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

Upstart (UPST) Financials

$30.43 -0.54 (-1.74%)

Closing price 08/14/2026 04:00 PM Eastern

Extended Trading

$30.52 +0.09 (+0.31%)

As of 08/14/2026 07:59 PM Eastern

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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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q1 2026	Q2 2026
Period end date	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	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-28	-40	-42	-65	-54	-6.76	-2.76	-2.45	5.61	-6.65	17
Consolidated Net Income / (Loss)	-28	-40	-42	-65	-54	-6.76	-2.76	-2.45	5.61	-6.65	17
Net Income / (Loss) Continuing Operations	-28	-40	-42	-65	-54	-6.76	-1.69	-2.45	5.61	-6.65	17
Total Pre-Tax Income	-28	-40	-42	-65	-54	-6.71	-1.58	-2.42	5.66	-6.56	17
Total Operating Income	-33	-44	-48	-67	-55	-45	-4.75	-4.50	4.54	-7.52	15
Total Gross Profit	144	147	153	138	131	168	199	226	241	333	348
Total Revenue	144	147	153	138	131	168	199	226	241	333	348
Operating Revenue	144	147	153	138	131	168	199	226	241	333	348
Total Cost of Revenue	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00
Total Operating Expenses	169	178	188	195	183	207	224	218	253	316	350
Selling, General & Admin Expense	50	54	56	58	53	60	60	61	65	76	80
Marketing Expense	24	33	39	35	33	43	55	59	73	104	115
Research & Development Expense	58	55	57	63	58	65	67	58	69	80	94
Other Operating Expenses / (Income)	37	37	36	39	39	39	41	41	46	55	61
Total Other Income / (Expense), net	-2.73	-8.66	-7.37	-7.39	-1.87	33	22	-11	18	-24	19
Interest Expense	42	50	69	61	56	13	29	13	29	25	40
Interest & Investment Income	34	38	52	51	53	41	41	-	46	-	57
Other Income / (Expense), net	5.20	3.54	9.87	2.88	1.03	5.08	9.80	2.08	1.11	0.96	2.51
Income Tax Expense	0.02	0.01	0.06	0.01	0.02	0.05	0.11	0.03	0.05	0.08	0.61
Basic Earnings per Share	($0.34)	($0.48)	($0.47)	($0.74)	($0.62)	($0.07)	($0.01)	($0.03)	$0.06	($0.07)	$0.17
Weighted Average Basic Shares Outstanding	83.13M	84.40M	83.77M	87.03M	88.44M	90.12M	89.45M	94.27M	95.53M	96.90M	96.57M
Diluted Earnings per Share	($0.34)	($0.48)	($0.47)	($0.74)	($0.62)	($0.07)	($0.01)	($0.03)	$0.05	($0.07)	$0.16
Weighted Average Diluted Shares Outstanding	83.13M	84.40M	83.77M	87.03M	88.44M	90.12M	89.45M	94.27M	102.85M	96.90M	109.72M
Weighted Average Basic & Diluted Shares Outstanding	83.89M	85.06M	86.43M	87.88M	89.51M	91.23M	93.71M	95.14M	96.22M	95.71M	97.31M

