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Side-by-side financial comparison of DESCARTES SYSTEMS GROUP INC (DSGX) 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 ($308.2M vs $179.8M, roughly 1.7× DESCARTES SYSTEMS GROUP INC). DESCARTES SYSTEMS GROUP INC runs the higher net margin — 21.1% vs -2.2%, a 23.3% gap on every dollar of revenue.
The Descartes Systems Group Inc. is a Canadian multinational technology company specializing in logistics software, supply chain management software, and cloud-based services for logistics businesses.
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.
DSGX vs UPST — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $179.8M | $308.2M |
| Net Profit | $38.0M | $-6.6M |
| Gross Margin | 76.9% | — |
| Operating Margin | 26.8% | -2.4% |
| Net Margin | 21.1% | -2.2% |
| Revenue YoY | — | 44.4% |
| Net Profit YoY | — | -171.6% |
| EPS (diluted) | $0.43 | $-0.07 |
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 | — | $308.2M | ||
| Q4 25 | — | $296.1M | ||
| Q3 25 | $179.8M | $277.1M | ||
| Q2 25 | — | $257.3M | ||
| Q1 25 | — | $213.4M | ||
| Q4 24 | — | $219.0M | ||
| Q3 24 | $163.4M | $162.1M | ||
| Q2 24 | — | $127.6M |
| Q1 26 | — | $-6.6M | ||
| Q4 25 | — | $18.6M | ||
| Q3 25 | $38.0M | $31.8M | ||
| Q2 25 | — | $5.6M | ||
| Q1 25 | — | $-2.4M | ||
| Q4 24 | — | $-2.8M | ||
| Q3 24 | $34.7M | $-6.8M | ||
| Q2 24 | — | $-54.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 76.9% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 75.2% | — | ||
| Q2 24 | — | — |
| Q1 26 | — | -2.4% | ||
| Q4 25 | — | 6.4% | ||
| Q3 25 | 26.8% | 8.5% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | -2.1% | ||
| Q4 24 | — | -2.2% | ||
| Q3 24 | 28.1% | -27.8% | ||
| Q2 24 | — | -43.5% |
| Q1 26 | — | -2.2% | ||
| Q4 25 | — | 6.3% | ||
| Q3 25 | 21.1% | 11.5% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | -1.1% | ||
| Q4 24 | — | -1.3% | ||
| Q3 24 | 21.2% | -4.2% | ||
| Q2 24 | — | -42.7% |
| Q1 26 | — | $-0.07 | ||
| Q4 25 | — | $0.20 | ||
| Q3 25 | $0.43 | $0.23 | ||
| Q2 25 | — | $0.05 | ||
| Q1 25 | — | $-0.03 | ||
| Q4 24 | — | $-0.01 | ||
| Q3 24 | $0.40 | $-0.07 | ||
| Q2 24 | — | $-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 | $240.6M | $472.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $733.2M |
| Total Assets | $1.8B | $3.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $472.9M | ||
| Q4 25 | — | $652.4M | ||
| Q3 25 | $240.6M | $489.8M | ||
| Q2 25 | — | $395.9M | ||
| Q1 25 | — | $599.8M | ||
| Q4 24 | — | $788.4M | ||
| Q3 24 | $252.7M | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $733.2M | ||
| Q4 25 | — | $798.8M | ||
| Q3 25 | $1.5B | $743.7M | ||
| Q2 25 | — | $722.0M | ||
| Q1 25 | — | $676.6M | ||
| Q4 24 | — | $633.2M | ||
| Q3 24 | $1.3B | $595.5M | ||
| Q2 24 | — | $594.7M |
| Q1 26 | — | $3.0B | ||
| Q4 25 | — | $3.0B | ||
| Q3 25 | $1.8B | $2.9B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | $1.6B | $1.8B | ||
| Q2 24 | — | $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 | $63.3M | $-133.3M |
| Free Cash FlowOCF − Capex | $62.1M | — |
| FCF MarginFCF / Revenue | 34.5% | — |
| Capex IntensityCapex / Revenue | 0.7% | — |
| Cash ConversionOCF / Net Profit | 1.67× | — |
| TTM Free Cash FlowTrailing 4 quarters | $189.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-133.3M | ||
| Q4 25 | — | $108.6M | ||
| Q3 25 | $63.3M | $-122.6M | ||
| Q2 25 | — | $-120.2M | ||
| Q1 25 | — | $-13.5M | ||
| Q4 24 | — | $-110.9M | ||
| Q3 24 | $34.7M | $179.3M | ||
| Q2 24 | — | $65.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $108.4M | ||
| Q3 25 | $62.1M | $-122.7M | ||
| Q2 25 | — | $-120.3M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $33.1M | $179.2M | ||
| Q2 24 | — | $65.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 36.6% | ||
| Q3 25 | 34.5% | -44.3% | ||
| Q2 25 | — | -46.7% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 20.2% | 110.5% | ||
| Q2 24 | — | 51.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.1% | ||
| Q3 25 | 0.7% | 0.0% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | 1.0% | 0.1% | ||
| Q2 24 | — | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | 5.82× | ||
| Q3 25 | 1.67× | -3.86× | ||
| Q2 25 | — | -21.43× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.00× | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DSGX
Segment breakdown not available.
UPST
| Platform and referral fees, net | $224.6M | 73% |
| Servicing and other fees, net | $52.4M | 17% |
| Other | $31.2M | 10% |
