UPST · XBRL financial data
Upstart Holdings financial statements, every fiscal year
The same tables from 5 filings, lined up. Matched by XBRL tag: renamed lines keep their history.
How these numbers work
- Every number comes from the company's XBRL financial data filed with the SEC, and each one links to its filing.
- Lines are matched by XBRL tag, so a line renamed between filings keeps its history.
- * marks a quarter worked out from the filing totals: the 10-K year minus the first three quarters, or a year-to-date total minus the earlier one. Fourth-quarter earnings per share is fourth-quarter net income over the fourth-quarter weighted shares.
- 0 means a filing states zero; a dash (—) means no filing states that number.
- “year only” means the 10-K gives the full year but not the quarters needed to work out the fourth. A worked-out quarter of revenue, cost of revenue or operating cash flow more than twice the company's largest quarter of the two years before is shown this way too.
- Gross profit is shown as the company reports it; a worked-out quarter must equal revenue less cost of revenue for that quarter, or it is a dash.
- Operating income can be above gross profit when the company books other operating income between the two, shown on its own line.
- Shares outstanding come from each filing's cover page, as of the date printed there.
- Quarters are fiscal: Q2 FY27 is the second quarter of the company's fiscal 2027.
Income statement
CSVFiscal years (UPST's year ends in late December)
| In millions of dollars | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|---|---|
| Revenue | 849 | 842 | 514 | 637 | 1,044 |
| Revenue from contracts with customers | 801 | 907 | — | — | — |
| Research and development | 134 | 237 | 280 | 254 | 258 |
| General and administrative | 123 | 185 | 212 | 231 | 254 |
| Total operating expenses | 708 | 956 | 770 | 809 | 1,001 |
| Operating income (loss) | 141 | (114) | (257) | (173) | 43 |
| Interest expense | 3 | 11 | 35 | — | — |
| Other income (expense) | (5) | 9 | 21 | 19 | 24 |
| Income tax expense (benefit) | (2) | (0) | 0 | 0 | 1 |
| Net income (loss) | 135 | (109) | (240) | (129) | 54 |
| Earnings per share, basic USD per share | 1.73 | (1.31) | (2.87) | (1.44) | 0.56 |
| Earnings per share, diluted USD per share | 1.43 | (1.31) | (2.87) | (1.44) | 0.45 |
| Weighted average shares, basic millions of shares | 78 | 83 | 84 | 89 | 96 |
| Weighted average shares, diluted millions of shares | 95 | 83 | 84 | 89 | 107 |
Balance sheet
CSVFiscal years (UPST's year ends in late December)
| In millions of dollars | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 1,191 | 532 | 368 | 788 | 652 |
| Property and equipment, net | 24 | 44 | 43 | 39 | 44 |
| Right-of-use asset | 96 | 86 | 55 | 43 | 16 |
| Goodwill | 67 | 67 | 67 | 67 | 67 |
| Total assets | 1,820 | 1,936 | 2,017 | 2,367 | 2,975 |
| Total liabilities | 1,013 | 1,264 | 1,382 | 1,734 | 2,176 |
| Retained earnings (accumulated deficit) | 66 | (42) | (283) | (411) | (358) |
| Total stockholders' equity | 807 | 672 | 635 | 633 | 799 |
| Total liabilities and equity | 1,820 | 1,936 | 2,017 | 2,367 | 2,975 |
| Common shares outstanding (cover page) millions of shares | 84 | 81 | 86 | 94 | 98 |
Cash flows
CSVFiscal years (UPST's year ends in late December)
| In millions of dollars | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|---|---|
| Net income (loss) | 135 | (109) | (240) | (129) | 54 |
| Stock-based compensation | 73 | 126 | 175 | 133 | 132 |
| Depreciation and amortization | 8 | 14 | 25 | 21 | 25 |
| Net cash from operating activities | 168 | (675) | (160) | 186 | (148) |
| Purchases of property and equipment | 8 | 9 | 2 | 1 | 0 |
| Net cash from investing activities | (144) | (114) | (118) | (238) | (177) |
| Proceeds from issuing common stock | 264 | 0 | 0 | — | — |
| Share repurchases | 0 | 178 | 0 | 0 | — |
| Net cash from financing activities | 855 | 130 | 214 | 560 | 406 |
| Net change in cash | 880 | (659) | (65) | 508 | 81 |
Compare with peers
SIC 6199 and related industry codes, similar size. Each row is the latest quarter reported.
How peers are chosen
- SIC 6199 and related industry codes with public float (or, where float is missing, quarterly revenue) between 0.2x and 5x the company's.
- Each row is the latest quarter the company has reported, named in the Quarter column; when that filing is a 10-K, it is the fourth quarter, never the full year.
- Runway shows only for companies burning cash with under $10B of public float.
- * marks a quarter worked out from the filing totals: for a 10-K, the year less the first three quarters; for a 10-Q, the year-to-date total less the earlier one.
- A cell reading “not reported” means the filings give no figure for that quarter alone.
- A cell reading “year only” links to a 10-K that gives only the full year: without all three earlier quarters there is no fourth quarter to work out, and the year total is never shown as a quarter.
| Company | Cash ($M) | Revenue, quarter ($M) | Operating cash flow, quarter ($M) | Shares outstanding | Runway | Quarter |
|---|---|---|---|---|---|---|
| Upstart Holdings | 461 | 371 | (20)* | 98.9M | 4.7 quarters | 10-QSep 30, 2026 |
| MARA Holdings | 421 | 175 | (224)* | 386.3M | 1.9 quarters | 10-QJun 30, 2026 |
| Core Scientific, Inc./tx | 1,770 | 164 | (19)* | 321.3M | 93.5 quarters | 10-QJun 30, 2026 |
| Chime Financial | 536 | 670 | 207* | not reported | — | 10-QJun 30, 2026 |
| Dave | 210 | 171 | 68* | not reported | — | 10-QJun 30, 2026 |
| Burford Capital | 464 | 147 | not reported | 219.6M | — | 10-QSep 30, 2026 |
| IREN | 5,896 | 137* | year only | not reported | — | 10-KJun 30, 2026 |
| Riot Platforms | 669 | 181 | not reported | 375.2M | — | 10-QSep 30, 2026 |
| Cipher Digital | 656 | 27 | (131)* | 456.4M | 0.7 quarters | 10-QSep 30, 2026 |
Not investment advice. Not affiliated with the U.S. SEC.