Upstart Holdings, Inc. (UPST) Income Statement
UPST 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsUPST revenue and net income
Where UPST's revenue goes
2025Each bar shows an amount and its share of revenue. UPST kept 5.0% of revenue as net income.
UPST profit margins
UPST growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +58.9% | +8.5% | +35.7% | — |
| Gross profit | +62.8% | +16.1% | +39.2% | — |
| Operating income | — | — | +35.8% | — |
| Net income | — | — | +57.2% | — |
| EPS (diluted) | — | +134.7% | +22.1% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
UPST quarterly EPS vs estimates
Upstart beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 3, 2026 (estimate $0.23).
UPST income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.08B | $677.0M | $547.7M | $842.4M | $848.6M | $233.4M | $164.2M | $99.3M | $57.3M |
| Cost of revenue | $51.5M | $48.1M | $39.6M | $188.0M | $117.6M | $37.6M | $24.9M | $15.4M | $10.2M |
| Gross profit | $1.02B | $628.8M | $508.1M | $654.5M | $731.0M | $195.8M | $139.2M | $83.9M | $47.1M |
| Research & development | $257.6M | $253.7M | $280.1M | $237.2M | $134.0M | $38.8M | $18.8M | $8.4M | $5.3M |
| Sales, general & admin | $442.1M | $388.9M | $362.8M | $719.1M | $573.7M | $182.8M | $150.0M | $98.9M | $59.5M |
| Total operating expenses | $969.7M | $757.2M | $748.1M | $956.3M | $707.7M | $221.7M | $168.8M | $107.3M | $64.8M |
| Operating income | $54.3M | −$128.4M | −$240.0M | −$113.9M | $140.9M | $11.8M | −$4.6M | −$8.0M | −$7.5M |
| Interest income | $204.2M | $186.4M | $156.2M | $105.6M | $50.6M | $12.8M | $30.8M | $37.3M | $15.5M |
| Interest expense | $51.5M | $48.1M | $39.6M | $10.8M | $3.3M | $8.0M | $26.5M | $26.5M | $9.4M |
| Income before taxes | $54.3M | −$128.4M | −$240.0M | −$109.1M | $133.7M | $6.0M | −$4.9M | −$11.2M | −$8.9M |
| Income taxes | $728,000 | $185,000 | $107,000 | −$409,000 | −$1.7M | $371,000 | $74,000 | $1.1M | $6,000 |
| Net income | $53.6M | −$128.6M | −$240.1M | −$108.7M | $135.4M | $5.6M | −$5.0M | −$11.2M | −$8.9M |
| EBITDA | $79.2M | −$107.8M | −$215.1M | −$100.3M | $148.4M | $14.0M | −$3.8M | −$7.7M | −$7.4M |
| EPS (diluted) | $1.68 | −$0.28 | −$0.57 | $0.13 | $2.33 | $0.62 | −$0.35 | −$0.80 | — |
| Gross margin | 95.2% | 92.9% | 92.8% | 77.7% | 86.1% | 83.9% | 84.8% | 84.5% | 82.1% |
| Operating margin | 5.1% | −19.0% | −43.8% | −13.5% | 16.6% | 5.0% | −2.8% | −8.0% | −13.2% |
| Net margin | 5.0% | −19.0% | −43.8% | −12.9% | 16.0% | 2.4% | −3.1% | −11.3% | −15.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $377.2M | $318.6M | $304.2M | $285.9M | $265.1M | $220.4M | $226.4M | $173.0M | $139.1M | $138.5M | $148.9M | $134.6M |
| Cost of revenue | $12.5M | $10.4M | $27.9M | $8.8M | $7.8M | $7.0M | $15.1M | $10.8M | $11.5M | $10.7M | $14.1M | $36.9M |
| Gross profit | $364.7M | $308.2M | $276.2M | $277.1M | $257.3M | $213.4M | $211.3M | $162.1M | $127.6M | $127.8M | $134.9M | $97.6M |
| Research & development | $93.9M | $80.1M | $66.9M | $64.0M | $68.8M | $57.8M | $67.2M | $64.9M | $58.5M | $63.1M | $57.2M | $54.9M |
| Sales, general & admin | $256.2M | $235.6M | $119.7M | $110.6M | $183.9M | $160.0M | $101.0M | $99.2M | $124.7M | $132.2M | $91.9M | $123.5M |
| Total operating expenses | $347.6M | $314.8M | $257.1M | $245.2M | $251.6M | $215.8M | $213.9M | $168.9M | $182.1M | $192.4M | $177.2M | $178.4M |
| Operating income | $17.2M | −$6.6M | $19.2M | $31.9M | $5.7M | −$2.4M | −$2.6M | −$6.7M | −$54.5M | −$64.6M | −$42.3M | −$43.8M |
| Interest income | $57.1M | $56.1M | $60.8M | $57.2M | $45.6M | $40.6M | $41.5M | $40.8M | $52.9M | $51.2M | $52.1M | $37.7M |
| Interest expense | $12.5M | $10.4M | $27.9M | $8.8M | $7.8M | $7.0M | $15.1M | $10.8M | $11.5M | $10.7M | $14.1M | $9.4M |
| Income before taxes | $17.2M | −$6.6M | $19.2M | $31.9M | $5.7M | −$2.4M | −$2.6M | −$6.7M | −$54.5M | −$64.6M | −$42.3M | −$40.3M |
| Income taxes | $614,000 | $84,000 | $526,000 | $124,000 | $49,000 | $29,000 | $111,000 | $45,000 | $15,000 | $14,000 | $63,000 | $10,000 |
| Net income | $16.5M | −$6.6M | $18.6M | $31.8M | $5.6M | −$2.4M | −$2.8M | −$6.8M | −$54.5M | −$64.6M | −$42.4M | −$40.3M |
| EBITDA | $24.3M | −$704,000 | $25.6M | $38.1M | $11.5M | $4.0M | $2.1M | −$1.3M | −$49.6M | −$59.0M | −$33.2M | −$38.9M |
| EPS (diluted) | $0.18 | $0.30 | $0.50 | $0.52 | $0.36 | $0.30 | $0.26 | −$0.06 | −$0.17 | −$0.31 | −$0.11 | −$0.05 |
| Gross margin | 96.7% | 96.7% | 90.8% | 96.9% | 97.1% | 96.8% | 93.3% | 93.7% | 91.8% | 92.3% | 90.6% | 72.6% |
| Operating margin | 4.5% | −2.1% | 6.3% | 11.2% | 2.1% | −1.1% | −1.2% | −3.9% | −39.1% | −46.6% | −28.4% | −32.6% |
| Net margin | 4.4% | −2.1% | 6.1% | 11.1% | 2.1% | −1.1% | −1.2% | −3.9% | −39.2% | −46.6% | −28.5% | −30.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in UPST's financial statements (latest annual report filed February 10, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
UPST financial results
In fiscal year 2025 (ended December 31, 2025), Upstart reported revenue of $1.1 billion, up 58.9% from the year before. It had net income of $53.6 million, a net profit margin of 5.0%. Diluted earnings per share came to $1.68. Over five years revenue grew at an average rate of 35.7% a year.
See the UPST stock overview for the latest quote and news, or the UPST chart for price history and technical indicators.
UPST income statement FAQ
What is Upstart's annual revenue?
Upstart reported total revenue of $1.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 58.9% from $677.0 million the previous year.
Is Upstart profitable?
Yes. Upstart reported net income of $53.6 million in fiscal 2025, a net profit margin of 5.0%; its operating margin was 5.1%.
What is Upstart's gross margin?
Upstart's gross margin was 95.2% in fiscal 2025: for every $100 of revenue, Upstart kept $95 after the direct cost of its products and services.
How much does Upstart spend on research and development?
Upstart spent $257.6 million on research and development in fiscal 2025, 24.0% of revenue.
How fast is Upstart growing?
Revenue grew 35.7% a year on average over the last five fiscal years, from $233.4 million to $1.1 billion.
What are Upstart's earnings per share?
Upstart earned $1.68 per diluted share in fiscal 2025, compared with $-0.28 a year earlier.
When will Upstart report its next earnings?
Upstart is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 before the market opens.
When does Upstart's fiscal year end?
Upstart's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 10, 2026.