UPST on Nasdaq

Upstart Holdings

American financial technology company

Upstart is a lending platform based in San Mateo, California. It was first launched in April 2012 with an Income Share Agreement (ISA) product, which enabled individuals to raise money by contracting to share a percent of their future income.3 From Wikipedia, CC BY-SA 4.0

Price unavailable

Last updated Oct 19, 2026.

Overview

2012Founded1

Compare with X Financial, LoanDepot or Jiayin Group Inc., or pick any stock.

  • TickerUPST on Nasdaq1
  • Industryfintech1
  • HeadquartersSan Mateo1
  • Websitewww.upstart.com
  • Incorporated inDE5
  • Business address220 Park Road, Suite 500, Burlingame, Ca 940105
  • Filer categoryLarge accelerated filer5
  • Legal formCorporation4
  • LEI549300WNB47JRNENIC754
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 54181854

See how the biggest companies compare on our leaderboards

Upstart Holdings HQ
Photo: BrokenSegue, CC BY-SA 4.0, via Wikimedia Commons6

Upstart is a lending platform based in San Mateo, California. It was first launched in April 2012 with an Income Share Agreement (ISA) product, which enabled individuals to raise money by contracting to share a percent of their future income. In May 2014, Upstart pivoted away from this product and toward the personal loan marketplace. With this pivot, Upstart began offering a traditional 3-year loan, and has since expanded to offer a 5-year loan product as well.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

4.1%Operating margin7
5.1%Net margin7
64.0%Revenue growth, 20257
6.7%Return on equity7
-$148.1MFree cash flow7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Origination Fees brought in 62% of the revenue Upstart Holdings broke down this way in fiscal 2025.

  1. Origination Fees$7.6M762%
  2. Subscription Fee$4.7M738%down 13% from 2024
Products and services by year
Products and services202320242025
Origination Fees$0$0$7.6M
Subscription Fee$3.8M$5.4M$4.7M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development25¢$257.6M
  • Other costs70¢$731.9M
  • Income tax0¢$728.0K
  • Profit5¢$53.6M

Out of $1.0B in revenue.7

Financial statements

Revenue897$1.0B in 2025+553% since 2019
0$500.0M$1.0B$1.5B2019: $159.8M$159.8M20192020: $228.6M$228.6M2020+43%2021: $801.3M$801.3M2021+251%2022: $907.3M$907.3M2022+13%2023: $513.6M$513.6M2023−43%2024: $636.5M$636.5M2024+24%2025: $1.0B$1.0B2025+64%
Operating income8910117$42.6M in 2025
-$300.0M-$200.0M-$100.0M0$100.0M$200.0M2019: -$4.6M-$4.6M20192020: $11.8M$11.8M20202021: $140.9M$140.9M2021+1097%2022: -$113.9M-$113.9M20222023: -$256.5M-$256.5M2023+125%2024: -$172.9M-$172.9M2024−33%2025: $42.6M$42.6M2025
Net income8910117$53.6M in 2025
-$300.0M-$200.0M-$100.0M0$100.0M$200.0M2019: -$466.0K-$466.0K20192020: $6.0M$6.0M20202021: $135.4M$135.4M2021+2164%2022: -$108.7M-$108.7M20222023: -$240.1M-$240.1M2023+121%2024: -$128.6M-$128.6M2024−46%2025: $53.6M$53.6M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-31
Revenue from fees, net$950.0M$635.5M$560.4M
Interest income$204.2M$186.4M$169.0M
Interest expense-$31.7M-$40.4M-$34.9M
Fair value and other adjustments-$78.7M-$144.9M-$181.0M
Total interest income, interest expense, and fair value adjustments, net$93.8M$1.1M-$46.9M
Total revenue$1.0B$636.5M$513.6M
Sales and marketing$301.5M$166.8M$127.1M
Customer operations$188.4M$158.0M$150.4M
Engineering and product development$257.6M$253.7M$280.1M
General, administrative, and other$253.7M$230.9M$212.4M
Total operating expenses$1.0B$809.4M$770.1M
Income (loss) from operations$42.6M-$172.9M-$256.5M
Other income, net$24.3M$18.8M$21.2M
Expense on convertible notes-$19.9M-$7.7M-$4.7M
Gain on debt extinguishment$7.2M$33.4M$0
Net income (loss) before income taxes$54.3M-$128.4M-$240.0M
Provision for income taxes$728.0K$185.0K$107.0K
Net income (loss)$53.6M-$128.6M-$240.1M
Net income (loss) per share, basic (in dollars per share)$0.56-$1.44-$2.87
Net income (loss) per share, diluted (in dollars per share)$0.45-$1.44-$2.87
Weighted-average number of shares outstanding used in computing net income (loss) per share, basic (in shares)96.0M shares89.5M shares83.8M shares
Weighted-average number of shares outstanding used in computing net income (loss) per share, diluted (in shares)107.5M shares89.5M shares83.8M shares

