vs
Side-by-side financial comparison of Paylocity Holding Corp (PCTY) and Upstart Holdings, Inc. (UPST). Click either name above to swap in a different company.
Paylocity Holding Corp is the larger business by last-quarter revenue ($387.0M vs $296.1M, roughly 1.3× Upstart Holdings, Inc.). Paylocity Holding Corp runs the higher net margin — 13.0% vs 6.3%, a 6.7% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs 11.3%). Paylocity Holding Corp produced more free cash flow last quarter ($113.6M vs $108.4M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs 2.7%).
Paylocity Holding Corporation is an American provider of cloud-based payroll, , spend management, and human capital management (HCM) software.
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.
PCTY vs UPST — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $387.0M | $296.1M |
| Net Profit | $50.2M | $18.6M |
| Gross Margin | 72.9% | — |
| Operating Margin | 18.2% | 6.4% |
| Net Margin | 13.0% | 6.3% |
| Revenue YoY | 11.3% | 35.2% |
| Net Profit YoY | 34.0% | 776.4% |
| EPS (diluted) | $0.92 | $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 | $387.0M | $296.1M | ||
| Q3 25 | $378.9M | $277.1M | ||
| Q2 25 | $369.9M | $257.3M | ||
| Q1 25 | $421.1M | $213.4M | ||
| Q4 24 | $347.7M | $219.0M | ||
| Q3 24 | $333.1M | $162.1M | ||
| Q2 24 | $324.7M | $127.6M | ||
| Q1 24 | $366.8M | $127.8M |
| Q4 25 | $50.2M | $18.6M | ||
| Q3 25 | $48.0M | $31.8M | ||
| Q2 25 | $48.6M | $5.6M | ||
| Q1 25 | $91.5M | $-2.4M | ||
| Q4 24 | $37.5M | $-2.8M | ||
| Q3 24 | $49.6M | $-6.8M | ||
| Q2 24 | $48.8M | $-54.5M | ||
| Q1 24 | $85.3M | $-64.6M |
| Q4 25 | 72.9% | — | ||
| Q3 25 | 73.9% | — | ||
| Q2 25 | 73.5% | — | ||
| Q1 25 | 77.1% | — | ||
| Q4 24 | 72.6% | — | ||
| Q3 24 | 74.4% | — | ||
| Q2 24 | 74.0% | — | ||
| Q1 24 | 77.8% | — |
| Q4 25 | 18.2% | 6.4% | ||
| Q3 25 | 19.6% | 8.5% | ||
| Q2 25 | 17.9% | 1.8% | ||
| Q1 25 | 30.2% | -2.1% | ||
| Q4 24 | 13.4% | -2.2% | ||
| Q3 24 | 19.3% | -27.8% | ||
| Q2 24 | 19.4% | -43.5% | ||
| Q1 24 | 29.0% | -52.8% |
| Q4 25 | 13.0% | 6.3% | ||
| Q3 25 | 12.7% | 11.5% | ||
| Q2 25 | 13.1% | 2.2% | ||
| Q1 25 | 21.7% | -1.1% | ||
| Q4 24 | 10.8% | -1.3% | ||
| Q3 24 | 14.9% | -4.2% | ||
| Q2 24 | 15.0% | -42.7% | ||
| Q1 24 | 23.3% | -50.5% |
| Q4 25 | $0.92 | $0.20 | ||
| Q3 25 | $0.86 | $0.23 | ||
| Q2 25 | $0.87 | $0.05 | ||
| Q1 25 | $1.61 | $-0.03 | ||
| Q4 24 | $0.66 | $-0.01 | ||
| Q3 24 | $0.88 | $-0.07 | ||
| Q2 24 | $0.85 | $-0.62 | ||
| Q1 24 | $1.50 | $-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 | $162.5M | $652.4M |
| Total DebtLower is stronger | $81.3M | — |
| Stockholders' EquityBook value | $1.1B | $798.8M |
| Total Assets | $7.0B | $3.0B |
| Debt / EquityLower = less leverage | 0.07× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $162.5M | $652.4M | ||
