Upstart Holdings (UPST) FCF Margin (2020 - 2026)
Upstart Holdings (UPST) recorded FCF Margin of -38.03% in Q2 2026, up 8.72 percentage points from -46.75% a year earlier and up 6.11 percentage points from the prior quarter.
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Analysis
Upstart Holdings (UPST) FCF Margin (2020 - 2026) Analysis & Trends
On a TTM basis, Upstart Holdings' FCF Margin came in at -23.20% as of Jun 30, 2026, down 15.39 percentage points year-over-year; for FY2025, it came in at -14.19%, down 43.33 percentage points from FY2024.
- Annual FCF Margin has a five-year change of -20.33 percentage points (FY2020 to FY2025).
- Across earlier years, FCF Margin came in at 29.14% in FY2024 (+49.35 pp), -20.21% in FY2023 (+53.28 pp), -73.48% in FY2022 (-92.33 pp) and 18.85% in FY2021 (+12.70 pp).
- Quarterly FCF Margin has ranged from -152.83% in Q4 2022 to 151.22% in Q2 2023 over the past five years.
- On a year-over-year basis, FCF Margin rose in four of the last eight quarters, with an average year-over-year change of -1.11 percentage points.
- Peak year-over-year performance for FCF Margin in the last five years was a gain of 180.43 percentage points in Q3 2024, against a drop of 151.22 percentage points in Q3 2025 at the low end.
- Per Business Quant, the preceding three quarters came in at -44.14% (Q1 2026), 36.61% (Q4 2025) and -44.28% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | PayPal Holdings | 49.04 Bn | 7.27 Bn | - | 20.44% |
| 2 | Coinbase Global | 47.52 Bn | 4.33 Bn | - | 16.17% |
| 3 | Block | 45.61 Bn | 16.91 Bn | 3.17 Bn | 14.61% |
| 4 | Corpay | 26.34 Bn | 16.23 Bn | - | 105.74% |
| 5 | Fiserv | 24.61 Bn | 21.29 Bn | 2.90 Bn | 18.61% |
| 6 | Global Payments | 22.07 Bn | -135.34 Mn | 2.03 Bn | 12.86% |
| 7 | Guidewire Software | 13.93 Bn | 10.49 Bn | 269.68 Mn | 68.54% |
| 8 | Bitmine Immersion Technologies | 13.17 Bn | 10.55 Bn | 40.81 Mn | 62.27% |
| 9 | Chime Financial | 11.48 Bn | 7.27 Bn | 594.87 Mn | 29.49% |
| 10 | Upstart Holdings | 2.26 Bn | 188.28 Mn | 303.39 Mn | -38.03% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -38.03% |
| Mar 31, 2026 | -44.14% |
| Dec 31, 2025 | 36.61% |
| Sep 30, 2025 | -44.28% |
| Jun 30, 2025 | -46.75% |
| Mar 31, 2025 | -6.32% |
| Dec 31, 2024 | -55.37% |
| Sep 30, 2024 | 106.94% |
| Jun 30, 2024 | 56.34% |
| Mar 31, 2024 | 31.62% |
| Dec 31, 2023 | -95.42% |
| Sep 30, 2023 | -73.49% |
| Jun 30, 2023 | 151.22% |
| Mar 31, 2023 | -65.59% |
| Dec 31, 2022 | -152.83% |
| Sep 30, 2022 | -57.36% |
| Jun 30, 2022 | -22.29% |
| Mar 31, 2022 | -85.49% |
| Dec 31, 2021 | -4.79% |
| Sep 30, 2021 | 17.79% |
API Access
Upstart Holdings FCF Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=fcf-margin&ticker=UPST&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "fcf-margin", "ticker": "UPST", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=fcf-margin&ticker=UPST&period=max&api_key=YOUR_API_KEY");
const data = await res.json();