UPSTHIGH SIGNALFINANCIAL10-K

Upstart delivered substantially higher revenue growth while expanding its share count and refining its strategic messaging around becoming an "always-on, everything-store for credit."

The company's revenue expanded meaningfully year-over-year, indicating strong underlying business momentum in its AI-driven lending marketplace. However, the decline in cash reserves coupled with this growth suggests the company is investing heavily in expansion, which investors should monitor for sustainability and capital allocation efficiency.

Comparing 2026-02-10 vs 2025-02-14View on EDGAR →
FINANCIAL ANALYSIS

Upstart showed robust top-line growth with revenue substantially higher than the prior year, while simultaneously growing its balance sheet with total assets and liabilities expanding by roughly 26%. The company's stockholders' equity increased meaningfully, though cash and equivalents declined by 17%, suggesting active deployment of capital into growth initiatives. Capital expenditures were notably reduced, indicating a shift toward more asset-light expansion strategies.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+64%
$636.5M→$1.0B

Strong top-line growth of 64% — accelerating demand or successful expansion into new markets.

Capital Expenditure
Cash Flow
-58.5%
$837K→$347K

Capex reduced 58.5% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Stockholders Equity
Balance Sheet
+26.2%
$633.2M→$798.8M

Equity base grew 26.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+25.7%
$2.4B→$3.0B

Asset base grew 25.7% — expansion through organic growth, acquisitions, or capital deployment.

Total Liabilities
Balance Sheet
+25.5%
$1.7B→$2.2B

Liabilities increased 25.5% — monitor debt-to-equity ratio and interest coverage.

Cash & Equivalents
Balance Sheet
-17.3%
$788.4M→$652.4M

Cash decreased 17.3% — monitor burn rate and upcoming capital needs.

LANGUAGE CHANGES
NEW — 2026-02-10
PRIOR — 2025-02-14
ADDED
As of February 3, 2026 there were 98,061,276 shares of the registrant s common stock outstanding.
We announce material information to the public about us, our products and services and other matters through a variety of means, including SEC filings, press releases, public conference calls, webcasts, the investor relations (ir.upstart.com) and newsroom (upstart.com/news) sections of our website, our X (formerly known as Twitter) account @Upstart, and Paul Gu s X account @paulxgu, in order to achieve broad, non-exclusionary distribution of information to the public and for complying with our disclosure obligations under Regulation FD.
BUSINESS Overview Upstart is the leading artificial intelligence ( AI ) lending marketplace.
We aim to radically reduce the cost and complexity of borrowing for all Americans by using our proprietary AI models to remake the entire lending process.
Founded in 2012, Upstart s marketplace supports unsecured and secured credit products, such as personal loans, auto loans, and home equity lines of credit ( HELOCs ).
Long-term, our vision is to become the always-on, everything-store for credit, where we can automatically approve borrowers at the right prices instantly and effortlessly.
We re dedicated to providing the best rates and the best process to all consumers.
Our platform applies AI to more accurately quantify the true risk of a loan, a capability we refer to as risk separation.
This differentiated approach to underwriting has generally led to higher approvals and lower interest rates relative to traditional lending practices, with more predictable returns to our capital partners including banks and credit unions (collectively our lending partners ) and institutional investors.
With this as the foundation, we ve added layers of automation, macroeconomic calibration, and personalization that can support increasing scale and greater business resilience over time.
REMOVED
As of February 6, 2025 there were 93,710,996 shares of the registrant s common stock outstanding.
BUSINESS Overview Upstart is the leading artificial intelligence ( AI ) lending marketplace, connecting millions of consumers to more than 100 banks and credit unions that leverage Upstart s AI models and cloud applications to deliver superior credit products.
Founded in 2012, Upstart s platform includes unsecured and secured credit products, such as personal loans, automotive retail and refinance loans, and home equity lines of credit ( HELOCs ).
Money is a fundamental ingredient of life, and unless you are in the few percent of Americans with significant wealth, the price of borrowing affects you every day.
We leverage AI to more accurately quantify the true risk of a loan.
We apply AI models to income and identity fraud, acquisition targeting, loan stacking, time-delimited default and prepayment prediction, and servicing.
More training data generally leads to higher approval rates and lower interest rates with better returns to our bank and credit union partners, collectively our lending partners.
Our AI also enables our lending partners to deliver an exceptional digital-first experience.
They can respond instantly to a customer s loan request 24/7 with no human intervention.
In 2024, more than 91% 1 of Upstart-powered loans were fully automated where borrowers were approved instantly.
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