In fiscal 2025, which ended Dec 31, 2025, Upstart Holdings, Inc. reported revenue of $1.0 billion, up 64.0% from the year before. Net income was $53.6 million, a profit margin of 5.1%. Operating income came to $42.6 million, an operating margin of 4.1%. Diluted earnings per share were $0.45. Over the twelve months ended Sep 30, 2026, revenue was $1.3 billion and net income was $65.1 million. Across the 5 fiscal years shown, revenue grew from $848.6 million in fiscal 2021 to $1.0 billion in fiscal 2025, about 5.3% a year.
USD in millions, except per-share amounts and margins. The percent under a figure is the change from the year before.
| Line |
FY 2026
Sep 30, 2026
|
FY 2025
Dec 31, 2025
|
FY 2024
Dec 31, 2024
|
FY 2023
Dec 31, 2023
|
FY 2022
Dec 31, 2022
|
FY 2021
Dec 31, 2021
|
|---|---|---|---|---|---|---|
| Revenue |
1,340
+38.6%
|
1,044
+64.0%
|
637
+23.9%
|
514
-39.0%
|
842
-0.7%
|
849
|
| Research and development |
334
+29.3%
|
258
+1.6%
|
254
-9.5%
|
280
+18.1%
|
237
+77.1%
|
134
|
| Selling, general and administrative |
712
+38.9%
|
555
+39.6%
|
398
+17.1%
|
340
-36.1%
|
531
+16.4%
|
456
|
| Operating income |
62
+227.2%
|
43
+124.7%
|
-173
+32.6%
|
-257
-125.3%
|
-114
-180.8%
|
141
|
| Income tax |
2
+503.5%
|
1
+293.5%
|
0
+72.9%
|
0
+126.2%
|
-0
+76.1%
|
-2
|
| Net income |
65
+102.1%
|
54
+141.7%
|
-129
+46.5%
|
-240
-121.0%
|
-109
-180.2%
|
135
|
| Basic EPS |
0.67
+96.7%
|
0.56
+138.9%
|
-1.44
+49.8%
|
-2.87
-119.1%
|
-1.31
-175.7%
|
1.73
|
| Diluted EPS |
0.59
+87.5%
|
0.45
+131.2%
|
-1.44
+49.8%
|
-2.87
-119.1%
|
-1.31
-191.6%
|
1.43
|
| Weighted average shares, basic |
97
+2.8%
|
96
+7.4%
|
89
+6.8%
|
84
+1.2%
|
83
+6.0%
|
78
|
| Weighted average shares, diluted |
110
+7.8%
|
107
+20.2%
|
89
+6.8%
|
84
+1.2%
|
83
-12.7%
|
95
|
| Other measures | ||||||
| Depreciation and amortization |
26
+10.8%
|
25
+20.9%
|
21
-17.5%
|
25
+84.3%
|
14
+79.2%
|
8
|
| EBITDA |
88
+108.4%
|
67
+144.3%
|
-152
+34.2%
|
-232
-130.8%
|
-100
-167.6%
|
148
|
| Interest coverage |
—
|
—
|
—
|
-7.35x
|
-10.50x
|
43.03x
|
| Margins | ||||||
| Operating margin |
4.63%
|
4.08%
|
-27.16%
|
-49.95%
|
-13.52%
|
16.60%
|
| Profit margin |
4.86%
|
5.13%
|
-20.20%
|
-46.76%
|
-12.90%
|
15.96%
|
| EBITDA margin |
6.54%
|
6.46%
|
-23.93%
|
-45.10%
|
-11.91%
|
17.49%
|
How these figures are calculated
Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and margins. Weighted average shares are in millions. Interest expense and finance costs are positive costs. A negative amount on a gain (loss) or income (expense) line is a loss or an expense. EBITDA is operating income plus depreciation and amortization. Interest coverage is operating income divided by interest expense. The first column is the trailing twelve months through the latest quarter. More on our methodology.
New to this? Read How to Read an Income Statement, With a Real Example.
Company profile
- Industry
- Finance Services (SIC 6199)
- Listed as
- UPST (Nasdaq)
- Fiscal year ends
- December 31
- Incorporated in
- DE
- Headquarters
- Burlingame, CA
- SEC filer status
- Large accelerated filer
- SEC CIK
- 1647639
Other Finance Services companies
Source: SEC EDGAR filings. This is company-reported data, not investment advice.