Upstart Holdings annual debt-to-equity ratio
2020
2021
2022
2023
2024
2025
Upstart Holdings Debt-to-Equity Ratio Growth & History (UPST)
Upstart Holdings's debt-to-equity ratio was 2.32 for fiscal 2025.
View full Upstart Holdings company overviewUpstart Holdings annual debt-to-equity ratio history
| Fiscal year | Period ended | Debt-to-equity ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 2.32 | 0.02 | +0.98% |
| 2024 | 2024-12-31 | 2.29 | 0.56 | +32.15% |
| 2023 | 2023-12-31 | 1.74 | 0.12 | +7.36% |
| 2022 | 2022-12-31 | 1.62 | 0.63 | +63.97% |
| 2021 | 2021-12-31 | 0.99 | 0.71 | +260.79% |
| 2020 | 2020-12-31 | 0.27 | — | — |
Upstart Holdings quarterly debt-to-equity ratio
Q4.20
Q1.21
Q2.21
Q3.21
Q4.21
Q1.22
Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Debt-to-equity ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 2.54 | 0.50 | +24.55% |
| Q1 2026 | 2026-03-31 | 2.64 | 0.60 | +29.51% |
| Q4 2025 | 2025-12-31 | 2.32 | 0.02 | +0.98% |
| Q3 2025 | 2025-09-30 | 2.55 | 0.97 | +61.42% |
| Q2 2025 | 2025-06-30 | 2.04 | 0.41 | +25.14% |
| Q1 2025 | 2025-03-31 | 2.04 | 0.31 | +17.56% |
| Q4 2024 | 2024-12-31 | 2.29 | 0.56 | +32.15% |
| Q3 2024 | 2024-09-30 | 1.58 | −0.13 | −7.71% |
| Q2 2024 | 2024-06-30 | 1.63 | 0.02 | +1.26% |
| Q1 2024 | 2024-03-31 | 1.74 | −0.02 | −0.93% |
| Q4 2023 | 2023-12-31 | 1.74 | 0.12 | +7.36% |
| Q3 2023 | 2023-09-30 | 1.71 | 0.29 | +20.78% |
| Q2 2023 | 2023-06-30 | 1.61 | 0.35 | +27.38% |
| Q1 2023 | 2023-03-31 | 1.75 | 0.76 | +76.83% |
| Q4 2022 | 2022-12-31 | 1.62 | 0.63 | +63.97% |
| Q3 2022 | 2022-09-30 | 1.42 | 0.41 | +41.26% |
| Q2 2022 | 2022-06-30 | 1.26 | 1.23 | +3695.49% |
| Q1 2022 | 2022-03-31 | 0.99 | 0.80 | +425.43% |
| Q4 2021 | 2021-12-31 | 0.99 | 0.71 | +260.79% |
| Q3 2021 | 2021-09-30 | 1.00 | — | — |
| Q2 2021 | 2021-06-30 | 0.03 | — | — |
| Q1 2021 | 2021-03-31 | 0.19 | — | — |
| Q4 2020 | 2020-12-31 | 0.27 | — | — |
Upstart Holdings debt-to-equity ratio trends
Over the last five fiscal years, Upstart Holdings's debt-to-equity ratio increased from 0.27 to 2.32, a change of 2.04. The latest reported quarter, Q2 2026, shows 2.54.
About the metric
What the debt-to-equity ratio means
The debt-to-equity ratio compares interest-bearing debt with shareholders’ equity. It helps show how much debt financing a company uses relative to its accounting equity, but useful comparison levels vary by industry.
Calculation and source
How debt-to-equity is calculated
TickerStat calculates debt-to-equity as total interest-bearing debt divided by SEC-reported shareholders’ equity for the same balance-sheet date. Total liabilities are not treated as debt, and periods with non-positive equity are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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