Upstart Holdings, Inc.
UPST · Finance Services · 95.7M shares · +55%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: $3M (gross $178M, SBC $175M)
Reference price $30.41 · est. market cap ~$2.9B — last insider sale, 2026-06-09 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C66Upstart Holdings — AI consumer-lending marketplace returning toward profit.
Strengths
- Returned to slight net/operating profit (80th-85th pct); revenue +64%
- Strong cash (87th); long runway
Risks
- Negative free cash flow; funding-partner and credit-cycle dependence
- Volatile earnings; regulatory exposure
Notable findings
- Customer concentration~61% of revenue from one customer/distributor — In the year ended December 31, 2025, our top three lending partners collectively originated 83% of the loans facilitated through our marketplace and revenue from fees received from these lending partn
- Cash burnNegative free cash flow (-148.1M)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Chronic dilutionShare count +55%/yr over 4y (dilution, book value/share -83%)
- Strong balance sheetStrong balance sheet — $652M cash & investments, ~18 quarters of runway
- Insider buyingInsider buying — 3 open-market buy(s) by 2 insider(s) (cluster of 2 insiders, ~$6M, last 6mo) Form 4 ↗
- Insider sellingInsider selling — 19 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$2M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
4.1%
Net margin
5.1%
Return on equity
6.7%
Return on assets
1.8%
Revenue growth (QoQ)
4.1%
Free cash flow
-$148M
EBITDA
$67M
Tangible book value
$723M
Cash & investments
$652M
Cash runway
18q
Stock comp / revenue
12.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-09 | Datta Sanjay | Sell | 15K | $30.41 |
| 2026-05-29 | O'Kelly Ciaran | Grant | 6.5K | — |
| 2026-05-29 | Bernard Peter J | Grant | 6.5K | — |
| 2026-05-29 | Hentges Mary | Grant | 6.5K | — |
| 2026-05-29 | Cooper Kerry Whorton | Grant | 6.5K | — |
| 2026-05-29 | Terry Hilliard C. III | Grant | 6.5K | — |
| 2026-05-29 | Wennes Timothy H | Grant | 6.5K | — |
| 2026-05-26 | Mirgorodskaya Natalia | Sell | 974 | $28.99 |
| 2026-05-20 | Darling Scott | Sell | 6.6K | $28.78 |
| 2026-05-20 | Mirgorodskaya Natalia | Sell | 526 | $28.77 |
| 2026-05-20 | Datta Sanjay | Sell | 8.0K | $28.77 |
| 2026-05-15 | Blankmeyer Andrea | Sell | 2.8K | $28.96 |
| 2026-05-15 | Blankmeyer Andrea | Sell | 4.2K | $30.05 |
| 2026-05-15 | Blankmeyer Andrea | Sell | 101 | $30.54 |
| 2026-05-15 | Mirgorodskaya Natalia | Option exercise | 4.6K | $1.35 |
| 2026-05-15 | Datta Sanjay | Sell | 806 | $28.96 |
| 2026-05-15 | Datta Sanjay | Sell | 1.0K | $30.03 |
| 2026-05-15 | Darling Scott | Sell | 286 | $28.84 |
| 2026-05-15 | Darling Scott | Sell | 441 | $29.99 |
| 2026-05-13 | Gu Paul | Buy | 50K | $27.50 |
| 2026-05-07 | Girouard Dave | Buy | 170K | $29.37 |
| 2026-05-07 | Girouard Dave | Option exercise | 835K | $0.83 |
| 2026-05-07 | Girouard Dave | Buy | 300 | $29.76 |
| 2026-03-31 | Blankmeyer Andrea | Grant | 169K | — |
| 2026-03-02 | Mirgorodskaya Natalia | Sell | 390 | $26.02 |
| 2026-02-28 | Mirgorodskaya Natalia | Grant | 9.4K | — |