Compare Upstart Holdings with another company

Leadership

Who has led Upstart Holdings, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Dave Girouard2020–2026
  2. Paul Gu2026–now

President

  1. Sanjay Datta2026–now

Chief financial officer

  1. Sanjay Datta2020–2026
  2. Andrea Blankmeyer2026–now
201520202025
Board members and other officers (17)

Timeline

  1. May 14, 2026New chief executive Paul Gu becomes CEO14
  2. Dec 15, 2020New chief executive Dave Girouard becomes CEO15
  3. 2012Founded Founded1

Filings

806 filings to the SEC since October 2021: 5 annual reports, 17 quarterly reports, 45 major events, 432 insider forms, 21 large holders, 286 other. The latest 20:

  1. Sep 10, 20264 EDGAR
  2. Sep 10, 20264 EDGAR
  3. Sep 8, 2026144 EDGAR
  4. Aug 27, 20264 EDGAR
  5. Aug 25, 2026144 EDGAR
  6. Aug 21, 20264 EDGAR
  7. Aug 21, 20264 EDGAR
  8. Aug 21, 20264 EDGAR
  9. Aug 20, 2026144 EDGAR
  10. Aug 20, 2026144 EDGAR
  11. Aug 20, 2026144 EDGAR
  12. Aug 19, 20264 EDGAR
  13. Aug 19, 2026144 EDGAR
  14. Aug 19, 2026144 EDGAR
  15. Aug 19, 20264 EDGAR
  16. Aug 19, 20264 EDGAR
  17. Aug 17, 2026144 EDGAR
  18. Aug 17, 2026144 EDGAR
  19. Aug 17, 2026144 EDGAR
  20. Aug 5, 202610-Q/A EDGAR