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q1 2026	Q2 2026
Period end date	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	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	58	105	-147	-29	121	95	320	-137	-138	-126	51
Net Cash From Operating Activities	217	-108	-146	44	65	179	-111	-13	-120	-133	-137
Net Cash From Continuing Operating Activities	217	-108	-146	44	65	179	-111	-13	-120	-133	-137
Net Income / (Loss) Continuing Operations	-28	-40	-42	-65	-54	-6.76	-2.76	-2.45	5.61	-6.65	17
Consolidated Net Income / (Loss)	-28	-40	-42	-65	-54	-6.76	-2.76	-2.45	5.61	-6.65	17
Depreciation Expense	4.43	4.93	9.10	5.63	4.83	5.39	4.70	6.40	5.84	5.86	7.13
Amortization Expense	-	-	-	-2.54	-	-	-	-8.35	-11	-12	-11
Non-Cash Adjustments To Reconcile Net Income	160	-133	-185	65	46	69	-79	16	-139	-21	-321
Changes in Operating Assets and Liabilities, net	81	60	77	41	68	112	-17	-25	18	-100	172
Net Cash From Investing Activities	-38	-24	-30	-38	-76	-46	-78	-79	-110	0.88	94
Net Cash From Continuing Investing Activities	-38	-24	-30	-38	-76	-46	-78	-79	-110	0.88	94
Purchase of Property, Plant & Equipment	-2.02	-2.95	-1.67	-1.75	-2.33	-2.49	-3.42	-6.16	-4.37	-6.99	-6.25
Purchase of Investments	-37	-37	-36	-46	-65	-86	-127	-150	-228	-438	-180
Sale and/or Maturity of Investments	27	29	24	28	34	41	47	62	95	401	220
Other Investing Activities, net	-	-	0.97	0.00	2.90	1.08	4.65	16	28	45	60
Net Cash From Financing Activities	-121	237	28	-35	132	-38	509	-45	92	6.74	93
Net Cash From Continuing Financing Activities	-121	237	28	-35	132	-38	509	-45	92	6.74	93
Repayment of Debt	-351	-127	-74	-124	-60	-479	-79	-134	-41	-40	-228
Issuance of Debt	280	354	97	74	173	473	580	54	123	124	301
Issuance of Common Equity	-	2.70	-	4.57	-	3.12	-	13	-	5.25	0.92
Other Financing Activities, net	-50	7.08	5.28	9.49	19	-35	8.53	23	10	18	20
Cash Interest Paid	4.28	10	14	12	12	10	8.32	7.38	15	3.49	11
Cash Income Taxes Paid	0.16	0.01	0.32	0.09	0.13	0.04	0.01	0.10	0.45	0.08	1.27

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
Noncurrent Note & Lease Receivables	-	252	1,010	1,156	-	97
Goodwill	0.00	67	67	67	67	67
Other Noncurrent Operating Assets	119	470	392	383	666	1,129
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	Q1 2026	Q2 2026
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	3/31/2026	6/30/2026
Total Assets	1,915	1,822	1,764	2,002	1,928	1,820	1,809	2,296	2,478	2,962	3,171
Total Current Assets	1,384	387	1,281	1,489	301	1,195	1,101	600	396	1,487	1,520
Cash & Equivalents	684	387	444	517	301	375	445	600	396	473	456
Note & Lease Receivable	700	-	838	972	-	821	656	-	-	1,014	1,064
Plant, Property, & Equipment, net	41	47	47	48	41	40	38	42	44	48	49
Total Noncurrent Assets	490	1,388	435	465	1,587	585	669	1,654	2,038	1,427	1,602
Noncurrent Note & Lease Receivables	-	982	-	-	1,081	-	-	815	1,020	105	120
Goodwill	67	67	67	67	67	67	67	67	67	67	67
Other Noncurrent Operating Assets	406	324	368	398	439	518	602	772	951	1,255	1,414
Total Liabilities & Shareholders' Equity	1,915	1,822	1,764	2,002	1,928	1,820	1,809	2,296	2,478	2,962	3,171
Total Liabilities	1,197	1,195	1,126	1,361	1,315	1,226	1,213	1,620	1,756	2,229	2,374
Total Current Liabilities	85	54	55	59	62	77	112	79	127	125	171
Accrued Expenses	74	47	48	52	62	77	112	79	127	125	171
Total Noncurrent Liabilities	1,112	1,141	1,071	1,302	1,253	1,148	1,102	1,541	1,629	2,104	2,203
Long-Term Debt	919	-	931	1,157	129	1,026	988	1,411	65	1,961	2,035
Other Noncurrent Operating Liabilities	193	1,141	140	145	1,124	122	114	130	1,564	143	168
Commitments & Contingencies	-	-	-	-	-	-	-	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	719	627	638	641	613	595	596	677	722	733	797
Total Preferred & Common Equity	719	627	638	641	613	595	596	677	722	733	797
Total Common Equity	719	627	638	641	613	595	596	677	722	733	797
Common Stock	706	799	838	881	960	996	1,004	1,090	1,130	1,097	1,145
Retained Earnings	13	-172	-200	-240	-347	-402	-408	-414	-408	-364	-348

