vs
Side-by-side financial comparison of Upstart Holdings, Inc. (UPST) and Clear Secure, Inc. (YOU). Click either name above to swap in a different company.
Upstart Holdings, Inc. is the larger business by last-quarter revenue ($296.1M vs $240.8M, roughly 1.2× Clear Secure, Inc.). Clear Secure, Inc. runs the higher net margin — 12.8% vs 6.3%, a 6.5% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs 16.7%). Clear Secure, Inc. produced more free cash flow last quarter ($187.4M vs $108.4M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs 16.0%).
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.
Clear Secure, Inc. is an American technology company that operates biometric travel document verification systems at some major airports and stadiums. It was founded in 2003, but shut down in 2009 after filing for bankruptcy. It was relaunched in 2012 and went public in 2021.
UPST vs YOU — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $296.1M | $240.8M |
| Net Profit | $18.6M | $30.8M |
| Gross Margin | — | — |
| Operating Margin | 6.4% | 22.4% |
| Net Margin | 6.3% | 12.8% |
| Revenue YoY | 35.2% | 16.7% |
| Net Profit YoY | 776.4% | -70.2% |
| 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 | $240.8M | ||
| Q3 25 | $277.1M | $229.2M | ||
| Q2 25 | $257.3M | $219.5M | ||
| Q1 25 | $213.4M | $211.4M | ||
| Q4 24 | $219.0M | $206.3M | ||
| Q3 24 | $162.1M | $198.4M | ||
| Q2 24 | $127.6M | $186.7M | ||
| Q1 24 | $127.8M | $179.0M |
| Q4 25 | $18.6M | $30.8M | ||
| Q3 25 | $31.8M | $28.3M | ||
| Q2 25 | $5.6M | $24.7M | ||
| Q1 25 | $-2.4M | $25.4M | ||
| Q4 24 | $-2.8M | $103.3M | ||
| Q3 24 | $-6.8M | $23.5M | ||
| Q2 24 | $-54.5M | $24.1M | ||
| Q1 24 | $-64.6M | $18.8M |
| Q4 25 | 6.4% | 22.4% | ||
| Q3 25 | 8.5% | 23.0% | ||
| Q2 25 | 1.8% | 19.4% | ||
| Q1 25 | -2.1% | 17.7% | ||
| Q4 24 | -2.2% | 16.5% | ||
| Q3 24 | -27.8% | 17.7% | ||
| Q2 24 | -43.5% | 16.2% | ||
| Q1 24 | -52.8% | 13.2% |
| Q4 25 | 6.3% | 12.8% | ||
| Q3 25 | 11.5% | 12.3% | ||
| Q2 25 | 2.2% | 11.3% | ||
| Q1 25 | -1.1% | 12.0% | ||
| Q4 24 | -1.3% | 50.1% | ||
| Q3 24 | -4.2% | 11.8% | ||
| Q2 24 | -42.7% | 12.9% | ||
| Q1 24 | -50.5% | 10.5% |
| 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 | $85.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $798.8M | $177.7M |
| Total Assets | $3.0B | $1.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $652.4M | $85.7M | ||
| Q3 25 | $489.8M | $75.8M | ||
| Q2 25 | $395.9M | $89.3M | ||
| Q1 25 | $599.8M | $87.6M | ||
| Q4 24 | $788.4M | $66.9M | ||
| Q3 24 | — | $32.9M | ||
| Q2 24 | — | $39.1M | ||
| Q1 24 | — | $64.1M |
| Q4 25 | $798.8M | $177.7M | ||
| Q3 25 | $743.7M | $148.6M | ||
| Q2 25 | $722.0M | $121.3M | ||
| Q1 25 | $676.6M | $116.7M | ||
| Q4 24 | $633.2M | $198.4M | ||
| Q3 24 | $595.5M | $129.0M | ||
| Q2 24 | $594.7M | $153.5M | ||
| Q1 24 | $612.8M | $165.9M |
| Q4 25 | $3.0B | $1.3B | ||
| Q3 25 | $2.9B | $1.1B | ||
| Q2 25 | $2.5B | $1.2B | ||
| Q1 25 | $2.3B | $1.1B | ||
| Q4 24 | $2.4B | $1.2B | ||
| Q3 24 | $1.8B | $858.6M | ||
| Q2 24 | $1.8B | $982.4M | ||
| Q1 24 | $1.9B | $1.0B |
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 | $198.4M |
| Free Cash FlowOCF − Capex | $108.4M | $187.4M |
| FCF MarginFCF / Revenue | 36.6% | 77.8% |
| Capex IntensityCapex / Revenue | 0.1% | 4.6% |
| Cash ConversionOCF / Net Profit | 5.82× | 6.45× |
| TTM Free Cash FlowTrailing 4 quarters | — | $343.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $108.6M | $198.4M | ||
| Q3 25 | $-122.6M | $-47.3M | ||
| Q2 25 | $-120.2M | $123.0M | ||
| Q1 25 | $-13.5M | $98.3M | ||
| Q4 24 | $-110.9M | $136.6M | ||
| Q3 24 | $179.3M | $-35.9M | ||
| Q2 24 | $65.3M | $114.6M | ||
| Q1 24 | $52.6M | $80.3M |
| Q4 25 | $108.4M | $187.4M | ||
| Q3 25 | $-122.7M | $-53.5M | ||
| Q2 25 | $-120.3M | $117.9M | ||
| Q1 25 | — | $91.3M | ||
| Q4 24 | — | $133.9M | ||
| Q3 24 | $179.2M | $-37.9M | ||
| Q2 24 | $65.3M | $110.1M | ||
| Q1 24 | $51.9M | $77.6M |
| Q4 25 | 36.6% | 77.8% | ||
| Q3 25 | -44.3% | -23.3% | ||
| Q2 25 | -46.7% | 53.7% | ||
| Q1 25 | — | 43.2% | ||
| Q4 24 | — | 64.9% | ||
| Q3 24 | 110.5% | -19.1% | ||
| Q2 24 | 51.1% | 59.0% | ||
| Q1 24 | 40.6% | 43.3% |
| Q4 25 | 0.1% | 4.6% | ||
| Q3 25 | 0.0% | 2.7% | ||
| Q2 25 | 0.0% | 2.3% | ||
| Q1 25 | 0.0% | 3.4% | ||
| Q4 24 | 0.0% | 1.3% | ||
| Q3 24 | 0.1% | 1.0% | ||
| Q2 24 | 0.0% | 2.4% | ||
| Q1 24 | 0.5% | 1.6% |
| Q4 25 | 5.82× | 6.45× | ||
| Q3 25 | -3.86× | -1.67× | ||
| Q2 25 | -21.43× | 4.97× | ||
| Q1 25 | — | 3.87× | ||
| Q4 24 | — | 1.32× | ||
| Q3 24 | — | -1.53× | ||
| Q2 24 | — | 4.75× | ||
| Q1 24 | — | 4.27× |
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% |
YOU
Segment breakdown not available.
