Upstart Holdings, Inc.UPSTEarnings & Financial Report
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.
UPST Q4 2025 Key Financial Metrics
Revenue
$296.1M
Gross Profit
N/A
Operating Profit
$18.9M
Net Profit
$18.6M
Gross Margin
N/A
Operating Margin
6.4%
Net Margin
6.3%
YoY Growth
35.2%
EPS
$0.20
Financial Flow
Upstart Holdings, Inc. Q4 2025 Financial Summary
Upstart Holdings, Inc. reported revenue of $296.1M (up 35.2% YoY) for Q4 2025, with a net profit of $18.6M (up 776.4% YoY) (6.3% margin). Cost of goods sold was N/A.
Key Financial Metrics
| Total Revenue | $296.1M |
|---|---|
| Net Profit | $18.6M |
| Gross Margin | N/A |
| Operating Margin | 6.4% |
| Report Period | Q4 2025 |
Revenue Breakdown
Upstart Holdings, Inc. Q4 2025 revenue of $296.1M breaks down across 6 segments, led by Personal Lending Segment at $201.4M (68.0% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Personal Lending Segment | $201.4M | 68.0% |
| Servicing Fees Net | $39.5M | 13.3% |
| Servicing Fees | $27.5M | 9.3% |
| Other | $15.7M | 5.3% |
| Borrower Fees | $8.4M | 2.9% |
| Collection Agency Fees | $3.5M | 1.2% |
Upstart Holdings, Inc. Revenue by Segment — Quarterly Trend
Upstart Holdings, Inc. revenue by segment across the last 4 reported quarters, showing how each business line (such as Personal Lending Segment and Servicing Fees Net) has evolved quarter over quarter.
| Segment | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|
| Personal Lending Segment | $201.4M | — | — | — |
| Servicing Fees Net | $39.5M | $41.7M | $37.9M | $34.5M |
| Servicing Fees | $27.5M | — | — | $22.8M |
| Other | $15.7M | $7.5M | $6.1M | — |
| Borrower Fees | $8.4M | $7.6M | $6.7M | $6.7M |
Upstart Holdings, Inc. Annual Revenue by Year
Upstart Holdings, Inc. annual revenue history includes year-by-year totals (for example, 2025 revenue was $1.0B). Click any linked year to see what changed vs the prior annual report.
Upstart Holdings, Inc. Quarterly Revenue & Net Profit History
Upstart Holdings, Inc. results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 2025 | $296.1M | +35.2% | $18.6M | 6.3% |
| Q3 2025 | $277.1M | +70.9% | $31.8M | 11.5% |
| Q2 2025 | $257.3M | +101.6% | $5.6M | 2.2% |
| Q1 2025 | $213.4M | +67.0% | $-2.4M | -1.1% |
| Q4 2024 | $219.0M | +56.1% | $-2.8M | -1.3% |
| Q3 2024 | $162.1M | +10.5% | $-6.8M | -4.2% |
| Q2 2024 | $127.6M | -11.2% | $-54.5M | -42.7% |
| Q1 2024 | $127.8M | +9.1% | $-64.6M | -50.5% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $127.8M | $127.6M | $162.1M | $219.0M | $213.4M | $257.3M | $277.1M | $296.1M |
| YoY Growth | 9.1% | -11.2% | 10.5% | 56.1% | 67.0% | 101.6% | 70.9% | 35.2% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $1.93B | $1.82B | $1.81B | $2.37B | $2.30B | $2.48B | $2.90B | $2.97B |
| Liabilities | $1.31B | $1.23B | $1.21B | $1.73B | $1.62B | $1.76B | $2.16B | $2.18B |
| Equity | $612.8M | $594.7M | $595.5M | $633.2M | $676.6M | $722.0M | $743.7M | $798.8M |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $52.6M | $65.3M | $179.3M | $-110.9M | $-13.5M | $-120.2M | $-122.6M | $108.6M |