vs
Side-by-side financial comparison of UL Solutions Inc. (ULS) and Upstart Holdings, Inc. (UPST). Click either name above to swap in a different company.
UL Solutions Inc. is the larger business by last-quarter revenue ($340.0M vs $308.2M, roughly 1.1× Upstart Holdings, Inc.). On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (44.4% vs -12.4%). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (55.4% CAGR vs -31.8%).
The UL enterprise is a global private safety company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions.
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.
ULS vs UPST — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $340.0M | $308.2M |
| Net Profit | — | $-6.6M |
| Gross Margin | — | — |
| Operating Margin | 24.4% | -2.4% |
| Net Margin | — | -2.2% |
| Revenue YoY | -12.4% | 44.4% |
| Net Profit YoY | — | -171.6% |
| EPS (diluted) | — | $-0.07 |
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.
| Q1 26 | $340.0M | $308.2M | ||
| Q4 25 | $789.0M | $296.1M | ||
| Q3 25 | $783.0M | $277.1M | ||
| Q2 25 | $776.0M | $257.3M | ||
| Q1 25 | $705.0M | $213.4M | ||
| Q4 24 | $739.0M | $219.0M | ||
| Q3 24 | $731.0M | $162.1M | ||
| Q2 24 | $730.0M | $127.6M |
| Q1 26 | — | $-6.6M | ||
| Q4 25 | $67.0M | $18.6M | ||
| Q3 25 | $100.0M | $31.8M | ||
| Q2 25 | $91.0M | $5.6M | ||
| Q1 25 | $67.0M | $-2.4M | ||
| Q4 24 | $81.0M | $-2.8M | ||
| Q3 24 | $88.0M | $-6.8M | ||
| Q2 24 | $101.0M | $-54.5M |
| Q1 26 | — | — | ||
| Q4 25 | 49.7% | — | ||
| Q3 25 | 50.3% | — | ||
| Q2 25 | 49.4% | — | ||
| Q1 25 | 48.4% | — | ||
| Q4 24 | 47.4% | — | ||
| Q3 24 | 49.0% | — | ||
| Q2 24 | 50.1% | — |
| Q1 26 | 24.4% | -2.4% | ||
| Q4 25 | 15.0% | 6.4% | ||
| Q3 25 | 19.9% | 8.5% | ||
| Q2 25 | 17.9% | 1.8% | ||
| Q1 25 | 15.5% | -2.1% | ||
| Q4 24 | 15.6% | -2.2% | ||
| Q3 24 | 17.8% | -27.8% | ||
| Q2 24 | 17.3% | -43.5% |
| Q1 26 | — | -2.2% | ||
| Q4 25 | 8.5% | 6.3% | ||
| Q3 25 | 12.8% | 11.5% | ||
| Q2 25 | 11.7% | 2.2% | ||
| Q1 25 | 9.5% | -1.1% | ||
| Q4 24 | 11.0% | -1.3% | ||
| Q3 24 | 12.0% | -4.2% | ||
| Q2 24 | 13.8% | -42.7% |
| Q1 26 | — | $-0.07 | ||
| Q4 25 | $0.33 | $0.20 | ||
| Q3 25 | $0.49 | $0.23 | ||
| Q2 25 | $0.45 | $0.05 | ||
| Q1 25 | $0.33 | $-0.03 | ||
| Q4 24 | $0.40 | $-0.01 | ||
| Q3 24 | $0.44 | $-0.07 | ||
| Q2 24 | $0.50 | $-0.62 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $472.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $733.2M |
| Total Assets | — | $3.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $472.9M | ||
