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Upstart Holdings, Inc. UPST Platform and referral fees, net — Receivables

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Other financials

Income statement

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Revenue$364.7M+41.7%
Operating income$14.6M+222%
Net income$16.5M+195%
EPS (diluted)$0.16+220%

Balance sheet

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Cash & equivalents$456.0M-35.0%
Total debt$2.0B+37.6%
Total equity$797.5M+10.5%
Total assets$3.2B+28.0%

Cash flow

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Operating cash flow-$136.6M-13.7%
CapEx$2.1M+1,690%
Free cash flow-$138.7M-15.3%

Valuation

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Market cap$2.94B-51.9%
Enterprise value$4.51B-34.4%
P/E48.7×
P/S2.4×-4.8×

Profitability

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Operating margin4%+2.5pp
Net margin4.8%+4.3pp
FCF margin27%+16.9pp

Returns & leverage

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Return on equity7.9%+7.2pp
Debt / equity2.5×+0.5×

Where this comes from

Reported directly by Upstart Holdings, Inc. in its filing.

Tagged under the XBRL concept us-gaap:AccruedFeesAndOtherRevenueReceivable.

The source filing: Upstart Holdings, Inc.’s 10-Q, filed May 5, 2026.

Filed
May 5, 2026, 4:08 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001647639-26-000046

The Company had $25.8 million and $25.6 million of accounts receivable, excluding those that are settled on a daily basis, that are included in other assets on the condensed consolidated balance sheets related to contracts with customers as of December 31, 2025 and March 31, 2026, respectively. The standard payment terms on accounts receivable are 30 days. The Company’s allowance for bad debt and bad debt expense were immaterial for the periods presented.

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Upstart Holdings, Inc.'s platform and referral fees, net — receivables?
Upstart Holdings, Inc. (UPST) reported platform and referral fees, net — receivables of $25.6M in Q1 2026.
How has Upstart Holdings, Inc.'s platform and referral fees, net — receivables changed year-over-year?
Upstart Holdings, Inc.'s platform and referral fees, net — receivables increased by 34.7% year-over-year, from $19M to $25.6M.
What is the long-term trend for Upstart Holdings, Inc.'s platform and referral fees, net — receivables?
Over 4 years (2021 to 2025), Upstart Holdings, Inc.'s platform and referral fees, net — receivables has grown at a -0.4% compound annual growth rate (CAGR), from $89.7M to $88.3M.
What does platform and referral fees, net — receivables mean?
This metric measures the outstanding amounts owed to the company by lending partners or other counterparties related to platform and referral services. It represents the value of services already delivered for which payment has not yet been received. Monitoring this balance is essential for assessing the company's liquidity and the credit risk associated with its institutional partners.

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