Upstart Holdings, Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Upstart Holdings, Inc. reported revenue of $1.0B (+64.0% year on year) and net income of $54.3M (+142.3% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Revenue from fees, net | $950.0M | $635.5M | $560.4M | $907.3M |
| Interest income | $204.2M | $186.4M | $169.0M | $105.6M |
| Interest expense | ($31.7M) | ($40.4M) | ($34.9M) | ($10.8M) |
| Fair value and other adjustments | ($78.7M) | ($144.9M) | ($181.0M) | ($159.6M) |
| Total interest income, interest expense, and fair value adjustments, net | $93.8M | $1.1M | ($46.9M) | — |
| Total revenue | $1.0B | $636.5M | $513.6M | $842.4M |
| Sales and marketing | $301.5M | $166.8M | $127.1M | $345.8M |
| Customer operations | $188.4M | $158.0M | $150.4M | $188.0M |
| Engineering and product development | $257.6M | $253.7M | $280.1M | $237.2M |
| General, administrative, and other | $253.7M | $230.9M | $212.4M | $185.3M |
| Total operating expenses | $1.0B | $809.4M | $770.1M | $956.3M |
| Income (loss) from operations | $42.6M | ($172.9M) | ($256.5M) | ($113.9M) |
| Other income, net | $24.3M | $18.8M | $21.2M | $9.5M |
| Expense on convertible notes | ($19.9M) | ($7.7M) | ($4.7M) | — |
| Gain on debt extinguishment | $7.2M | $33.4M | — | — |
| Net income (loss) before income taxes | $54.3M | ($128.4M) | ($240.0M) | ($109.1M) |
| Provision for income taxes | $728.0K | $185.0K | $107.0K | ($409.0K) |
| Net income (loss) | $53.6M | ($128.6M) | ($240.1M) | ($108.7M) |
| Net income (loss) per share, basic (in dollars per share) | $0.56 | -$1.44 | -$2.87 | -$1.31 |
| Net income (loss) per share, diluted (in dollars per share) | $0.45 | -$1.44 | -$2.87 | -$1.31 |
| Weighted-average number of shares outstanding used in computing net income (loss) per share, basic (in shares) | $96030558.00 | $89450038.00 | $83765896.00 | $82771268.00 |
| Weighted-average number of shares outstanding used in computing net income (loss) per share, diluted (in shares) | $107492735.00 | $89450038.00 | $83765896.00 | $82771268.00 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Revenue from fees, net | $348.0M | $277.1M | $258.5M | $240.8M |
| Interest income | $57.1M | $56.1M | $57.2M | $45.6M |
| Interest expense | ($12.5M) | ($10.4M) | ($8.8M) | ($7.8M) |
| Fair value and other adjustments, net | ($27.8M) | ($14.5M) | ($29.8M) | ($21.3M) |
| Total interest income, interest expense, and fair value adjustments, net | $16.7M | $31.2M | $18.6M | $16.5M |
| Total revenue | $364.7M | $308.2M | $277.1M | $257.3M |
| Sales and marketing | $114.5M | $104.5M | $78.8M | $73.1M |
| Customer operations | $61.3M | $55.1M | $49.8M | $46.2M |
| Engineering and product development | $93.9M | $80.1M | $64.0M | $68.8M |
| General, administrative, and other | $80.4M | $76.1M | $60.8M | $64.6M |
| Total operating expenses | $350.1M | $315.7M | $253.4M | $252.7M |
| Income from operations | $14.6M | ($7.5M) | $23.7M | $4.5M |
| Other income, net | $2.5M | $956.0K | $1.0M | $1.1M |
| Net income before income taxes | $17.2M | ($6.6M) | $31.9M | $5.7M |
| Provision for income taxes | $614.0K | $84.0K | $124.0K | $49.0K |
| Net income | $16.5M | ($6.6M) | $31.8M | $5.6M |
| Net income per share, basic (in dollars per share) | $0.17 | -$0.07 | $0.33 | $0.06 |
| Net income per share, diluted (in dollars per share) | $0.16 | -$0.07 | $0.23 | $0.05 |
| Weighted-average number of shares outstanding used in computing net income per share, basic (in shares) | $96573751.00 | $96901974.00 | $96682774.00 | $95526364.00 |
| Weighted-average number of shares outstanding used in computing net income per share, diluted (in shares) | $109720846.00 | $96901974.00 | $109724669.00 | $102852284.00 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $652.4M | $788.4M | — | — |
