What is Upstart Holdings, Inc.'s net debt?

Upstart Holdings, Inc. (UPST) reported net debt of $1.01B in Q1 2026.

How has Upstart Holdings, Inc.'s net debt changed year-over-year?

Upstart Holdings, Inc.'s net debt increased by 85.8% year-over-year, from $542.41M to $1.01B.

What is the long-term trend for Upstart Holdings, Inc.'s net debt?

Over 5 years (2020 to 2025), Upstart Holdings, Inc.'s net debt has grown at a 36.3% compound annual growth rate (CAGR), from -$168.76M to $793.28M.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Upstart Holdings, Inc. UPST Net debt

Discontinued — last reported Q1 '26

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Other financials

Income statement

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Revenue$308.2M+44.4%

Operating income-$7.5M-67.2%

Net income-$6.6M-172%

EPS (diluted)-$0.07-133%

Balance sheet

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Cash & equivalents$931.3M+10.9%

Total debt$1.9B+40.3%

Total equity$733.2M+8.4%

Total assets$3.0B+29.0%

Cash flow

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Operating cash flow-$133.3M-888%

CapEx$2.8M—

Free cash flow-$136.0M-909%

Valuation

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Market cap$3.01B-43.6%

Enterprise value$4.02B-29.1%

P/E61×—

P/S2.6×-4.7×

Profitability

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Operating margin3.5%+1.9pp

Net margin4.3%+2.6pp

FCF margin27%+16.9pp

Returns & leverage

See full

Return on equity7%+4.4pp

Debt / equity2.6×+0.6×

Where this comes from

Calculated from Upstart Holdings, Inc.’s reported figures.

$1.9Btotal debt−$931.3Mcash and equivalents=$1.01B

The official record: Upstart Holdings, Inc.’s 10-Q, filed May 5, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Upstart Holdings, Inc.'s net debt?: Upstart Holdings, Inc. (UPST) reported net debt of $1.01B in Q1 2026.
How has Upstart Holdings, Inc.'s net debt changed year-over-year?: Upstart Holdings, Inc.'s net debt increased by 85.8% year-over-year, from $542.41M to $1.01B.
What is the long-term trend for Upstart Holdings, Inc.'s net debt?: Over 5 years (2020 to 2025), Upstart Holdings, Inc.'s net debt has grown at a 36.3% compound annual growth rate (CAGR), from -$168.76M to $793.28M.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.