| Q4 25 | $295.0M | $652.4M | ||
| Q3 25 | $255.0M | $489.8M | ||
| Q2 25 | $272.0M | $395.9M | ||
| Q1 25 | $267.0M | $599.8M | ||
| Q4 24 | $298.0M | $788.4M | ||
| Q3 24 | $327.0M | — | ||
| Q2 24 | $295.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | $491.0M | — | ||
| Q3 25 | $544.0M | — | ||
| Q2 25 | $608.0M | — | ||
| Q1 25 | $653.0M | — | ||
| Q4 24 | $742.0M | — | ||
| Q3 24 | $797.0M | — | ||
| Q2 24 | $810.0M | — |
| Q1 26 | — | $733.2M | ||
| Q4 25 | $1.3B | $798.8M | ||
| Q3 25 | $1.2B | $743.7M | ||
| Q2 25 | $1.1B | $722.0M | ||
| Q1 25 | $970.0M | $676.6M | ||
| Q4 24 | $904.0M | $633.2M | ||
| Q3 24 | $872.0M | $595.5M | ||
| Q2 24 | $769.0M | $594.7M |
| Q1 26 | — | $3.0B | ||
| Q4 25 | $2.9B | $3.0B | ||
| Q3 25 | $2.9B | $2.9B | ||
| Q2 25 | $2.9B | $2.5B | ||
| Q1 25 | $2.9B | $2.3B | ||
| Q4 24 | $2.8B | $2.4B | ||
| Q3 24 | $2.9B | $1.8B | ||
| Q2 24 | $2.7B | $1.8B |
| Q1 26 | — | — | ||
| Q4 25 | 0.39× | — | ||
| Q3 25 | 0.46× | — | ||
| Q2 25 | 0.56× | — | ||
| Q1 25 | 0.67× | — | ||
| Q4 24 | 0.82× | — | ||
| Q3 24 | 0.91× | — | ||
| Q2 24 | 1.05× | — |
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 | — | $-133.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-133.3M | ||
| Q4 25 | $144.0M | $108.6M | ||
| Q3 25 | $155.0M | $-122.6M | ||
| Q2 25 | $147.0M | $-120.2M | ||
| Q1 25 | $154.0M | $-13.5M | ||
| Q4 24 | $130.0M | $-110.9M | ||
| Q3 24 | $150.0M | $179.3M | ||
| Q2 24 | $103.0M | $65.3M |
| Q1 26 | — | — | ||
| Q4 25 | $86.0M | $108.4M | ||
| Q3 25 | $109.0M | $-122.7M | ||
| Q2 25 | $105.0M | $-120.3M | ||
| Q1 25 | $103.0M | — | ||
| Q4 24 | $72.0M | — | ||
| Q3 24 | $84.0M | $179.2M | ||
| Q2 24 | $47.0M | $65.3M |
| Q1 26 | — | — | ||
| Q4 25 | 10.9% | 36.6% | ||
| Q3 25 | 13.9% | -44.3% | ||
| Q2 25 | 13.5% | -46.7% | ||
| Q1 25 | 14.6% | — | ||
| Q4 24 | 9.7% | — | ||
| Q3 24 | 11.5% | 110.5% | ||
| Q2 24 | 6.4% | 51.1% |
| Q1 26 | — | — | ||
| Q4 25 | 7.4% | 0.1% | ||
| Q3 25 | 5.9% | 0.0% | ||
| Q2 25 | 5.4% | 0.0% | ||
| Q1 25 | 7.2% | 0.0% | ||
| Q4 24 | 7.8% | 0.0% | ||
| Q3 24 | 9.0% | 0.1% | ||
| Q2 24 | 7.7% | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | 2.15× | 5.82× | ||
| Q3 25 | 1.55× | -3.86× | ||
| Q2 25 | 1.62× | -21.43× | ||
| Q1 25 | 2.30× | — | ||
| Q4 24 | 1.60× | — | ||
| Q3 24 | 1.70× | — | ||
| Q2 24 | 1.02× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ULS
Segment breakdown not available.
UPST
| Platform and referral fees, net | $224.6M | 73% |
| Servicing and other fees, net | $52.4M | 17% |
| Other | $31.2M | 10% |
