UPST
Upstart Holdings, Inc.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Upstart Holdings, Inc..
Coverage
Upstart Returned to GAAP Profit and Burned $139M Doing It
Upstart's Q2 2026: revenue $364.7M up 41.7%, net income $16.5M, EPS $0.16 — a miss against the $0.19 Street number — and free cash flow of −$138.7M on our definition. The stock rose 11% anyway, and the Rule of 40 score is 3.72.
Upstart's Quiet Revolution: Paul Gu Takes the Helm
Dave Girouard steps aside as CEO, handing the reins to co-founder Paul Gu. A $3.9M insider buy months earlier tells the real story.
Upstart Q4 2025 Earnings: AI Lending's Turnaround Quarter?
Pre-earnings analysis on Upstart ahead of Q4 2025 results. EPS estimates at $0.46, revenue at $288M. The turnaround thesis faces its biggest test yet.
Upstart $100 in Sight
Lowest UMI reading since 2022; TP reviews accelerating—positive news for loans needed.
Upstart Growth Throttled?
Competitor undercutting with fake gains; accusation floated—watch for impact.
Cable Caballero
Upstart in startup context.
Latest: $365M (2026Q2)
| Period | Value |
|---|---|
| 2020Q3 | $65M |
| 2020Q4 | $87M |
| 2021Q1 | $121M |
| 2021Q2 | $194M |
| 2021Q3 | $228M |
| 2021Q4 | $305M |
| 2022Q1 | $310M |
| 2022Q2 | $228M |
| 2022Q3 | $157M |
| 2022Q4 | $147M |
| 2023Q1 | $103M |
| 2023Q2 | $136M |
| 2023Q3 | $135M |
| 2023Q4 | $140M |
| 2024Q1 | $128M |
| 2024Q2 | $128M |
| 2024Q3 | $162M |
| 2024Q4 | $219M |
| 2025Q1 | $213M |
| 2025Q2 | $257M |
| 2025Q3 | $277M |
| 2025Q4 | $296M |
| 2026Q1 | $308M |
| 2026Q2 | $365M |
Latest: $0.16 (2026Q2)
| Period | Value |
|---|---|
| 2020Q3 | $0.10 |
| 2020Q4 | $0.00 |
| 2021Q1 | $0.11 |
| 2021Q2 | $0.39 |
| 2021Q3 | $0.30 |
| 2021Q4 | $0.63 |
| 2022Q1 | $0.34 |
| 2022Q2 | -$0.36 |
| 2022Q3 | -$0.69 |
| 2022Q4 | -$0.60 |
| 2023Q1 | -$1.58 |
| 2023Q2 | -$0.34 |
| 2023Q3 | -$0.48 |
| 2023Q4 | -$0.47 |
| 2024Q1 | -$0.74 |
| 2024Q2 | -$0.62 |
| 2024Q3 | -$0.07 |
| 2024Q4 | -$0.01 |
| 2025Q1 | -$0.03 |
| 2025Q2 | $0.05 |
| 2025Q3 | $0.23 |
| 2025Q4 | $0.17 |
| 2026Q1 | -$0.07 |
| 2026Q2 | $0.16 |
Latest: 230.9 (2025Q4)
| Period | Value |
|---|---|
| 2021Q4 | 395.6 |
| 2022Q1 | 107.3 |
| 2022Q2 | 66.5 |
| 2022Q3 | 35.5 |
| 2025Q4 | 230.9 |
Latest: -$139M (2026Q2)
| Period | Value |
|---|---|
| 2020Q3 | -$46M |
| 2020Q4 | $16M |
| 2021Q1 | $79M |
| 2021Q2 | $112M |
| 2021Q3 | $90M |
| 2021Q4 | $45M |
| 2022Q1 | -$79M |
| 2022Q2 | -$112M |
| 2022Q3 | -$146M |
| 2022Q4 | -$182M |
| 2023Q1 | -$96M |
| 2023Q2 | -$50M |
| 2023Q3 | -$89M |
| 2023Q4 | -$124M |
| 2024Q1 | $43M |
| 2024Q2 | $114M |
| 2024Q3 | $291M |
| 2024Q4 | $176M |
| 2025Q1 | -$20M |
| 2025Q2 | -$144M |
| 2025Q3 | -$271M |
| 2025Q4 | $105M |
| 2026Q1 | -$136M |
| 2026Q2 | -$139M |
Latest: $97,286,484.00 (2025Q3)
| Period | Value |
|---|---|
| 2021Q1 | $76,904,178.00 |
| 2021Q2 | $77,767,428.00 |
| 2021Q3 | $81,957,413.00 |
| 2022Q1 | $84,773,724.00 |
| 2022Q2 | $81,348,003.00 |
| 2022Q3 | $81,877,350.00 |
| 2023Q1 | $82,670,997.00 |
| 2023Q2 | $83,887,658.00 |
| 2023Q3 | $85,057,317.00 |
| 2024Q1 | $87,878,025.00 |
| 2024Q2 | $89,513,590.00 |
| 2024Q3 | $91,228,026.00 |
| 2025Q1 | $95,144,858.00 |
| 2025Q2 | $96,217,742.00 |
| 2025Q3 | $97,286,484.00 |
Latest: -$687M (2026Q2)
| Period | Value |
|---|---|
| 2020Q3 | -$170M |
| 2020Q4 | -$154M |
| 2021Q1 | -$75M |
| 2021Q2 | $37M |
| 2021Q3 | $127M |
| 2021Q4 | $172M |
| 2022Q1 | $93M |
| 2022Q2 | -$19M |
| 2022Q3 | -$165M |
| 2022Q4 | -$346M |
| 2023Q1 | -$442M |
| 2023Q2 | -$492M |
| 2023Q3 | -$582M |
| 2023Q4 | -$706M |
| 2024Q1 | -$663M |
| 2024Q2 | -$549M |
| 2024Q3 | -$259M |
| 2024Q4 | -$82M |
| 2025Q1 | -$102M |
| 2025Q2 | -$246M |
| 2025Q3 | -$517M |
| 2025Q4 | -$412M |
| 2026Q1 | -$548M |
| 2026Q2 | -$687M |
Latest results
Company History
Founded by Dave Girouard, Anna Counselman, and Paul Gu in San Mateo, California, as an AI lending platform.
Launched with an Income Share Agreement (ISA) product allowing individuals to raise money by sharing a percentage of future income.
Pivoted from ISA to traditional personal loans, starting with 3-year loans and expanding to 5-year loans.
Secured $35M Series C from Third Point Capital to expand lending model for millennials.
Raised $32.5M from Rakuten to license its technology to other companies.
Obtained $50M Series D from The Progressive Corporation and partnered with banks to grow AI lending business.
Went public via IPO on Nasdaq under ticker UPST.
Stock reached all-time high near $400 amid fintech boom, valuing company at ~$35 billion.
Stock crashed 95%+ from peak as rising rates crushed loan demand and funding partners pulled back.
Key Players
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The CEO view — 6 podcasts, interviews & articles →
