UPST
Upstart Holdings, Inc.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Upstart Holdings, Inc.
Upstart Holdings, Inc. operates an AI-based lending marketplace that partners with banks and credit unions to originate personal loans, auto loans, and other consumer credit. Its models use alternative data alongside traditional credit variables; revenue comes from referral, platform, and servicing fees.
Coverage
Upstart Has Spent $277.9 Million Buying Its Own Stock. The Share Count Still Rose.
Upstart has spent $277.9M retiring 9,076,470 shares since February 2022. Its share count is 13.6 million higher, and the block is worth $224.8M at $24.77.
X Money Publishes Three FDIC Numbers. The $500,000 Everyone Quoted Is the Opt-Out Case.
X Money's FAQ prints $500,000 as the answer to leaving its sweep. The default is $10M through IntraFi ICS — and three of four fintechs never name Cross River.
Upstart Returned to GAAP Profit and Burned $139M Doing It
Upstart's Q2: revenue $364.7M up 41.7%, back to GAAP profit, and free cash flow of −$138.7M on our definition. The stock rose 11%; the Rule of 40 reads 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.
Where the revenue goes next
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: 72.3 (2026Q2)
| Period | Value |
|---|---|
| 2020Q3 | n/m |
| 2020Q4 | n/m |
| 2021Q1 | n/m |
| 2021Q2 | 208.2 |
| 2021Q3 | 395.6 |
| 2021Q4 | 105.8 |
| 2022Q1 | 65.7 |
| 2022Q2 | 34.8 |
| 2022Q3 | n/m |
| 2022Q4 | n/m |
| 2023Q1 | n/m |
| 2023Q2 | n/m |
| 2023Q3 | n/m |
| 2023Q4 | n/m |
| 2024Q1 | n/m |
| 2024Q2 | n/m |
| 2024Q3 | n/m |
| 2024Q4 | n/m |
| 2025Q1 | n/m |
| 2025Q2 | n/m |
| 2025Q3 | 211.7 |
| 2025Q4 | 104.1 |
| 2026Q1 | 67.5 |
| 2026Q2 | 72.3 |
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: 97M (2026Q2)
| Period | Value |
|---|---|
| 2020Q2 | 14.66B |
| 2020Q3 | 27M |
| 2021Q1 | 91M |
| 2021Q2 | 95M |
| 2021Q3 | 96M |
| 2021Q4 | 82M |
| 2022Q1 | 95M |
| 2022Q2 | 84M |
| 2022Q3 | 82M |
| 2022Q4 | 82M |
| 2023Q1 | 82M |
| 2023Q2 | 83M |
| 2023Q3 | 84M |
| 2023Q4 | 85M |
| 2024Q1 | 87M |
| 2024Q2 | 88M |
| 2024Q3 | 90M |
| 2024Q4 | 89M |
| 2025Q1 | 94M |
| 2025Q2 | 103M |
| 2025Q3 | 110M |
| 2025Q4 | 97M |
| 2026Q1 | 97M |
| 2026Q2 | 97M |
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 earnings
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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Funds we follow holding UPST
By latest reported 13F position value. Market value at quarter-end, not cost basis.