| Restricted cash | $404.6M | $187.8M | $99.4M | $110.1M |
| Loans (at fair value) | $984.6M | $806.3M | $1.2B | $1.0B |
| Property, equipment, and software, net | $44.2M | $39.0M | $42.7M | $44.2M |
| Operating lease right of use assets | $16.4M | $43.5M | $54.7M | $86.3M |
| Beneficial interest assets (at fair value) | $396.2M | $176.8M | $41.0M | — |
| Line of credit receivable (at fair value) | $112.7M | — | — | — |
| Non-marketable equity securities | $41.3M | $41.3M | $41.3M | $41.3M |
| Goodwill | $67.1M | $67.1M | $67.1M | $67.1M |
| Other assets (includes $51,358 and $138,582 at fair value as of December 31, 2024 and December 31, 2025, respectively) | $255.4M | $216.8M | $146.2M | $138.7M |
| Total assets | $3.0B | $2.4B | $2.0B | $1.9B |
| Payable to investors | $107.7M | $60.2M | $53.6M | $90.8M |
| Borrowings | $1.8B | $1.4B | $1.0B | $986.4M |
| Payable to securitization note holders (at fair value) | $46.5M | $87.3M | $141.4M | — |
| Accrued expenses and other liabilities (includes $15,883 and $15,219 at fair value as of December 31, 2024 and December 31, 2025, respectively) | $171.5M | $133.8M | $71.4M | $66.9M |
| Operating lease liabilities | $21.1M | $50.3M | $62.3M | $100.8M |
| Total liabilities | $2.2B | $1.7B | $1.4B | $1.3B |
| Common stock, $0.0001 par value; 700,000,000 shares authorized; 93,469,721 and 98,033,361 shares issued and outstanding as of December 31, 2024 and December 31, 2025, respectively | 10.0K | 9.0K | 9.0K | 8.0K |
| Additional paid-in capital | $1.2B | $1.0B | $917.9M | $714.9M |
| Accumulated deficit | ($357.6M) | ($411.2M) | ($282.6M) | ($42.4M) |
| Total stockholders’ equity | $798.8M | $633.2M | $635.3M | $672.4M |
| Total liabilities and stockholders’ equity | $3.0B | $2.4B | $2.0B | $1.9B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $456.0M | $472.9M | $489.8M | $395.9M |
| Restricted cash | $526.3M | $458.4M | $347.1M | $305.5M |
| Loans (at fair value) | $1.1B | $1.0B | $1.2B | $1.0B |
| Property, equipment, and software, net | $49.4M | $48.0M | $44.3M | $43.9M |
| Operating lease right of use assets | $18.8M | $13.6M | $34.6M | $37.6M |
| Beneficial interest assets (at fair value) | $545.9M | $474.8M | $316.2M | $266.8M |
| Line of credit receivable (at fair value) | $111.8M | $111.9M | — | — |
| Notes receivable and residual certificates (at fair value) | $120.4M | $105.1M | — | — |
| Non-marketable equity securities | $41.0M | $41.3M | $41.3M | $41.3M |
| Goodwill | $67.1M | $67.1M | $67.1M | $67.1M |
| Other assets (includes $41,166 and $54,946 at fair value as of December 31, 2025 and June 30, 2026, respectively) | $170.4M | $154.6M | $334.6M | $300.3M |
| Total assets | $3.2B | $3.0B | $2.9B | $2.5B |
| Payable to investors | $145.2M | $125.5M | $93.4M | $91.7M |
| Borrowings | $2.0B | $1.9B | $1.9B | $1.4B |
| Payable to securitization note holders (at fair value) | $32.1M | $39.2M | $55.2M | $65.2M |
| Accrued expenses and other liabilities (includes $15,219 and $24,967 at fair value as of December 31, 2025 and June 30, 2026, respectively) | $171.0M | $124.6M | $116.3M | $126.7M |
| Operating lease liabilities | $22.4M | $17.5M | $40.6M | $43.8M |
| Total liabilities | $2.4B | $2.2B | $2.2B | $1.8B |
| Common stock, $0.0001 par value; 700,000,000 shares authorized; 98,033,361 and 97,306,813 shares issued and outstanding as of December 31, 2025 and June 30, 2026, respectively | 10.0K | 10.0K | 10.0K | 10.0K |
| Additional paid-in capital | $1.1B | $1.1B | $1.1B | $1.1B |
| Accumulated deficit | ($347.7M) | ($364.2M) | ($376.2M) | ($408.0M) |
| Total stockholders’ equity | $797.5M | $733.2M | $743.7M | $722.0M |
| Total liabilities and stockholders’ equity | $3.2B | $3.0B | $2.9B | $2.5B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income (loss) | $53.6M | ($128.6M) | ($240.1M) | — |
