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Side-by-side financial comparison of Upstart Holdings, Inc. (UPST) and Warby Parker Inc. (WRBY). Click either name above to swap in a different company.
Upstart Holdings, Inc. is the larger business by last-quarter revenue ($296.1M vs $212.0M, roughly 1.4× Warby Parker Inc.). Upstart Holdings, Inc. runs the higher net margin — 6.3% vs -2.8%, a 9.1% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs 11.2%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M vs $8.1M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs 2.9%).
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.
Warby Parker Inc. is an American eyewear brand and retailer of prescription glasses, contact lenses, and sunglasses, based in New York City. It also offers eye exams. Originally founded in 2010 as an online-only retailer, the company now generates about two-thirds of its revenue from its 276 physical retail stores, 271 of which are in the U.S. and 5 of which are in Canada. The company intends to operate 900 stores. The company has 2.28 million customers; average order value is $263.
UPST vs WRBY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $296.1M | $212.0M |
| Net Profit | $18.6M | $-6.0M |
| Gross Margin | — | 52.4% |
| Operating Margin | 6.4% | -3.2% |
| Net Margin | 6.3% | -2.8% |
| Revenue YoY | 35.2% | 11.2% |
| Net Profit YoY | 776.4% | 13.4% |
| EPS (diluted) | $0.20 | $-0.06 |
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 | $212.0M | ||
| Q3 25 | $277.1M | $221.7M | ||
| Q2 25 | $257.3M | $214.5M | ||
| Q1 25 | $213.4M | $223.8M | ||
| Q4 24 | $219.0M | $190.6M | ||
| Q3 24 | $162.1M | $192.4M | ||
| Q2 24 | $127.6M | $188.2M | ||
| Q1 24 | $127.8M | $200.0M |
| Q4 25 | $18.6M | $-6.0M | ||
| Q3 25 | $31.8M | $5.9M | ||
| Q2 25 | $5.6M | $-1.8M | ||
| Q1 25 | $-2.4M | $3.5M | ||
| Q4 24 | $-2.8M | $-6.9M | ||
| Q3 24 | $-6.8M | $-4.1M | ||
| Q2 24 | $-54.5M | $-6.8M | ||
| Q1 24 | $-64.6M | $-2.7M |
| Q4 25 | — | 52.4% | ||
| Q3 25 | — | 54.1% | ||
| Q2 25 | — | 53.0% | ||
| Q1 25 | — | 56.3% | ||
| Q4 24 | — | 54.1% | ||
| Q3 24 | — | 54.5% | ||
| Q2 24 | — | 56.0% | ||
| Q1 24 | — | 56.7% |
| Q4 25 | 6.4% | -3.2% | ||
| Q3 25 | 8.5% | 1.6% | ||
| Q2 25 | 1.8% | -2.1% | ||
| Q1 25 | -2.1% | 1.1% | ||
| Q4 24 | -2.2% | -4.9% | ||
| Q3 24 | -27.8% | -3.4% | ||
| Q2 24 | -43.5% | -4.8% | ||
| Q1 24 | -52.8% | -2.6% |
| Q4 25 | 6.3% | -2.8% | ||
| Q3 25 | 11.5% | 2.6% | ||
| Q2 25 | 2.2% | -0.8% | ||
| Q1 25 | -1.1% | 1.6% | ||
| Q4 24 | -1.3% | -3.6% | ||
| Q3 24 | -4.2% | -2.1% | ||
| Q2 24 | -42.7% | -3.6% | ||
| Q1 24 | -50.5% | -1.3% |
| Q4 25 | $0.20 | $-0.06 | ||
| Q3 25 | $0.23 | $0.05 | ||
| Q2 25 | $0.05 | $-0.01 | ||
| Q1 25 | $-0.03 | $0.03 | ||
| Q4 24 | $-0.01 | $-0.06 | ||
| Q3 24 | $-0.07 | $-0.03 | ||
| Q2 24 | $-0.62 | $-0.06 | ||
| Q1 24 | $-0.74 | $-0.02 |
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 | $286.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $798.8M | $367.7M |
| Total Assets | $3.0B | $720.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $652.4M | $286.4M | ||
| Q3 25 | $489.8M | $280.4M | ||
| Q2 25 | $395.9M | $286.4M | ||
| Q1 25 | $599.8M | $265.1M | ||
| Q4 24 | $788.4M | $254.2M | ||
| Q3 24 | — | $251.0M | ||
| Q2 24 | — | $238.0M | ||
| Q1 24 | — | $220.4M |
| Q4 25 | $798.8M | $367.7M | ||
| Q3 25 | $743.7M | $369.6M | ||
| Q2 25 | $722.0M | $361.5M | ||
| Q1 25 | $676.6M | $354.1M | ||
| Q4 24 | $633.2M | $340.1M | ||
| Q3 24 | $595.5M | $336.8M | ||
| Q2 24 | $594.7M | $329.4M | ||
| Q1 24 | $612.8M | $316.2M |
| Q4 25 | $3.0B | $720.9M | ||
| Q3 25 | $2.9B | $706.9M | ||
| Q2 25 | $2.5B | $701.9M | ||
| Q1 25 | $2.3B | $682.8M | ||
| Q4 24 | $2.4B | $676.5M | ||
| Q3 24 | $1.8B | $638.0M | ||
| Q2 24 | $1.8B | $618.2M | ||
| Q1 24 | $1.9B | $592.9M |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $108.4M | $8.1M |
| FCF MarginFCF / Revenue | 36.6% | 3.8% |
| Capex IntensityCapex / Revenue | 0.1% | 7.1% |
| Cash ConversionOCF / Net Profit | 5.82× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $43.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $108.6M | $23.3M | ||
| Q3 25 | $-122.6M | $18.0M | ||
| Q2 25 | $-120.2M | $40.2M | ||
| Q1 25 | $-13.5M | $29.4M | ||
| Q4 24 | $-110.9M | $19.9M | ||
| Q3 24 | $179.3M | $27.3M | ||
| Q2 24 | $65.3M | $31.6M | ||
| Q1 24 | $52.6M | $19.9M |
| Q4 25 | $108.4M | $8.1M | ||
| Q3 25 | $-122.7M | $-1.5M | ||
| Q2 25 | $-120.3M | $23.9M | ||
| Q1 25 | — | $13.2M | ||
| Q4 24 | — | $2.2M | ||
| Q3 24 | $179.2M | $13.1M | ||
| Q2 24 | $65.3M | $14.0M | ||
| Q1 24 | $51.9M | $5.5M |
| Q4 25 | 36.6% | 3.8% | ||
| Q3 25 | -44.3% | -0.7% | ||
| Q2 25 | -46.7% | 11.1% | ||
| Q1 25 | — | 5.9% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | 110.5% | 6.8% | ||
| Q2 24 | 51.1% | 7.4% | ||
| Q1 24 | 40.6% | 2.7% |
| Q4 25 | 0.1% | 7.1% | ||
| Q3 25 | 0.0% | 8.8% | ||
| Q2 25 | 0.0% | 7.6% | ||
| Q1 25 | 0.0% | 7.2% | ||
| Q4 24 | 0.0% | 9.3% | ||
| Q3 24 | 0.1% | 7.4% | ||
| Q2 24 | 0.0% | 9.4% | ||
| Q1 24 | 0.5% | 7.2% |
| Q4 25 | 5.82× | — | ||
| Q3 25 | -3.86× | 3.06× | ||
| Q2 25 | -21.43× | — | ||
| Q1 25 | — | 8.46× | ||
| 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% |
WRBY
| Retail | $155.2M | 73% |
| E Commerce | $56.8M | 27% |
