Upstart Holdings, Inc.
For the period ended Dec 31, 2025. Filed Feb 10, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 10, 2026
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
Consolidated Statements of Operations and Comprehensive Income (Loss)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2024 | 2025 | |
| Revenue: | |||
| Revenue from fees, net | $560,431 | $635,466 | $950,011 |
| Interest income, interest expense, and fair value adjustments, net: | |||
| Interest income(1) | 168,996 | 186,360 | 204,230 |
| Interest expense(1) | (34,894) | (40,433) | (31,664) |
| Fair value and other adjustments(1) | (180,971) | (144,865) | (78,720) |
| Total interest income, interest expense, and fair value adjustments, net | (46,869) | 1,062 | 93,846 |
| Total revenue | 513,562 | 636,528 | 1,043,857 |
| Operating expenses: | |||
| Sales and marketing | 127,143 | 166,800 | 301,507 |
| Customer operations | 150,418 | 157,996 | 188,377 |
| Engineering and product development | 280,138 | 253,653 | 257,602 |
| General, administrative, and other | 212,388 | 230,935 | 253,740 |
| Total operating expenses | 770,087 | 809,384 | 1,001,226 |
| Income (loss) from operations | (256,525) | (172,856) | 42,631 |
| Other income, net | 21,206 | 18,793 | 24,324 |
| Expense on convertible notes | (4,706) | (7,694) | (19,872) |
| Gain on debt extinguishment | — | 33,361 | 7,246 |
| Net income (loss) before income taxes | (240,025) | (128,396) | 54,329 |
| Provision for income taxes | 107 | 185 | 728 |
| Net income (loss) | $(240,132) | $(128,581) | $53,601 |
| Net income (loss) per share, basic | $(2.87) | $(1.44) | $0.56 |
| Net income (loss) per share, diluted | $(2.87) | $(1.44) | $0.45 |
| Weighted-average number of shares outstanding used in computing net income (loss) per share, basic | 83,765,896 | 89,450,038 | 96,030,558 |
| Weighted-average number of shares outstanding used in computing net income (loss) per share, diluted | 83,765,896 | 89,450,038 | 107,492,735 |
(1)Balances for the years ended December 31, 2023, 2024 and 2025 include amounts related to the consolidated securitization. Refer to “Note 2. Revenue” for details.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.