Upstart Holdings, Inc. (UPST) Financial Statements

Income statement

Metric	TTM	2025	2024	2023	2022
Revenue
Total Revenue	1.4B	1.1B	677.0M	547.7M	853.3M
Cost of Revenue	50.9M	51.5M	48.1M	39.6M	15.5M
Gross Profit	1.3B	1.0B	628.8M	508.1M	837.8M
Operating Expenses
R&D Expense	92.7M	—	—	—	—
SG&A Expense	880.6M	743.6M	555.7M	489.9M	719.1M
General & Admin Expense	469.0M	442.1M	388.9M	362.8M	373.3M
Selling & Marketing Expense	411.6M	301.5M	166.8M	127.1M	345.8M
Other Expenses	280.6M	226.0M	201.5M	258.2M	227.8M
Total Operating Expenses	1.3B	969.7M	757.2M	748.1M	946.8M
Cost and Expenses	1.3B	1.0B	805.4M	787.7M	962.4M
Operating Income (EBIT)	78.6M	54.3M	(128.4M)	(240.0M)	(109.1M)
Non-Operating
Interest Income	173.9M	204.2M	186.4M	169.0M	105.6M
Interest Expense	63.7M	51.5M	48.1M	39.6M	15.5M
Net Interest Income	110.2M	152.7M	138.2M	129.4M	90.1M
Other Non-Op Income/Expense	(11.6M)	—	—	—	—
Non-Operating Income (excl Interest)	—	—	—	—	—
EBT (Pre-Tax Income)	67.0M	54.3M	(128.4M)	(240.0M)	(109.1M)
Income Tax Expense	1.9M	728.0K	185.0K	107.0K	(409.0K)
Bottom Line
Net Income	65.1M	53.6M	(128.6M)	(240.1M)	(108.7M)
Earnings from Cont. Ops	65.1M	53.6M	(128.6M)	(240.1M)	(108.7M)
Earnings from Discont. Ops	—	—	—	—	—
Bottom Line Net Income	65.8M	53.6M	(128.6M)	(240.1M)	(108.7M)
Per Share
Basic EPS	$0.66	$0.56	($1.44)	($2.87)	($1.31)
Diluted EPS	$0.59	$0.45	($1.44)	($2.87)	($1.31)
Revenue Per Share	$14.12	$11.20	$7.57	$6.54	$10.31
Shares
Basic Shares Outstanding	98.0M	96.0M	89.5M	83.8M	82.8M
Diluted Shares Outstanding	125.4M	107.5M	89.5M	83.8M	82.8M
Profitability Metrics
EBITDA	104.2M	79.2M	(107.8M)	(215.1M)	(95.6M)
D&A	25.6M	24.8M	20.5M	24.9M	13.5M
EBIT	78.6M	54.3M	(128.4M)	(240.0M)	(109.1M)

As reported, in the filing currency · TTM sums the four latest quarters; MRQ is the latest quarter · Negatives in parentheses; a dash is a line the filing does not carry · Data as of Sep 1, 2026