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Side-by-side financial comparison of loanDepot, Inc. (LDI) and Upstart Holdings, Inc. (UPST). Click either name above to swap in a different company.
loanDepot, Inc. is the larger business by last-quarter revenue ($310.3M vs $296.1M, roughly 1.0× Upstart Holdings, Inc.). Upstart Holdings, Inc. runs the higher net margin — 6.3% vs -7.2%, a 13.5% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs 20.5%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M vs $-648.0M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs 18.0%).
LoanDepot, sometimes stylized as loanDepot, is an Irvine, California-based nonbank holding company which sells mortgage and non-mortgage lending products.
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.
LDI vs UPST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $310.3M | $296.1M |
| Net Profit | $-22.5M | $18.6M |
| Gross Margin | — | — |
| Operating Margin | -10.3% | 6.4% |
| Net Margin | -7.2% | 6.3% |
| Revenue YoY | 20.5% | 35.2% |
| Net Profit YoY | 32.4% | 776.4% |
| EPS (diluted) | — | $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 | $310.3M | $296.1M | ||
| Q3 25 | $323.3M | $277.1M | ||
| Q2 25 | $282.5M | $257.3M | ||
| Q1 25 | $273.6M | $213.4M | ||
| Q4 24 | $257.5M | $219.0M | ||
| Q3 24 | $314.6M | $162.1M | ||
| Q2 24 | $265.4M | $127.6M | ||
| Q1 24 | $222.8M | $127.8M |
| Q4 25 | $-22.5M | $18.6M | ||
| Q3 25 | $-4.9M | $31.8M | ||
| Q2 25 | $-13.4M | $5.6M | ||
| Q1 25 | $-21.9M | $-2.4M | ||
| Q4 24 | $-33.2M | $-2.8M | ||
| Q3 24 | $1.4M | $-6.8M | ||
| Q2 24 | $-32.2M | $-54.5M | ||
| Q1 24 | $-34.3M | $-64.6M |
| Q4 25 | -10.3% | 6.4% | ||
| Q3 25 | -3.2% | 8.5% | ||
| Q2 25 | -11.4% | 1.8% | ||
| Q1 25 | -16.8% | -2.1% | ||
| Q4 24 | -32.7% | -2.2% | ||
| Q3 24 | 1.1% | -27.8% | ||
| Q2 24 | -29.1% | -43.5% | ||
| Q1 24 | -38.2% | -52.8% |
| Q4 25 | -7.2% | 6.3% | ||
| Q3 25 | -1.5% | 11.5% | ||
| Q2 25 | -4.7% | 2.2% | ||
| Q1 25 | -8.0% | -1.1% | ||
| Q4 24 | -12.9% | -1.3% | ||
| Q3 24 | 0.4% | -4.2% | ||
| Q2 24 | -12.1% | -42.7% | ||
| Q1 24 | -15.4% | -50.5% |
| Q4 25 | — | $0.20 | ||
| Q3 25 | — | $0.23 | ||
| Q2 25 | — | $0.05 | ||
| Q1 25 | — | $-0.03 | ||
| Q4 24 | — | $-0.01 | ||
| Q3 24 | $0.01 | $-0.07 | ||
| Q2 24 | $-0.18 | $-0.62 | ||
| Q1 24 | $-0.19 | $-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 | $337.2M | $652.4M |
| Total DebtLower is stronger | $2.1B | — |
| Stockholders' EquityBook value | $386.0M | $798.8M |
| Total Assets | $6.9B | $3.0B |
| Debt / EquityLower = less leverage | 5.44× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $337.2M | $652.4M | ||
| Q3 25 | $459.2M | $489.8M | ||
| Q2 25 | $408.6M | $395.9M | ||
| Q1 25 | $371.5M | $599.8M | ||
| Q4 24 | $421.6M | $788.4M | ||
| Q3 24 | $483.0M | — | ||
| Q2 24 | $533.2M | — | ||
| Q1 24 | $603.7M | — |
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $2.0B | — | ||
| Q1 24 | $2.3B | — |
| Q4 25 | $386.0M | $798.8M | ||
| Q3 25 | $433.3M | $743.7M | ||
| Q2 25 | $439.1M | $722.0M | ||
| Q1 25 | $469.3M | $676.6M | ||
| Q4 24 | $506.6M | $633.2M | ||
| Q3 24 | $592.0M | $595.5M | ||
| Q2 24 | $578.9M | $594.7M | ||
| Q1 24 | $637.3M | $612.8M |
| Q4 25 | $6.9B | $3.0B | ||
| Q3 25 | $6.2B | $2.9B | ||
| Q2 25 | $6.2B | $2.5B | ||
| Q1 25 | $6.4B | $2.3B | ||
| Q4 24 | $6.3B | $2.4B | ||
| Q3 24 | $6.4B | $1.8B | ||
| Q2 24 | $5.9B | $1.8B | ||
| Q1 24 | $6.2B | $1.9B |
| Q4 25 | 5.44× | — | ||
| Q3 25 | 4.83× | — | ||
| Q2 25 | 4.70× | — | ||
| Q1 25 | 4.30× | — | ||
| Q4 24 | 4.00× | — | ||
| Q3 24 | 3.31× | — | ||
| Q2 24 | 3.41× | — | ||
| Q1 24 | 3.63× | — |
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 | $-638.7M | $108.6M |
| Free Cash FlowOCF − Capex | $-648.0M | $108.4M |
| FCF MarginFCF / Revenue | -208.9% | 36.6% |
| Capex IntensityCapex / Revenue | 3.0% | 0.1% |
| Cash ConversionOCF / Net Profit | — | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | $-734.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-638.7M | $108.6M | ||
| Q3 25 | $43.4M | $-122.6M | ||
| Q2 25 | $67.6M | $-120.2M | ||
| Q1 25 | $-179.9M | $-13.5M | ||
| Q4 24 | $47.7M | $-110.9M | ||
| Q3 24 | $-349.2M | $179.3M | ||
| Q2 24 | $-278.3M | $65.3M | ||
| Q1 24 | $-278.5M | $52.6M |
| Q4 25 | $-648.0M | $108.4M | ||
| Q3 25 | $38.7M | $-122.7M | ||
| Q2 25 | $61.4M | $-120.3M | ||
| Q1 25 | $-186.7M | — | ||
| Q4 24 | $40.8M | — | ||
| Q3 24 | $-356.4M | $179.2M | ||
| Q2 24 | $-285.7M | $65.3M | ||
| Q1 24 | $-283.3M | $51.9M |
| Q4 25 | -208.9% | 36.6% | ||
| Q3 25 | 12.0% | -44.3% | ||
| Q2 25 | 21.7% | -46.7% | ||
| Q1 25 | -68.2% | — | ||
| Q4 24 | 15.8% | — | ||
| Q3 24 | -113.3% | 110.5% | ||
| Q2 24 | -107.7% | 51.1% | ||
| Q1 24 | -127.2% | 40.6% |
| Q4 25 | 3.0% | 0.1% | ||
| Q3 25 | 1.5% | 0.0% | ||
| Q2 25 | 2.2% | 0.0% | ||
| Q1 25 | 2.5% | 0.0% | ||
| Q4 24 | 2.7% | 0.0% | ||
| Q3 24 | 2.3% | 0.1% | ||
| Q2 24 | 2.8% | 0.0% | ||
| Q1 24 | 2.1% | 0.5% |
| Q4 25 | — | 5.82× | ||
| Q3 25 | — | -3.86× | ||
| Q2 25 | — | -21.43× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -255.05× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LDI
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% |
