76	-1.06	-4.13
Operating Cash Flow Less CapEx to Interest Expense	-1.43	-1.36	5.15	-2.22	-2.12	0.83	1.13	13.67	-3.88	-1.55	-4.28
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.48	0.37	0.34	0.30	0.28	0.31	0.32	0.31	0.29	0.34	0.39
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	26.52	18.50	15.02	13.28	12.91	13.28	13.10	13.64	15.56	17.44	19.93
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	250	240	1,125	1,281	408	441	1,246	1,138	1,334	1,488	391
Invested Capital Turnover	25.74	1.26	0.64	0.53	1.70	1.71	0.48	0.49	0.73	0.75	1.02
Increase / (Decrease) in Invested Capital	430	-648	302	328	158	201	121	-143	926	1,046	-855
Enterprise Value (EV)	660	906	3,447	3,035	3,248	2,116	2,725	4,124	6,318	5,125	5,823
Market Capitalization	1,082	1,293	2,960	2,394	3,475	2,287	2,073	3,581	5,617	4,314	6,154
Book Value per Share	$8.21	$7.71	$7.72	$7.64	$7.47	$7.04	$6.77	$6.65	$6.94	$7.22	$7.59
Tangible Book Value per Share	$7.39	$6.70	$6.91	$6.84	$6.68	$6.27	$6.00	$5.90	$6.21	$6.50	$6.88
Total Capital	672	627	1,569	1,798	777	742	1,621	1,583	2,123	2,087	787
Total Debt	0.00	0.00	931	1,157	141	129	1,026	988	1,489	1,411	65
Total Long-Term Debt	0.00	0.00	931	1,157	141	129	1,026	988	1,489	1,411	65
Net Debt	-422	-387	487	641	-227	-171	652	542	701	811	-331
Capital Expenditures (CapEx)	4.98	5.46	2.02	2.95	1.67	1.75	2.33	2.49	3.42	6.16	4.37
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-86	-54	783	913	-84	-62	743	545	673	-79	-127
Debt-free Net Working Capital (DFNWC)	337	333	1,227	1,430	284	238	1,118	990	1,461	521	269
Net Working Capital (NWC)	337	333	1,227	1,430	284	238	1,118	990	1,461	521	269
Net Nonoperating Expense (NNE)	14	37	4.82	9.62	9.15	17	16	-25	-0.57	-0.70	-1.10
Net Nonoperating Obligations (NNO)	-422	-387	487	641	-227	-171	652	542	701	811	-331
Total Depreciation and Amortization (D&A)	3.65	6.44	4.43	4.93	9.10	5.63	4.83	5.39	4.70	-1.95	-4.98
Debt-free, Cash-free Net Working Capital to Revenue	-9.44%	-7.54%	125.54%	154.55%	-15.00%	-10.67%	130.83%	92.44%	105.83%	-10.88%	-15.20%
Debt-free Net Working Capital to Revenue	37.12%	46.93%	196.68%	241.95%	50.74%	41.02%	196.79%	168.03%	229.90%	72.03%	32.29%
Net Working Capital to Revenue	37.12%	46.93%	196.68%	241.95%	50.74%	41.02%	196.79%	168.03%	229.90%	72.03%	32.29%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.65)	($1.58)	($0.34)	($0.48)	($0.47)	($0.74)	($0.62)	($0.07)	($0.01)	($0.03)	$0.06
Adjusted Weighted Average Basic Shares Outstanding	82.77M	81.91M	83.13M	84.40M	83.77M	87.03M	88.44M	90.12M	89.45M	94.27M	95.53M
Adjusted Diluted Earnings per Share	($0.60)	($1.58)	($0.34)	($0.48)	($0.47)	($0.74)	($0.62)	($0.07)	($0.01)	($0.03)	$0.05
Adjusted Weighted Average Diluted Shares Outstanding	82.77M	81.91M	83.13M	84.40M	83.77M	87.03M	88.44M	90.12M	89.45M	94.27M	102.85M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	81.39M	82.67M	83.89M	85.06M	86.43M	87.88M	89.51M	91.23M	93.71M	95.14M	96.22M
Normalized Net Operating Profit after Tax (NOPAT)	-41	-92	-23	-31	-33	-47	-39	-32	-3.33	-3.15	4.50
Normalized NOPAT Margin	-22.32%	-78.78%	-16.24%	-20.91%	-21.75%	-34.21%	-29.76%	-18.86%	-1.67%	-1.39%	1.87%
Pre Tax Income Margin	-30.37%	-110.33%	-19.59%	-27.46%	-27.70%	-46.78%	-41.72%	-4.01%	-0.79%	-1.07%	2.35%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.05	-2.17	-0.67	-0.81	-0.54	-1.05	-0.98	-3.10	0.17	-0.19	0.19
NOPAT to Interest Expense	-0.24	-1.55	-0.56	-0.62	-0.48	-0.77	-0.70	-2.44	-0.11	-0.25	0.15
EBIT Less CapEx to Interest Expense	0.02	-2.26	-0.72	-0.87	-0.57	-1.08	-1.02	-3.29	0.06	-0.68	0.04
NOPAT Less CapEx to Interest Expense	-0.27	-1.64	-0.61	-0.67	-0.50	-0.80	-0.74	-2.64	-0.23	-0.73	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-163.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, investor-focused trend analysis of Upstart Holdings (UPST) based on the last four years of quarterly statements. The summary highlights the main movements in revenue, profitability, cash flow, and the balance sheet.