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q1 2026	Q2 2026
Period end date	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	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	98,061,276.00	95,711,569.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	98,061,276.00	95,711,569.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-0.07	0.17
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-37.66%	-18.17%	-16.69%	17.86%	-9.16%	14.20%	30.38%	63.72%	84.46%	47.37%	44.54%
EBITDA Growth	10.46%	62.26%	-340.18%	51.99%	-109.20%	1.94%	134.18%	92.89%	101.27%	-189.86%	1,843.11%
EBIT Growth	5.70%	58.64%	-557.61%	50.03%	-93.47%	0.57%	113.42%	96.26%	110.39%	-171.38%	203.27%
NOPAT Growth	-3.85%	24.52%	18.80%	48.82%	-66.40%	-2.98%	90.00%	93.34%	111.59%	-67.22%	213.48%
Net Income Growth	5.71%	28.29%	23.28%	50.02%	-93.40%	83.24%	93.50%	96.21%	110.29%	-171.60%	194.97%
EPS Growth	5.56%	30.43%	21.67%	53.16%	-82.35%	85.42%	97.87%	95.95%	108.06%	-133.33%	220.00%
Operating Cash Flow Growth	505.13%	-6.26%	38.32%	169.49%	-69.95%	266.50%	23.81%	-130.42%	-263.31%	-888.41%	-13.71%
Free Cash Flow Firm Growth	37.87%	72.77%	59.29%	-144.71%	50.81%	131.18%	-385.16%	-322.60%	637.20%	29.61%	-329.35%
Invested Capital Growth	36.68%	34.38%	63.31%	83.70%	10.77%	-11.19%	226.78%	237.06%	-68.61%	49.30%	507.53%
Revenue Q/Q Growth	22.66%	2.13%	4.15%	-9.67%	-5.46%	28.39%	18.91%	13.43%	6.52%	0.00%	4.47%
EBITDA Q/Q Growth	80.68%	-49.11%	19.35%	-593.32%	15.82%	30.11%	128.11%	-144.83%	115.45%	0.00%	203.54%
EBIT Q/Q Growth	78.22%	-43.19%	6.64%	-2,368.49%	15.68%	26.41%	112.60%	-147.88%	333.91%	0.00%	361.40%
NOPAT Q/Q Growth	74.71%	-31.49%	-8.34%	-42.03%	17.76%	18.62%	89.48%	5.35%	243.07%	0.00%	368.21%
Net Income Q/Q Growth	78.21%	-43.14%	-5.17%	-52.36%	15.68%	87.59%	59.23%	11.18%	329.14%	0.00%	348.86%
EPS Q/Q Growth	78.48%	-41.18%	2.08%	-57.45%	16.22%	88.71%	85.71%	-200.00%	266.67%	0.00%	328.57%
Operating Cash Flow Q/Q Growth	386.98%	-149.56%	-35.18%	136.62%	24.08%	174.66%	-161.85%	87.84%	-791.01%	0.00%	-2.50%
Free Cash Flow Firm Q/Q Growth	-158.57%	-10.23%	46.58%	-29.64%	35.56%	169.86%	-931.31%	-12.93%	181.91%	0.00%	-166.87%
Invested Capital Q/Q Growth	368.28%	13.89%	-68.13%	8.09%	182.38%	-8.69%	17.25%	11.49%	-73.70%	0.00%	7.01%
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	-16.51%	-24.10%	-18.66%	-42.70%	-38.02%	-20.70%	4.89%	-1.93%	0.28%	-3.80%	3.77%
Operating Margin	-23.21%	-29.88%	-31.08%	-48.87%	-42.51%	-26.94%	-2.38%	-1.99%	1.89%	-2.26%	4.21%
EBIT Margin	-19.59%	-27.46%	-24.62%	-46.78%	-41.72%	-23.91%	2.53%	-1.07%	2.35%	-1.97%	4.93%
Profit (Net Income) Margin	-19.60%	-27.47%	-27.74%	-46.79%	-41.73%	-4.03%	-1.38%	-1.08%	2.33%	-2.00%	4.75%
Tax Burden Percent	100.06%	100.02%	100.15%	100.02%	100.03%	100.67%	174.15%	101.20%	99.13%	101.28%	96.42%
Interest Burden Percent	100.00%	100.00%	112.51%	100.00%	100.00%	16.75%	-31.33%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.87%	0.00%	3.58%
