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Profile & Fundamentals
Upstart (UPST.NASDAQ) Profile & Fundamentals
Review Upstart reported earnings, valuation, balance sheet and ownership, with source tables and separate AI assessments.
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Company and Market Context
Upstart: 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
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
- Market Cap
- USD 2.6B
- P/E
- 39.3x
- Revenue (Q3 26)
- USD 383.4M
- Profit (Q3 26)
- USD 36.6M
- Dividend Yield
- --
- Revenue (FY 25)
- USD 1.1B
- Shares in public float
- 85.3M
- Insider ownership
- 12.73%
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
Upstart: Ownership
Shares Outstanding
Latest: 125.4M | Max: 125.4M | Min: 14.0M
Latest reported ownership snapshot
Float Shares
67.99%
85.3M latest reported shares
Insider Ownership
12.73%
Latest reported insider stake
Short Float
0.31%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| 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 | 125,411,200 |
Top Holders
Available reported ownership records.
Scroll the table to see every column.
| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| BlackRock Inc | 7,878,717 | 7.97% | 2026-06-30 |
| Vanguard Portfolio Management, LLC | 3,739,758 | 3.78% | 2026-06-30 |
| Vanguard Capital Management, LLC | 3,698,553 | 3.74% | 2026-06-30 |
| Vanguard MStar Total Stk Mkt Idx Invest | 2,594,577 | 2.62% | 2026-09-30 |
| Morgan Stanley - Brokerage Accounts | 2,414,712 | 2.44% | 2026-06-30 |
| The Goldman Sachs Group Inc | 2,395,222 | 2.42% | 2026-06-30 |
| Marshall Wace Asset Management Ltd | 2,370,690 | 2.4% | 2026-06-30 |
| Geode Capital Management, LLC | 2,228,631 | 2.25% | 2026-06-30 |
| iShares Russell 2000 ETF | 2,210,312 | 2.23% | 2026-10-30 |
| State Street Corp | 2,118,467 | 2.14% | 2026-06-30 |
| Vanguard Small Cap Index | 1,862,752 | 1.88% | 2026-09-30 |
| Clear Street Group Inc | 1,829,063 | 1.85% | 2026-06-30 |
| Bank of America Corp | 1,512,356 | 1.53% | 2026-06-30 |
| UBS Group AG | 1,503,436 | 1.52% | 2026-06-30 |
| LuminArx Capital Management LP | 1,500,000 | 1.52% | 2026-06-30 |
Upstart: Earnings, Profitability & Valuation
Latest Financials Filed On
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
Upstart's top-line revenue staged a sharp operational recovery, advancing 58.9% to $1.08 billion in fiscal 2025 and reaching $1.29 billion over the trailing twelve months. Second-quarter 2026 revenue expanded 42% year-over-year as platform loan originations rebounded across personal lending and expanding home equity lines. GAAP net income flipped positive to $60.3 million trailing, proving the platform can generate accounting profits as transaction volumes scale. However, headline profitability conceals a major cash shortfall. Trailing twelve-month free cash flow dropped to negative $297 million as working capital was consumed by holding originated loans on the balance sheet. For ordinary investors, this divergence means reported earnings do not yet translate into distributable cash, leaving financial results vulnerable if credit conditions worsen.
Upstart's top-line revenue staged a sharp operational recovery, advancing 58.9% to $1.08 billion in fiscal 2025 and reaching $1.29 billion over the trailing twelve months. Second-quarter 2026 revenue expanded 42% year-over-year as platform loan originations rebounded across personal lending and expanding home equity lines. GAAP net income flipped positive to $60.3 million trailing, proving the platform can generate accounting profits as transaction volumes scale. However, headline profitability conceals a major cash shortfall. Trailing twelve-month free cash flow dropped to negative $297 million as working capital was consumed by holding originated loans on the balance sheet. For ordinary investors, this divergence means reported earnings do not yet translate into distributable cash, leaving financial results vulnerable if credit conditions worsen.
Revenue, Net Income, and Free Cash Flow
Latest: USD 1.1B | Max: USD 1.1B | Min: USD -680.8M
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 92x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Gross profit margins remain structurally high at 95.2%, reflecting the automated, fee-based nature of digital loan matching. Operating margins successfully rebounded from negative 19% in 2024 to positive 5.05% in 2025 as origination volume revived without a proportional increase in corporate headcount. Second-quarter 2026 contribution margin reached 55%, demonstrating solid profitability in mature unsecured personal loans. Nevertheless, overall profitability remains diluted by newer secured lending products, where contribution margins sat at negative 35% in mid-2026. Thin net profit margins of roughly 5% highlight high customer acquisition expenses and borrowing costs. Structural margin expansion toward double digits depends entirely on bringing secured lending to breakeven and keeping fixed technology expenses controlled as loan volumes expand.
Gross profit margins remain structurally high at 95.2%, reflecting the automated, fee-based nature of digital loan matching. Operating margins successfully rebounded from negative 19% in 2024 to positive 5.05% in 2025 as origination volume revived without a proportional increase in corporate headcount. Second-quarter 2026 contribution margin reached 55%, demonstrating solid profitability in mature unsecured personal loans. Nevertheless, overall profitability remains diluted by newer secured lending products, where contribution margins sat at negative 35% in mid-2026. Thin net profit margins of roughly 5% highlight high customer acquisition expenses and borrowing costs. Structural margin expansion toward double digits depends entirely on bringing secured lending to breakeven and keeping fixed technology expenses controlled as loan volumes expand.
Profitability Margins
Latest: 95.2% | Max: 95.2% | Min: -43.8%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
95.2%
Gross profit / revenue
Operating Margin
5.1%
Operating income / revenue
Net Margin
5.0%
Net income / revenue
FCF Margin
-15.4%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2017-12-31 | 57,289,000 | -8,861,000 | 9,584,000 |
| 2018-12-31 | 99,313,000 | -11,218,000 | 49,294,000 |
| 2019-12-31 | 164,189,000 | -5,020,000 | 26,303,000 |
| 2020-12-31 | 233,416,000 | 5,579,000 | 10,092,000 |
| 2021-12-31 | 848,589,000 | 135,443,000 | 153,238,000 |
| 2022-12-31 | 842,444,000 | -108,665,000 | -680,773,000 |
| 2023-12-31 | 547,719,000 | -240,132,000 | -123,798,000 |
| 2024-12-31 | 676,961,000 | -128,581,000 | 176,341,000 |
| 2025-12-31 | 1,075,521,000 | 53,601,000 | -166,132,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
Scroll the table to see every column.
| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 91.6 | Trailing four quarters |
| 2021-12-31 | 110.4 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2017-12-31 | 82.14 | -13.15 | -15.47 | 16.73 |
| 2018-12-31 | 84.48 | -8.03 | -11.3 | 49.63 |
| 2019-12-31 | 84.81 | -2.79 | -3.06 | 16.02 |
| 2020-12-31 | 83.9 | 5.04 | 2.39 | 4.32 |
| 2021-12-31 | 86.14 | 16.6 | 15.96 | 18.06 |
| 2022-12-31 | 77.68 | -13.52 | -12.9 | -80.81 |
| 2023-12-31 | 92.77 | -43.82 | -43.84 | -22.6 |
| 2024-12-31 | 92.89 | -18.97 | -18.99 | 26.05 |
| 2025-12-31 | 95.21 | 5.05 | 4.98 | -15.45 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Snapshot retrieved 2026-11-10.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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