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Side-by-side financial comparison of Upstart Holdings, Inc. (UPST) and WORKIVA INC (WK). Click either name above to swap in a different company.
Upstart Holdings, Inc. is the larger business by last-quarter revenue ($296.1M vs $238.9M, roughly 1.2× WORKIVA INC). Upstart Holdings, Inc. runs the higher net margin — 6.3% vs 4.9%, a 1.3% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs 19.5%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M vs $50.7M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs 16.6%).
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.
Workiva, Inc. is a global software-as-a-service (SaaS) company. It provides a cloud-based connected and reporting compliance platform that enables the use of connected data and automation of reporting across finance, accounting, risk, and compliance.
UPST vs WK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $296.1M | $238.9M |
| Net Profit | $18.6M | $11.8M |
| Gross Margin | — | 80.7% |
| Operating Margin | 6.4% | 3.3% |
| Net Margin | 6.3% | 4.9% |
| Revenue YoY | 35.2% | 19.5% |
| Net Profit YoY | 776.4% | 234.0% |
| EPS (diluted) | $0.20 | $0.21 |
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 | $296.1M | $238.9M | ||
| Q3 25 | $277.1M | $224.2M | ||
| Q2 25 | $257.3M | $215.2M | ||
| Q1 25 | $213.4M | $206.3M | ||
| Q4 24 | $219.0M | $199.9M | ||
| Q3 24 | $162.1M | $185.6M | ||
| Q2 24 | $127.6M | $177.5M | ||
| Q1 24 | $127.8M | $175.7M |
| Q4 25 | $18.6M | $11.8M | ||
| Q3 25 | $31.8M | $2.8M | ||
| Q2 25 | $5.6M | $-19.4M | ||
| Q1 25 | $-2.4M | $-21.4M | ||
| Q4 24 | $-2.8M | $-8.8M | ||
| Q3 24 | $-6.8M | $-17.0M | ||
| Q2 24 | $-54.5M | $-17.5M | ||
| Q1 24 | $-64.6M | $-11.7M |
| Q4 25 | — | 80.7% | ||
| Q3 25 | — | 79.3% | ||
| Q2 25 | — | 77.0% | ||
| Q1 25 | — | 76.6% | ||
| Q4 24 | — | 77.1% | ||
| Q3 24 | — | 76.5% | ||
| Q2 24 | — | 76.8% | ||
| Q1 24 | — | 76.4% |
| Q4 25 | 6.4% | 3.3% | ||
| Q3 25 | 8.5% | -1.5% | ||
| Q2 25 | 1.8% | -10.3% | ||
| Q1 25 | -2.1% | -12.0% | ||
| Q4 24 | -2.2% | -6.7% | ||
| Q3 24 | -27.8% | -11.7% | ||
| Q2 24 | -43.5% | -13.0% | ||
| Q1 24 | -52.8% | -10.4% |
| Q4 25 | 6.3% | 4.9% | ||
| Q3 25 | 11.5% | 1.2% | ||
| Q2 25 | 2.2% | -9.0% | ||
| Q1 25 | -1.1% | -10.4% | ||
| Q4 24 | -1.3% | -4.4% | ||
| Q3 24 | -4.2% | -9.2% | ||
| Q2 24 | -42.7% | -9.9% | ||
| Q1 24 | -50.5% | -6.7% |
| Q4 25 | $0.20 | $0.21 | ||
| Q3 25 | $0.23 | $0.05 | ||
| Q2 25 | $0.05 | $-0.35 | ||
| Q1 25 | $-0.03 | $-0.38 | ||
| Q4 24 | $-0.01 | $-0.15 | ||
| Q3 24 | $-0.07 | $-0.31 | ||
| Q2 24 | $-0.62 | $-0.32 | ||
| Q1 24 | $-0.74 | $-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 | $338.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $798.8M | $-5.4M |
| Total Assets | $3.0B | $1.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $652.4M | $338.8M | ||
| Q3 25 | $489.8M | $315.9M | ||
| Q2 25 | $395.9M | $284.3M | ||
| Q1 25 | $599.8M | $242.0M | ||
| Q4 24 | $788.4M | $301.8M | ||
| Q3 24 | — | $248.2M | ||
| Q2 24 | — | $267.9M | ||
| Q1 24 | — | $296.1M |
| Q4 25 | $798.8M | $-5.4M | ||
| Q3 25 | $743.7M | $-36.9M | ||
| Q2 25 | $722.0M | $-66.5M | ||
| Q1 25 | $676.6M | $-75.7M | ||
| Q4 24 | $633.2M | $-41.7M | ||
| Q3 24 | $595.5M | $-50.8M | ||
| Q2 24 | $594.7M | $-77.7M | ||
| Q1 24 | $612.8M | $-83.2M |
| Q4 25 | $3.0B | $1.5B | ||
| Q3 25 | $2.9B | $1.4B | ||
| Q2 25 | $2.5B | $1.3B | ||
| Q1 25 | $2.3B | $1.3B | ||
| Q4 24 | $2.4B | $1.4B | ||
| Q3 24 | $1.8B | $1.3B | ||
| Q2 24 | $1.8B | $1.2B | ||
| Q1 24 | $1.9B | $1.2B |
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 | $51.0M |
| Free Cash FlowOCF − Capex | $108.4M | $50.7M |
| FCF MarginFCF / Revenue | 36.6% | 21.2% |
| Capex IntensityCapex / Revenue | 0.1% | 0.1% |
| Cash ConversionOCF / Net Profit | 5.82× | 4.31× |
| TTM Free Cash FlowTrailing 4 quarters | — | $138.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $108.6M | $51.0M | ||
| Q3 25 | $-122.6M | $46.2M | ||
| Q2 25 | $-120.2M | $50.3M | ||
| Q1 25 | $-13.5M | $-7.4M | ||
| Q4 24 | $-110.9M | $44.0M | ||
| Q3 24 | $179.3M | $18.9M | ||
| Q2 24 | $65.3M | $-14.0K | ||
| Q1 24 | $52.6M | $24.8M |
| Q4 25 | $108.4M | $50.7M | ||
| Q3 25 | $-122.7M | $46.1M | ||
| Q2 25 | $-120.3M | $49.3M | ||
| Q1 25 | — | $-8.1M | ||
| Q4 24 | — | $43.2M | ||
| Q3 24 | $179.2M | $18.7M | ||
| Q2 24 | $65.3M | $-122.0K | ||
| Q1 24 | $51.9M | $24.6M |
| Q4 25 | 36.6% | 21.2% | ||
| Q3 25 | -44.3% | 20.5% | ||
| Q2 25 | -46.7% | 22.9% | ||
| Q1 25 | — | -3.9% | ||
| Q4 24 | — | 21.6% | ||
| Q3 24 | 110.5% | 10.1% | ||
| Q2 24 | 51.1% | -0.1% | ||
| Q1 24 | 40.6% | 14.0% |
| Q4 25 | 0.1% | 0.1% | ||
| Q3 25 | 0.0% | 0.0% | ||
| Q2 25 | 0.0% | 0.5% | ||
| Q1 25 | 0.0% | 0.4% | ||
| Q4 24 | 0.0% | 0.4% | ||
| Q3 24 | 0.1% | 0.1% | ||
| Q2 24 | 0.0% | 0.1% | ||
| Q1 24 | 0.5% | 0.1% |
| Q4 25 | 5.82× | 4.31× | ||
| Q3 25 | -3.86× | 16.57× | ||
| Q2 25 | -21.43× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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% |
WK
| License And Service | $219.3M | 92% |
| XBRL Professional Services | $16.4M | 7% |
| Other Services | $3.2M | 1% |
