Upstart Holdings, Inc. (UPST) financials
NASDAQ · Financial Services · Financial - Credit Services · 1,405 employees · CEO Paul Gu
- Price
- $19.66
- Market cap
- $1.93B
- Enterprise value
- $3.59B Data as of 2026-11-14
- Last report
- Q3 '26 filed 2026-11-03
- Next report
- 2027-02-09
Revenue (TTM)$1.38B+38.7% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)5.7%+2.4 pp vs a year agoOperating income $78.6M
Net income (TTM)$65.1M+102.1% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$204M+47.1% vs a year agoCapex $22.6M
Diluted EPS (TTM)$0.59+137.9% vs a year agoSum of the last 4 quarters
Net cash-$1.65B-17.9% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $1.93B Updated 19m ago
- Revenue
- $1.38B Trailing 12 months
- Revenue growth
- +26% FY2026 consensus
- Profit margin
- 4.7% Net income / revenue, TTM
- P/E
- 29.6× Forward 47.0× (FY2026)
- P/S
- 1.4× Price / sales, TTM
- EV / EBITDA
- 34.4× TTM
- Free cash flow
- -$204M Trailing 12 months
- Net income
- $65.1M Trailing 12 months
- Revenue estimate
- $1.36B FY2026 consensus
- Earnings
- 2027-02-09 Revenue est. $311M · Updated 19m ago
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Revenue growth slowing: 34.1% year on yearQ3 '26 revenue $383M, against an average of 46.6% over the four quarters before.
- Operating margin 5.7% (TTM), +2.4 pp on a year agoOperating income grew 141.8% while revenue grew 38.7%.
- 17.4% of pre-tax profit is eaten by non-operating lossesPre-tax income $67M vs operating income $78.6M (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 1.6% of revenue (a year ago 1.8%)$22.6M invested in the last 4 quarters (+26.2% on a year earlier). Free cash flow -$204M = -312.9% of net income.
- Diluted share count up 14.3% in a year125M diluted shares in Q3 '26, 110M a year earlier.
- Net debt $1.65BCash + short-term investments $461M, debt incl. leases $2.11B; a year ago net debt $1.4B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $383M | $286M | +34.1% |
| Gross margin | 100.0% | 96.9% | +3.1 pp |
| Operating income | $48.9M | $31.9M | +53.1% |
| Operating margin | 12.7% | 11.2% | +1.6 pp |
| Net income | $36.6M | $31.8M | +15.0% |
| Diluted EPS | $0.33 | $0.25 | +32.0% |
| Operating cash flow | -$19.8M | -$123M | +83.9% |
| Capex | $5.43M | $3.96M | +37.1% |
| Free cash flow | -$25.2M | -$127M | +80.1% |
| R&D | $92.7M | $0 | – |
| Stock-based compensation | $40M | $34.2M | +17.0% |
Revenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyMargins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- -$181M
- Capex
- -$22.6M
- Buybacks
- -$100M
- Dividends
- $0
- Acquisitions
- $0
- Net debt issued
- $150M
- Stock-based compensation
- $152M
- Free cash flow
- -$204M
- Returned to shareholders / FCF
- -49.1%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 29.6× | 82.8× 2 of 5 years | 78.1× – 87.5× |
| EV / EBITDA | 34.4× | 75.2× 2 of 5 years | 68.1× – 82.2× |
| EV / Sales | 2.6× | 7.5× | 2.0× – 13.7× |
| Price / FCF | -9.5× | 54.2× 2 of 5 years | 31.2× – 77.1× |
| Price / Book | 2.2× | 7.1× | 1.6× – 14.6× |
| FCF yield | -10.5% | -13.1% | -62.2% – 3.2% |
| Return on invested capital | 2.5% | -2.9% | -12.3% – 7.7% |
| Return on equity | 8.1% | -10.2% | -37.8% – 16.8% |
Analysts
Consensus target $34.22 (+74.9%)
range $18.00 – $51.00 · rating Buy
Strong buy0
Buy10
Hold10
Sell2
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $1.36B | +26.2% | $0.42 | -7.1% | 47.0× | 6 |
| FY2027 | $1.75B | +29.2% | $1.45 | +248.0% | 13.5× | 6 |
| FY2028 | $2.23B | +27.2% | $2.51 | +72.3% | 7.8× | 9 |
| FY2029 | $3.57B | +60.2% | $5.85 | +133.4% | 3.4× | 3 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 230 figures Upstart Holdings, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable | $22.7M | $11.8M | +92.9% | $32M | $12.4M | +158.3% |
| Accrued Fees and Other Revenue Receivable | $53.4M | $43.5M | +22.7% | $46.6M | $48.2M | -3.3% |
| Accrued Liabilities | $65.5M | $40M | +63.6% | $68.2M | $37.8M | +80.6% |
| Accrued Liabilities and Other Liabilities | $171M | $116M | +47.2% | $171M | $134M | +28.2% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $96.3M | $72.4M | +33.0% | $78.4M | $55.4M | +41.6% |
| Additional Paid in Capital | $1.2B | $1.12B | +7.0% | $1.16B | $1.04B | +10.7% |
| Amortization | – | – | – | $0 | $0 | – |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5.51M | 16.4M | -66.4% | 18.8M | 30.5M | -38.3% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $41.9M | $36.2M | +16.0% | $141M | $138M | +2.6% |
| Assets | $3.34B | $2.9B | +14.9% | $2.97B | $2.37B | +25.7% |
