Upstart Holdings (UPST) Financial Statements & Analysis

Upstart Holdings (UPST) Income Statement

Upstart Holdings reported revenue of $1.02B in fiscal 2025 (fiscal year ended Dec 31, 2025), up 51.3% from $676.96M a year earlier. Net income was $53.60M, a net margin of 5.2%. Gross margin was 83.5% and operating margin 4.2%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $377.24M, up 42.3% from the same quarter a year earlier.

Upstart Holdings Income Statement Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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Upstart Holdings, Inc. income statement - Annual data in billions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018
Revenue & Gross Profit
Revenue	1.02	0.68	0.55	0.85	0.85	0.23	0.19	0.10
Cost of Revenue	0.19	0.16	0.04	0.02	0.00	0.01	0.03	0.00
Gross Profit	0.86	0.48	0.51	0.84	0.85	0.22	0.16	0.10
Operating Expenses
Research & Development	0.26	0.25	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	0.74	0.40	0.49	0.72	0.57	0.18	0.15	0.10
Operating Expenses	0.81	0.65	0.75	0.95	0.71	0.22	0.17	0.11
Operating Income	0.04	-0.17	-0.24	-0.11	0.13	0.01	0.00	-0.01
Other Income/Expense
Interest Income	0.20	0.02	0.17	0.11	0.02	0.03	0.06	0.08
Interest Expense	0.05	-0.04	0.04	0.02	0.00	0.01	0.03	0.03
Other Income/Expense	0.02	0.04	0.00	0.00	0.00	0.00	0.00	0.00
Income
Income Before Tax	0.05	-0.13	-0.24	-0.11	0.13	0.01	0.00	-0.01
Income Tax Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Income	0.05	-0.13	-0.24	-0.11	0.14	0.01	0.00	-0.01
Net Income - Continuous Operations	0.05	-0.13	-0.24	-0.11	0.14	0.01	0.00	-0.01
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-
EBITDA	0.10	-0.11	-0.22	-0.10	0.14	0.01	0.00	0.02
EBIT	0.07	-0.13	-0.22	-0.10	0.15	-	-	-
Depreciation & Amortization	0.02	0.02	0.02	0.01	0.01	0.00	0.00	0.00
Earnings Per Share
Basic EPS	1.00	-1.00	-3.00	-1.00	2.00	-	-	-1.00
Diluted EPS	-	-1.00	-3.00	-1.00	1.00	-	-	-1.00
Basic Shares Outstanding	0.10	0.09	0.08	0.08	0.08	0.02	0.01	0.01
Diluted Shares Outstanding	0.11	0.09	0.08	0.08	0.09	0.03	0.01	0.01

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Upstart Holdings Financial Statements

What was Upstart Holdings's revenue in fiscal 2025?

Upstart Holdings reported revenue of $1.02B in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 51.3% from $676.96M a year earlier.

Is Upstart Holdings profitable?

Yes. Upstart Holdings earned net income of $53.60M in fiscal 2025, a net margin of 5.2%. In fiscal 2024 it lost $128.58M.

What is Upstart Holdings's operating margin?

Upstart Holdings's operating income was $42.63M on revenue of $1.02B in fiscal 2025, an operating margin of 4.2%, compared with -25.5% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition