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Side-by-side financial comparison of IDEX Corporation (IEX) and Upstart Holdings, Inc. (UPST). Click either name above to swap in a different company.
IDEX Corporation is the larger business by last-quarter revenue ($398.4M vs $296.1M, roughly 1.3× Upstart Holdings, Inc.). IDEX Corporation runs the higher net margin — 30.1% vs 6.3%, a 23.8% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs 16.7%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M vs $86.0M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs -29.4%).
IDEX can refer to several things, including:International Defence Exhibition, a biennial arms and defense technology sales exhibition IDEX Corporation, a publicly listed company that makes fluidics systems and specialty engineered products Ideanomics, a publicly traded company that trades under the IDEX ticker symbol.
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.
IEX vs UPST — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $398.4M | $296.1M |
| Net Profit | $120.0M | $18.6M |
| Gross Margin | 99.9% | — |
| Operating Margin | 43.3% | 6.4% |
| Net Margin | 30.1% | 6.3% |
| Revenue YoY | 16.7% | 35.2% |
| Net Profit YoY | 25.7% | 776.4% |
| EPS (diluted) | $1.61 | $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.
| Q2 26 | $398.4M | — | ||
| Q1 26 | $407.7M | — | ||
| Q4 25 | $899.1M | $296.1M | ||
| Q3 25 | $878.7M | $277.1M | ||
| Q2 25 | $865.4M | $257.3M | ||
| Q1 25 | $814.3M | $213.4M | ||
| Q4 24 | $862.9M | $219.0M | ||
| Q3 24 | $798.2M | $162.1M |
| Q2 26 | $120.0M | — | ||
| Q1 26 | $128.3M | — | ||
| Q4 25 | $128.3M | $18.6M | ||
| Q3 25 | $127.8M | $31.8M | ||
| Q2 25 | $131.6M | $5.6M | ||
| Q1 25 | $95.5M | $-2.4M | ||
| Q4 24 | $123.2M | $-2.8M | ||
| Q3 24 | $119.1M | $-6.8M |
| Q2 26 | 99.9% | — | ||
| Q1 26 | 94.9% | — | ||
| Q4 25 | 43.1% | — | ||
| Q3 25 | 44.5% | — | ||
| Q2 25 | 45.3% | — | ||
| Q1 25 | 45.3% | — | ||
| Q4 24 | 42.5% | — | ||
| Q3 24 | 44.3% | — |
| Q2 26 | 43.3% | — | ||
| Q1 26 | 45.0% | — | ||
| Q4 25 | 20.4% | 6.4% | ||
| Q3 25 | 21.1% | 8.5% | ||
| Q2 25 | 21.7% | 1.8% | ||
| Q1 25 | 17.4% | -2.1% | ||
| Q4 24 | 19.2% | -2.2% | ||
| Q3 24 | 21.0% | -27.8% |
| Q2 26 | 30.1% | — | ||
| Q1 26 | 31.5% | — | ||
| Q4 25 | 14.3% | 6.3% | ||
| Q3 25 | 14.5% | 11.5% | ||
| Q2 25 | 15.2% | 2.2% | ||
| Q1 25 | 11.7% | -1.1% | ||
| Q4 24 | 14.3% | -1.3% | ||
| Q3 24 | 14.9% | -4.2% |
| Q2 26 | $1.61 | — | ||
| Q1 26 | $1.71 | — | ||
| Q4 25 | $1.71 | $0.20 | ||
| Q3 25 | $1.70 | $0.23 | ||
| Q2 25 | $1.74 | $0.05 | ||
| Q1 25 | $1.26 | $-0.03 | ||
| Q4 24 | $1.61 | $-0.01 | ||
| Q3 24 | $1.57 | $-0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $586.2M | $652.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $4.0B | $798.8M |
| Total Assets | $6.9B | $3.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q2 26 | $586.2M | — | ||
| Q1 26 | $580.0M | — | ||
| Q4 25 | $580.0M | $652.4M | ||
| Q3 25 | $593.8M | $489.8M | ||
| Q2 25 | $568.2M | $395.9M | ||
| Q1 25 | $594.1M | $599.8M | ||
| Q4 24 | $620.8M | $788.4M | ||
| Q3 24 | $633.2M | — |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $2.1B | — |
| Q2 26 | $4.0B | — | ||
| Q1 26 | $4.0B | — | ||
| Q4 25 | $4.0B | $798.8M | ||
| Q3 25 | $4.0B | $743.7M | ||
| Q2 25 | $4.0B | $722.0M | ||
| Q1 25 | $3.9B | $676.6M | ||
| Q4 24 | $3.8B | $633.2M | ||
| Q3 24 | $3.8B | $595.5M |
| Q2 26 | $6.9B | — | ||
| Q1 26 | $6.9B | — | ||
| Q4 25 | $6.9B | $3.0B | ||
| Q3 25 | $7.0B | $2.9B | ||
| Q2 25 | $6.9B | $2.5B | ||
| Q1 25 | $6.8B | $2.3B | ||
| Q4 24 | $6.7B | $2.4B | ||
| Q3 24 | $7.0B | $1.8B |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | 0.45× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.46× | — | ||
| Q1 25 | 0.50× | — | ||
| Q4 24 | 0.52× | — | ||
| Q3 24 | 0.55× | — |
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 | — | $108.6M |
| Free Cash FlowOCF − Capex | $86.0M | $108.4M |
| FCF MarginFCF / Revenue | 21.6% | 36.6% |
| Capex IntensityCapex / Revenue | 4.4% | 0.1% |
| Cash ConversionOCF / Net Profit | — | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | $654.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | $209.5M | $108.6M | ||
| Q3 25 | $203.5M | $-122.6M | ||
| Q2 25 | $161.7M | $-120.2M | ||
| Q1 25 | $105.7M | $-13.5M | ||
| Q4 24 | $172.6M | $-110.9M | ||
| Q3 24 | $205.3M | $179.3M |
| Q2 26 | $86.0M | — | ||
| Q1 26 | $189.8M | — | ||
| Q4 25 | $189.8M | $108.4M | ||
| Q3 25 | $188.7M | $-122.7M | ||
| Q2 25 | $146.9M | $-120.3M | ||
| Q1 25 | $91.4M | — | ||
| Q4 24 | $157.1M | — | ||
| Q3 24 | $191.6M | $179.2M |
| Q2 26 | 21.6% | — | ||
| Q1 26 | 46.6% | — | ||
| Q4 25 | 21.1% | 36.6% | ||
| Q3 25 | 21.5% | -44.3% | ||
| Q2 25 | 17.0% | -46.7% | ||
| Q1 25 | 11.2% | — | ||
| Q4 24 | 18.2% | — | ||
| Q3 24 | 24.0% | 110.5% |
| Q2 26 | 4.4% | — | ||
| Q1 26 | 15.6% | — | ||
| Q4 25 | 2.2% | 0.1% | ||
| Q3 25 | 1.7% | 0.0% | ||
| Q2 25 | 1.7% | 0.0% | ||
| Q1 25 | 1.8% | 0.0% | ||
| Q4 24 | 1.8% | 0.0% | ||
| Q3 24 | 1.7% | 0.1% |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | 1.63× | 5.82× | ||
| Q3 25 | 1.59× | -3.86× | ||
| Q2 25 | 1.23× | -21.43× | ||
| Q1 25 | 1.11× | — | ||
| Q4 24 | 1.40× | — | ||
| Q3 24 | 1.72× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IEX
Segment breakdown not available.
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% |