| Assets, Fair Value Disclosure | $1.88B | $1.78B | +5.7% | $1.63B | $1.09B | +49.6% |
| Beneficial Interest Liability | $20.6M | $13.2M | +55.8% | $5.08M | $10.1M | -49.7% |
| Capitalized Computer Software, Impairments | $02026-03-31 | $0 | – | $0 | $0 | – |
| Capitalized Computer Software, Net | $40.2M2026-03-31 | $35.2M | +14.2% | $38.5M | $31M | +24.2% |
| Capitalized Contract Cost, Amortization | – | – | – | $0 | $3.2M | -100.0% |
| Capitalized Contract Cost, Net | $02025-12-31 | $2.5M | -100.0% | $0 | $2.5M | -100.0% |
| Cash and Cash Equivalents, at Carrying Value | $461M | $490M | -5.8% | $652M | $788M | -17.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $1.13B | $837M | +34.8% | $1.06B | $976M | +8.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $146M | $135M | +7.9% | $80.7M | $508M | -84.1% |
| Common Stock, Capital Shares Reserved for Future Issuance | 24.9M | 27.3M | -8.8% | 26.5M | 25.5M | +4.1% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 700M | 700M | 0.0% | 700M | 700M | 0.0% |
| Common Stock, Shares, Issued | 98.9M | 97.3M | +1.7% | 98M | 93.5M | +4.9% |
| Common Stock, Shares, Outstanding | 98.9M | 97.3M | +1.7% | 98M | 93.5M | +4.9% |
| Common Stock, Value, Issued | $10K | $10K | 0.0% | $10K | $9K | +11.1% |
| Current Federal Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Current Income Tax Expense (Benefit) | – | – | – | $728K | $185K | +293.5% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $728K | $185K | +293.5% |
| Debt Instrument, Unamortized Discount | $26.8M | $33.3M | -19.3% | $31.6M | $23.8M | +32.8% |
| Debt, Long-term and Short-term, Combined Amount | $2.03B | $1.86B | +9.2% | $1.83B | $1.4B | +30.5% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Deferred Income Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Deferred Tax Assets, Goodwill and Intangible Assets | $322K2025-12-31 | $612K | -47.4% | $322K | $612K | -47.4% |
| Deferred Tax Assets, Gross | $551M2025-12-31 | $536M | +2.8% | $551M | $536M | +2.8% |
| Deferred Tax Assets, in Process Research and Development | $65.2M2025-12-31 | $84.6M | -22.9% | $65.2M | $84.6M | -22.9% |
| Deferred Tax Assets, Net | $02025-12-31 | $0 | – | $0 | $0 | – |
| Deferred Tax Assets, Net of Valuation Allowance | $19.5M2025-12-31 | $27.1M | -28.2% | $19.5M | $27.1M | -28.2% |
| Deferred Tax Assets, Operating Loss Carryforwards | $357M2025-12-31 | $346M | +3.2% | $357M | $346M | +3.2% |
| Deferred Tax Assets, Other | $288K2025-12-31 | $402K | -28.4% | $288K | $402K | -28.4% |
| Deferred Tax Assets, Tax Credit Carryforwards, Research | $69.3M2025-12-31 | $56.7M | +22.3% | $69.3M | $56.7M | +22.3% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $10.6M2025-12-31 | $12.2M | -13.3% | $10.6M | $12.2M | -13.3% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | $18.8M2025-12-31 | $19.5M | -3.6% | $18.8M | $19.5M | -3.6% |
| Deferred Tax Assets, Valuation Allowance | $532M2025-12-31 | $509M | +4.5% | $532M | $509M | +4.5% |
| Deferred Tax Liabilities, Gross | $19.5M2025-12-31 | $27.1M | -28.2% | $19.5M | $27.1M | -28.2% |
| Deferred Tax Liabilities, Intangible Assets | $2.14M2025-12-31 | $2.73M | -21.7% | $2.14M | $2.73M | -21.7% |
| Deferred Tax Liabilities, Investments | $02025-12-31 | $242K | -100.0% | $0 | $242K | -100.0% |
| Deferred Tax Liabilities, Leasing Arrangements | $4.23M2025-12-31 | $12.6M | -66.4% | $4.23M | $12.6M | -66.4% |
| Deferred Tax Liabilities, Mortgage Servicing Rights | $9.44M2025-12-31 | $7.61M | +24.0% | $9.44M | $7.61M | +24.0% |
| Deferred Tax Liabilities, Other | $78K2025-12-31 | $319K | -75.5% | $78K | $319K | -75.5% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $784K2025-12-31 | $1.18M | -33.7% | $784K | $1.18M | -33.7% |
| Deposits Assets | $1.63M | $5.1M | -68.1% | $5.06M | $5.19M | -2.5% |
| Depreciation | $0 | $0 | – | $23.7M | $18.6M | +27.4% |
| Depreciation, Depletion and Amortization | $6.12M | $6.13M | -0.2% | $24.8M | $20.5M | +20.9% |
| Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities | $4.86M | -$6.66M | +173.0% | – | – | – |
| Dividend Income, Operating | $0 | – | – | – | – | – |
| Earnings Per Share, Basic | $0.37 | $0.33 | +12.1% | $0.56 | -$1.44 | +138.9% |
| Earnings Per Share, Diluted | $0.33 | $0.23 | +43.5% | $0.45 | -$1.44 | +131.3% |
| Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | – | – | – | $11.4M | -$27M | +142.3% |
| Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | – | – | – | 21.0% | 21.0% | 0.0% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-14