UpstartUPSTRevenue: is the business selling more than it used to?
$1.0B+64% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Revenue reached $1.0B in 2025, compounding +5% a year since 2022 though the pace has cooled. The trailing twelve months are already running at $1.2B, ahead of the last full year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
UpstartUPSTNet income: how much of that revenue becomes profit?
$54MFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Net income was $54M in 2025, against $-129M the year before. Trailing twelve-month profit stands at $60M.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
UpstartUPSTHow fast is it growing, year by year?
+64.0%revenue growth, FY 2025
Off the axis: 2021 earnings +2163.8% - rebounds off a collapsed prior year.
→Revenue grew +64% in 2025 against a five-year average of +62%. 2021's +2164% earnings rebound off a collapsed base sits off the axis.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
UpstartUPSTRevenue per share: is your slice growing as fast as the company?
$9.71revenue per share, FY 2025
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Revenue per share reached $9.71 in 2025, compounding -4% a year against +5% for UPST as a whole. Dilution absorbed about 8.7 points of that growth. Free cash flow per share stands at $-1.38.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
UpstartUPSTFree cash flow: what is left in real cash after everything?
$-148MFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→The business consumed $148M of cash in 2025 after investment. Growth is being funded from the balance sheet, not from operations.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
UpstartUPSTHow much of every sales dollar ends up as free cash?
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Free cash flow is negative, so no share of revenue is currently converting to spare cash. Every sales dollar is being reinvested or consumed.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
UpstartUPSTWhat does staying competitive cost, per dollar of sales?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→The biggest claim on each sales dollar is research and development, at 25% of revenue (stock compensation 13%, capital spending 0%).
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
UpstartUPSTMargins: of every $1 of sales, how much survives each cost layer?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Operating margin widened 17 points to 4% since 2022. After everything, 5 cents of each sales dollar reaches net profit. UPST doesn't tag a gross-profit line in its filings, so the chart starts at operating margin.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
UpstartUPSTWhat does it earn on the money it uses?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→UPST earns 8% on shareholders' capital. Return on capital employed isn't meaningful for this business model, so ROE carries the picture alone.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
UpstartUPSTWhat has the market paid for UPST over time?
50.0xP/E today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→At 2.2x sales, the market is paying 58% less than UPST's own 5-year median of 5.3x. Pessimism is priced in - the question is whether it is deserved.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
UpstartUPSTWhat cash return does the business throw off per dollar of market value?
-10.6%FCF yield today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→Every dollar of market value currently buys -10.6% of annual free cash flow, more than its 5-year median of -2.4% - the cash is cheaper than usual.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
UpstartUPSTCould it handle its debt if things went wrong?
→Debt isn't clearly tagged in UPST's filings, so treat the balance sheet with extra care rather than assuming zero.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
UpstartUPSTIs the company's own capital growing?
→The company's own capital grew from $635M in 2023 to $797M (+26%). The business is building book value rather than consuming it.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
UpstartUPSTHow much goes back, and how much leaks out as stock comp?
→UPST returned no cash to shareholders in the latest filed year: everything is being retained or reinvested.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
UpstartUPSTHow fast is your ownership being diluted - or concentrated?
→The share count grew 20.2% in 2025, averaging 9.4% a year over three years. Your slice of the company shrinks by that much each year unless earnings grow faster.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
UpstartUPSTUPST has issued or retired shares - did shareholders end up better off?
→UPST issued +650% more shares from 2019 to 2025 and revenue per share still fell -13%. On this measure the new shares have not paid for themselves.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
UpstartUPSTAre the people running it buying or selling?
→Insiders bought $6M and sold $3M on the open market, a net purchase of $3M. A further 21 filings were grants, option exercises or tax withholding, which say nothing either way.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30