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Side-by-side financial comparison of Upstart Holdings, Inc. (UPST) and Zeta Global Holdings Corp. (ZETA). Click either name above to swap in a different company.
Zeta Global Holdings Corp. is the larger business by last-quarter revenue ($394.6M vs $296.1M, roughly 1.3× Upstart Holdings, Inc.). Upstart Holdings, Inc. runs the higher net margin — 6.3% vs 1.7%, a 4.6% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs 25.4%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M vs $60.9M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs 42.3%).
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.
Zeta Global Holdings Corp. is an American marketing technology company which was founded in 2007. Zeta offers companies a suite of multichannel marketing tools focused on creating, maintaining, and monetizing customer relationships. The company went public on the New York Stock Exchange on June 10, 2021, at a US$1.7 billion valuation.
UPST vs ZETA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $296.1M | $394.6M |
| Net Profit | $18.6M | $6.5M |
| Gross Margin | — | 59.5% |
| Operating Margin | 6.4% | 4.5% |
| Net Margin | 6.3% | 1.7% |
| Revenue YoY | 35.2% | 25.4% |
| Net Profit YoY | 776.4% | -57.1% |
| EPS (diluted) | $0.20 | $0.04 |
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 | $394.6M | ||
| Q3 25 | $277.1M | $337.2M | ||
| Q2 25 | $257.3M | $308.4M | ||
| Q1 25 | $213.4M | $264.4M | ||
| Q4 24 | $219.0M | $314.7M | ||
| Q3 24 | $162.1M | $268.3M | ||
| Q2 24 | $127.6M | $227.8M | ||
| Q1 24 | $127.8M | $194.9M |
| Q4 25 | $18.6M | $6.5M | ||
| Q3 25 | $31.8M | $-3.6M | ||
| Q2 25 | $5.6M | $-12.8M | ||
| Q1 25 | $-2.4M | $-21.6M | ||
| Q4 24 | $-2.8M | $15.2M | ||
| Q3 24 | $-6.8M | $-17.4M | ||
| Q2 24 | $-54.5M | $-28.1M | ||
| Q1 24 | $-64.6M | $-39.6M |
| Q4 25 | — | 59.5% | ||
| Q3 25 | — | 60.5% | ||
| Q2 25 | — | 62.1% | ||
| Q1 25 | — | 60.9% | ||
| Q4 24 | — | 60.0% | ||
| Q3 24 | — | 60.6% | ||
| Q2 24 | — | 60.0% | ||
| Q1 24 | — | 60.6% |
| Q4 25 | 6.4% | 4.5% | ||
| Q3 25 | 8.5% | 2.6% | ||
| Q2 25 | 1.8% | -1.7% | ||
| Q1 25 | -2.1% | -6.1% | ||
| Q4 24 | -2.2% | 2.2% | ||
| Q3 24 | -27.8% | -4.6% | ||
| Q2 24 | -43.5% | -11.7% | ||
| Q1 24 | -52.8% | -18.4% |
| Q4 25 | 6.3% | 1.7% | ||
| Q3 25 | 11.5% | -1.1% | ||
| Q2 25 | 2.2% | -4.2% | ||
| Q1 25 | -1.1% | -8.2% | ||
| Q4 24 | -1.3% | 4.8% | ||
| Q3 24 | -4.2% | -6.5% | ||
| Q2 24 | -42.7% | -12.3% | ||
| Q1 24 | -50.5% | -20.3% |
| Q4 25 | $0.20 | $0.04 | ||
| Q3 25 | $0.23 | $-0.02 | ||
| Q2 25 | $0.05 | $-0.06 | ||
| Q1 25 | $-0.03 | $-0.10 | ||
| Q4 24 | $-0.01 | $0.10 | ||
| Q3 24 | $-0.07 | $-0.09 | ||
| Q2 24 | $-0.62 | $-0.16 | ||
| Q1 24 | $-0.74 | $-0.23 |
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 | $319.8M |
| Total DebtLower is stronger | — | $197.1M |
