Upstart Holdings Inc
NASDAQ: UPST · FINANCIAL SERVICES · CREDIT SERVICES
Updated 2026-06-05
Upstart Holdings Inc (UPST) Financial statements
SEC filings — annual and quarterly data.
Balance sheet — annual
| Item | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | — | $645.91M | $393.46M | $477.25M | $1.82B | $1.94B | $2.02B | $2.37B | $2.97B |
| Cash & equivalents | — | $73.04M | $50.82M | $258.77M | $994.99M | $432.41M | $377.32M | $793.61M | $657.45M |
| Current assets | — | $633.22M | $98.48M | $295.50M | $1.09B | $501.99M | $450.64M | $1.08B | $1.20B |
| Total liabilities | — | $542.65M | $455.15M | $177.00M | $1.01B | $1.26B | $1.38B | $1.73B | $2.18B |
| Current liabilities | — | $71.81M | $111.91M | $79.08M | $140.09M | $400.50M | $458.30M | $457.77M | $401.02M |
| Long-term debt | — | $78.89M | $34.01M | $62.63M | $695.43M | $986.39M | $653.00M | $1.21B | $1.73B |
| Shareholder equity | — | $91.25M | $-62.71M | $300.25M | $807.08M | $672.43M | $635.30M | $633.22M | $798.82M |
| Retained earnings | — | $-75.08M | $-75.20M | $-69.22M | $66.22M | $-42.44M | $-282.58M | $-411.16M | $-357.56M |
| Accounts receivable | — | $5.05M | $42.44M | $30.73M | $63.81M | $52.83M | $55.34M | $70.29M | $97.42M |
| Inventory | — | — | $-34.12M | $-19.07M | $-8.29M | $-1.18B | $-55.34M | — | — |
| Goodwill | — | — | — | $0.00 | $67.06M | $67.06M | $67.06M | $67.06M | $67.06M |
Frequently asked questions
What is Upstart Holdings Inc's revenue?
Upstart Holdings Inc's trailing twelve-month revenue is $1.17B. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is UPST?
In its most recent fiscal year, UPST ran a gross margin of 95.21%, an operating margin of 5.05%, and a net margin of 4.98%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does UPST generate?
UPST produced $-166.13M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is UPST's balance sheet healthy?
UPST holds $657.45M in cash and equivalents against $1.73B in long-term debt, on $798.82M of shareholder equity. That debt is best read against the cash flow the business throws off each year.