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Profile & Fundamentals

Upstart Profile & Fundamentals

Name: Upstart financial chart data preview
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Company and Market Context

Company Profile & Ownership

Upstart Holdings, Inc., together with its subsidiaries, operates a cloud-based artificial intelligence (AI) lending platform in the United States. The company operates through three segments: Personal Lending, Auto Lending, and Other. Its platform includes unsecured personal loans, small dollar loans, auto refinance, auto retail loans, and auto secured personal loan, and home equity lines of credit. Upstart Holdings, Inc. was founded in 2012 and is headquartered in San Mateo, California.

Company profile record

Upstart Holdings Inc

Common Stock · Financials · Consumer Finance

Official website

Company

Company / asset: Upstart Holdings Inc
Security type: Common Stock
Sector: Financials
Industry: Consumer Finance
HQ: 🇺🇸 United States
Head office: 2950 South Delaware Street, San Mateo, CA, United States, 94403

Leadership & scale

Chief executive: Mr. Paul Gu
CEO year born: 1991
Full-time employees: 1.4K
Fiscal year end: December
IPO date: 2020-12-16

Fundamentals snapshot

Updated 2026-09-16

Market Cap: USD 2.7B
P/E: 45.5x
Revenue (Q2 26): USD 377.2M
Profit (Q2 26): USD 16.5M
Dividend Yield: --
Revenue (FY 25): USD 1.1B
Shares in public float: 83.5M
Insider ownership: 12.94%

Reporting & identifiers

Symbol: UPST.NASDAQ
Listing: 🇺🇸 United States | Dividend Tax: 30%
Ticker Currency: USD
Income Statement Currency: USD
Balance Sheet Currency: USD
Cash Flow Currency: USD
EPS Currency: USD
Contract Type: SPOT
ISIN: US91680M1071
Asset ID: equity_f477aeb1-d055-5f26-8265-e641f050b330

Ownership

Shares Outstanding

Shares outstanding

Annual reported shares outstanding. Values in shares.

Top holders

BlackRock Inc7,403,079 shares · 7.61% · Reported 2026-03-31
Morgan Stanley - Brokerage Accounts3,975,059 shares · 4.08% · Reported 2026-03-31
Vanguard Capital Management, LLC3,752,050 shares · 3.86% · Reported 2026-03-31
Vanguard Portfolio Management, LLC3,743,541 shares · 3.85% · Reported 2026-03-31
Marshall Wace Asset Management Ltd3,280,110 shares · 3.37% · Reported 2026-03-31
Vanguard MStar Total Stk Mkt Idx Invest2,588,039 shares · 2.66% · Reported 2026-07-31
iShares Russell 2000 ETF2,172,753 shares · 2.23% · Reported 2026-08-31

View more holders (8)

Geode Capital Management, LLC2,124,078 shares · 2.18% · Reported 2026-03-31
State Street Corp2,053,086 shares · 2.11% · Reported 2026-03-31
Vanguard Small Cap Index1,869,179 shares · 1.92% · Reported 2026-07-31
Halter Ferguson Financial Inc1,748,119 shares · 1.80% · Reported 2026-06-30
The Goldman Sachs Group Inc1,559,486 shares · 1.60% · Reported 2026-03-31
Clear Street Group Inc1,555,206 shares · 1.60% · Reported 2026-03-31
Barclays PLC1,272,286 shares · 1.31% · Reported 2026-03-31
Baillie Gifford & Co Limited.1,083,157 shares · 1.11% · Reported 2026-06-30

Earnings, Profitability & Valuation

Earnings & Revenue

AI Review

The company's financial performance shows a major split between growing sales and actual cash flow. On one hand, revenue has bounced back strongly, showing impressive double-digit growth. However, the company is still losing money on a cash basis, with free cash flow remaining deeply negative. This cash drain happens because the company has been forced to hold loans on its own balance sheet when outside investors hesitate to buy them. Analysts agree that the business is in a transition phase, but they disagree on what comes next. Optimists believe that newly secured funding deals will stabilize the business and lead to consistent profits as car and home loans grow. Skeptics warn that high interest rates and rising borrower defaults will continue to squeeze earnings, making any near-term recovery highly unstable.

Revenue, Net Income, and Free Cash Flow

Revenue
Free cash flow
Net income

Annual reported financial results, converted using the statement's recorded USD conversion. Missing values are omitted. Values in USD.

Valuation

Historical P/E Ratio

Published P/E

Published valuation snapshots. Trailing four-quarter earnings where available; annual earnings otherwise. Non-positive earnings are omitted. Values in times earnings.

Profitability & Margins

AI Review

The company's profit margins are highly volatile and closely tied to the broader economy. While the company boasts very high gross margins on paper, its actual operating margins have swung wildly between positive and negative territory. This volatility is driven by the high costs of finding new customers, heavy technology spending, and the changing value of loans held on the balance sheet. There is general agreement that margins will remain under pressure in the near term due to high funding costs and a shift toward safer, but lower-margin, secured loans like auto financing. However, a sharp disagreement exists over the future margin outlook. Optimists argue that high levels of computer automation will eventually drive to elite, software-like levels as loan volumes recover. Bearish analysts counter that the company lacks pricing power and will see its margins permanently capped by intense competition.

Profitability Margins

Gross margin
Operating margin
Net margin
Free cash flow margin

Annual gross, operating, net income and free cash flow divided by revenue for matching reporting dates. Values in percent.

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Reported Data Tables — chart preview

The following tables contain the same values as the financial charts above. Monetary values are USD; margins are percentages. Missing inputs are not estimated. Use is subject to the iPulse AI Terms of Service and applicable source rights.

Source: eodhd. Statement snapshots with chart transformations and ratios calculated by iPulse AI. Snapshot retrieved 2026-09-17.

Annual earnings and profitability
Period end	Revenue	Free cash flow	Net income	Gross margin	Operating margin	Net margin	Free cash flow margin
2017-12-31	57,289,000	9,584,000	-8,861,000	82.14	-13.15	-15.47	16.73
2018-12-31	99,313,000	49,294,000	-11,218,000	84.48	-8.03	-11.3	49.63
2019-12-31	164,189,000	26,303,000	-5,020,000	84.81	-2.79	-3.06	16.02
2020-12-31	233,416,000	10,092,000	5,579,000	83.9	5.04	2.39	4.32
2021-12-31	848,589,000	153,238,000	135,443,000	86.14	16.6	15.96	18.06
2022-12-31	842,444,000	-680,773,000	-108,665,000	77.68	-13.52	-12.9	-80.81
2023-12-31	547,719,000	-123,798,000	-240,132,000	92.77	-43.82	-43.84	-22.6
2024-12-31	676,961,000	176,341,000	-128,581,000	92.89	-18.97	-18.99	26.05
2025-12-31	1,075,521,000	-166,132,000	53,601,000	95.21	5.05	4.98	-15.45

Published valuation snapshots
Period end	P/E (times earnings)	Earnings basis
2025-12-31	91.56	Trailing four quarters
2021-12-31	110.37	Annual net income

Shares outstanding — chart values
Reporting date	Shares outstanding
2018-01-01	14,000,000
2019-01-01	14,402,700
2020-01-01	26,001,900
2021-01-01	98,804,300
2022-01-01	82,230,400
2023-01-01	85,569,400
2024-01-01	92,174,300
2025-01-01	112,223,800
2026-01-01	109,720,800

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