Upstart Holdings, Inc. (UPST) income statement
NASDAQ · Financial Services · Financial - Credit Services · 1,405 employees · CEO Paul Gu
- Price
- $19.65
- 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
Upstart Holdings, Inc. (UPST) reported revenue of $383M for Q3 '26 (+34.1% year on year), operating income of $48.9M (12.7% of revenue) and net income of $36.6M. Over the last four quarters revenue was $1.38B.
Income statement
| Income statement | Trend | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $149M | $139M | $139M | $173M | $226M | $220M | $265M | $286M | $304M | $319M | $377M | $383M | |
| Cost of revenue | $14.1M | $10.7M | $11.5M | $10.8M | $15.1M | $7.02M | $7.77M | $8.79M | $28M | $10.4M | $12.5M | $0 | |
| Gross profit | $135M | $128M | $128M | $162M | $211M | $213M | $257M | $277M | $276M | $308M | $365M | $383M | |
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $92.7M | |
| Sales & marketing | $38.8M | $35.2M | $33M | $43.2M | $55.5M | $59M | $73.1M | $78.8M | $90.6M | $104M | $115M | $102M | |
| General & administrative | $91.9M | $97M | $91.7M | $99.2M | $101M | $101M | $111M | $111M | $120M | $131M | $142M | $76.5M | |
| Other operating expenses | $46.5M | $60.2M | $57.4M | $26.4M | $57.4M | $55.8M | $67.7M | $55.8M | $46.8M | $79.2M | $91.3M | $63.3M | |
| Operating expenses | $177M | $192M | $182M | $169M | $214M | $216M | $252M | $245M | $257M | $315M | $348M | $335M | |
| Operating income | -$42.3M | -$64.6M | -$54.5M | -$6.71M | -$2.64M | -$2.42M | $5.66M | $31.9M | $19.2M | -$6.56M | $17.2M | $48.9M | |
| Interest income | $52.1M | $51.2M | $52.9M | $40.8M | $41.5M | $40.6M | $45.6M | $57.2M | $60.8M | $56.1M | $57.1M | $0 | |
| Interest expense | $14.1M | $10.7M | $11.5M | $10.8M | $15.1M | $7.02M | $7.77M | $8.79M | $28M | $10.4M | $12.5M | $12.9M | |
| Total non-operating income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$11.6M | |
| Income before tax | -$42.3M | -$64.6M | -$54.5M | -$6.71M | -$2.64M | -$2.42M | $5.66M | $31.9M | $19.2M | -$6.56M | $17.2M | $37.2M | |
| Income tax | $63K | $14K | $15K | $45K | $111K | $29K | $49K | $124K | $526K | $84K | $614K | $665K | |
| Net income | -$42.4M | -$64.6M | -$54.5M | -$6.76M | -$2.76M | -$2.45M | $5.61M | $31.8M | $18.6M | -$6.65M | $16.5M | $36.6M | |
| EPS (basic) | -$0.50 | -$0.74 | -$0.62 | -$0.08 | -$0.03 | -$0.03 | $0.06 | $0.33 | $0.19 | -$0.07 | $0.17 | $0.37 | |
| EPS (diluted) | -$0.50 | -$0.74 | -$0.62 | -$0.08 | -$0.03 | -$0.03 | $0.05 | $0.25 | $0.17 | -$0.07 | $0.16 | $0.33 | |
| Shares (basic, weighted) | 85.6M | 87M | 88.4M | 90.1M | 92.2M | 94.3M | 95.5M | 96.7M | 97.6M | 96.9M | 96.6M | 98M | |
| Shares (diluted, weighted) | 85.6M | 87M | 88.4M | 90.1M | 92.2M | 94.3M | 103M | 110M | 112M | 96.9M | 110M | 125M | |
| Depreciation & amortization | $9.1M | $5.63M | $4.83M | $5.39M | $4.7M | $6.4M | $5.84M | $6.13M | $6.46M | $5.86M | $7.13M | $6.12M | |
| EBITDA | -$33.2M | -$59M | -$49.6M | -$1.32M | $2.06M | $3.98M | $11.5M | $38.1M | $25.6M | -$704K | $24.3M | $55M |
| Income statement | Trend | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $55.6M | $95.6M | $189M | $230M | $850M | $853M | $548M | $677M | $1.08B | |
| Cost of revenue | $0 | $0 | $26.5M | $8.03M | $3.27M | $15.5M | $39.6M | $48.1M | $51.5M | |
| Gross profit | $55.6M | $95.6M | $163M | $222M | $847M | $838M | $508M | $629M | $1.02B | |
| Sales & marketing | $33.8M | $63.6M | $93.2M | $99.7M | $333M | $346M | $127M | $167M | $302M | |
| General & administrative | $25.7M | $35.2M | $56.8M | $83.2M | $239M | $373M | $363M | $389M | $442M | |
| Other operating expenses | $4.99M | $7.93M | $17.7M | $33.3M | $140M | $228M | $258M | $201M | $226M | |
| Operating expenses | $64.5M | $107M | $168M | $216M | $713M | $947M | $748M | $757M | $970M | |
| Operating income | -$7.54M | -$7.97M | -$4.95M | $5.95M | $134M | -$109M | -$240M | -$128M | $54.3M | |
| Interest income | $21.1M | $76.7M | $63.3M | $26.4M | $20.6M | $106M | $169M | $186M | $204M | |
| Interest expense | $9.42M | $26.5M | $26.5M | $8.03M | $3.27M | $15.5M | $39.6M | $48.1M | $51.5M | |
| Other non-operating income (gains on investments, FX ...) | $9.42M | $26.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Total non-operating income | -$1.32M | -$3.25M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Income before tax | -$8.86M | -$11.2M | -$4.95M | $5.95M | $134M | -$109M | -$240M | -$128M | $54.3M | |
| Income tax | $6K | $0 | $74K | $371K | -$1.71M | -$409K | $107K | $185K | $728K | |
| Net income | -$7.72M | -$12.3M | -$466K | $5.98M | $135M | -$109M | -$240M | -$129M | $53.6M | |
| EPS (basic) | -$0.56 | -$0.87 | -$0.03 | $0.27 | $1.73 | -$1.31 | -$2.87 | -$1.44 | $0.56 | |
| EPS (diluted) | -$0.56 | -$0.87 | -$0.03 | $0.23 | $1.43 | -$1.31 | -$2.87 | -$1.44 | $0.45 | |
| Shares (basic, weighted) | 13.9M | 14.1M | 14.4M | 21.8M | 78.1M | 82.8M | 83.8M | 89.5M | 96M | |
| Shares (diluted, weighted) | 13.9M | 14.1M | 14.4M | 26.4M | 94.8M | 82.8M | 83.8M | 89.5M | 107M | |
| Depreciation & amortization | $93K | $314K | $774K | $2.28M | $7.54M | $13.5M | $24.9M | $20.5M | $24.8M | |
| EBITDA | $1.98M | $18.8M | -$4.17M | $8.23M | $141M | -$95.6M | -$215M | -$108M | $79.2M |
Standardised from the company's filings; outflows and costs keep the sign the provider reports. Hover a period for its end date. Amounts in USD.
Revenue, operating income and growth
quarterlyMargins
quarterlyCosts as % of revenue
quarterlyThe other statements
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