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Side-by-side financial comparison of Shutterstock, Inc. (SSTK) 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 $220.2M, roughly 1.3× Shutterstock, Inc.). Upstart Holdings, Inc. runs the higher net margin — 6.3% vs -7.3%, a 13.6% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs -12.0%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M vs $25.9M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs 1.4%).
Shutterstock, Inc. is an American provider of stock photography, stock footage, stock music, and editing tools; it is headquartered in New York. Founded in 2002 by programmer and photographer Jon Oringer, Shutterstock maintains a library of around 200 million royalty-free stock photos, vector graphics, and illustrations, with around 10 million video clips and music tracks available for licensing. Originally a subscription site only, Shutterstock expanded beyond subscriptions into à la carte p...
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.
SSTK vs UPST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $220.2M | $296.1M |
| Net Profit | $-16.0M | $18.6M |
| Gross Margin | 55.8% | — |
| Operating Margin | -1.1% | 6.4% |
| Net Margin | -7.3% | 6.3% |
| Revenue YoY | -12.0% | 35.2% |
| Net Profit YoY | -1021.0% | 776.4% |
| EPS (diluted) | $-0.47 | $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 | $220.2M | $296.1M | ||
| Q3 25 | $260.1M | $277.1M | ||
| Q2 25 | $267.0M | $257.3M | ||
| Q1 25 | $242.6M | $213.4M | ||
| Q4 24 | $250.3M | $219.0M | ||
| Q3 24 | $250.6M | $162.1M | ||
| Q2 24 | $220.1M | $127.6M | ||
| Q1 24 | $214.3M | $127.8M |
| Q4 25 | $-16.0M | $18.6M | ||
| Q3 25 | $13.4M | $31.8M | ||
| Q2 25 | $29.4M | $5.6M | ||
| Q1 25 | $18.7M | $-2.4M | ||
| Q4 24 | $-1.4M | $-2.8M | ||
| Q3 24 | $17.6M | $-6.8M | ||
| Q2 24 | $3.6M | $-54.5M | ||
| Q1 24 | $16.1M | $-64.6M |
| Q4 25 | 55.8% | — | ||
| Q3 25 | 60.6% | — | ||
| Q2 25 | 60.3% | — | ||
| Q1 25 | 58.4% | — | ||
| Q4 24 | 55.1% | — | ||
| Q3 24 | 58.3% | — | ||
| Q2 24 | 58.5% | — | ||
| Q1 24 | 58.8% | — |
| Q4 25 | -1.1% | 6.4% | ||
| Q3 25 | 12.5% | 8.5% | ||
| Q2 25 | 13.0% | 1.8% | ||
| Q1 25 | 4.2% | -2.1% | ||
| Q4 24 | 5.3% | -2.2% | ||
| Q3 24 | 7.2% | -27.8% | ||
| Q2 24 | 9.4% | -43.5% | ||
| Q1 24 | 7.8% | -52.8% |
| Q4 25 | -7.3% | 6.3% | ||
| Q3 25 | 5.1% | 11.5% | ||
| Q2 25 | 11.0% | 2.2% | ||
| Q1 25 | 7.7% | -1.1% | ||
| Q4 24 | -0.6% | -1.3% | ||
| Q3 24 | 7.0% | -4.2% | ||
| Q2 24 | 1.6% | -42.7% | ||
| Q1 24 | 7.5% | -50.5% |
| Q4 25 | $-0.47 | $0.20 | ||
| Q3 25 | $0.37 | $0.23 | ||
| Q2 25 | $0.82 | $0.05 | ||
| Q1 25 | $0.53 | $-0.03 | ||
| Q4 24 | $-0.04 | $-0.01 | ||
| Q3 24 | $0.50 | $-0.07 | ||
| Q2 24 | $0.10 | $-0.62 | ||
| Q1 24 | $0.45 | $-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 | $178.2M | $652.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $581.0M | $798.8M |
| Total Assets | $1.4B | $3.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $178.2M | $652.4M | ||
| Q3 25 | $165.5M | $489.8M | ||
| Q2 25 | $116.4M | $395.9M | ||
| Q1 25 | $112.2M | $599.8M | ||
| Q4 24 | $111.3M | $788.4M | ||
| Q3 24 | $131.4M | — | ||
| Q2 24 | $74.9M | — | ||
| Q1 24 | $71.8M | — |
| Q4 25 | $581.0M | $798.8M | ||
| Q3 25 | $594.4M | $743.7M | ||
| Q2 25 | $586.2M | $722.0M | ||
| Q1 25 | $547.2M | $676.6M | ||
| Q4 24 | $518.4M | $633.2M | ||
| Q3 24 | $522.9M | $595.5M | ||
| Q2 24 | $520.4M | $594.7M | ||
| Q1 24 | $541.3M | $612.8M |
| Q4 25 | $1.4B | $3.0B | ||
| Q3 25 | $1.4B | $2.9B | ||
| Q2 25 | $1.4B | $2.5B | ||
| Q1 25 | $1.3B | $2.3B | ||
| Q4 24 | $1.3B | $2.4B | ||
| Q3 24 | $1.3B | $1.8B | ||
| Q2 24 | $1.0B | $1.8B | ||
| Q1 24 | $1.0B | $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 | $36.2M | $108.6M |
| Free Cash FlowOCF − Capex | $25.9M | $108.4M |
| FCF MarginFCF / Revenue | 11.8% | 36.6% |
| Capex IntensityCapex / Revenue | 4.7% | 0.1% |
| Cash ConversionOCF / Net Profit | — | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | $123.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $36.2M | $108.6M | ||
| Q3 25 | $78.4M | $-122.6M | ||
| Q2 25 | $26.8M | $-120.2M | ||
| Q1 25 | $25.2M | $-13.5M | ||
| Q4 24 | $8.0M | $-110.9M | ||
| Q3 24 | $-11.6M | $179.3M | ||
| Q2 24 | $28.0M | $65.3M | ||
| Q1 24 | $8.3M | $52.6M |
| Q4 25 | $25.9M | $108.4M | ||
| Q3 25 | $68.0M | $-122.7M | ||
| Q2 25 | $15.5M | $-120.3M | ||
| Q1 25 | $14.4M | — | ||
| Q4 24 | $-952.0K | — | ||
| Q3 24 | $-26.3M | $179.2M | ||
| Q2 24 | $18.9M | $65.3M | ||
| Q1 24 | $-6.2M | $51.9M |
| Q4 25 | 11.8% | 36.6% | ||
| Q3 25 | 26.1% | -44.3% | ||
| Q2 25 | 5.8% | -46.7% | ||
| Q1 25 | 6.0% | — | ||
| Q4 24 | -0.4% | — | ||
| Q3 24 | -10.5% | 110.5% | ||
| Q2 24 | 8.6% | 51.1% | ||
| Q1 24 | -2.9% | 40.6% |
| Q4 25 | 4.7% | 0.1% | ||
| Q3 25 | 4.0% | 0.0% | ||
| Q2 25 | 4.2% | 0.0% | ||
| Q1 25 | 4.5% | 0.0% | ||
| Q4 24 | 3.6% | 0.0% | ||
| Q3 24 | 5.9% | 0.1% | ||
| Q2 24 | 4.1% | 0.0% | ||
| Q1 24 | 6.7% | 0.5% |
| Q4 25 | — | 5.82× | ||
| Q3 25 | 5.86× | -3.86× | ||
| Q2 25 | 0.91× | -21.43× | ||
| Q1 25 | 1.35× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.66× | — | ||
| Q2 24 | 7.71× | — | ||
| Q1 24 | 0.51× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SSTK
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% |