Return on Invested Capital (ROIC)	-10.40%	-11.06%	-37.04%	-58.35%	-14.26%	-9.18%	-1.22%	-1.04%	1.90%	-0.90%	3.41%
ROIC Less NNEP Spread (ROIC-NNEP)	-12.14%	-13.26%	-34.22%	-52.13%	-17.00%	-4.98%	-0.98%	-0.83%	2.59%	-1.02%	3.80%
Return on Net Nonoperating Assets (RNNOA)	-4.81%	-8.54%	16.99%	23.47%	-15.70%	-4.77%	-0.36%	-0.41%	0.63%	-1.66%	3.12%
Return on Equity (ROE)	-15.21%	-19.60%	-20.04%	-34.88%	-29.96%	-13.95%	-1.58%	-1.45%	2.54%	-2.57%	6.53%
Cash Return on Invested Capital (CROIC)	-51.24%	-46.10%	-102.64%	-98.47%	-22.87%	-0.62%	-120.16%	-116.45%	100.17%	-37.45%	-139.95%
Operating Return on Assets (OROA)	-6.64%	-8.29%	-6.98%	-14.51%	-13.23%	-7.39%	0.73%	-0.37%	0.91%	-0.79%	2.03%
Return on Assets (ROA)	-6.64%	-8.29%	-7.87%	-14.51%	-13.23%	-1.25%	-0.40%	-0.37%	0.90%	-0.80%	1.96%
Return on Common Equity (ROCE)	-15.21%	-19.60%	-20.04%	-34.88%	-29.96%	-13.95%	-1.58%	-1.45%	2.54%	-2.57%	6.53%
Return on Equity Simple (ROE_SIMPLE)	-42.14%	-39.48%	0.00%	-28.64%	-33.93%	-28.25%	0.00%	-9.82%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-23	-31	-33	-47	-39	-32	-3.33	-3.15	4.50	-5.26	14
NOPAT Margin	-16.24%	-20.91%	-21.75%	-34.21%	-29.76%	-18.86%	-1.67%	-1.39%	1.87%	-1.58%	4.06%
Net Nonoperating Expense Percent (NNEP)	1.74%	2.20%	-2.82%	-6.22%	2.75%	-4.20%	-0.24%	-0.22%	-0.69%	0.12%	-0.39%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-4.28%	-	-	-	-0.16%	-0.15%	0.57%	-0.20%	0.50%
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	35.11%	36.46%	36.49%	41.73%	40.62%	35.73%	30.32%	26.79%	26.82%	22.84%	23.10%
R&D to Revenue	40.35%	37.44%	37.39%	45.70%	44.78%	38.72%	33.73%	25.59%	28.58%	24.05%	26.97%
Operating Expenses to Revenue	117.69%	121.56%	122.88%	141.42%	140.28%	123.69%	112.26%	96.38%	104.97%	94.78%	100.59%
Earnings before Interest and Taxes (EBIT)	-28	-40	-38	-65	-54	-40	5.05	-2.42	5.66	-6.56	17
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-24	-35	-29	-59	-50	-35	9.75	-4.37	0.68	-13	13
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.64	3.74	5.47	3.73	3.49	6.01	8.87	6.37	8.52	3.43	4.25
Price to Tangible Book Value (P/TBV)	5.18	4.17	6.12	4.19	3.93	6.78	9.92	7.08	9.40	3.78	4.64
Price to Revenue (P/Rev)	4.75	4.05	6.20	3.93	3.65	6.08	8.84	5.96	7.38	2.38	2.91
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	50.91	56.20
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%	1.96%	1.78%
Enterprise Value to Invested Capital (EV/IC)	3.06	2.37	7.96	4.79	2.19	3.62	4.74	3.44	14.88	1.80	2.09
Enterprise Value to Revenue (EV/Rev)	5.53	5.13	5.80	3.64	4.80	7.00	9.94	7.08	6.98	3.79	4.27
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	116.56	106.24
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	63.73	66.89
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	102.67	102.23