| 2026-02-28 | Datta Sanjay | Grant | 62K | — |
| 2026-02-28 | Darling Scott | Grant | 25K | — |
| 2026-02-25 | Mirgorodskaya Natalia | Sell | 866 | $28.79 |
| 2026-02-20 | Darling Scott | Other | 6.6K | — |
| 2026-02-20 | Mirgorodskaya Natalia | Sell | 633 | $29.90 |
| 2026-02-20 | Datta Sanjay | Sell | 8.0K | $29.86 |
| 2026-02-20 | Darling Scott | Sell | 6.5K | $29.85 |
| 2026-02-20 | Darling Scott | Other | 6.6K | — |
| 2026-02-20 | Darling Scott | Sell | 390 | $30.25 |
| 2026-01-22 | Darling Scott | Option exercise | 7.6K | $13.22 |
| 2026-01-12 | Bernard Peter J | Grant | 834 | — |
| 2026-01-12 | O'Kelly Ciaran | Grant | 1.2K | — |
| 2026-01-12 | Cooper Kerry Whorton | Grant | 1.5K | — |
| 2026-01-05 | Darling Scott | Option exercise | 1.0K | $13.22 |
| 2026-01-05 | Darling Scott | Other | 1.0K | — |
| 2026-01-05 | Darling Scott | Other | 1.0K | — |
| 2026-01-05 | Darling Scott | Sell | 1.0K | $50.00 |
| 2025-12-12 | Cooper Kerry Whorton | Sell | 1.5K | $50.00 |
| 2025-12-12 | Darling Scott | Option exercise | 2.0K | $13.22 |
| 2025-12-12 | Darling Scott | Other | 2.0K | — |
| 2025-12-12 | Darling Scott | Other | 2.0K | — |
| 2025-12-12 | Darling Scott | Sell | 7.4K | $50.00 |
| 2025-11-25 | Mirgorodskaya Natalia | Sell | 762 | $38.91 |
| 2025-11-20 | Mirgorodskaya Natalia | Option exercise | 6.9K | $35.58 |
| 2025-11-20 | Mirgorodskaya Natalia | Sell | 741 | $36.58 |
| 2025-11-20 | Mirgorodskaya Natalia | Sell | 80 | $36.95 |
| 2025-11-20 | Datta Sanjay | Sell | 13K | $36.54 |
| 2025-11-20 | Datta Sanjay | Sell | 1.0K | $36.99 |
| 2025-11-20 | Darling Scott | Sell | 7.3K | $36.55 |
| 2025-11-20 | Darling Scott | Sell | 400 | $37.02 |
| 2025-11-20 | Darling Scott | Other | 5.4K | — |
| 2025-11-20 | Darling Scott | Other | 5.4K | — |
| 2025-11-11 | Gu Paul | Buy | 20K | $39.22 |
| 2025-11-11 | Gu Paul | Buy | 80K | $39.23 |
| 2025-10-24 | Darling Scott | Option exercise | 1.0K | $13.22 |
| 2025-10-24 | Darling Scott | Sell | 1.0K | $55.01 |
| 2025-10-01 | Darling Scott | Option exercise | 1.0K | $13.22 |
| 2025-10-01 | Darling Scott | Sell | 1.0K | $54.64 |
| 2025-09-17 | Darling Scott | Option exercise | 1.0K | $13.22 |
| 2025-09-17 | Darling Scott | Sell | 1.0K | $70.01 |
| 2025-09-15 | Girouard Dave | Option exercise | 42K | $0.83 |
| 2025-09-15 | Girouard Dave | Sell | 35K | $64.84 |
| 2025-09-15 | Girouard Dave | Sell | 6.8K | $65.41 |
| 2025-09-03 | Darling Scott | Sell | 4.0K | $69.41 |
| 2025-09-03 | Darling Scott | Option exercise | 4.0K | $13.22 |
| 2025-09-02 | Gu Paul | Option exercise | 2.5K | $8.88 |
| 2025-09-02 | Gu Paul | Sell | 2.7K | $68.35 |
| 2025-09-02 | Gu Paul | Sell | 2.3K | $68.91 |
| 2025-09-02 | Cooper Kerry Whorton | Sell | 500 | $69.21 |
| 2025-09-02 | Mirgorodskaya Natalia | Sell | 1.4K | $69.21 |
| 2025-09-02 | Gu Paul | Option exercise | 2.5K | $3.80 |
| 2025-08-25 | Mirgorodskaya Natalia | Sell | 1.0K | $68.00 |
| 2025-08-25 | Darling Scott | Sell | 6.4K | $68.00 |
| 2025-08-22 | Mirgorodskaya Natalia | Option exercise | 365 | $25.90 |
| 2025-08-22 | Mirgorodskaya Natalia | Sell | 365 | $70.00 |
| 2025-08-20 | Darling Scott | Sell | 1 | $61.80 |
