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Side-by-side financial comparison of Gogo Inc. (GOGO) 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 $230.6M, roughly 1.3× Gogo Inc.). Upstart Holdings, Inc. runs the higher net margin — 6.3% vs -4.3%, a 10.6% gap on every dollar of revenue. On growth, Gogo Inc. posted the faster year-over-year revenue change (67.3% vs 35.2%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M vs $-25.4M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs 48.7%).
Gogo Inc. is an American provider of in-flight broadband Internet service and other connectivity services for business aircraft, headquartered in Broomfield, Colorado. Through its Gogo LLC subsidiary, Gogo previously provided in-flight WiFi to 17 airlines until the Commercial Air business was sold to Intelsat for $400 million in December 2020. According to Gogo, over 2,500 commercial aircraft and 6,600 business aircraft have been equipped with its onboard Wi-Fi services. The company is the de...
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.
GOGO vs UPST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $230.6M | $296.1M |
| Net Profit | $-10.0M | $18.6M |
| Gross Margin | — | — |
| Operating Margin | 6.2% | 6.4% |
| Net Margin | -4.3% | 6.3% |
| Revenue YoY | 67.3% | 35.2% |
| Net Profit YoY | 64.6% | 776.4% |
| EPS (diluted) | $-0.08 | $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 | $230.6M | $296.1M | ||
| Q3 25 | $223.6M | $277.1M | ||
| Q2 25 | $226.0M | $257.3M | ||
| Q1 25 | $230.3M | $213.4M | ||
| Q4 24 | $137.8M | $219.0M | ||
| Q3 24 | $100.5M | $162.1M | ||
| Q2 24 | $102.1M | $127.6M | ||
| Q1 24 | $104.3M | $127.8M |
| Q4 25 | $-10.0M | $18.6M | ||
| Q3 25 | $-1.9M | $31.8M | ||
| Q2 25 | $12.8M | $5.6M | ||
| Q1 25 | $12.0M | $-2.4M | ||
| Q4 24 | $-28.2M | $-2.8M | ||
| Q3 24 | $10.6M | $-6.8M | ||
| Q2 24 | $839.0K | $-54.5M | ||
| Q1 24 | $30.5M | $-64.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 87.8% | — | ||
| Q1 25 | 87.3% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 6.2% | 6.4% | ||
| Q3 25 | 12.9% | 8.5% | ||
| Q2 25 | 15.9% | 1.8% | ||
| Q1 25 | 15.3% | -2.1% | ||
| Q4 24 | -17.5% | -2.2% | ||
| Q3 24 | 19.0% | -27.8% | ||
| Q2 24 | 21.2% | -43.5% | ||
| Q1 24 | 33.2% | -52.8% |
| Q4 25 | -4.3% | 6.3% | ||
| Q3 25 | -0.9% | 11.5% | ||
| Q2 25 | 5.7% | 2.2% | ||
| Q1 25 | 5.2% | -1.1% | ||
| Q4 24 | -20.5% | -1.3% | ||
| Q3 24 | 10.6% | -4.2% | ||
| Q2 24 | 0.8% | -42.7% | ||
| Q1 24 | 29.2% | -50.5% |
| Q4 25 | $-0.08 | $0.20 | ||
| Q3 25 | $-0.01 | $0.23 | ||
| Q2 25 | $0.09 | $0.05 | ||
| Q1 25 | $0.09 | $-0.03 | ||
| Q4 24 | $-0.22 | $-0.01 | ||
| Q3 24 | $0.08 | $-0.07 | ||
| Q2 24 | $0.01 | $-0.62 | ||
| Q1 24 | $0.23 | $-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 | $125.2M | $652.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $101.1M | $798.8M |
| Total Assets | $1.3B | $3.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.2M | $652.4M | ||
| Q3 25 | $133.6M | $489.8M | ||
| Q2 25 | $102.1M | $395.9M | ||
| Q1 25 | $70.3M | $599.8M | ||
| Q4 24 | $41.8M | $788.4M | ||
| Q3 24 | $176.7M | — | ||
| Q2 24 | $161.6M | — | ||
| Q1 24 | $152.8M | — |
| Q4 25 | $101.1M | $798.8M | ||
| Q3 25 | $107.0M | $743.7M | ||
| Q2 25 | $102.8M | $722.0M | ||
| Q1 25 | $82.9M | $676.6M | ||
| Q4 24 | $69.3M | $633.2M | ||
| Q3 24 | $52.7M | $595.5M | ||
| Q2 24 | $52.0M | $594.7M | ||
| Q1 24 | $62.4M | $612.8M |
| Q4 25 | $1.3B | $3.0B | ||
| Q3 25 | $1.3B | $2.9B | ||
| Q2 25 | $1.3B | $2.5B | ||
| Q1 25 | $1.2B | $2.3B | ||
| Q4 24 | $1.2B | $2.4B | ||
| Q3 24 | $810.7M | $1.8B | ||
| Q2 24 | $802.7M | $1.8B | ||
| Q1 24 | $809.0M | $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 | $8.5M | $108.6M |
| Free Cash FlowOCF − Capex | $-25.4M | $108.4M |
| FCF MarginFCF / Revenue | -11.0% | 36.6% |
| Capex IntensityCapex / Revenue | 14.7% | 0.1% |
| Cash ConversionOCF / Net Profit | — | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | $65.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.5M | $108.6M | ||
| Q3 25 | $46.8M | $-122.6M | ||
| Q2 25 | $36.7M | $-120.2M | ||
| Q1 25 | $32.5M | $-13.5M | ||
| Q4 24 | $-38.3M | $-110.9M | ||
| Q3 24 | $25.1M | $179.3M | ||
| Q2 24 | $24.9M | $65.3M | ||
| Q1 24 | $29.7M | $52.6M |
| Q4 25 | $-25.4M | $108.4M | ||
| Q3 25 | $27.3M | $-122.7M | ||
| Q2 25 | $33.5M | $-120.3M | ||
| Q1 25 | $29.7M | — | ||
| Q4 24 | $-42.6M | — | ||
| Q3 24 | $20.7M | $179.2M | ||
| Q2 24 | $21.6M | $65.3M | ||
| Q1 24 | $28.2M | $51.9M |
| Q4 25 | -11.0% | 36.6% | ||
| Q3 25 | 12.2% | -44.3% | ||
| Q2 25 | 14.8% | -46.7% | ||
| Q1 25 | 12.9% | — | ||
| Q4 24 | -30.9% | — | ||
| Q3 24 | 20.6% | 110.5% | ||
| Q2 24 | 21.1% | 51.1% | ||
| Q1 24 | 27.0% | 40.6% |
| Q4 25 | 14.7% | 0.1% | ||
| Q3 25 | 8.7% | 0.0% | ||
| Q2 25 | 1.4% | 0.0% | ||
| Q1 25 | 1.2% | 0.0% | ||
| Q4 24 | 3.1% | 0.0% | ||
| Q3 24 | 4.4% | 0.1% | ||
| Q2 24 | 3.3% | 0.0% | ||
| Q1 24 | 1.4% | 0.5% |
| Q4 25 | — | 5.82× | ||
| Q3 25 | — | -3.86× | ||
| Q2 25 | 2.87× | -21.43× | ||
| Q1 25 | 2.70× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.36× | — | ||
| Q2 24 | 29.74× | — | ||
| Q1 24 | 0.97× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GOGO
| Services | $191.9M | 83% |
| Products | $38.7M | 17% |
| Fcc Reimbursement Program | $2.0M | 1% |
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% |
