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Side-by-side financial comparison of Upstart Holdings, Inc. (UPST) and Xometry, Inc. (XMTR). Click either name above to swap in a different company.
Upstart Holdings, Inc. is the larger business by last-quarter revenue ($296.1M vs $192.4M, roughly 1.5× Xometry, Inc.). Upstart Holdings, Inc. runs the higher net margin — 6.3% vs -4.5%, a 10.8% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs 29.5%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M vs $-5.9M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs 25.2%).
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.
Xometry is an online marketplace for sourcing on-demand manufactured parts for prototyping and large-scale production.
UPST vs XMTR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $296.1M | $192.4M |
| Net Profit | $18.6M | $-8.6M |
| Gross Margin | — | 39.1% |
| Operating Margin | 6.4% | -4.6% |
| Net Margin | 6.3% | -4.5% |
| Revenue YoY | 35.2% | 29.5% |
| Net Profit YoY | 776.4% | 12.7% |
| 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.
| Q4 25 | $296.1M | $192.4M | ||
| Q3 25 | $277.1M | $180.7M | ||
| Q2 25 | $257.3M | $162.5M | ||
| Q1 25 | $213.4M | $151.0M | ||
| Q4 24 | $219.0M | $148.5M | ||
| Q3 24 | $162.1M | $141.7M | ||
| Q2 24 | $127.6M | $132.6M | ||
| Q1 24 | $127.8M | $122.7M |
| Q4 25 | $18.6M | $-8.6M | ||
| Q3 25 | $31.8M | $-11.6M | ||
| Q2 25 | $5.6M | $-26.4M | ||
| Q1 25 | $-2.4M | $-15.1M | ||
| Q4 24 | $-2.8M | $-9.9M | ||
| Q3 24 | $-6.8M | $-10.2M | ||
| Q2 24 | $-54.5M | $-13.7M | ||
| Q1 24 | $-64.6M | $-16.6M |
| Q4 25 | — | 39.1% | ||
| Q3 25 | — | 39.9% | ||
| Q2 25 | — | 40.1% | ||
| Q1 25 | — | 37.3% | ||
| Q4 24 | — | 39.7% | ||
| Q3 24 | — | 39.4% | ||
| Q2 24 | — | 39.9% | ||
| Q1 24 | — | 39.0% |
| Q4 25 | 6.4% | -4.6% | ||
| Q3 25 | 8.5% | -6.1% | ||
| Q2 25 | 1.8% | -6.3% | ||
| Q1 25 | -2.1% | -10.2% | ||
| Q4 24 | -2.2% | -7.8% | ||
| Q3 24 | -27.8% | -8.1% | ||
| Q2 24 | -43.5% | -11.5% | ||
| Q1 24 | -52.8% | -14.6% |
| Q4 25 | 6.3% | -4.5% | ||
| Q3 25 | 11.5% | -6.4% | ||
| Q2 25 | 2.2% | -16.3% | ||
| Q1 25 | -1.1% | -10.0% | ||
| Q4 24 | -1.3% | -6.7% | ||
| Q3 24 | -4.2% | -7.2% | ||
| Q2 24 | -42.7% | -10.3% | ||
| Q1 24 | -50.5% | -13.5% |
| Q4 25 | $0.20 | — | ||
| Q3 25 | $0.23 | — | ||
| Q2 25 | $0.05 | — | ||
| Q1 25 | $-0.03 | — | ||
| Q4 24 | $-0.01 | — | ||
| Q3 24 | $-0.07 | — | ||
| Q2 24 | $-0.62 | — | ||
| Q1 24 | $-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 | $652.4M | $219.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $798.8M | $275.6M |
| Total Assets | $3.0B | $703.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $652.4M | $219.1M | ||
| Q3 25 | $489.8M | $224.5M | ||
| Q2 25 | $395.9M | $225.8M | ||
| Q1 25 | $599.8M | $231.4M | ||
| Q4 24 | $788.4M | $239.8M | ||
| Q3 24 | — | $234.0M | ||
| Q2 24 | — | $240.9M | ||
| Q1 24 | — | $253.8M |
| Q4 25 | $798.8M | $275.6M | ||
| Q3 25 | $743.7M | $272.0M | ||
| Q2 25 | $722.0M | $270.4M | ||
| Q1 25 | $676.6M | $309.9M | ||
| Q4 24 | $633.2M | $314.5M | ||
| Q3 24 | $595.5M | $315.2M | ||
| Q2 24 | $594.7M | $315.8M | ||
| Q1 24 | $612.8M | $320.4M |
| Q4 25 | $3.0B | $703.7M | ||
| Q3 25 | $2.9B | $698.9M | ||
| Q2 25 | $2.5B | $687.0M | ||
| Q1 25 | $2.3B | $690.1M | ||
| Q4 24 | $2.4B | $680.1M | ||
| Q3 24 | $1.8B | $678.2M | ||
| Q2 24 | $1.8B | $678.6M | ||
| Q1 24 | $1.9B | $692.5M |
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 | $4.4M |
| Free Cash FlowOCF − Capex | $108.4M | $-5.9M |
| FCF MarginFCF / Revenue | 36.6% | -3.0% |
| Capex IntensityCapex / Revenue | 0.1% | 5.3% |
| Cash ConversionOCF / Net Profit | 5.82× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-24.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $108.6M | $4.4M | ||
| Q3 25 | $-122.6M | $5.8M | ||
| Q2 25 | $-120.2M | $-427.0K | ||
| Q1 25 | $-13.5M | $-3.7M | ||
| Q4 24 | $-110.9M | $9.1M | ||
| Q3 24 | $179.3M | $-3.6M | ||
| Q2 24 | $65.3M | $-9.1M | ||
| Q1 24 | $52.6M | $-11.7M |
| Q4 25 | $108.4M | $-5.9M | ||
| Q3 25 | $-122.7M | $-1.7M | ||
| Q2 25 | $-120.3M | $-7.4M | ||
| Q1 25 | — | $-9.2M | ||
| Q4 24 | — | $4.5M | ||
| Q3 24 | $179.2M | $-8.4M | ||
| Q2 24 | $65.3M | $-13.5M | ||
| Q1 24 | $51.9M | $-16.1M |
| Q4 25 | 36.6% | -3.0% | ||
| Q3 25 | -44.3% | -0.9% | ||
| Q2 25 | -46.7% | -4.5% | ||
| Q1 25 | — | -6.1% | ||
| Q4 24 | — | 3.1% | ||
| Q3 24 | 110.5% | -6.0% | ||
| Q2 24 | 51.1% | -10.2% | ||
| Q1 24 | 40.6% | -13.1% |
| Q4 25 | 0.1% | 5.3% | ||
| Q3 25 | 0.0% | 4.1% | ||
| Q2 25 | 0.0% | 4.3% | ||
| Q1 25 | 0.0% | 3.6% | ||
| Q4 24 | 0.0% | 3.1% | ||
| Q3 24 | 0.1% | 3.4% | ||
| Q2 24 | 0.0% | 3.3% | ||
| Q1 24 | 0.5% | 3.5% |
| Q4 25 | 5.82× | — | ||
| Q3 25 | -3.86× | — | ||
| 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% |
XMTR
| US | $159.1M | 83% |
| Non Us | $33.3M | 17% |
