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Side-by-side financial comparison of Dayforce (DAY) and Upstart Holdings, Inc. (UPST). Click either name above to swap in a different company.
Dayforce is the larger business by last-quarter revenue ($481.6M vs $296.1M, roughly 1.6× Upstart Holdings, Inc.). Upstart Holdings, Inc. runs the higher net margin — 6.3% vs -40.9%, a 47.2% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs 9.5%). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs 9.8%).
Dayforce, Inc., formerly Ceridian, is an American human resources software and services company.
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.
DAY vs UPST — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $481.6M | $296.1M |
| Net Profit | $-196.8M | $18.6M |
| Gross Margin | — | — |
| Operating Margin | 6.3% | 6.4% |
| Net Margin | -40.9% | 6.3% |
| Revenue YoY | 9.5% | 35.2% |
| Net Profit YoY | -9940.0% | 776.4% |
| EPS (diluted) | $-1.23 | $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 | — | $296.1M | ||
| Q3 25 | $481.6M | $277.1M | ||
| Q2 25 | $464.7M | $257.3M | ||
| Q1 25 | $481.8M | $213.4M | ||
| Q4 24 | $465.2M | $219.0M | ||
| Q3 24 | $440.0M | $162.1M | ||
| Q2 24 | $423.3M | $127.6M | ||
| Q1 24 | $431.5M | $127.8M |
| Q4 25 | — | $18.6M | ||
| Q3 25 | $-196.8M | $31.8M | ||
| Q2 25 | $21.3M | $5.6M | ||
| Q1 25 | $14.9M | $-2.4M | ||
| Q4 24 | $10.8M | $-2.8M | ||
| Q3 24 | $2.0M | $-6.8M | ||
| Q2 24 | $-1.8M | $-54.5M | ||
| Q1 24 | $7.1M | $-64.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 47.0% | — | ||
| Q3 24 | 45.8% | — | ||
| Q2 24 | 44.1% | — | ||
| Q1 24 | 47.6% | — |
| Q4 25 | — | 6.4% | ||
| Q3 25 | 6.3% | 8.5% | ||
| Q2 25 | 9.1% | 1.8% | ||
| Q1 25 | 6.4% | -2.1% | ||
| Q4 24 | 6.1% | -2.2% | ||
| Q3 24 | 4.7% | -27.8% | ||
| Q2 24 | 3.3% | -43.5% | ||
| Q1 24 | 9.4% | -52.8% |
| Q4 25 | — | 6.3% | ||
| Q3 25 | -40.9% | 11.5% | ||
| Q2 25 | 4.6% | 2.2% | ||
| Q1 25 | 3.1% | -1.1% | ||
| Q4 24 | 2.3% | -1.3% | ||
| Q3 24 | 0.5% | -4.2% | ||
| Q2 24 | -0.4% | -42.7% | ||
| Q1 24 | 1.6% | -50.5% |
| Q4 25 | — | $0.20 | ||
| Q3 25 | $-1.23 | $0.23 | ||
| Q2 25 | $0.13 | $0.05 | ||
| Q1 25 | $0.09 | $-0.03 | ||
| Q4 24 | $0.07 | $-0.01 | ||
| Q3 24 | $0.01 | $-0.07 | ||
| Q2 24 | $-0.01 | $-0.62 | ||
| Q1 24 | $0.04 | $-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 | $627.6M | $652.4M |
| Total DebtLower is stronger | $631.1M | — |
| Stockholders' EquityBook value | $2.7B | $798.8M |
| Total Assets | $8.7B | $3.0B |
| Debt / EquityLower = less leverage | 0.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $652.4M | ||
| Q3 25 | $627.6M | $489.8M | ||
| Q2 25 | $625.2M | $395.9M | ||
| Q1 25 | $557.3M | $599.8M | ||
| Q4 24 | $579.7M | $788.4M | ||
| Q3 24 | $494.1M | — | ||
| Q2 24 | $465.4M | — | ||
| Q1 24 | $392.5M | — |
| Q4 25 | — | — | ||
| Q3 25 | $631.1M | — | ||
| Q2 25 | $631.8M | — | ||
| Q1 25 | $632.4M | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | — |
| Q4 25 | — | $798.8M | ||
| Q3 25 | $2.7B | $743.7M | ||
| Q2 25 | $2.7B | $722.0M | ||
| Q1 25 | $2.6B | $676.6M | ||
| Q4 24 | $2.5B | $633.2M | ||
| Q3 24 | $2.6B | $595.5M | ||
| Q2 24 | $2.5B | $594.7M | ||
| Q1 24 | $2.4B | $612.8M |
| Q4 25 | — | $3.0B | ||
| Q3 25 | $8.7B | $2.9B | ||
| Q2 25 | $8.5B | $2.5B | ||
| Q1 25 | $9.5B | $2.3B | ||
| Q4 24 | $9.1B | $2.4B | ||
| Q3 24 | $8.1B | $1.8B | ||
| Q2 24 | $9.0B | $1.8B | ||
| Q1 24 | $10.8B | $1.9B |
| Q4 25 | — | — | ||
| Q3 25 | 0.23× | — | ||
| Q2 25 | 0.23× | — | ||
| Q1 25 | 0.24× | — | ||
| Q4 24 | 0.47× | — | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 0.49× | — | ||
| Q1 24 | 0.50× | — |
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 | $31.2M | $108.6M |
| Free Cash FlowOCF − Capex | — | $108.4M |
| FCF MarginFCF / Revenue | — | 36.6% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | — | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $108.6M | ||
| Q3 25 | $31.2M | $-122.6M | ||
| Q2 25 | $112.7M | $-120.2M | ||
| Q1 25 | $49.6M | $-13.5M | ||
| Q4 24 | $81.0M | $-110.9M | ||
| Q3 24 | $91.8M | $179.3M | ||
| Q2 24 | $99.2M | $65.3M | ||
| Q1 24 | $9.1M | $52.6M |
| Q4 25 | — | $108.4M | ||
| Q3 25 | — | $-122.7M | ||
| Q2 25 | — | $-120.3M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $179.2M | ||
| Q2 24 | — | $65.3M | ||
| Q1 24 | — | $51.9M |
| Q4 25 | — | 36.6% | ||
| Q3 25 | — | -44.3% | ||
| Q2 25 | — | -46.7% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 110.5% | ||
| Q2 24 | — | 51.1% | ||
| Q1 24 | — | 40.6% |
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.5% |
| Q4 25 | — | 5.82× | ||
| Q3 25 | — | -3.86× | ||
| Q2 25 | 5.29× | -21.43× | ||
| Q1 25 | 3.33× | — | ||
| Q4 24 | 7.50× | — | ||
| Q3 24 | 45.90× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.28× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DAY
| Dayforce Recurring | $333.0M | 69% |
| Cloud And Bureau Professional Services And Other | $78.5M | 16% |
| Float | $42.2M | 9% |
| Powerpay Recurring | $19.7M | 4% |
| Other Recurring | $8.2M | 2% |
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% |