| Stockholders' EquityBook value | $798.8M | $804.6M |
| Total Assets | $3.0B | $1.5B |
| Debt / EquityLower = less leverage | — | 0.24× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $652.4M | $319.8M | ||
| Q3 25 | $489.8M | $385.2M | ||
| Q2 25 | $395.9M | $365.3M | ||
| Q1 25 | $599.8M | $364.4M | ||
| Q4 24 | $788.4M | $366.2M | ||
| Q3 24 | — | $418.5M | ||
| Q2 24 | — | $154.7M | ||
| Q1 24 | — | $141.6M |
| Q4 25 | — | $197.1M | ||
| Q3 25 | — | $196.9M | ||
| Q2 25 | — | $196.7M | ||
| Q1 25 | — | $196.5M | ||
| Q4 24 | — | $196.3M | ||
| Q3 24 | — | $196.1M | ||
| Q2 24 | — | $184.4M | ||
| Q1 24 | — | $184.2M |
| Q4 25 | $798.8M | $804.6M | ||
| Q3 25 | $743.7M | $689.2M | ||
| Q2 25 | $722.0M | $673.3M | ||
| Q1 25 | $676.6M | $676.6M | ||
| Q4 24 | $633.2M | $676.8M | ||
| Q3 24 | $595.5M | $474.9M | ||
| Q2 24 | $594.7M | $217.0M | ||
| Q1 24 | $612.8M | $191.6M |
| Q4 25 | $3.0B | $1.5B | ||
| Q3 25 | $2.9B | $1.2B | ||
| Q2 25 | $2.5B | $1.1B | ||
| Q1 25 | $2.3B | $1.1B | ||
| Q4 24 | $2.4B | $1.1B | ||
| Q3 24 | $1.8B | $869.1M | ||
| Q2 24 | $1.8B | $583.9M | ||
| Q1 24 | $1.9B | $550.3M |
| Q4 25 | — | 0.24× | ||
| Q3 25 | — | 0.29× | ||
| Q2 25 | — | 0.29× | ||
| Q1 25 | — | 0.29× | ||
| Q4 24 | — | 0.29× | ||
| Q3 24 | — | 0.41× | ||
| Q2 24 | — | 0.85× | ||
| Q1 24 | — | 0.96× |
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 | $64.1M |
| Free Cash FlowOCF − Capex | $108.4M | $60.9M |
| FCF MarginFCF / Revenue | 36.6% | 15.4% |
| Capex IntensityCapex / Revenue | 0.1% | 0.8% |
| Cash ConversionOCF / Net Profit | 5.82× | 9.81× |
| TTM Free Cash FlowTrailing 4 quarters | — | $185.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $108.6M | $64.1M | ||
| Q3 25 | $-122.6M | $57.9M | ||
| Q2 25 | $-120.2M | $42.0M | ||
| Q1 25 | $-13.5M | $34.8M | ||
| Q4 24 | $-110.9M | $43.7M | ||
| Q3 24 | $179.3M | $34.4M | ||
| Q2 24 | $65.3M | $31.1M | ||
| Q1 24 | $52.6M | $24.7M |
| Q4 25 | $108.4M | $60.9M | ||
| Q3 25 | $-122.7M | $52.4M | ||
| Q2 25 | $-120.3M | $39.7M | ||
| Q1 25 | — | $32.1M | ||
| Q4 24 | — | $35.4M | ||
| Q3 24 | $179.2M | $29.5M | ||
| Q2 24 | $65.3M | $24.4M | ||
| Q1 24 | $51.9M | $18.9M |
| Q4 25 | 36.6% | 15.4% | ||
| Q3 25 | -44.3% | 15.6% | ||
| Q2 25 | -46.7% | 12.9% | ||
| Q1 25 | — | 12.1% | ||
| Q4 24 | — | 11.3% | ||
| Q3 24 | 110.5% | 11.0% | ||
| Q2 24 | 51.1% | 10.7% | ||
| Q1 24 | 40.6% | 9.7% |
| Q4 25 | 0.1% | 0.8% | ||
| Q3 25 | 0.0% | 1.6% | ||
| Q2 25 | 0.0% | 0.8% | ||
| Q1 25 | 0.0% | 1.0% | ||
| Q4 24 | 0.0% | 2.6% | ||
| Q3 24 | 0.1% | 1.8% | ||
| Q2 24 | 0.0% | 3.0% | ||
| Q1 24 | 0.5% | 3.0% |
| Q4 25 | 5.82× | 9.81× | ||
| Q3 25 | -3.86× | — | ||
| Q2 25 | -21.43× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.87× | ||
| 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% |
ZETA
Segment breakdown not available.