| 2025-08-20 | Mirgorodskaya Natalia | Sell | 1.1K | $61.12 |
| 2025-08-20 | Darling Scott | Sell | 6.7K | $61.12 |
| 2025-08-20 | Datta Sanjay | Sell | 13K | $61.12 |
| 2025-08-20 | Darling Scott | Sell | 139 | $63.31 |
| 2025-08-15 | Girouard Dave | Sell | 2.9K | $63.91 |
| 2025-08-15 | Girouard Dave | Option exercise | 42K | $0.83 |
| 2025-08-15 | Girouard Dave | Sell | 39K | $63.23 |
| 2025-08-01 | Darling Scott | Sell | 1.0K | $80.00 |
| 2025-08-01 | Mirgorodskaya Natalia | Option exercise | 365 | $25.90 |
| 2025-08-01 | Mirgorodskaya Natalia | Sell | 365 | $77.97 |
| 2025-08-01 | Darling Scott | Option exercise | 4.0K | $13.22 |
| 2025-08-01 | Darling Scott | Sell | 3.0K | $77.93 |
| 2025-07-15 | Girouard Dave | Sell | 32K | $74.93 |
| 2025-07-15 | Girouard Dave | Option exercise | 42K | $0.83 |
| 2025-07-15 | Girouard Dave | Sell | 9.5K | $75.54 |
| 2025-07-08 | Darling Scott | Option exercise | 5.0K | $13.22 |
| 2025-07-08 | Mirgorodskaya Natalia | Option exercise | 4.0K | $25.90 |
| 2025-07-08 | Mirgorodskaya Natalia | Sell | 4.0K | $80.07 |
| 2025-07-08 | Darling Scott | Sell | 5.0K | $80.04 |
| 2025-07-02 | Darling Scott | Option exercise | 5.0K | $13.22 |
| 2025-07-02 | Mirgorodskaya Natalia | Option exercise | 5.5K | $25.90 |
| 2025-07-02 | Mirgorodskaya Natalia | Option exercise | 1.1K | $15.23 |
| 2025-07-02 | Mirgorodskaya Natalia | Sell | 6.5K | $70.06 |
| 2025-07-02 | Darling Scott | Sell | 5.0K | $70.04 |
| 2025-07-01 | Darling Scott | Sell | 2.0K | $63.56 |
| 2025-07-01 | Darling Scott | Option exercise | 2.0K | $13.22 |
| 2025-06-20 | Girouard Dave | Option exercise | 42K | $0.83 |
| 2025-06-20 | Girouard Dave | Sell | 42K | $60.05 |
| 2025-06-17 | Gu Paul | Option exercise | 25K | $3.80 |
| 2025-06-11 | Girouard Dave | Sell | 42K | $60.11 |
| 2025-06-11 | Darling Scott | Option exercise | 3.0K | $13.22 |
| 2025-06-11 | Darling Scott | Sell | 3.0K | $60.00 |
| 2025-06-11 | Girouard Dave | Option exercise | 42K | $0.83 |
| 2025-06-03 | Darling Scott | Sell | 6.4K | $50.00 |
| 2025-06-03 | Darling Scott | Option exercise | 1.0K | $13.22 |
| 2025-06-03 | Darling Scott | Sell | 1.0K | $50.02 |
| 2025-06-02 | Cooper Kerry Whorton | Sell | 500 | $46.92 |
| 2025-05-27 | Cooper Kerry Whorton | Grant | 4.3K | — |
| 2025-05-27 | Bernard Peter J | Grant | 1.1K | — |
| 2025-05-27 | Terry Hilliard C. III | Grant | 4.3K | — |
| 2025-05-27 | O'Kelly Ciaran | Grant | 4.3K | — |
| 2025-05-27 | Hentges Mary | Grant | 4.3K | — |
| 2025-05-27 | Huber Jeff | Grant | 4.3K | — |
| 2025-05-23 | Mirgorodskaya Natalia | Sell | 1.3K | $44.19 |
| 2025-05-20 | Darling Scott | Sell | 6.7K | $46.98 |
| 2025-05-20 | Mirgorodskaya Natalia | Sell | 764 | $46.96 |
| 2025-05-20 | Datta Sanjay | Sell | 14K | $46.97 |
| 2025-05-19 | Gu Paul | Option exercise | 25K | $3.80 |
| 2025-05-01 | Darling Scott | Sell | 1.0K | $50.16 |
| 2025-05-01 | Darling Scott | Option exercise | 1.0K | $13.22 |
| 2025-04-29 | Darling Scott | Sell | 1.0K | $50.27 |
| 2025-04-29 | Darling Scott | Option exercise | 1.0K | $13.22 |
| 2025-04-14 | Gu Paul | Option exercise | 25K | $3.80 |
| 2025-03-31 | Mirgorodskaya Natalia | Grant | 972 | — |
