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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.0B | - | $54M | $-166M | 6.7% | 62.8% | -141.7% |
| 2024 | $629M | - | $-129M | $176M | -20.3% | 23.8% | -46.5% |
| 2023 | $508M | - | $-240M | $-124M | -37.8% | -39.3% | 121.0% |
| 2022 | $838M | - | $-109M | $-681M | -16.2% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 837.76 | 508.12 | 628.83 | 1,023.98 |
| Operating Revenue | - | 837.76 | 508.12 | 628.83 | 1,023.98 |
| Selling General And Administration | - | 719.06 | 489.95 | 555.73 | 743.62 |
| Interest Income | - | 105.58 | 169 | 186.36 | 204.23 |
| Interest Expense | - | 15.53 | 39.60 | 48.13 | 51.54 |
| Net Interest Income | - | 90.05 | 129.40 | 138.23 | 152.69 |
| Other Non Operating Income Expenses | - | 9.47 | 21.21 | 18.79 | 24.32 |
| Pretax Income | - | -109.07 | -240.02 | -128.40 | 54.33 |
| Tax Provision | - | -0.41 | 0.11 | 0.18 | 0.73 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | -3.11 | 6.09 | 0.10 |
| Net Income Continuous Operations | - | -108.66 | -240.13 | -128.58 | 53.60 |
| Net Income From Continuing And Discontinued Operation | - | -108.66 | -240.13 | -128.58 | 53.60 |
| Net Income From Continuing Operation Net Minority Interest | - | -108.66 | -240.13 | -128.58 | 53.60 |
| Net Income | - | -108.66 | -240.13 | -128.58 | 53.60 |
| Net Income Common Stockholders | - | -108.66 | -240.13 | -128.58 | 53.60 |
| Net Income Including Noncontrolling Interests | - | -108.66 | -240.13 | -128.58 | 53.60 |
| Normalized Income | - | -108.66 | -228.44 | -151.47 | 46.45 |
| Diluted NI Availto Com Stockholders | - | -108.66 | -240.13 | -128.58 | 48.72 |
| Basic Average Shares | - | 82.77 | 83.77 | 89.45 | 96.03 |
| Diluted Average Shares | - | 82.77 | 83.77 | 89.45 | 107.49 |
| Reconciled Depreciation | - | 13.51 | 24.90 | 20.55 | 24.84 |
| Total Unusual Items | - | 0 | -14.80 | 28.98 | 7.25 |
| Total Unusual Items Excluding Goodwill | - | 0 | -14.80 | 28.98 | 7.25 |
| Minority Interests | 0 | 0 | - | - | - |
| Special Income Charges | - | 0 | -14.80 | 28.98 | 7.25 |
| Other Special Charges | - | - | -0.74 | - | - |
| Restructuring And Mergern Acquisition | - | 0 | 15.54 | 4.38 | 0 |
| Gain On Sale Of Security | - | -159.56 | -180.97 | -144.86 | -78.72 |
| General And Administrative Expense | - | 373.28 | 362.81 | 388.93 | 442.12 |
| Other Gand A | - | 185.29 | 212.39 | 230.94 | 253.74 |
| Salaries And Wages | - | 187.99 | 150.42 | 158 | 188.38 |
| Selling And Marketing Expense | - | 345.78 | 127.14 | 166.80 | 301.51 |
| Average Dilution Earnings | - | - | 0 | 0 | -4.88 |
| Other Non Interest Expense | - | 237.25 | 264.60 | 249.27 | 257.60 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Upstart Holdings, Inc.this co. | UPST | $3.1B | 57.62↑ premium | 3.87 | 6.7% | - |
| F&G Annuities & Life, Inc. | FG | $3.6B | 13.58 | 0.75 | 5.5% | - |
| WesBanco, Inc. | WSBC | $3.3B | 14.92 | 0.87 | 5.9% | - |
| Mechanics Bancorp | MCHB | $3.3B | - | - | - | - |
| TowneBank | TOWN | $3.1B | 18.29 |
| - |
| - |
| - |
| - |
| - |
| 1.28 |
| 7.0% |
| - |
| DigitalBridge Group, Inc. | DBRG | $2.9B | 20.42 | 2.21 | 10.8% | 94.72 |
| Nicolet Bankshares, Inc. | NIC | $2.9B | 19.21 | 2.30 | 12.0% | - |
| Hamilton Insurance Group, Ltd. | HG | $2.9B | 5.01 | 1.02 | 20.4% | - |
| First Merchants Corporation | FRME | $2.5B | 11.18 | 1.04 | 9.3% | - |
| Peer Median | - | 14.92 | 1.04 | 9.3% | 94.72 | |