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Side-by-side financial comparison of APPFOLIO INC (APPF) and Upstart Holdings, Inc. (UPST). Click either name above to swap in a different company.
Upstart Holdings, Inc. is the larger business by last-quarter revenue ($296.1M vs $262.2M, roughly 1.1× APPFOLIO INC). APPFOLIO INC runs the higher net margin — 16.2% vs 6.3%, a 9.9% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs 20.4%). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs 15.3%).
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
Upstart is an AI lending platform that partners with banks and credit unions to provide consumer loans using non-traditional variables, such as education and employment, to predict creditworthiness.
APPF vs UPST — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $296.1M |
| Net Profit | $42.4M | $18.6M |
| Gross Margin | — | — |
| Operating Margin | 19.4% | 6.4% |
| Net Margin | 16.2% | 6.3% |
| Revenue YoY | 20.4% | 35.2% |
| Net Profit YoY | 35.2% | 776.4% |
| EPS (diluted) | $1.18 | $0.20 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $262.2M | — | ||
| Q4 25 | $248.2M | $296.1M | ||
| Q3 25 | $249.4M | $277.1M | ||
| Q2 25 | $235.6M | $257.3M | ||
| Q1 25 | $217.7M | $213.4M | ||
| Q4 24 | $203.7M | $219.0M | ||
| Q3 24 | $205.7M | $162.1M | ||
| Q2 24 | $197.4M | $127.6M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $18.6M | ||
| Q3 25 | $33.6M | $31.8M | ||
| Q2 25 | $36.0M | $5.6M | ||
| Q1 25 | $31.4M | $-2.4M | ||
| Q4 24 | $102.7M | $-2.8M | ||
| Q3 24 | $33.0M | $-6.8M | ||
| Q2 24 | $29.7M | $-54.5M |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | 6.4% | ||
| Q3 25 | 14.1% | 8.5% | ||
| Q2 25 | 17.2% | 1.8% | ||
| Q1 25 | 15.5% | -2.1% | ||
| Q4 24 | 11.3% | -2.2% | ||
| Q3 24 | 20.7% | -27.8% | ||
| Q2 24 | 18.3% | -43.5% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | 6.3% | ||
| Q3 25 | 13.5% | 11.5% | ||
| Q2 25 | 15.3% | 2.2% | ||
| Q1 25 | 14.4% | -1.1% | ||
| Q4 24 | 50.4% | -1.3% | ||
| Q3 24 | 16.0% | -4.2% | ||
| Q2 24 | 15.0% | -42.7% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $0.20 | ||
| Q3 25 | $0.93 | $0.23 | ||
| Q2 25 | $0.99 | $0.05 | ||
| Q1 25 | $0.86 | $-0.03 | ||
| Q4 24 | $2.79 | $-0.01 | ||
| Q3 24 | $0.90 | $-0.07 | ||
| Q2 24 | $0.81 | $-0.62 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $147.4M | $652.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $470.2M | $798.8M |
| Total Assets | $580.6M | $3.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $652.4M | ||
| Q3 25 | $76.1M | $489.8M | ||
| Q2 25 | $73.5M | $395.9M | ||
| Q1 25 | $56.9M | $599.8M | ||
| Q4 24 | $42.5M | $788.4M | ||
| Q3 24 | $62.4M | — | ||
| Q2 24 | $59.6M | — |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $798.8M | ||
| Q3 25 | $498.9M | $743.7M | ||
| Q2 25 | $455.6M | $722.0M | ||
| Q1 25 | $462.1M | $676.6M | ||
| Q4 24 | $519.3M | $633.2M | ||
| Q3 24 | $412.8M | $595.5M | ||
| Q2 24 | $371.4M | $594.7M |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $3.0B | ||
| Q3 25 | $640.5M | $2.9B | ||
| Q2 25 | $567.4M | $2.5B | ||
| Q1 25 | $564.7M | $2.3B | ||
| Q4 24 | $626.7M | $2.4B | ||
| Q3 24 | $523.3M | $1.8B | ||
| Q2 24 | $479.3M | $1.8B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $34.3M | $108.6M |
| Free Cash FlowOCF − Capex | — | $108.4M |
| FCF MarginFCF / Revenue | — | 36.6% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | 0.81× | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $108.6M | ||
| Q3 25 | $86.0M | $-122.6M | ||
| Q2 25 | $52.6M | $-120.2M | ||
| Q1 25 | $38.5M | $-13.5M | ||
| Q4 24 | $36.6M | $-110.9M | ||
| Q3 24 | $57.8M | $179.3M | ||
| Q2 24 | $50.9M | $65.3M |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | $108.4M | ||
| Q3 25 | $84.7M | $-122.7M | ||
| Q2 25 | $52.4M | $-120.3M | ||
| Q1 25 | $38.2M | — | ||
| Q4 24 | $36.4M | — | ||
| Q3 24 | $57.4M | $179.2M | ||
| Q2 24 | $50.8M | $65.3M |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | 36.6% | ||
| Q3 25 | 34.0% | -44.3% | ||
| Q2 25 | 22.2% | -46.7% | ||
| Q1 25 | 17.6% | — | ||
| Q4 24 | 17.9% | — | ||
| Q3 24 | 27.9% | 110.5% | ||
| Q2 24 | 25.8% | 51.1% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 0.1% | ||
| Q3 25 | 0.5% | 0.0% | ||
| Q2 25 | 0.1% | 0.0% | ||
| Q1 25 | 0.1% | 0.0% | ||
| Q4 24 | 0.1% | 0.0% | ||
| Q3 24 | 0.2% | 0.1% | ||
| Q2 24 | 0.0% | 0.0% |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | 5.82× | ||
| Q3 25 | 2.56× | -3.86× | ||
| Q2 25 | 1.46× | -21.43× | ||
| Q1 25 | 1.23× | — | ||
| Q4 24 | 0.36× | — | ||
| Q3 24 | 1.75× | — | ||
| Q2 24 | 1.71× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APPF
| Value Added Services | $201.4M | 77% |
| Subscription Services | $58.2M | 22% |
UPST
| Personal Lending Segment | $201.4M | 68% |
| Servicing Fees Net | $39.5M | 13% |
| Servicing Fees | $27.5M | 9% |
| Other | $15.7M | 5% |
| Borrower Fees | $8.4M | 3% |
| Collection Agency Fees | $3.5M | 1% |
