How Upstart Holdings (UPST) Makes Money: A Visual Guide
Upstart Holdings (UPST) generated $1.08B in revenue (TTM through Q4 2025), earning $53.60M in net profit (5% margin). Its largest revenue source is Servicing Fees, Net (51.7% of revenue). Below is an interactive breakdown of how revenue flows through the income statement.
Upstart Holdings (UPST) Income Statement Flow
Frequently asked questions
How does Upstart Holdings (UPST) make money?
- Upstart Holdings (UPST) primarily makes money through Servicing Fees, Net, which accounts for 51.7% of total revenue. For TTM through Q4 2025, Upstart Holdings generated $1.08B in total revenue with a net profit margin of 5%.
What is Upstart Holdings (UPST) gross profit margin?
- Upstart Holdings (UPST) reported a gross profit margin of 95.2% for TTM through Q4 2025, equivalent to $1.02B in gross profit. This means Upstart Holdings retains 95.2% of each revenue unit after direct costs of production.
What is Upstart Holdings (UPST) operating profit margin?
- Upstart Holdings (UPST) reported an operating profit margin of 5.1% for TTM through Q4 2025, equivalent to $54.33M in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.
What is Upstart Holdings (UPST) net profit margin?
- Upstart Holdings (UPST) reported a net profit margin of 5% for TTM through Q4 2025, equivalent to $53.60M in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.
How much does Upstart Holdings (UPST) spend on capital expenditures?
- Upstart Holdings (UPST) spent $18.41M on capital expenditures in TTM through Q4 2025 (1.7% of total revenue). Capital expenditures represent investments in physical assets such as property, equipment, and infrastructure.
What is Upstart Holdings (UPST) free cash flow?
- Upstart Holdings (UPST) generated −$166.13M in free cash flow for TTM through Q4 2025 (-15.4% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.
What is Upstart Holdings (UPST) effective tax rate?
- Upstart Holdings (UPST) had an effective tax rate of 1.3% for TTM through Q4 2025. This is the actual percentage of pre-tax income paid as income taxes.
Data & methodology
What is a Sankey diagram?
- A Sankey diagram shows how money flows through a company from revenue to net profit. The width of each flow represents its proportion.
How is the data calculated?
- We use the income statement from company filings. For TTM (Trailing Twelve Months), we use a pre-aggregated twelve-month view aligned with our latest four quarterly periods. Revenue flows to cost of revenue and gross profit, then to operating expenses (R&D, S&M, G&A) and operating profit.
When was this data last updated?
- Based on company filings through TTM through Q4 2025.
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