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	40.09	33.91	39.88	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.10	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.46	1.81	0.22	0.21	1.73	1.66	2.35	2.09	0.09	2.67	2.55
Long-Term Debt to Equity	1.46	1.81	0.22	0.21	1.73	1.66	2.35	2.09	0.09	2.67	2.55
Financial Leverage	0.40	0.64	-0.50	-0.45	0.92	0.96	0.37	0.50	0.24	1.63	0.82
Leverage Ratio	2.64	2.88	3.02	3.02	2.91	3.08	3.46	3.28	3.26	3.73	3.72
Compound Leverage Factor	2.64	2.88	3.40	3.02	2.91	0.52	-1.08	3.28	3.26	3.73	3.72
Debt to Total Capital	59.32%	64.36%	18.21%	17.40%	63.31%	62.38%	70.17%	67.58%	8.28%	72.79%	71.85%
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	59.32%	64.36%	18.21%	17.40%	63.31%	62.38%	70.17%	67.58%	8.28%	72.79%	71.85%
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	40.68%	35.64%	81.79%	82.60%	36.69%	37.62%	29.83%	32.42%	91.72%	27.21%	28.15%
Debt to EBITDA	-4.08	-6.81	-0.66	-0.88	-5.95	-5.75	-9.89	-15.10	-1.65	57.09	43.50
Net Debt to EBITDA	-2.13	-3.77	1.06	1.17	-3.78	-3.16	-4.66	-8.68	8.36	43.32	33.76
Long-Term Debt to EBITDA	-4.08	-6.81	-0.66	-0.88	-5.95	-5.75	-9.89	-15.10	-1.65	57.09	43.50
Debt to NOPAT	-4.72	-6.18	-0.79	-0.96	-6.84	-6.54	-12.31	-18.34	-1.87	50.29	41.86
Net Debt to NOPAT	-2.47	-3.42	1.26	1.27	-4.34	-3.59	-5.79	-10.54	9.48	38.16	32.48
Long-Term Debt to NOPAT	-4.72	-6.18	-0.79	-0.96	-6.84	-6.54	-12.31	-18.34	-1.87	50.29	41.86
Altman Z-Score	2.56	1.97	1.70	1.13	1.66	2.36	2.72	1.93	2.35	1.41	1.60
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	23.45	25.29	4.38	4.84	15.47	9.87	11.92	7.62	3.12	11.94	8.89
Quick Ratio	23.45	25.29	4.38	4.84	15.47	9.87	11.92	7.62	3.12	11.94	8.89
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-325	-359	-192	-248	-160	112	-929	-1,049	860	-739	-1,971
Operating Cash Flow to CapEx	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%	-1,906.42%	-2,186.11%
Free Cash Flow to Firm to Interest Expense	-7.77	-7.19	-2.76	-4.04	-2.87	8.64	-31.54	-82.81	29.53	-29.66	-48.84
Operating Cash Flow to Interest Expense	5.19	-2.16	-2.10	0.86	1.17	13.87	-3.76	-1.06	-4.13	-5.35	-3.39
Operating Cash Flow Less CapEx to Interest Expense	5.15	-2.22	-2.12	0.83	1.13	13.67	-3.88	-1.55	-4.28	-5.63	-3.54
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.34	0.30	0.28	0.31	0.32	0.31	0.29	0.34	0.39	0.40	0.41
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	15.02	13.28	12.91	13.28	13.10	13.64	15.56	17.44	19.93	23.38	24.94
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	1,125	1,281	408	441	1,246	1,138	1,334	1,488	391	2,221	2,377
Invested Capital Turnover	0.64	0.53	1.70	1.71	0.48	0.49	0.73	0.75	1.02	0.57	0.84
Increase / (Decrease) in Invested Capital	302	328	158	201	121	-143	926	1,046	-855	733	1,986
Enterprise Value (EV)	3,447	3,035	3,248	2,116	2,725	4,124	6,318	5,125	5,823	4,003	4,970
Market Capitalization	2,960	2,394	3,475	2,287	2,073	3,581	5,617	4,314	6,154	2,515	3,391
Book Value per Share	$7.72	$7.64	$7.47	$7.04	$6.77	$6.65	$6.94	$7.22	$7.59	$7.48	$8.33
