Upstart Holdings, Inc. UPST
Upstart is the leading artificial intelligence (“AI”) lending marketplace. 10-K, Item 1
- Employees
- 1,405
- Headquarters
- Burlingame, CA
- CEO
- Paul Gu
- Next results
- around Feb 9, 2027
UPST among Financials peers
Six ratios from the latest 10-K. Each corner is the share of 241 peers the company is above, not a score.
What changed
87 new risk paragraphs. 10-K filed Feb 10, 2026 against Feb 14, 2025.
Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.
Accounting checks
8 checks on the latest 10-K. Checks, not verdicts.
0facts worth reading about all 8 checks found nothing to note
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Same auditor in both 10-Ks: Deloitte & Touche LLP
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No statement of substantial doubt about going concern
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No 8-K item 4.02 in the last 2 years
5 more checks with nothing to note
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No NT 10-K or NT 10-Q in the last 2 years
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The same matters as last year: Valuation of Loans and Beneficial Interests and Unobservable Inputs Therein
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No sentence in the 10-K concludes that controls were not effective because of a material weakness
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No 8-K item 2.06 in the last 2 years
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No 8-K item 1.03 in the last 2 years
In their words
87 paragraphs in Risk Factors that were not in the 10-K filed Feb 14, 2025. Quoted as filed.
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Item 1A · new paragraph · not in the 10-K filed Feb 14, 2025 10-K, ITEM 1A
Adverse macroeconomic conditions and resulting uncertainty and volatility have had, and may have in the future, a material adverse effect on our business and results of operations. Such conditions can reduce borrower demand, approval and acceptance rates, loan origination volume and loan funding from lending partners and institutional…
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Item 1A · new paragraph · not in the 10-K filed Feb 14, 2025 10-K, ITEM 1A
Capital arrangements entered into during periods of higher interest rates may become more costly if interest rates decline and the terms of such arrangements remain in place. Despite our efforts, marketplace capital constraints may persist, and we may be required to rely more heavily on our balance sheet, incur higher funding costs or…
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Item 1A · new paragraph · not in the 10-K filed Feb 14, 2025 10-K, ITEM 1A
When we act as sole sponsor of securitizations, we are required under Regulation RR to retain a portion of the credit risk of the underlying loans for a specified period of time. We may finance some or all of these retained interests through risk retention financing facilities. If retained interests decline in value, or if we are unable…
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Item 1A · new paragraph · not in the 10-K filed Feb 14, 2025 10-K, ITEM 1A
Our ability to attract borrowers and facilitate loan originations on our marketplace depends in large part on the effectiveness of our AI models in evaluating borrower creditworthiness and pricing loans appropriately. Our overall operating efficiency and margins further depend in part on our ability to maintain a high degree of…
New risk paragraphs, against peers
Latest 10-K of each, Financials companies closest in revenue
Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.
Financial performance
Last 4 fiscal years · 10-K XBRL
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | $842.4M | $513.6M | $636.5M | $1.0B |
| Net income | −$108.7M | −$240.1M | −$128.6M | $53.6M |
| Operating cash flow | −$657.9M | −$111.7M | $186.3M | −$147.7M |
| Free cash flow | −$666.7M | −$113.2M | $185.5M | −$148.1M |
Revenue, FY2019 to FY2025
Ten fiscal years, each from its own 10-K · XBRL · USD
$1.0B ▲ 64.0% in FY2025$53.6M in FY2025−$148.1M in FY2025
Recent filings
7 filings in the last 30 days · SEC EDGAR
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BuyNov 13, 2026Gu Paul (Chief Executive Officer) bought $1.0M open-market purchase on Nov 11, 2026
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Planned saleNov 13, 2026Datta Sanjay (Officer) gave notice of a planned sale of 150,000 shares worth about $3.0M Form 144, approximate sale date Nov 13, 2026
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OfficerNov 9, 2026CFO and CAO change (the “Company”) of her intent to resign as the Company’s Chief Accounting Officer (Principal Accounting Officer), effective as of November 30, 2026, to pursue another opportunity.
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Planned saleNov 3, 2026Dave Girouard (Former Chief Executive Officer, Executive Chairman) adopted a 10b5-1 trading plan reported in the 10-Q, up to 133,892 shares, runs to Nov 30, 2027
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8-KNov 3, 2026Quarterly results 8-K item 2.02
About the company
Upstart Holdings, Inc., Burlingame, CA · from the 10-K filed Feb 10, 2026
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.
- Headquarters
- Burlingame, CA
- Country
- United States
- Reports in
- USD
- Listed on
- Nasdaq
- Fiscal year ends
- December 31
- Last results
- Nov 3, 2026
- Incorporated in
- DE
Employees, at the top of the page: "As of December 31, 2025, we had 1,405 full-time employees" (10-K). Address and exchange: SEC's company file.
Email alerts
Sources
The 10-K filed Feb 10, 2026 (open at SEC), compared with the 10-K filed Feb 14, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.
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