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Side-by-side financial comparison of Fastly, Inc. (FSLY) 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 $172.6M, roughly 1.7× Fastly, Inc.). Upstart Holdings, Inc. runs the higher net margin — 6.3% vs -9.0%, a 15.3% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs 22.8%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M vs $12.2M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs 13.7%).
Fastly, Inc. is an American company based in San Francisco, which describes itself as a cloud computing company. Fastly provides content delivery network services, image optimization, and load balancing services. Fastly's cloud security services include denial-of-service attack protection, bot mitigation, and a web application firewall.
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.
FSLY vs UPST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $172.6M | $296.1M |
| Net Profit | $-15.5M | $18.6M |
| Gross Margin | 61.4% | — |
| Operating Margin | -8.7% | 6.4% |
| Net Margin | -9.0% | 6.3% |
| Revenue YoY | 22.8% | 35.2% |
| Net Profit YoY | 52.9% | 776.4% |
| EPS (diluted) | $-0.10 | $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 | $172.6M | $296.1M | ||
| Q3 25 | $158.2M | $277.1M | ||
| Q2 25 | $148.7M | $257.3M | ||
| Q1 25 | $144.5M | $213.4M | ||
| Q4 24 | $140.6M | $219.0M | ||
| Q3 24 | $137.2M | $162.1M | ||
| Q2 24 | $132.4M | $127.6M | ||
| Q1 24 | $133.5M | $127.8M |
| Q4 25 | $-15.5M | $18.6M | ||
| Q3 25 | $-29.5M | $31.8M | ||
| Q2 25 | $-37.5M | $5.6M | ||
| Q1 25 | $-39.1M | $-2.4M | ||
| Q4 24 | $-32.9M | $-2.8M | ||
| Q3 24 | $-38.0M | $-6.8M | ||
| Q2 24 | $-43.7M | $-54.5M | ||
| Q1 24 | $-43.4M | $-64.6M |
| Q4 25 | 61.4% | — | ||
| Q3 25 | 58.4% | — | ||
| Q2 25 | 54.5% | — | ||
| Q1 25 | 53.2% | — | ||
| Q4 24 | 53.4% | — | ||
| Q3 24 | 54.5% | — | ||
| Q2 24 | 55.1% | — | ||
| Q1 24 | 54.8% | — |
| Q4 25 | -8.7% | 6.4% | ||
| Q3 25 | -18.2% | 8.5% | ||
| Q2 25 | -24.8% | 1.8% | ||
| Q1 25 | -26.4% | -2.1% | ||
| Q4 24 | -24.4% | -2.2% | ||
| Q3 24 | -29.6% | -27.8% | ||
| Q2 24 | -35.3% | -43.5% | ||
| Q1 24 | -34.6% | -52.8% |
| Q4 25 | -9.0% | 6.3% | ||
| Q3 25 | -18.6% | 11.5% | ||
| Q2 25 | -25.2% | 2.2% | ||
| Q1 25 | -27.1% | -1.1% | ||
| Q4 24 | -23.4% | -1.3% | ||
| Q3 24 | -27.7% | -4.2% | ||
| Q2 24 | -33.0% | -42.7% | ||
| Q1 24 | -32.5% | -50.5% |
| Q4 25 | $-0.10 | $0.20 | ||
| Q3 25 | $-0.20 | $0.23 | ||
| Q2 25 | $-0.26 | $0.05 | ||
| Q1 25 | $-0.27 | $-0.03 | ||
| Q4 24 | $-0.23 | $-0.01 | ||
| Q3 24 | $-0.27 | $-0.07 | ||
| Q2 24 | $-0.32 | $-0.62 | ||
| Q1 24 | $-0.32 | $-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 | $361.8M | $652.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $929.6M | $798.8M |
| Total Assets | $1.5B | $3.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $361.8M | $652.4M | ||
| Q3 25 | $342.9M | $489.8M | ||
| Q2 25 | $321.2M | $395.9M | ||
| Q1 25 | $307.3M | $599.8M | ||
| Q4 24 | $295.9M | $788.4M | ||
| Q3 24 | $308.2M | — | ||
| Q2 24 | $311.8M | — | ||
| Q1 24 | $329.5M | — |
| Q4 25 | $929.6M | $798.8M | ||
| Q3 25 | $937.0M | $743.7M | ||
| Q2 25 | $942.6M | $722.0M | ||
| Q1 25 | $957.0M | $676.6M | ||
| Q4 24 | $965.3M | $633.2M | ||
| Q3 24 | $969.5M | $595.5M | ||
| Q2 24 | $981.2M | $594.7M | ||
| Q1 24 | $991.8M | $612.8M |
| Q4 25 | $1.5B | $3.0B | ||
| Q3 25 | $1.5B | $2.9B | ||
| Q2 25 | $1.5B | $2.5B | ||
| Q1 25 | $1.4B | $2.3B | ||
| Q4 24 | $1.5B | $2.4B | ||
| Q3 24 | $1.5B | $1.8B | ||
| Q2 24 | $1.5B | $1.8B | ||
| Q1 24 | $1.5B | $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 | $22.4M | $108.6M |
| Free Cash FlowOCF − Capex | $12.2M | $108.4M |
| FCF MarginFCF / Revenue | 7.1% | 36.6% |
| Capex IntensityCapex / Revenue | 5.9% | 0.1% |
| Cash ConversionOCF / Net Profit | — | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | $65.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $22.4M | $108.6M | ||
| Q3 25 | $28.9M | $-122.6M | ||
| Q2 25 | $25.8M | $-120.2M | ||
| Q1 25 | $17.3M | $-13.5M | ||
| Q4 24 | $5.2M | $-110.9M | ||
| Q3 24 | $5.0M | $179.3M | ||
| Q2 24 | $-4.9M | $65.3M | ||
| Q1 24 | $11.1M | $52.6M |
| Q4 25 | $12.2M | $108.4M | ||
| Q3 25 | $22.9M | $-122.7M | ||
| Q2 25 | $15.9M | $-120.3M | ||
| Q1 25 | $14.7M | — | ||
| Q4 24 | $251.0K | — | ||
| Q3 24 | $3.0M | $179.2M | ||
| Q2 24 | $-6.7M | $65.3M | ||
| Q1 24 | $9.5M | $51.9M |
| Q4 25 | 7.1% | 36.6% | ||
| Q3 25 | 14.5% | -44.3% | ||
| Q2 25 | 10.7% | -46.7% | ||
| Q1 25 | 10.2% | — | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 2.2% | 110.5% | ||
| Q2 24 | -5.1% | 51.1% | ||
| Q1 24 | 7.1% | 40.6% |
| Q4 25 | 5.9% | 0.1% | ||
| Q3 25 | 3.8% | 0.0% | ||
| Q2 25 | 6.6% | 0.0% | ||
| Q1 25 | 1.8% | 0.0% | ||
| Q4 24 | 3.5% | 0.0% | ||
| Q3 24 | 1.5% | 0.1% | ||
| Q2 24 | 1.3% | 0.0% | ||
| Q1 24 | 1.2% | 0.5% |
| Q4 25 | — | 5.82× | ||
| Q3 25 | — | -3.86× | ||
| Q2 25 | — | -21.43× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FSLY
| Network Services | $130.8M | 76% |
| Security | $35.4M | 21% |
| Other | $6.4M | 4% |
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% |