The 806 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

353 open-market trades by officers, directors and large owners since October 2021: 5 buys and 348 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 10, 2026Gu PaulChief Executive OfficerBuy50,000$25.55$1.3MForm 4
Sep 8, 2026Datta SanjayPresident, Capital& EnterpriseSale116,000$27.29$3.2MForm 4
Aug 25, 2026Mirgorodskaya NataliaSee RemarksSale913$30.03$27.4KForm 4
Aug 20, 2026Mirgorodskaya NataliaSee RemarksSale586$28.09$16.5KForm 4
Aug 20, 2026Datta SanjayPresident, Capital& EnterpriseSale8,945$28.09$251.3KForm 4
Aug 20, 2026Darling ScottChief Legal OfficerSale7,696$28.09$216.2KForm 4
Aug 19, 2026Blankmeyer AndreaChief Financial OfficerSale3,000$29.33$88.0KForm 4
Aug 19, 2026Datta SanjayPresident, Capital& EnterpriseSale10,000$31.46$314.6KForm 4
Aug 17, 2026Blankmeyer AndreaChief Financial OfficerSale7,175$29.36$210.7KForm 4
Aug 17, 2026Datta SanjayPresident, Capital& EnterpriseSale2,033$29.36$59.7KForm 4
Aug 17, 2026Darling ScottChief Legal OfficerSale814$29.36$23.9KForm 4
Jun 9, 2026Datta SanjayPresident, Capital& EnterpriseSale15,000$30.41$456.1KForm 4
May 26, 2026Mirgorodskaya NataliaSee RemarksSale974$28.99$28.2KForm 4
May 20, 2026Mirgorodskaya NataliaSee RemarksSale526$28.77$15.1KForm 4
May 20, 2026Datta SanjayPresident, Capital& EnterpriseSale7,985$28.77$229.7KForm 4
May 20, 2026Darling ScottChief Legal OfficerSale6,634$28.78$190.9KForm 4
May 15, 2026Blankmeyer AndreaChief Financial OfficerSale7,044$29.63$208.7KForm 4
May 15, 2026Datta SanjayPresident, Capital& EnterpriseSale1,817$29.56$53.7KForm 4
May 15, 2026Darling ScottChief Legal OfficerSale727$29.54$21.5KForm 4
May 13, 2026Gu PaulChief Executive OfficerBuy50,000$27.50$1.4MForm 4

All 353 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.7,878,717$279.1M0.0%+475,638
Vanguard Portfolio Management LLC3,739,758$132.5M0.0%−3,783
Vanguard Capital Management LLC3,698,553$131.0M0.0%−53,497
Morgan Stanley2,414,712$85.6M0.0%−1,560,347
Goldman Sachs Group Inc2,395,222$84.9M0.0%+835,736
Marshall Wace, Llp2,370,690$84.0M0.1%−909,420
Geode Capital Management, LLC2,228,631$79.0M0.0%+104,553
State Street Corp2,118,467$75.1M0.0%+65,381
Clear Street Group Inc.1,829,063$64.8M0.2%+273,857
Halter Ferguson Financial Inc.1,748,119$61.9M10.1%+280,759
Bank Of America Corp /de/1,512,356$53.6M0.0%+1,006,378
UBS Group AG1,503,436$53.3M0.0%+621,569
Citigroup Inc1,135,682$40.2M0.0%+329,341
Barclays PLC1,128,975$40.0M0.0%−143,311
Baillie Gifford & Co1,083,157$38.4M0.0%−25,138
Dimensional Fund Advisors LP1,059,769$37.5M0.0%+36,989
Citadel Advisors LLC955,585$33.9M0.0%+324,423
Susquehanna International Group, Llp920,253$32.6M0.0%+594,147
Point72 Asset Management, L.P.885,159$31.4M0.0%+129,099
Coatue Management LLC870,947$30.9M0.1%No change
Capital Fund Management S.a.800,994$28.4M0.2%−45,785
Northern Trust Corp785,102$27.8M0.0%+26,215
Charles Schwab Investment Management Inc765,281$27.1M0.0%+109,263
Millennium Management LLC764,847$27.1M0.0%+96,783
Fmr LLC706,548$25.0M0.0%+691,812

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

4 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
May 16, 2022Thomas R. SuozziDemocratic, HouseSale$1,001 - $15,000+128.4%Report
May 16, 2022Thomas R. SuozziDemocratic, HouseSale$1,001 - $15,000+128.4%Report
May 5, 2022Thomas R. SuozziDemocratic, HouseBuy$15,001 - $50,000−159.1%Report
May 5, 2022Thomas R. SuozziDemocratic, HouseBuy$15,001 - $50,000−159.1%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20
  21. 21
  22. 22
  23. 23
  24. 24
  25. 25
  26. 26
  27. 27
  28. 28
  29. 29
  30. 30
  31. 31
  32. 32
  33. 33
  34. 34
  35. 35
  36. 36
  37. 37
  38. 38
  39. 39
  40. 40
  41. 41
  42. 42