Upstart Holdings, Inc. (UPST)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$1.2B

Revenue growth

46.3%

Net income, last twelve months

$60.3M

Earnings per share

$0.49

Operating margin

4.0%

Net margin

4.8%

Free cash flow

-$289.0M

Return on equity

7.6%

Market value

$2.3B

Price to earnings

49.3x

Cash

$456.0M

Debt

$2.0B

Debt to equity

2.51

Shares outstanding

97.3M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the Second Quarter 2026 results, filed 4 August 2026.

• Originations and revenue grew. Originations reached $4.2 billion, up 50% year over year, across 558,014 loans. Total revenue was $365 million, up 42%, and revenue from fees was $348 million, up 45%.
• Net income rose sharply. Net income was $16.5 million, up from $5.6 million a year earlier. Diluted net income per share was $0.16, against $0.05.
• Operating income rose to $14.6 million. Income from operations was $14.6 million, compared with $4.5 million in the second quarter of 2025.
• Contribution profit reached an all-time high. Contribution profit was $193 million, up 37%. Contribution margin was 55%, against 58% a year earlier.
• Adjusted EBITDA margin held at 21%. Adjusted EBITDA was $76.9 million, up 45% from $53.1 million. The Adjusted EBITDA margin was 21%, unchanged from the prior-year quarter.
• Unsecured contribution margin held at 62%. Unsecured Lending contribution profit was $201 million, up 36%, on $326 million of fee revenue. Margin was 62%, unchanged year over year and up from 56% in Q1 2026.
• Secured contribution margin still negative. Combined secured contribution margin for auto and home was negative 35%, against negative 176% a year earlier and negative 96% in Q1 2026.
• Unsecured originations rose. Unsecured Lending originations were $3.64 billion on 535,191 loans, against $2.64 billion on 366,423 loans a year earlier.
• Other segment originations rose. Auto Lending and Other originated $588.7 million on 22,823 loans, against $184.9 million on 6,176 loans a year earlier.
• Borrower acquisition costs rose. Borrower acquisition costs were $102.3 million in the second quarter of 2026, against $60.9 million a year earlier.
• Verification and servicing costs rose. Borrower verification and servicing costs were $52.6 million, against $39.3 million a year earlier.
• Operating expenses rose across lines. Total operating expenses were $350.1 million, against $252.7 million. Sales and marketing was $114.5 million and engineering and product development was $93.9 million.
• Stock-based compensation rose. Stock-based compensation and certain payroll tax expenses were $45.9 million, against $36.6 million, and are added back in Adjusted EBITDA.
• Reorganization expenses added back. Reorganization expenses of $1.7 million were added back in computing Adjusted EBITDA for the second quarter; the prior-year quarter had none.

Company events

The newest 8-K filings of 52 held.

Every filing

The newest filings with the SEC of 141 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

412 funds held it at 30 Jun 2026: 183 added and 96 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• American Express Co. (AXP): revenue $77.6B, market value $213.5B
• Nu Holdings Ltd. (NU): revenue $15.8B, market value $58.1B
• Strategy Inc. (MSTR): revenue $498.3M, market value $51.2B
• Coinbase Global, Inc. (COIN): revenue $6.3B, market value $42.8B
• Synchrony Financial (SYF): revenue $15.0B, market value $23.4B
• SoFi Technologies, Inc. (SOFI): revenue $4.3B, market value $22.1B
• Circle Internet Group, Inc. (CRCL): revenue $2.9B, market value $22.0B
• Chime Financial, Inc. (CHYM): revenue $2.5B, market value $11.3B
• Iren Ltd. (IREN): revenue $707.0M, market value $10.3B
• Hut 8 Corp. (HUT): revenue $318.0M, market value $8.6B

What the company does

Upstart Holdings is a lending marketplace founded in 2012. It describes itself as the leading artificial intelligence lending marketplace. It applies its own AI models to personal loans, auto loans and home equity lines of credit (HELOCs).

What it offers borrowers

For car purchases they often arrive through auto dealerships that use Upstart Auto Finance, a dealer-facing software-as-a-service application. Personal loans typically range from $200 to $75,000, with APRs up to 35.99% and terms of three months to five years. Auto loans range from $3,000 to $60,000, with APRs up to 29.99% and terms of two to seven years. HELOCs range from $26,000 to $250,000, with APRs up to 18.0% and terms of 10 or 15 years. All loans have monthly repayment and no prepayment penalty.

How the marketplace is funded

Loans are bought by institutional investors, kept or bought by lending partners, or held on Upstart's balance sheet. Of the principal originated in 2025, 64% went to institutional investors, 26% to lending partners and 10% stayed on the balance sheet. More than 50% of loan funding comes through committed capital and other co-investment arrangements. Investors can also buy pass-through certificates and asset-backed securities backed by Upstart-powered loans. Of the loans held on the balance sheet at 31 December 2025, 66% were held for research and development, such as testing models on newer products.

How it earns money

Most revenue comes from fees. Lending partners pay platform fees for using the marketplace and referral fees for borrowers sent from Upstart.com. Auto dealers pay fees for Upstart Auto Finance. Upstart also earns servicing fees, charged monthly as a percentage of outstanding principal, and acts as servicer for substantially all loans on the marketplace. The top three lending partners originated 83% of loans in 2025, and fees from them made up 61% of total revenue. The company views its lending partners as largely interchangeable. Interest income and fair value changes on loans it holds have historically been a small share of revenue.

How the AI models work

It was trained on nearly 104 million repayment events and is one of approximately 30 proprietary machine learning models. Other models cover acquisition targeting, loan stacking, prepayment, income fraud, identity fraud and default prediction. In 2025, 91% of loans were fully automated, with no human intervention by Upstart. An internal study published in 2025 compared its personal loan model with a credit score-based model. It found the AI model approved 43% more borrowers at a 33% lower average APR. Lending partners set their own hard criteria, such as minimum credit scores, and Upstart applies these before its models run.

Finding customers and competing

Marketing is aimed at bringing borrowers to Upstart.com. The largest channels are direct mail, email, organic traffic, online advertising including streaming television, and marketing affiliates such as loan aggregators. Credit Karma is named as one such partner. Upstart competes with banks, non-bank lenders, other financial technology lending platforms and credit cards. It also competes with technology companies that sell digital lending software to lenders. The platform runs on Amazon Web Services.

Regulation and people

The Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) oversee parts of the business, along with state regulators and prudential bank regulators. State licences are required for some activities, and Upstart holds collections licences in the majority of states. It holds four granted patents and six pending patent applications in the United States. Employees in eligible roles can work from anywhere in the United States and Canada. Offices are in Austin, Columbus, New York and San Mateo. None of the employees are represented by a labor union.

*From Upstart's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1647639/000164763926000027/upst-20251231.htm)*

From the company's 10-K.