Upstart Holdings, Inc.

Listed Company

UPSTCIK 0001647639NasdaqLarge AcceleratedFinance ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.04B

Net Income

$53.60M

Total Assets

$2.97B

Equity

$798.82M

Shares Out

98.06M

Op. Cash Flow

$-147.72M

Business

Upstart Holdings, Inc. operates an AI-driven lending marketplace that connects consumers with banks, credit unions and institutional investors using proprietary machine learning models to improve credit decisioning. It offers unsecured personal loans, secured auto retail and refinance loans, home equity lines of credit (HELOCs) and related loan servicing and referral services. Key business segments include its AI-powered platform and model development, consumer acquisition and branded lending integrations, servicing operations, and capital markets programs including whole loan sales, pass-throughs and securitizations. The company primarily serves U.S. consumers through Upstart.com, lender-branded websites and auto dealers, and sources funding from partner lenders and institutional investors.

Summary from filing dated 2025-02-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue from fees, net	950	635	560	907	801
Interest income	204	186	169	106	21
Interest expense	−32	−40	−35	−11	—
Fair value and other adjustments	−79	−145	−181	−160	30
Total interest income, interest expense, and fair value adjustments, net	94	1	−47	−65	47
Total revenue	1,044	637	514	842	849
Sales and marketing	302	167	127	346	333
Customer operations	188	158	150	188	118
Engineering and product development	258	254	280	237	134
General, administrative, and other	254	231	212	185	123
Total operating expenses	1,001	809	770	956	708
Income (loss) from operations	43	−173	−257	−114	141
Other income, net	24	19	21	9	−5
Expense on convertible notes	−20	−8	−5	−5	−2
Gain on debt extinguishment	7	33	0	0	—
Net income (loss) before income taxes	54	−128	−240	−109	134
Provision for income taxes	728,000	185,000	107,000	−409,000	−2
Net income (loss)	54	−129	−240	−109	135
Net income (loss) per share, basic (in dollars per share)	0.56	−1.44	−2.87	−1.31	1.73
Net income (loss) per share, diluted (in dollars per share)	0.45	−1.44	−2.87	−1.31	1.43
Weighted-average number of shares outstanding used in computing net income (loss) per share, basic (in shares)	96	89	84	83	78
Weighted-average number of shares outstanding used in computing net income (loss) per share, diluted (in shares)	107	89	84	83	95

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	652	788	368	—	—
Restricted cash	405	188	99	110	205
Loans (at fair value)	985	806	1,156	1,010	252
Property, equipment, and software, net	44	39	43	44	24
Operating lease right of use assets	16	43	55	86	96
Beneficial interest assets (at fair value)	396	177	41	0	—
Line of credit receivable (at fair value)	113	56	—	—	—
Non-marketable equity securities	41	41	41	41	40
Goodwill	67	67	67	67	67
Other assets (includes $51,358 and $138,582 at fair value as of December 31, 2024 and December 31, 2025, respectively)	255	160	146	154	129
Total assets	2,975	2,367	2,017	1,936	1,820
Payable to investors	108	60	54	91	108
Borrowings	1,829	1,402	1,040	986	695
Payable to securitization note holders (at fair value)	47	87	141	0	—
Accrued expenses and other liabilities (includes $15,883 and $15,219 at fair value as of December 31, 2024 and December 31, 2025, respectively)	171	134	84	67	103
Operating lease liabilities	21	50	62	101	100
Total liabilities	2,176	1,734	1,382	1,264	1,013
Commitments and Contingencies (Note 11)	—	—	—	—	—
Common stock, $0.0001 par value; 700,000,000 shares authorized; 93,469,721 and 98,033,361 shares issued and outstanding as of December 31, 2024 and December 31, 2025, respectively	10,000	9,000	9,000	8,000	8,000
Additional paid-in capital	1,156	1,044	918	715	741
Accumulated deficit	−358	−411	−283	−42	66
Total stockholders equity	799	633	635	672	807
Total liabilities and stockholders equity	2,975	2,367	2,017	1,936	1,820

