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Credit services · Financial Services · Fiscal year ends Dec 31
Upstart reported revenue of $1B in the fiscal year ended Dec 2025, up 64.0% from the year before. Operating income was $43M, an operating margin of 4.1%, and net income was $54M. Operating cash flow of −$148M less capital expenditure of $347,000 left free cash flow of −$148M. Net debt was $1.2B.
Ranks among the 35 credit services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 801 | 907 | 514 | 637 | 1,044 |
| Research & development | 134 | 237 | 280 | 254 | 258 |
| Selling, general & admin | 456 | 531 | 340 | 398 | 555 |
| Operating income | 141 | −114 | −257 | −173 | 42.6 |
| Net interest incomeBanks | 47.3 | −64.8 | −46.9 | 1.1 | 93.8 |
| Interest expense | 3.3 | 10.8 | 34.9 | 40.4 | 31.7 |
| Income tax | −1.7 | −0.4 | 0.1 | 0.2 | 0.7 |
| Net income | 135 | −109 | −240 | −129 | 53.6 |
| Diluted EPS | 1.43 | −1.31 | −2.87 | −1.44 | 0.45 |
| Diluted shares | 94.8 | 82.8 | 83.8 | 89.5 | 107 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,191 | 532 | 368 | 788 | 652 |
| Net PP&E | 24.3 | 44.2 | 42.7 | 39.0 | 44.2 |
| Goodwill | 67.1 | 67.1 | 67.1 | 67.1 | 67.1 |
| Total assets | 1,820 | 1,936 | 2,017 | 2,367 | 2,975 |
| Long-term debt | 695 | 986 | 1,040 | 1,402 | 1,829 |
| Total liabilities | 1,013 | 1,264 | 1,382 | 1,734 | 2,176 |
| Shareholders' equity | 807 | 672 | 635 | 633 | 799 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 168 | −658 | −112 | 186 | −148 |
| Capital expenditure | 8.4 | 8.8 | 1.5 | 0.8 | 0.3 |
| Free cash flow | 160 | −667 | −113 | 185 | −148 |
| Depreciation & amortisation | 7.5 | 13.5 | 24.9 | 20.5 | 24.8 |
| Stock-based compensation | 73.2 | 126 | 175 | 133 | 132 |
| Acquisitions | 16.8 | 0.0 | 0.0 | – | – |
| Share buybacks | 0.0 | 178 | 0.0 | 0.0 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.2% | −43.4% | 23.9% | 64.0% |
| Operating income growth (YoY) | – | −180.8% | – | – | – |
| EPS growth (YoY) | – | −191.6% | – | – | – |
| Operating margin | 17.6% | −12.6% | −50.0% | −27.2% | 4.1% |
| Net margin | 16.9% | −12.0% | −46.8% | −20.2% | 5.1% |
| Return on equityBlank when equity is negative | 16.8% | −16.2% | −37.8% | −20.3% | 6.7% |
| Free cash flow margin | 20.0% | −73.5% | −22.0% | 29.1% | −14.2% |
| Cash conversion (CFO ÷ net income) | 1.24x | 6.05x | 0.47x | −1.45x | −2.76x |
| Interest cover | 43.0x | −10.5x | −7.35x | −4.28x | 1.35x |
| Debt ÷ equity | 0.86x | 1.47x | 1.64x | 2.21x | 2.29x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −496 | 454 | 672 | 614 | 1,177 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.