vs
Side-by-side financial comparison of Upstart Holdings, Inc. (UPST) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
Upstart Holdings, Inc. is the larger business by last-quarter revenue ($296.1M vs $173.1M, roughly 1.7× VARONIS SYSTEMS INC). On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs 26.9%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M vs $49.0M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs 15.2%).
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.
Varonis Systems, Inc. is a software company based in Miami, Florida with R&D offices in Herzliya, Israel. The company’s Data Security Platform analyzes data and data activity using the insights to identify data exposure risks stemming from access permissions and software-as-a-service (SaaS) app configurations, triggering automated remediation capabilities in response.
UPST vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $296.1M | $173.1M |
| Net Profit | $18.6M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | 6.4% | -1.7% |
| Net Margin | 6.3% | — |
| Revenue YoY | 35.2% | 26.9% |
| Net Profit YoY | 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.
| Q1 26 | — | $173.1M | ||
| Q4 25 | $296.1M | $173.4M | ||
| Q3 25 | $277.1M | $161.6M | ||
| Q2 25 | $257.3M | $152.2M | ||
| Q1 25 | $213.4M | $136.4M | ||
| Q4 24 | $219.0M | $158.5M | ||
| Q3 24 | $162.1M | $148.1M | ||
| Q2 24 | $127.6M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $18.6M | $-27.8M | ||
| Q3 25 | $31.8M | $-29.9M | ||
| Q2 25 | $5.6M | $-35.8M | ||
| Q1 25 | $-2.4M | $-35.8M | ||
| Q4 24 | $-2.8M | $-13.0M | ||
| Q3 24 | $-6.8M | $-18.3M | ||
| Q2 24 | $-54.5M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | — | 78.9% | ||
| Q3 25 | — | 78.2% | ||
| Q2 25 | — | 79.5% | ||
| Q1 25 | — | 78.7% | ||
| Q4 24 | — | 83.6% | ||
| Q3 24 | — | 83.8% | ||
| Q2 24 | — | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | 6.4% | -17.5% | ||
| Q3 25 | 8.5% | -22.2% | ||
| Q2 25 | 1.8% | -24.0% | ||
| Q1 25 | -2.1% | -32.1% | ||
| Q4 24 | -2.2% | -11.1% | ||
| Q3 24 | -27.8% | -16.0% | ||
| Q2 24 | -43.5% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 6.3% | -16.0% | ||
| Q3 25 | 11.5% | -18.5% | ||
| Q2 25 | 2.2% | -23.5% | ||
| Q1 25 | -1.1% | -26.2% | ||
| Q4 24 | -1.3% | -8.2% | ||
| Q3 24 | -4.2% | -12.4% | ||
| Q2 24 | -42.7% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $0.20 | $-0.23 | ||
| Q3 25 | $0.23 | $-0.26 | ||
| Q2 25 | $0.05 | $-0.32 | ||
| Q1 25 | $-0.03 | $-0.32 | ||
| Q4 24 | $-0.01 | $-0.12 | ||
| Q3 24 | $-0.07 | $-0.16 | ||
| Q2 24 | $-0.62 | $-0.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $652.4M | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $798.8M | $453.5M |
| Total Assets | $3.0B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $652.4M | $883.7M | ||
| Q3 25 | $489.8M | $671.3M | ||
| Q2 25 | $395.9M | $770.9M | ||
| Q1 25 | $599.8M | $567.6M | ||
| Q4 24 | $788.4M | $529.0M | ||
| Q3 24 | — | $844.8M | ||
| Q2 24 | — | $582.5M |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $798.8M | $598.7M | ||
| Q3 25 | $743.7M | $604.8M | ||
| Q2 25 | $722.0M | $341.5M | ||
| Q1 25 | $676.6M | $367.7M | ||
| Q4 24 | $633.2M | $455.7M | ||
| Q3 24 | $595.5M | $428.6M | ||
| Q2 24 | $594.7M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $3.0B | $1.8B | ||
| Q3 25 | $2.9B | $1.7B | ||
| Q2 25 | $2.5B | $1.6B | ||
| Q1 25 | $2.3B | $1.6B | ||
| Q4 24 | $2.4B | $1.7B | ||
| Q3 24 | $1.8B | $1.5B | ||
| Q2 24 | $1.8B | $1.1B |
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 | $55.0M |
| Free Cash FlowOCF − Capex | $108.4M | $49.0M |
| FCF MarginFCF / Revenue | 36.6% | 28.3% |
| Capex IntensityCapex / Revenue | 0.1% | — |
| Cash ConversionOCF / Net Profit | 5.82× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $108.6M | $24.7M | ||
| Q3 25 | $-122.6M | $33.4M | ||
| Q2 25 | $-120.2M | $21.3M | ||
| Q1 25 | $-13.5M | $68.0M | ||
| Q4 24 | $-110.9M | $24.3M | ||
| Q3 24 | $179.3M | $22.5M | ||
| Q2 24 | $65.3M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $108.4M | $20.7M | ||
| Q3 25 | $-122.7M | $30.4M | ||
| Q2 25 | $-120.3M | $18.0M | ||
| Q1 25 | — | $65.7M | ||
| Q4 24 | — | $19.9M | ||
| Q3 24 | $179.2M | $21.3M | ||
| Q2 24 | $65.3M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 36.6% | 12.0% | ||
| Q3 25 | -44.3% | 18.8% | ||
| Q2 25 | -46.7% | 11.8% | ||
| Q1 25 | — | 48.1% | ||
| Q4 24 | — | 12.6% | ||
| Q3 24 | 110.5% | 14.4% | ||
| Q2 24 | 51.1% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 2.3% | ||
| Q3 25 | 0.0% | 1.8% | ||
| Q2 25 | 0.0% | 2.2% | ||
| Q1 25 | 0.0% | 1.7% | ||
| Q4 24 | 0.0% | 2.7% | ||
| Q3 24 | 0.1% | 0.8% | ||
| Q2 24 | 0.0% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 5.82× | — | ||
| Q3 25 | -3.86× | — | ||
| Q2 25 | -21.43× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
