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Side-by-side financial comparison of Core Scientific, Inc. (CORZ) 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 $79.8M, roughly 3.7× Core Scientific, Inc.). Core Scientific, Inc. runs the higher net margin — 268.5% vs 6.3%, a 262.2% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs -16.0%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M vs $-450.8M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs -33.3%).
Core Scientific is a leading digital asset and high-performance computing infrastructure provider. It operates large energy-efficient data centers across North America, offering cryptocurrency mining services, colocation hosting for blockchain and AI clients, and custom high-performance computing solutions for enterprise tech segments.
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.
CORZ vs UPST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $79.8M | $296.1M |
| Net Profit | $214.2M | $18.6M |
| Gross Margin | 26.0% | — |
| Operating Margin | -149.5% | 6.4% |
| Net Margin | 268.5% | 6.3% |
| Revenue YoY | -16.0% | 35.2% |
| Net Profit YoY | 180.6% | 776.4% |
| EPS (diluted) | $-1.63 | $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 | $79.8M | $296.1M | ||
| Q3 25 | $81.1M | $277.1M | ||
| Q2 25 | $78.6M | $257.3M | ||
| Q1 25 | $79.5M | $213.4M | ||
| Q4 24 | $94.9M | $219.0M | ||
| Q3 24 | $95.4M | $162.1M | ||
| Q2 24 | $141.1M | $127.6M | ||
| Q1 24 | $179.3M | $127.8M |
| Q4 25 | $214.2M | $18.6M | ||
| Q3 25 | $-144.0M | $31.8M | ||
| Q2 25 | $-936.8M | $5.6M | ||
| Q1 25 | $576.3M | $-2.4M | ||
| Q4 24 | $-265.5M | $-2.8M | ||
| Q3 24 | $-455.3M | $-6.8M | ||
| Q2 24 | $-902.2M | $-54.5M | ||
| Q1 24 | $210.7M | $-64.6M |
| Q4 25 | 26.0% | — | ||
| Q3 25 | 4.8% | — | ||
| Q2 25 | 6.4% | — | ||
| Q1 25 | 10.3% | — | ||
| Q4 24 | 5.0% | — | ||
| Q3 24 | -0.2% | — | ||
| Q2 24 | 27.5% | — | ||
| Q1 24 | 43.3% | — |
| Q4 25 | -149.5% | 6.4% | ||
| Q3 25 | -67.6% | 8.5% | ||
| Q2 25 | -33.4% | 1.8% | ||
| Q1 25 | -59.1% | -2.1% | ||
| Q4 24 | -41.9% | -2.2% | ||
| Q3 24 | -43.2% | -27.8% | ||
| Q2 24 | -64.3% | -43.5% | ||
| Q1 24 | 30.8% | -52.8% |
| Q4 25 | 268.5% | 6.3% | ||
| Q3 25 | -177.6% | 11.5% | ||
| Q2 25 | -1191.4% | 2.2% | ||
| Q1 25 | 724.6% | -1.1% | ||
| Q4 24 | -279.7% | -1.3% | ||
| Q3 24 | -477.4% | -4.2% | ||
| Q2 24 | -639.4% | -42.7% | ||
| Q1 24 | 117.5% | -50.5% |
| Q4 25 | $-1.63 | $0.20 | ||
| Q3 25 | $-0.45 | $0.23 | ||
| Q2 25 | $-0.04 | $0.05 | ||
| Q1 25 | $1.24 | $-0.03 | ||
| Q4 24 | $0.51 | $-0.01 | ||
| Q3 24 | $-1.17 | $-0.07 | ||
| Q2 24 | $-5.05 | $-0.62 | ||
| Q1 24 | $0.78 | $-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 | $311.4M | $652.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-962.7M | $798.8M |
| Total Assets | $2.3B | $3.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $311.4M | $652.4M | ||
| Q3 25 | $453.4M | $489.8M | ||
| Q2 25 | $581.3M | $395.9M | ||
| Q1 25 | $697.9M | $599.8M | ||
| Q4 24 | $836.2M | $788.4M | ||
| Q3 24 | $253.0M | — | ||
| Q2 24 | $96.1M | — | ||
| Q1 24 | $98.1M | — |
| Q4 25 | $-962.7M | $798.8M | ||
| Q3 25 | $-1.3B | $743.7M | ||
| Q2 25 | $-1.2B | $722.0M | ||
| Q1 25 | $-308.8M | $676.6M | ||
| Q4 24 | $-943.0M | $633.2M | ||
| Q3 24 | $-826.7M | $595.5M | ||
| Q2 24 | $-1.2B | $594.7M | ||
| Q1 24 | $-318.5M | $612.8M |
| Q4 25 | $2.3B | $3.0B | ||
| Q3 25 | $2.2B | $2.9B | ||
| Q2 25 | $1.9B | $2.5B | ||
| Q1 25 | $1.5B | $2.3B | ||
| Q4 24 | $1.5B | $2.4B | ||
| Q3 24 | $824.6M | $1.8B | ||
| Q2 24 | $664.2M | $1.8B | ||
| Q1 24 | $814.0M | $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 | $278.3M | $108.6M |
| Free Cash FlowOCF − Capex | $-450.8M | $108.4M |
| FCF MarginFCF / Revenue | -565.1% | 36.6% |
| Capex IntensityCapex / Revenue | 914.0% | 0.1% |
| Cash ConversionOCF / Net Profit | 1.30× | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | $-779.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $278.3M | $108.6M | ||
| Q3 25 | $131.8M | $-122.6M | ||
| Q2 25 | $34.0M | $-120.2M | ||
| Q1 25 | $-45.0M | $-13.5M | ||
| Q4 24 | $42.9M | $-110.9M | ||
| Q3 24 | $5.7M | $179.3M | ||
| Q2 24 | $1.2M | $65.3M | ||
| Q1 24 | $22.2M | $52.6M |
| Q4 25 | $-450.8M | $108.4M | ||
| Q3 25 | $-112.7M | $-122.7M | ||
| Q2 25 | $-87.3M | $-120.3M | ||
| Q1 25 | $-129.0M | — | ||
| Q4 24 | $-52.1M | — | ||
| Q3 24 | $-25.5M | $179.2M | ||
| Q2 24 | $-1.9M | $65.3M | ||
| Q1 24 | $-9.7M | $51.9M |
| Q4 25 | -565.1% | 36.6% | ||
| Q3 25 | -139.0% | -44.3% | ||
| Q2 25 | -111.0% | -46.7% | ||
| Q1 25 | -162.2% | — | ||
| Q4 24 | -54.8% | — | ||
| Q3 24 | -26.7% | 110.5% | ||
| Q2 24 | -1.4% | 51.1% | ||
| Q1 24 | -5.4% | 40.6% |
| Q4 25 | 914.0% | 0.1% | ||
| Q3 25 | 301.5% | 0.0% | ||
| Q2 25 | 154.2% | 0.0% | ||
| Q1 25 | 105.6% | 0.0% | ||
| Q4 24 | 100.0% | 0.0% | ||
| Q3 24 | 32.7% | 0.1% | ||
| Q2 24 | 2.2% | 0.0% | ||
| Q1 24 | 17.8% | 0.5% |
| Q4 25 | 1.30× | 5.82× | ||
| Q3 25 | — | -3.86× | ||
| Q2 25 | — | -21.43× | ||
| Q1 25 | -0.08× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.11× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CORZ
| Other | $36.3M | 46% |
| Digital Asset Self Mining Service | $31.8M | 40% |
| Colocation Service | $11.6M | 15% |
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% |