| Q3 25 | $165.2M | $489.8M | ||
| Q2 25 | $398.1M | $395.9M | ||
| Q1 25 | $477.8M | $599.8M | ||
| Q4 24 | $482.4M | $788.4M | ||
| Q3 24 | $778.5M | — | ||
| Q2 24 | $401.8M | — | ||
| Q1 24 | $492.7M | — |
| Q4 25 | $81.3M | — | ||
| Q3 25 | $81.3M | — | ||
| Q2 25 | $162.5M | — | ||
| Q1 25 | $243.8M | — | ||
| Q4 24 | $325.0M | — | ||
| Q3 24 | $325.0M | — | ||
| Q2 24 | $0 | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.1B | $798.8M | ||
| Q3 25 | $1.1B | $743.7M | ||
| Q2 25 | $1.2B | $722.0M | ||
| Q1 25 | $1.2B | $676.6M | ||
| Q4 24 | $1.2B | $633.2M | ||
| Q3 24 | $1.1B | $595.5M | ||
| Q2 24 | $1.0B | $594.7M | ||
| Q1 24 | $1.1B | $612.8M |
| Q4 25 | $7.0B | $3.0B | ||
| Q3 25 | $4.2B | $2.9B | ||
| Q2 25 | $4.4B | $2.5B | ||
| Q1 25 | $5.2B | $2.3B | ||
| Q4 24 | $5.3B | $2.4B | ||
| Q3 24 | $4.0B | $1.8B | ||
| Q2 24 | $4.2B | $1.8B | ||
| Q1 24 | $5.0B | $1.9B |
| Q4 25 | 0.07× | — | ||
| Q3 25 | 0.07× | — | ||
| Q2 25 | 0.13× | — | ||
| Q1 25 | 0.20× | — | ||
| Q4 24 | 0.28× | — | ||
| Q3 24 | 0.29× | — | ||
| Q2 24 | 0.00× | — | ||
| Q1 24 | — | — |
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 | $117.0M | $108.6M |
| Free Cash FlowOCF − Capex | $113.6M | $108.4M |
| FCF MarginFCF / Revenue | 29.4% | 36.6% |
| Capex IntensityCapex / Revenue | 0.9% | 0.1% |
| Cash ConversionOCF / Net Profit | 2.33× | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | $461.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $117.0M | $108.6M | ||
| Q3 25 | $86.5M | $-122.6M | ||
| Q2 25 | $86.6M | $-120.2M | ||
| Q1 25 | $186.0M | $-13.5M | ||
| Q4 24 | $54.2M | $-110.9M | ||
| Q3 24 | $91.5M | $179.3M | ||
| Q2 24 | $79.9M | $65.3M | ||
| Q1 24 | $167.5M | $52.6M |
| Q4 25 | $113.6M | $108.4M | ||
| Q3 25 | $82.7M | $-122.7M | ||
| Q2 25 | $81.1M | $-120.3M | ||
| Q1 25 | $183.7M | — | ||
| Q4 24 | $51.2M | — | ||
| Q3 24 | $89.1M | $179.2M | ||
| Q2 24 | $73.6M | $65.3M | ||
| Q1 24 | $162.0M | $51.9M |
| Q4 25 | 29.4% | 36.6% | ||
| Q3 25 | 21.8% | -44.3% | ||
| Q2 25 | 21.9% | -46.7% | ||
| Q1 25 | 43.6% | — | ||
| Q4 24 | 14.7% | — | ||
| Q3 24 | 26.8% | 110.5% | ||
| Q2 24 | 22.7% | 51.1% | ||
| Q1 24 | 44.2% | 40.6% |
| Q4 25 | 0.9% | 0.1% | ||
| Q3 25 | 1.0% | 0.0% | ||
| Q2 25 | 1.5% | 0.0% | ||
| Q1 25 | 0.5% | 0.0% | ||
| Q4 24 | 0.9% | 0.0% | ||
| Q3 24 | 0.7% | 0.1% | ||
| Q2 24 | 1.9% | 0.0% | ||
| Q1 24 | 1.5% | 0.5% |
| Q4 25 | 2.33× | 5.82× | ||
| Q3 25 | 1.80× | -3.86× | ||
| Q2 25 | 1.78× | -21.43× | ||
| Q1 25 | 2.03× | — | ||
| Q4 24 | 1.45× | — | ||
| Q3 24 | 1.84× | — | ||
| Q2 24 | 1.64× | — | ||
| Q1 24 | 1.96× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PCTY
| Recurring Fees | $370.1M | 96% |
| Implementation Services And Other | $16.9M | 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% |
