Short answer
Upstart Holdings, Inc. (UPST) filed its fiscal 2025 10-K annual report with the SEC on Feb 10, 2026. It reported revenue of $1.0B (+64.0% year over year) and net income of $54M.
- Top risk flagged: No material regulatory or legal risk detailed in Risk Factors section
FY2025 key financial metrics · XBRL
- Revenue
- $1.0B
- +64.0% YoY
- Net income
- $54M
- +141.7% YoY
- Operating margin
- 4.1%
- +31.2 pp YoY
- EPS (diluted)
- $0.45
- +131.3% YoY
- ROE
- 6.7%
- +27.0 pp YoY
- Operating cash flow
- −$148M
- −179.3% YoY
Source: XBRL data from the Upstart Holdings, Inc. (UPST) FY2025 10-K on SEC EDGAR. USD.
Upstart Holdings, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: AI-driven lending platform connecting borrowers and banks to optimize loan approvals and pricing
- Emphasis on enhanced cybersecurity governance with Chief Information Security Officer leading risk mitigation and incident response programs
- Strengthened Board oversight on cybersecurity risk, including quarterly updates and audit committee involvement
- Incident response plan detailed for managing cybersecurity incidents with escalation to leadership and external notifications
- Chief Information Security Officer with 15+ years experience integral to new comprehensive security risk management framework
Management Discussion & Analysis
- Revenue from fees $950M, up 49% YoY from $635M in 2024
- Contribution margin 56% vs 60% in 2024; Adjusted EBITDA margin 22% vs 2% in 2024
- Best segment: core personal loans showing forecasted returns in line with targets post Q2 2024 vintages; worst segment: Q4 2023 to Q1 2024 vintages underperforming target returns
- Transaction volume $11B, up 86% YoY; number of loans 1.5M, up 115% YoY driven by AI model improvements
- Cash flow specifics not detailed; noted investments in technology, no figures for buybacks, dividends, or capex disclosed
- Forward outlook: macroeconomic risk remains elevated; introduced Upstart Macro Index at 1.39 reflecting 39% incremental risk; expect potential funding constraints if market disrupts again
Risk Factors
- No material regulatory or legal risk detailed in Risk Factors section
- Geopolitical or macroeconomic risk absent from disclosed risk factors
- Operational risk from reliance on third-party AI models impacting loan approvals, with no direct control over algorithm updates
- Competitive threat from traditional banks increasing AI adoption, risking Upstart's market share gains in consumer lending
- Financial risk: stock held by 159 record holders with significant shares in street name limiting shareholder activism transparency
Generated from the filing text; verify against the original. How to read a 10-K
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