UPSTNasdaqFinance ServicesFiscal year ends December 31
Upstart Holdings, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q/A on Aug 5, 2026
$23.25−0.31 (-1.32%)
Close on Oct 19, 2026
- Market cap
- $2.55B
- P/E (TTM)
- 47.4
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2018 to 2025
Operating margin
4.1%−1.0 pts over 5 years
Net margin
5.1%+2.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +64.0% | +7.4% | +34.9% | – | |
| Operating income | – | – | +29.4% | – | |
| Net income | – | – | +55.0% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 5.0% | 7.5% | |
| Return on assets | – | – | 2.0% | |
| Interest coverage | – | 1.5× | – | |
| Capex to revenue | – | 0.6% | 0.0% | |
| Diluted shares | – | 18M | 107M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Upstart generated $1.27B from operations and spent $197.85M on capital expenditure, dividends and share buybacks. 10% of that went back into the business.
Generated
$1.27B
Used
$197.85M
Capital expenditure$19.96M10%Dividends$00%Share buybacks$177.88M90%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin5.1%
×Asset turnover0.39×
×Equity multiplier3.73×
=Return on equity, FY20257.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 5.1% | 0.39× | 3.73× | 7.5% |
| FY2024 | -20.2% | 0.29× | 3.46× | -20.3% |
| FY2023 | -46.8% | 0.26× | 3.02× | -36.7% |
| FY2022 | -12.9% | 0.45× | 2.54× | -14.7% |
| FY2021 | 16.0% | 0.74× | 2.08× | 24.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$53.60M
- Cash generatingOperating cash flow above zero-$147.73M
- Return on assets improvedROA up on the prior year-6.4% → 2.3%
- Earnings backed by cashOperating cash flow above net income-$147.73M vs $53.60M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise89M → 107M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.32 → 0.44