| Change in fair value of loans | ($113.7M) | $125.0M | — | — |
| Change in fair value of servicing assets | $18.6M | $16.5M | — | — |
| Change in fair value of servicing liabilities | ($942.0K) | ($1.2M) | — | — |
| Change in fair value of beneficial interest assets | ($33.2M) | $5.2M | — | — |
| Change in fair value of beneficial interest liabilities | $16.6M | $12.6M | — | — |
| Change in fair value of other financial instruments | ($6.9M) | $4.1M | — | — |
| Stock-based compensation | $131.9M | $133.4M | $175.0M | $125.9M |
| Gain on loan servicing rights, net | ($28.0M) | ($15.4M) | ($13.7M) | — |
| Gain on debt extinguishment | ($7.2M) | ($33.4M) | — | — |
| Depreciation and amortization | $24.8M | $20.5M | $24.9M | $13.5M |
| Loan premium amortization | ($49.1M) | ($17.0M) | — | — |
| Non-cash interest expense and other | $8.6M | $3.2M | $3.1M | — |
| Purchases of loans held-for-sale | ($9.1B) | ($4.3B) | ($3.0B) | ($7.8B) |
| Proceeds from sale of loans held-for-sale | $8.7B | $4.1B | $2.5B | $6.8B |
| Principal payments received for loans held-for-sale | $187.7M | $192.9M | $189.7M | $152.0M |
| Principal payments received for loans held by consolidated securitization | $37.9M | $48.0M | $24.8M | — |
| Settlements of beneficial interest liabilities, net | ($21.6M) | ($6.7M) | — | — |
| Proceeds from beneficial interest assets (derivatives) | $4.6M | — | — | — |
| Settlements of beneficial interest assets (derivatives) | ($4.6M) | — | — | — |
| Other assets | ($10.8M) | ($8.7M) | ($8.9M) | $4.2M |
| Operating lease liability and right-of-use asset | ($2.1M) | ($807.0K) | ($6.8M) | $10.2M |
| Payable to investors for beneficial interest assets | $0 | $0 | — | — |
| Accrued expenses and other liabilities | $39.6M | $44.1M | $2.2M | ($31.3M) |
| Net cash provided by (used in) operating activities | ($147.7M) | $186.3M | ($160.5M) | ($674.7M) |
| Purchases and originations of loans held-for-investment | ($1.0B) | ($323.1M) | ($157.2M) | ($149.3M) |
| Proceeds from sale of loans held-for-investment | $395.7M | $0 | $972.0K | $14.3M |
| Principal payments received for loans held-for-investment | $320.4M | $145.3M | $102.4M | $43.3M |
| Principal payments received for notes receivable and repayments of residual certificates | $23.1M | $5.9M | $4.3M | $6.7M |
| Acquisition and settlements of beneficial interest assets (hybrid instruments) | ($3.4M) | — | — | — |
| Proceeds from beneficial interest assets (hybrid instruments) | $142.9M | — | — | — |
| Issuance of line of credit receivable | ($7.9M) | — | — | — |
| Repayments of line of credit receivable | $3.5M | — | — | — |
| Purchases of property and equipment | ($347.0K) | ($837.0K) | ($1.5M) | ($8.8M) |
| Capitalized software costs | ($18.1M) | ($9.2M) | ($10.6M) | ($14.1M) |
| Net cash used in investing activities | ($177.2M) | ($237.7M) | ($118.5M) | ($114.1M) |
| Proceeds from borrowings | $294.2M | $387.3M | $626.9M | $688.8M |
| Proceeds from convertible notes issuance, net of debt issuance costs paid to lender | $678.3M | $913.4M | — | — |
| Payment of debt issuance costs to third parties | ($3.1M) | ($3.9M) | $0 | $0 |
| Repayments of borrowings | ($317.1M) | ($357.4M) | ($575.9M) | ($400.9M) |
| Payments for repurchases of convertible notes | ($224.2M) | ($325.3M) | — | — |
| Purchase of capped calls | ($55.2M) | ($40.9M) | $0 | $0 |
| Settlement of capped calls | $564.0K | $580.0K | — | — |
| Principal payments made on securitization notes | ($40.6M) | ($55.4M) | ($23.3M) | — |
| Payable to investors | $47.5M | $12.4M | ($43.0M) | ($16.8M) |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $9.9M | ($6.6M) | $35.0M | $3.2M |
| Change in fair value of loans | $74.1M | ($62.2M) | ($83.4M) | ($21.1M) |
| Change in fair value of servicing assets | $12.5M | $5.6M | $12.8M | $8.6M |
