Upstart Holdings, Inc. (UPST) FY2025 10-K Annual Report
Upstart Holdings, Inc. (UPST) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 10, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Upstart Holdings, Inc. FY2025 10-K Analysis
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
Upstart Holdings, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$1.0B
▲ +64.0% YoY
Net Income
$54M
▲ +141.7% YoY
Operating Margin
4.1%
▲ +3124bp YoY
Net Margin
5.1%
▲ +2534bp YoY
ROE
6.7%
▲ +2702bp YoY
Total Assets
$3.0B
▲ +25.7% YoY
EPS (Diluted)
$0.45
▲ +131.3% YoY
Operating Cash Flow
-$148M
▼ -179.3% YoY
Source: XBRL data from Upstart Holdings, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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