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Change in fair value of loans	−114	125	190	171	—
Change in fair value of servicing assets	19	16	22	13	—
Change in fair value of servicing liabilities	−942,000	−1	−2	−7	—
Change in fair value of beneficial interest assets	−33	5	22	0	—
Change in fair value of beneficial interest liabilities	17	13	5	0	—
Change in fair value of other financial instruments	−7	4	−2	−8	—
Stock-based compensation	132	133	175	126	73
Gain on loan servicing rights, net	−28	−15	−14	−29	−7
Depreciation and amortization	25	21	25	14	8
Loan premium amortization	−49	−17	−4	0	—
Non-cash interest expense and other	9	3	3	3	2
Purchases of loans held-for-sale	−9,073	−4,309	−3,007	−7,807	−8,933
Proceeds from sale of loans held-for-sale	8,679	4,102	2,515	6,829	8,826
Principal payments received for loans held-for-sale	188	193	190	152	9
Principal payments received for loans held by consolidated securitization	38	48	25	0	0
Settlements of beneficial interest liabilities, net	−22	−7	−596,000	0	—
Proceeds from beneficial interest assets (derivatives)	5	0	0	—	—
Settlements of beneficial interest assets (derivatives)	−5	0	0	—	—
Other assets	−11	−9	−9	4	−62
Operating lease liability and right-of-use asset	−2	−807,000	−7	10	3
Payable to investors for beneficial interest assets	0	0	6	0	—
Accrued expenses and other liabilities	40	44	−4	−19	60
Net cash provided by (used in) operating activities	−148	186	−112	−658	168
Purchases and originations of loans held-for-investment	−1,033	−323	−157	−149	−159
Proceeds from sale of loans held-for-investment	396	0	972,000	14	51
Principal payments received for loans held-for-investment	320	145	102	43	25
Principal payments received for notes receivable and repayments of residual certificates	23	6	4	7	11
Acquisition and settlements of beneficial interest assets (hybrid instruments)	−3	−68	−57	—	—
Proceeds from beneficial interest assets (hybrid instruments)	143	12	0	—	—
Issuance of line of credit receivable	−8	0	0	—	—
Repayments of line of credit receivable	4	0	0	—	—
Purchases of property and equipment	−347,000	−837,000	−2	−9	−8
Capitalized software costs	−18	−9	−11	−14	−7
Net cash used in investing activities	−177	−238	−118	−114	−144
Proceeds from borrowings	294	387	627	689	—
Proceeds from convertible notes issuance, net of debt issuance costs paid to lender	678	913	0	0	—
Payment of debt issuance costs to third parties	−3	−4	0	0	−16
Repayments of borrowings	−317	−357	−576	−401	—
Payments for repurchases of convertible notes	−224	−325	0	0	—
Purchase of capped calls	−55	−41	0	0	−59
Settlement of capped calls	564,000	580,000	0	0	—
Principal payments made on securitization notes	−41	−55	−23	0	0
Payable to investors	47	12	−49	−17	—
Proceeds from issuance of securitization notes	0	0	165	0	0
Net proceeds related to stock-based award activities	25	29	21	—	—
Net cash provided by financing activities	406	560	165	113	855
Change in cash, cash equivalents and restricted cash	81	508	−65	−659	880
Cash paid for interest	43	43	37	12	3
Cash paid for income taxes, net	590,000	258,000	−658,000	328,000	2
Beneficial interests obtained in connection with loan sales	326	91	0	0	—
Securities retained under unconsolidated securitization transactions	96	13	13	5	0
Issuance of line of credit receivable	52	55	0	0	—
Capitalized stock-based compensation expense	9	4	7	6	3
Repayments of line of credit receivable	2	0	0	—	—
Settlement of borrowings in connection with loan sale	0	222	0	0	—
Securities retained under consolidated securitization transaction	0	0	45	0	0
Beneficial interest assets included in payable to investors	0	0	6	0	0

Filings

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