Tangible Book Value per Share	$6.91	$6.84	$6.68	$6.27	$6.00	$5.90	$6.21	$6.50	$6.88	$6.79	$7.63
Total Capital	1,569	1,798	777	742	1,621	1,583	2,123	2,087	787	2,694	2,833
Total Debt	931	1,157	141	129	1,026	988	1,489	1,411	65	1,961	2,035
Total Long-Term Debt	931	1,157	141	129	1,026	988	1,489	1,411	65	1,961	2,035
Net Debt	487	641	-227	-171	652	542	701	811	-331	1,488	1,579
Capital Expenditures (CapEx)	2.02	2.95	1.67	1.75	2.33	2.49	3.42	6.16	4.37	6.99	6.25
Debt-free, Cash-free Net Working Capital (DFCFNWC)	783	913	-84	-62	743	545	673	-79	-127	889	893
Debt-free Net Working Capital (DFNWC)	1,227	1,430	284	238	1,118	990	1,461	521	269	1,362	1,349
Net Working Capital (NWC)	1,227	1,430	284	238	1,118	990	1,461	521	269	1,362	1,349
Net Nonoperating Expense (NNE)	4.82	9.62	9.15	17	16	-25	-0.57	-0.70	-1.10	1.38	-2.42
Net Nonoperating Obligations (NNO)	487	641	-227	-171	652	542	701	811	-331	1,488	1,579
Total Depreciation and Amortization (D&A)	4.43	4.93	9.10	5.63	4.83	5.39	4.70	-1.95	-4.98	-6.11	-4.04
Debt-free, Cash-free Net Working Capital to Revenue	125.54%	154.55%	-15.00%	-10.67%	130.83%	92.44%	105.83%	-10.88%	-15.20%	84.15%	76.72%
Debt-free Net Working Capital to Revenue	196.68%	241.95%	50.74%	41.02%	196.79%	168.03%	229.90%	72.03%	32.29%	128.88%	115.88%
Net Working Capital to Revenue	196.68%	241.95%	50.74%	41.02%	196.79%	168.03%	229.90%	72.03%	32.29%	128.88%	115.88%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.34)	($0.48)	($0.47)	($0.74)	($0.62)	($0.07)	($0.01)	($0.03)	$0.06	($0.07)	$0.17
Adjusted Weighted Average Basic Shares Outstanding	83.13M	84.40M	83.77M	87.03M	88.44M	90.12M	89.45M	94.27M	95.53M	96.90M	96.57M
Adjusted Diluted Earnings per Share	($0.34)	($0.48)	($0.47)	($0.74)	($0.62)	($0.07)	($0.01)	($0.03)	$0.05	($0.07)	$0.16
Adjusted Weighted Average Diluted Shares Outstanding	83.13M	84.40M	83.77M	87.03M	88.44M	90.12M	89.45M	94.27M	102.85M	96.90M	109.72M
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	83.89M	85.06M	86.43M	87.88M	89.51M	91.23M	93.71M	95.14M	96.22M	95.71M	97.31M
Normalized Net Operating Profit after Tax (NOPAT)	-23	-31	-33	-47	-39	-32	-3.33	-3.15	4.50	-5.26	14
Normalized NOPAT Margin	-16.24%	-20.91%	-21.75%	-34.21%	-29.76%	-18.86%	-1.67%	-1.39%	1.87%	-1.58%	4.06%
Pre Tax Income Margin	-19.59%	-27.46%	-27.70%	-46.78%	-41.72%	-4.01%	-0.79%	-1.07%	2.35%	-1.97%	4.93%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.67	-0.81	-0.54	-1.05	-0.98	-3.10	0.17	-0.19	0.19	-0.26	0.43
NOPAT to Interest Expense	-0.56	-0.62	-0.48	-0.77	-0.70	-2.44	-0.11	-0.25	0.15	-0.21	0.35
EBIT Less CapEx to Interest Expense	-0.72	-0.87	-0.57	-1.08	-1.02	-3.29	0.06	-0.68	0.04	-0.54	0.27
NOPAT Less CapEx to Interest Expense	-0.61	-0.67	-0.50	-0.80	-0.74	-2.64	-0.23	-0.73	0.00	-0.49	0.19
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	0.00%	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

