Company / R&D Expense
Upstart Holdings, Inc. R&D Expense History
FY2019-FY2025 · Annual data · Source: SEC filings
At a glance
Latest annual filing availableLatest R&D Expense
$257.6M
FY2025
5-year range
$134.0M / $280.1M
FY2021-FY2025
Trend
+1.6%
vs FY2024
Sector context
#6 of 19
Financials
What the data says
At $258M, Upstart Holdings, Inc.'s r&d expense ranks #6 of 19 in the Financials sector. Declined from $280M to $258M over the past 2 years.
Based on SEC 10-K filings.
$258M in FY2025 with a 5-year CAGR of +46.0%.
Declined from $280M to $258M over the past 2 years.
Financials sector context is included.
R&D Expense over time
Growth rates
- 3-Year CAGR
- +2.8%
- 5-Year CAGR
- +46.0%
- 10-Year CAGR
- -
Sector benchmark
#6 of 19 in FinancialsTop 32% of 19This company $257.6M Sector average $371.1M
▼
-30.6% below sector average
Key checks
Key Insights
- 5-year CAGR of +46.0%, indicating consistent growth.
- In FY2025, r&d expense increased 1.6% year-over-year.
- Ranks #6 out of 19 companies in the Financials sector.
- Peak r&d expense was recorded in FY2023.
Company context
Key Data Points
- Altman Z-Score 0.55 (distress zone, below 1.8 threshold)
- Negative profit margin: -20.2%
- Low earnings quality (accrual-heavy earnings)
Data sourced from SEC EDGAR filings. Not investment advice.
Annual data
| Year | R&D ExpenseValue | YoY GrowthYoY |
|---|---|---|
| FY2025 | $257.6M | +1.6% |
| FY2024 | $253.7M | -9.5% |
| FY2023 | $280.1M | +18.1% |
| FY2022 | $237.2M | +77.1% |
| FY2021 | $134.0M | +245.3% |
| FY2020 | $38.8M | +106.6% |
| FY2019 | $18.8M | - |
As of FY2025 · SEC 10-K · Updated Feb 28, 2026