| Change in fair value of servicing liabilities | ($1.6M) | ($342.0K) | ($1.0M) | ($623.0K) |
| Change in fair value of beneficial interest assets | ($9.3M) | ($10.2M) | ($16.2M) | ($23.5M) |
| Change in fair value of beneficial interest liabilities | $4.6M | ($2.9M) | $18.8M | $12.1M |
| Change in fair value of other financial instruments | ($1.2M) | ($894.0K) | ($5.5M) | ($2.4M) |
| Stock-based compensation | $79.3M | $34.8M | $99.5M | $65.3M |
| Gain on loan servicing rights, net | ($20.8M) | ($7.5M) | ($20.4M) | ($12.5M) |
| Depreciation and amortization | $13.0M | $5.9M | $18.4M | $12.2M |
| Loan premium amortization | ($23.1M) | ($12.0M) | ($33.6M) | ($19.2M) |
| Non-cash interest expense and other | $8.2M | $3.7M | $5.2M | $3.0M |
| Purchases and originations of loans held-for-sale | ($6.0B) | ($2.5B) | ($6.4B) | ($4.0B) |
| Proceeds from sale of loans held-for-sale | $5.5B | $2.4B | $6.0B | $3.7B |
| Principal payments received for loans held-for-sale | $95.6M | $41.7M | $138.5M | $83.1M |
| Principal payments received for loans held by consolidated securitization | $15.1M | $8.0M | $29.8M | $19.9M |
| Settlements of beneficial interest liabilities, net | $524.0K | $1.1M | ($15.7M) | ($11.7M) |
| Proceeds from beneficial interest assets (derivatives) | $10.5M | $3.2M | $4.1M | $806.0K |
| Settlements of beneficial interest assets (derivatives) | ($3.1M) | ($1.5M) | ($1.7M) | ($1.0M) |
| Other assets | ($5.1M) | $4.4M | $3.8M | $4.1M |
| Operating lease liability and right-of-use asset | ($1.2M) | ($796.0K) | ($918.0K) | ($610.0K) |
| Accrued expenses and other liabilities | ($10.2M) | ($48.5M) | ($20.9M) | ($7.5M) |
| Net cash used in operating activities | ($269.9M) | ($133.3M) | ($256.3M) | ($133.6M) |
| Purchases and originations of loans held-for-investment | ($617.2M) | ($438.4M) | ($666.0M) | ($377.9M) |
| Proceeds from sale of loans held-for-investment | $435.7M | $313.1M | $51.2M | $20.2M |
| Principal payments received for loans held-for-investment | $158.0M | $76.4M | $222.0M | $129.9M |
| Principal payments received for notes receivable and repayments of residual certificates | $27.1M | $11.7M | $12.9M | $6.5M |
| Acquisition and settlements of beneficial interest assets (hybrid instruments) | ($3.2M) | ($1.7M) | ($1.6M) | — |
| Proceeds from beneficial interest assets (hybrid instruments) | $107.2M | $45.3M | $94.2M | $44.9M |
| Issuance of line of credit receivable | ($721.0K) | — | ($7.9M) | — |
| Repayments of line of credit receivable | $1.4M | $1.4M | $783.0K | — |
| Purchases of property and equipment | ($4.8M) | ($2.8M) | ($190.0K) | ($115.0K) |
| Capitalized software costs | ($8.4M) | ($4.2M) | ($14.3M) | ($10.4M) |
| Net cash provided by (used in) investing activities | $95.0M | $876.0K | ($308.9M) | ($188.4M) |
| Proceeds from borrowings | $424.6M | $123.5M | $212.8M | $176.4M |
| Payment of debt issuance costs to third parties | $0 | $0 | ($3.1M) | ($443.0K) |
| Repayments of borrowings | ($253.8M) | ($32.6M) | ($207.5M) | ($152.7M) |
| Principal payments made on securitization notes | ($14.1M) | ($7.2M) | ($32.0M) | ($22.0M) |
| Payable to investors | $37.5M | $17.9M | $33.2M | $31.5M |
| Net proceeds related to stock-based award activities | $6.2M | $5.3M | — | — |
| Repurchases of stock | ($100.1M) | ($100.1M) | — | — |
| Net cash provided by financing activities | $100.2M | $6.7M | $425.8M | $47.2M |
| Change in cash, cash equivalents and restricted cash | ($74.7M) | ($125.7M) | ($139.4M) | ($274.8M) |
| Cash, cash equivalents and restricted cash at beginning of period | $1.1B | $1.1B | $976.3M | $701.5M |
| Cash, cash equivalents and restricted cash at end of period | $982.3M | $931.3M | $836.9M | — |
Upstart Holdings, Inc. score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.