Revenue has shown strong growth, rising from about $130.5M in 2024 Q2 to $240.8M in 2025 Q2 (roughly an 85% year-over-year increase).
Net income attributable to common shareholders turned positive in 2025 Q2, at about $5.61M.
Long-Term Debt declined significantly to about $65.2M in 2025 Q2, versus roughly $1.026B in 2024 Q2.
Total assets expanded to about $2.478B in 2025 Q2, up from about $1.820B in 2024 Q2.
Net cash from financing activities was positive in 2025 Q2, at about $91.93M, contributing to liquidity.

Gross margin appears to be effectively 100% in the dataset, since total cost of revenue is reported as zero in multiple quarters (this may reflect data structure rather than actual cost behavior).
Operating income in 2025 Q2 shows a small positive result (about $4.54M), but quarterly profitability has been uneven across the period.

Net cash from operating activities was negative in the latest quarter, at about $(120.16)M in 2025 Q2, signaling ongoing cash burn from operations.
Retained earnings remained negative at approximately $(407.997)M in 2025 Q2, reflecting accumulated losses over time.
Net income attributable to common shareholders has been negative in most quarters historically, with a notable prior quarter (e.g., 2024 Q4) showing a loss before the 2025 Q2 positive swing.

05/06/26 07:31 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Upstart's Financials

When does Upstart's financial year end?

According to the most recent income statement we have on file, Upstart's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Upstart's net income changed over the last 6 years?

Upstart's net income appears to be on an upward trend, with a most recent value of $53.60 million in 2025, falling from -$5.02 million in 2019. The previous period was -$128.58 million in 2024. See where experts think Upstart is headed by visiting Upstart's forecast page.

What is Upstart's operating income?

Upstart's total operating income in 2025 was $42.63 million, based on the following breakdown:

Total Gross Profit: $950.01 million
Total Operating Expenses: $1.00 billion

How has Upstart's revenue changed over the last 6 years?

Over the last 6 years, Upstart's total revenue changed from $164.19 million in 2019 to $950.01 million in 2025, a change of 478.6%.

How much debt does Upstart have?

Upstart's total liabilities were at $2.18 billion at the end of 2025, a 25.5% increase from 2024, and a 1,129.4% increase since 2020.

How much cash does Upstart have?

In the past 5 years, Upstart's cash and equivalents has ranged from $250.82 million in 2020 to $986.61 million in 2021, and is currently $652.39 million as of their latest financial filing in 2025.

How has Upstart's book value per share changed over the last 6 years?

Over the last 6 years, Upstart's book value per share changed from 0.00 in 2019 to 8.30 in 2025, a change of 830.2%.

Related Companies

Financial statements for NASDAQ:UPST last updated on 2/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Upstart (UPST) Financials

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Upstart (UPST) Financials

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