# Upstart Holdings, Inc. (UPST)

**Exchange:** NASDAQ  
**Sector:** Financial Services  
**Market cap:** $3.34B  
**Price:** $31.11 (+2.67%)

> Upstart Holdings, Inc. is a financial technology company that provides credit services through a proprietary, cloud-based artificial intelligence lending platform. Its core function is to use machine learning models to help banks and other lending partners assess consumer creditworthiness beyond traditional credit scores, aiming to better align loan pricing with individual risk profiles. Upstart’s platform aggregates consumer demand for loans and connects these borrowers to a network of AI-enabled bank partners, with revenue primarily generated from fees paid by these institutions for loan referrals, platform usage, and servicing. The company operates across three main segments: Personal Lending, covering unsecured personal and small-dollar loans; Auto Lending, including auto refinance, auto retail, and auto-secured personal loans; and Other, which encompasses home equity lines of credit and additional lending products. Founded in 2013 and headquartered in San Mateo, California, Upstart Holdings, Inc. plays a specialized role in the credit services and financial services sectors by providing technology-driven underwriting and loan origination infrastructure to financial institutions.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $1.04B | — | $43M | $54M | — |
| 2024 | $637M | — | -$173M | -$129M | — |
| 2023 | $514M | — | -$257M | -$240M | — |
| 2022 | $907M | — | -$114M | -$109M | — |
| 2021 | $801M | — | $141M | $135M | — |
| 2020 | $229M | — | $12M | $6M | — |
| 2019 | $160M | — | -$5M | -$466,000 | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $2.97B | $2.18B | $799M | $652M | — |
| 2024 | $2.37B | $1.73B | $633M | $788M | — |
| 2023 | $2.02B | $1.38B | $635M | $368M | — |
| 2022 | $1.94B | $1.26B | $672M | — | — |
| 2021 | $1.82B | $1.01B | $807M | — | — |
| 2020 | $477M | $177M | $300M | — | — |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$148M | $347,000 | -$148M |
| 2024 | $186M | $837,000 | $185M |
| 2023 | -$112M | $2M | -$113M |
| 2022 | -$658M | $9M | -$667M |
| 2021 | $168M | $8M | $160M |
| 2020 | $16M | $1M | $14M |
| 2019 | $32M | $4M | $28M |

Source: [CompaniesByCap](https://companiesbycap.com/company/UPST)