Upstart Holdings, Inc.
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 4, 2025
UPST$20.41-8.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2024 | 2025 | 2024 | 2025 | |
| Revenue: | ||||
| Revenue from fees, net | $167,590 | $258,539 | $436,190 | $684,791 |
| Interest income, interest expense, and fair value adjustments, net: | ||||
| Interest income(1) | 40,845 | 57,203 | 144,899 | 143,394 |
| Interest expense(1) | (10,818) | (8,794) | (33,002) | (23,586) |
| Fair value and other adjustments(1) | (35,477) | (29,843) | (130,523) | (56,832) |
| Total interest income, interest expense, and fair value adjustments, net | (5,450) | 18,566 | (18,626) | 62,976 |
| Total revenue | 162,140 | 277,105 | 417,564 | 747,767 |
| Operating expenses: | ||||
| Sales and marketing | 43,229 | 78,844 | 111,337 | 210,919 |
| Customer operations | 39,302 | 49,790 | 117,394 | 136,537 |
| Engineering and product development | 64,887 | 64,026 | 186,431 | 190,689 |
| General, administrative, and other | 59,874 | 60,779 | 170,508 | 185,910 |
| Total operating expenses | 207,292 | 253,439 | 585,670 | 724,055 |
| Income (loss) from operations | (45,152) | 23,666 | (168,106) | 23,712 |
| Other income, net | 5,078 | 1,017 | 8,993 | 4,209 |
| Gain on debt extinguishment | 33,361 | 7,246 | 33,361 | 7,246 |
| Net income (loss) before income taxes | (6,713) | 31,929 | (125,752) | 35,167 |
| Provision for income taxes | 45 | 124 | 74 | 202 |
| Net income (loss) | $(6,758) | $31,805 | $(125,826) | $34,965 |
| Net income (loss) per share, basic | $(0.07) | $0.33 | $(1.42) | $0.37 |
| Net income (loss) per share, diluted | $(0.07) | $0.23 | $(1.42) | $0.28 |
| Weighted-average number of shares outstanding used in computing net income (loss) per share, basic | 90,119,481 | 96,682,774 | 88,534,495 | 95,503,380 |
| Weighted-average number of shares outstanding used in computing net income (loss) per share, diluted | 90,119,481 | 109,724,669 | 88,534,495 | 105,921,585 |
(1)Balances for the three and nine months ended September 30, 2024 and 2025 include amounts related to the consolidated securitization. Refer to “Note 2. Revenue” for details.
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