Upstart’s latest quarter shows improving revenue and a return to profitability, but cash flow remains under pressure and the balance sheet still carries significant leverage. In Q1 2026, revenue rose to $333.1 million from $226.0 million a year earlier, while the company reported a small net loss of $6.6 million versus a $2.4 million loss in Q1 2025. That said, operating cash flow was deeply negative, and debt remains a key risk factor.

Revenue growth reaccelerated. Q1 2026 revenue increased 47% year over year to $333.1 million from $226.0 million in Q1 2025, showing the business is still expanding.
Operating profitability improved sharply from last year. Operating income improved to a loss of $7.5 million in Q1 2026 from a loss of $4.5 million in Q1 2025, despite much higher revenue.
Upstart was close to breakeven at the bottom line. Net loss narrowed to $6.6 million from $64.6 million in Q1 2024 and remained modest versus the company’s historical losses.
Interest and investment income helped offset borrowing costs. The company generated $957,000 of other income in Q1 2026, while investment activity also supported liquidity.
Cash and equivalents remain sizable. Upstart ended Q1 2026 with $472.9 million in cash, providing a cushion despite ongoing losses and cash burn.
Loan receivables remain a major asset base. Note and lease receivables totaled about $1.01 billion, reflecting the capital-intensive nature of Upstart’s lending model.
Book equity remains positive. Total common equity stood at $733.2 million in Q1 2026, down slightly from $676.6 million in Q1 2025 but still positive.
Share count has been fairly stable year over year. Weighted average diluted shares were 96.9 million in Q1 2026 versus 94.3 million in Q1 2025, suggesting moderate dilution pressure rather than dramatic share expansion.
Operating cash flow was deeply negative. Upstart burned $133.3 million in operating cash in Q1 2026, compared with negative $13.5 million in Q1 2025 and positive $44.3 million in Q1 2024.
Free cash flow pressure remains significant. After capital spending and investing activity, the company posted a net cash decline of $125.7 million in the quarter.
Debt levels are still high. Long-term debt was $2.0 billion at the end of Q1 2026, up from $1.4 billion in Q1 2025, keeping financial leverage elevated.
Operating expenses remain large relative to revenue. Q1 2026 operating expenses were $315.7 million, compared with $333.1 million in revenue, leaving only a thin margin before interest costs.
Marketing and R&D spending are still heavy. In Q1 2026, marketing expense was $104.5 million and R&D was $80.1 million, which limits near-term earnings leverage.
Recent financing activity has been used to support the balance sheet. Upstart issued $123.5 million of debt in Q1 2026 while repaying $39.8 million, underscoring reliance on external funding.

Overall: Upstart’s top-line trend looks encouraging, and the company has moved much closer to breakeven than it was in 2023 and early 2024. However, investors should keep a close eye on operating cash flow and debt, because the business still depends on meaningful balance sheet strength to support growth.

08/15/26 02:36 PM ETAI Generated. May Contain Errors.

Upstart Financials - Frequently Asked Questions

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.

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. Check out Upstart's forecast to explore projected trends and price targets.

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

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%.

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.

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.

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%.

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Financial statements for NASDAQ:UPST last updated on 8/4/2026 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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Quarterly Metrics And Ratios for Upstart

Financials Breakdown Chart

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Upstart Financials - Frequently Asked Questions

When does Upstart's financial year end?

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

What is Upstart's operating income?

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

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

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