← Upstart Holdings, Inc.
| Annual Trend | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | $57.0m | $35.0m | $34.2m | $53.8m | $54.5m | $368.4m | $788.4m | $652.4m | |
| Line of credit receivable (at fair value) | — | — | — | — | — | — | $56.3m | $112.7m | |
| Notes receivable | — | — | $58k | $108k | $138k | $490k | $659k | $321k | |
| Short-term investments | — | $2.1m | $2.1m | — | — | — | $165k | $701k | |
| Accounts receivable, net of allowances for credit losses of $1,530 and $1,266 in 2025 and 2024, respectively. Receivables due from related parties was $0.5 million and nil in 2025 and 2024, respectively. | $60.7m | $77.8m | $49.6m | $27.4m | $11.9m | $8.4m | $4.8m | $4.5m | |
| Inventories | $26.4m | $6.1m | $6.7m | $1.5m | $1.3m | $795k | $1.9m | $1.3m | |
| Prepaid and other current assets | $6.8m | $5.5m | $5.1m | $4.8m | $4.1m | $3.8m | $4.5m | $4.0m | |
| Total current assets | $160.2m | $137.1m | $109.9m | $97.8m | $81.8m | $70.6m | $63.1m | $51.6m | |
| Long-term investments | $5.2m | $3.1m | $0 | $0 | — | — | — | — | |
| Property, equipment, and software, net | $1.3m | $1.1m | $10.0m | $24.3m | $44.2m | $42.7m | $39.0m | $44.2m | |
| Goodwill | — | — | $0 | $67.1m | $67.1m | $67.1m | $67.1m | $67.1m | |
| Operating lease right of use assets | — | $2.9m | $18.3m | $96.1m | $86.3m | $54.7m | $43.5m | $16.4m | |
| Other assets (includes $51,358 and $138,582 at fair value as of December 31, 2024 and December 31, 2025, respectively) | — | — | $40.0m | $121.1m | $138.7m | $146.2m | $216.8m | $255.4m | |
| Other long-term assets | $667k | $738k | $666k | $616k | $539k | $512k | $469k | $547k | |
| Restricted cash | — | — | $60.5m | $204.6m | $110.1m | $99.4m | $187.8m | $404.6m | |
| Loans (at fair value) | — | — | $97.5m | $260.8m | $1.0b | $1.2b | $806.3m | $984.6m | |
| Beneficial interest assets (at fair value) | — | — | — | — | $0 | $41.0m | $176.8m | $396.2m | |
| Non-marketable equity securities | — | — | $0 | $40.0m | $41.2m | $41.2m | $41.2m | $41.2m | |
| Payable to investors | — | — | $45.5m | $107.6m | $90.8m | $53.6m | $60.2m | $107.7m | |
| Borrowings | — | — | $62.6m | $695.4m | $986.4m | $1.0b | $1.4b | $1.8b | |
| Payable to securitization note holders (at fair value) | — | — | — | — | $0 | $141.4m | $87.3m | $46.5m | |
| Operating lease liabilities | — | — | $19.4m | $100.4m | $100.8m | $62.3m | $50.3m | $21.1m | |
| Deferred costs | $449k | $513k | $12k | $19k | $53k | $91k | $272k | $397k | |
| Short-term restricted cash | $8.8m | $10.0m | $12.1m | $10.1m | $9.9m | $7.1m | $6.8m | $6.6m | |
| Deferred tax assets | — | $2.8m | $4.3m | $2.1m | $837k | $551k | $379k | $143k | |
| Long-term restricted cash | $7.8m | $3.6m | $2.1m | $2.4m | $2.5m | $2.6m | $2.4m | $2.0m | |
| Income taxes payable | $7.0m | $7.5m | $5.9m | $8.8m | $8.3m | $8.5m | $8.2m | $8.7m | |
| Customer advances | $561k | $160k | $391k | $231k | $123k | $226k | $520k | $27k | |
| Customer advances - related party | — | — | — | — | — | — | $249k | $0 | |
| Deferred revenue | $968k | $1.3m | $410k | $80k | $79k | $72k | $62k | $12k | |
| Operating lease liabilities, current | — | $1.6m | $1.2m | $1.4m | $1.2m | $1.2m | $1.2m | $801k | |
| Employee payroll and compensation | $5.2m | $2.9m | $2.9m | $2.5m | $2.2m | $2.5m | $1.5m | $1.4m | |
| Other current liabilities | $5.3m | $4.7m | $4.0m | $3.4m | $3.9m | $2.9m | $2.8m | $2.9m | |
| Long-term deferred revenue | $3.0m | $369k | $25k | $26k | $21k | $28k | — | — | |
| Operating lease liabilities, non-current | — | $1.4m | $256k | $3.5m | $1.9m | $1.7m | $404k | $330k | |
| Long-term deferred tax assets | $2.3m | $2.8m | — | — | — | — | — | — | |
| Total stockholders’ equity | $102.2m | $99.2m | $300.3m | $807.1m | $672.4m | $635.3m | $633.2m | $798.8m | |
| Total assets | $177.4m | $151.3m | $477.3m | $1.8b | $1.9b | $2.0b | $2.4b | $3.0b | |
| Total liabilities and stockholders’ equity | $177.4m | $151.3m | $477.3m | $1.8b | $1.9b | $2.0b | $2.4b | $3.0b | |
| Accrued expenses and other liabilities (includes $15,883 and $15,219 at fair value as of December 31, 2024 and December 31, 2025, respectively) | — | — | $35.7m | $103.4m | $66.9m | $71.4m | $133.8m | $171.5m | |
| Accounts payable | $50.8m | $30.9m | $25.1m | $19.0m | $13.0m | $8.0m | $7.0m | $4.2m | |
| Total current liabilities | $69.8m | $49.0m | $40.0m | $35.4m | $28.9m | $23.4m | $21.5m | $18.0m | |
| Other long-term liabilities | $2.5m | $1.3m | $1.0m | $979k | $1.0m | $1.0m | $1.0m | $1.1m | |
| Total liabilities | $75.3m | $52.1m | $177.0m | $1.0b | $1.3b | $1.4b | $1.7b | $2.2b | |
| Common stock, $0.0001 par value; 700,000,000 shares authorized; 93,469,721 and 98,033,361 shares issued and outstanding as of December 31, 2024 and December 31, 2025, respectively | 123k | 123k | 7k | 8k | 8k | 9k | 9k | 10k | |
| Additional paid-in capital | $1.3b | $1.3b | $369.5m | $740.8m | $714.9m | $917.9m | $1.0b | $1.2b | |
| Accumulated deficit | ($1.2b) | ($1.2b) | ($69.2m) | $66.2m | ($42.4m) | ($282.6m) | ($411.2m) | ($357.6m) | |
| Treasury stock, at cost: 1,256 and 1,256 shares at December 31, 2025 and December 31, 2024, respectively | ($10.9m) | ($11.9m) | ($12.3m) | ($12.3m) | ($12.3m) | ($12.3m) | ($12.3m) | ($12.3m) | |
| Accumulated other comprehensive income | $61.6m | $62.1m | $63.7m | $59.9m | $53.4m | $50.9m | $49.0m | $48.1m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.