| 2025-03-31 | Mirgorodskaya Natalia | Grant | 6.0K | — |
| 2025-03-10 | Gu Paul | Option exercise | 13K | $15.23 |
| 2025-03-10 | Gu Paul | Option exercise | 4.8K | $25.75 |
| 2025-03-06 | Gu Paul | Option exercise | 13K | $15.23 |
| 2025-03-06 | Gu Paul | Option exercise | 4.8K | $25.75 |
| 2025-03-03 | Cooper Kerry Whorton | Sell | 500 | $68.09 |
| 2025-03-03 | Darling Scott | Option exercise | 2.0K | $13.22 |
| 2025-03-03 | Darling Scott | Sell | 2.0K | $67.89 |
| 2025-02-28 | Gu Paul | Grant | 29K | — |
| 2025-02-28 | Darling Scott | Option exercise | 7.6K | $13.22 |
| 2025-02-28 | Darling Scott | Sell | 6.4K | $64.68 |
| 2025-02-28 | Darling Scott | Sell | 8.7K | $65.46 |
| 2025-02-28 | Darling Scott | Sell | 419 | $64.65 |
| 2025-02-28 | Darling Scott | Grant | 15K | — |
| 2025-02-28 | Datta Sanjay | Grant | 29K | — |
| 2025-02-28 | Darling Scott | Gift | 750 | — |
| 2025-02-25 | Mirgorodskaya Natalia | Sell | 1.3K | $69.00 |
| 2025-02-20 | Darling Scott | Sell | 100 | $79.58 |
| 2025-02-20 | Girouard Dave | Sell | 4.4K | $79.00 |
| 2025-02-20 | Girouard Dave | Sell | 100 | $79.58 |
| 2025-02-20 | Gu Paul | Sell | 12K | $79.00 |
| 2025-02-20 | Gu Paul | Sell | 400 | $79.56 |
| 2025-02-20 | Datta Sanjay | Sell | 16K | $79.01 |
| 2025-02-20 | Datta Sanjay | Sell | 242 | $79.59 |
| 2025-02-20 | Darling Scott | Sell | 4.7K | $79.03 |
| 2025-02-20 | Mirgorodskaya Natalia | Sell | 744 | $78.99 |
| 2025-02-20 | Mirgorodskaya Natalia | Sell | 50 | $79.52 |
| 2025-02-19 | Bernard Peter J | Grant | 3.0K | — |
| 2025-02-18 | Girouard Dave | Option exercise | 42K | $0.83 |
| 2025-02-18 | Girouard Dave | Sell | 11K | $83.84 |
| 2025-02-18 | Girouard Dave | Sell | 22K | $84.73 |
| 2025-02-18 | Girouard Dave | Sell | 8.8K | $85.40 |
| 2025-01-31 | Gu Paul | Option exercise | 18K | $3.80 |
| 2025-01-31 | Gu Paul | Option exercise | 6.6K | $15.23 |
| 2025-01-15 | Girouard Dave | Option exercise | 42K | $0.83 |
| 2025-01-15 | Girouard Dave | Sell | 36K | $62.52 |
| 2025-01-15 | Girouard Dave | Sell | 5.6K | $63.09 |
| 2025-01-13 | Gu Paul | Option exercise | 31K | $2.15 |
| 2025-01-10 | O'Kelly Ciaran | Grant | 765 | — |
| 2025-01-10 | Huber Jeff | Grant | 542 | — |
| 2025-01-10 | Hentges Mary | Grant | 626 | — |
| 2025-01-10 | Cooper Kerry Whorton | Grant | 695 | — |
| 2025-01-07 | Gu Paul | Option exercise | 50K | $2.15 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-28 | 2026-05-28 | 0001647639-26-000050 ↗ |
| 8-K | 2026-05-19 | 2026-05-19 | 0001647639-26-000048 ↗ |
| 10-Q | 2026-05-05 | 2026-03-31 | 0001647639-26-000046 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0001647639-26-000045 ↗ |
| 8-K | 2026-03-10 | 2026-03-10 | 0001647639-26-000036 ↗ |
| 8-K | 2026-02-19 | 2026-02-19 | 0001647639-26-000033 ↗ |
| 8-K | 2026-02-10 | 2026-02-10 | 0001647639-26-000026 ↗ |
| 10-K | 2026-02-10 | 2025-12-31 | 0001647639-26-000027 ↗ |
| 8-K | 2026-02-10 | 2026-02-10 | 0001647639-26-000025 ↗ |
| 10-Q | 2025-11-04 | 2025-09-30 | 0001647639-25-000134 ↗ |
| 8-K | 2025-11-04 | 2025-11-04 | 0001647639-25-000133 ↗ |
| 8-K | 2025-08-14 | 2025-08-11 | 0001193125-25-180825 ↗ |