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Side-by-side financial comparison of BLACKLINE, INC. (BL) 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 $183.2M, roughly 1.6× BLACKLINE, INC.). Upstart Holdings, Inc. runs the higher net margin — 6.3% vs 2.7%, a 3.6% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs 8.1%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M vs $26.1M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs 7.9%).
BlackLine Systems, Inc., is an American enterprise software company that develops cloud-based services designed to automate and manage the entire financial close process as well as consolidation, invoice-to-cash, and intercompany accounting. The Los Angeles–based company has 17 offices worldwide.
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.
BL vs UPST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $183.2M | $296.1M |
| Net Profit | $4.9M | $18.6M |
| Gross Margin | 75.2% | — |
| Operating Margin | 3.7% | 6.4% |
| Net Margin | 2.7% | 6.3% |
| Revenue YoY | 8.1% | 35.2% |
| Net Profit YoY | -91.3% | 776.4% |
| EPS (diluted) | $0.07 | $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.
| Q4 25 | $183.2M | $296.1M | ||
| Q3 25 | $178.3M | $277.1M | ||
| Q2 25 | $172.0M | $257.3M | ||
| Q1 25 | $166.9M | $213.4M | ||
| Q4 24 | $169.5M | $219.0M | ||
| Q3 24 | $165.9M | $162.1M | ||
| Q2 24 | $160.5M | $127.6M | ||
| Q1 24 | $157.5M | $127.8M |
| Q4 25 | $4.9M | $18.6M | ||
| Q3 25 | $5.3M | $31.8M | ||
| Q2 25 | $8.3M | $5.6M | ||
| Q1 25 | $6.1M | $-2.4M | ||
| Q4 24 | $56.4M | $-2.8M | ||
| Q3 24 | $17.2M | $-6.8M | ||
| Q2 24 | $76.7M | $-54.5M | ||
| Q1 24 | $10.8M | $-64.6M |
| Q4 25 | 75.2% | — | ||
| Q3 25 | 75.1% | — | ||
| Q2 25 | 75.2% | — | ||
| Q1 25 | 75.5% | — | ||
| Q4 24 | 75.6% | — | ||
| Q3 24 | 75.2% | — | ||
| Q2 24 | 74.9% | — | ||
| Q1 24 | 75.2% | — |
| Q4 25 | 3.7% | 6.4% | ||
| Q3 25 | 4.3% | 8.5% | ||
| Q2 25 | 4.4% | 1.8% | ||
| Q1 25 | 2.1% | -2.1% | ||
| Q4 24 | 3.7% | -2.2% | ||
| Q3 24 | 5.0% | -27.8% | ||
| Q2 24 | 1.4% | -43.5% | ||
| Q1 24 | 1.1% | -52.8% |
| Q4 25 | 2.7% | 6.3% | ||
| Q3 25 | 3.0% | 11.5% | ||
| Q2 25 | 4.8% | 2.2% | ||
| Q1 25 | 3.6% | -1.1% | ||
| Q4 24 | 33.3% | -1.3% | ||
| Q3 24 | 10.4% | -4.2% | ||
| Q2 24 | 47.8% | -42.7% | ||
| Q1 24 | 6.9% | -50.5% |
| Q4 25 | $0.07 | $0.20 | ||
| Q3 25 | $0.09 | $0.23 | ||
| Q2 25 | $0.13 | $0.05 | ||
| Q1 25 | $0.10 | $-0.03 | ||
| Q4 24 | $0.79 | $-0.01 | ||
| Q3 24 | $0.27 | $-0.07 | ||
| Q2 24 | $0.22 | $-0.62 | ||
| Q1 24 | $0.17 | $-0.74 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $390.0M | $652.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $332.3M | $798.8M |
| Total Assets | $1.8B | $3.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $390.0M | $652.4M | ||
| Q3 25 | $419.9M | $489.8M | ||
| Q2 25 | $459.1M | $395.9M | ||
| Q1 25 | $479.5M | $599.8M | ||
| Q4 24 | $885.9M | $788.4M | ||
| Q3 24 | $725.3M | — | ||
| Q2 24 | $616.6M | — | ||
| Q1 24 | $331.4M | — |
| Q4 25 | $332.3M | $798.8M | ||
| Q3 25 | $328.3M | $743.7M | ||
| Q2 25 | $414.0M | $722.0M | ||
| Q1 25 | $417.9M | $676.6M | ||
| Q4 24 | $446.7M | $633.2M | ||
| Q3 24 | $367.9M | $595.5M | ||
| Q2 24 | $325.8M | $594.7M | ||
| Q1 24 | $279.8M | $612.8M |
| Q4 25 | $1.8B | $3.0B | ||
| Q3 25 | $1.7B | $2.9B | ||
| Q2 25 | $1.8B | $2.5B | ||
| Q1 25 | $1.8B | $2.3B | ||
| Q4 24 | $1.8B | $2.4B | ||
| Q3 24 | $1.7B | $1.8B | ||
| Q2 24 | $1.9B | $1.8B | ||
| Q1 24 | $2.1B | $1.9B |
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 | $26.7M | $108.6M |
| Free Cash FlowOCF − Capex | $26.1M | $108.4M |
| FCF MarginFCF / Revenue | 14.2% | 36.6% |
| Capex IntensityCapex / Revenue | 0.3% | 0.1% |
| Cash ConversionOCF / Net Profit | 5.46× | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | $161.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.7M | $108.6M | ||
| Q3 25 | $63.8M | $-122.6M | ||
| Q2 25 | $32.3M | $-120.2M | ||
| Q1 25 | $46.7M | $-13.5M | ||
| Q4 24 | $43.8M | $-110.9M | ||
| Q3 24 | $55.9M | $179.3M | ||
| Q2 24 | $40.7M | $65.3M | ||
| Q1 24 | $50.4M | $52.6M |
| Q4 25 | $26.1M | $108.4M | ||
| Q3 25 | $63.3M | $-122.7M | ||
| Q2 25 | $31.4M | $-120.3M | ||
| Q1 25 | $40.8M | — | ||
| Q4 24 | $43.0M | — | ||
| Q3 24 | $55.5M | $179.2M | ||
| Q2 24 | $40.0M | $65.3M | ||
| Q1 24 | $50.1M | $51.9M |
| Q4 25 | 14.2% | 36.6% | ||
| Q3 25 | 35.5% | -44.3% | ||
| Q2 25 | 18.2% | -46.7% | ||
| Q1 25 | 24.4% | — | ||
| Q4 24 | 25.4% | — | ||
| Q3 24 | 33.5% | 110.5% | ||
| Q2 24 | 24.9% | 51.1% | ||
| Q1 24 | 31.8% | 40.6% |
| Q4 25 | 0.3% | 0.1% | ||
| Q3 25 | 0.3% | 0.0% | ||
| Q2 25 | 0.6% | 0.0% | ||
| Q1 25 | 3.6% | 0.0% | ||
| Q4 24 | 0.4% | 0.0% | ||
| Q3 24 | 0.2% | 0.1% | ||
| Q2 24 | 0.4% | 0.0% | ||
| Q1 24 | 0.2% | 0.5% |
| Q4 25 | 5.46× | 5.82× | ||
| Q3 25 | 12.07× | -3.86× | ||
| Q2 25 | 3.90× | -21.43× | ||
| Q1 25 | 7.72× | — | ||
| Q4 24 | 0.78× | — | ||
| Q3 24 | 3.24× | — | ||
| Q2 24 | 0.53× | — | ||
| Q1 24 | 4.66× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BL
| Subscription And Circulation | $173.2M | 95% |
| Technology Service | $10.0M | 5% |
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% |
