Companies /Financial Services

Upstart Holdings Inc

NASDAQ: UPST Credit Services
$30.46
▼ $0.01 (−0.03%) today
Markets closed · 8:29pm ET

Q2 2026 Earnings

Reported Aug 4, 2026, 4:05pm ET · SEC source
$0.16
Miss −70.68%
EPS · est. $0.55
$364.7M
Beat +3.54%
Revenue · est. $352.2M
2 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−6%0+6%+12%Aug 4Aug 5report 4:05pm ETearnings−0.2%−5.1%
−6%0+6%+12%Aug 4Aug 5earnings−0.2%−5.1%
UPST −5.1%S&P 500 −0.2%
−6%0+6%+12%Aug 4Aug 5report 4:05pm ETearnings−1.1%−5.1%
−6%0+6%+12%Aug 4Aug 5earnings−1.1%−5.1%
UPST −5.1%NASDAQ −1.1%
−15%−10%−5%0Aug 3Aug 12report 4:05pm ETearnings−0.0%−15.1%
−15%−10%−5%0Aug 3Aug 12earnings−0.0%−15.1%
UPST −15.1%S&P 500 −0.0%
−15%−10%−5%0Aug 3Aug 12report 4:05pm ETearnings+0.0%−15.1%
−15%−10%−5%0Aug 3Aug 12earnings+0.0%−15.1%
UPST −15.1%NASDAQ +0.0%
−0.40%
Day of report
−1.62%
Next session
−3.64%
One week

Did UPST Beat Earnings? Q2 2026 Results

Upstart Holdings delivered a tale of two metrics in Q2 2026, posting revenue that cleared Wall Street's bar while earnings fell well short of expectations. The AI lending platform reported $364.71 million in total revenue, a 41.8% year-over-year gain that edged past the $352.23 million consensus estimate by 3.54%, yet GAAP diluted EPS of $0.16 missed the $0.55 analyst estimate by 70.68%, a gap driven largely by swelling operating expenses across sales, engineering, and general administration that together topped $288 million for the quarter. The core growth engine remained loan originations, which climbed 50% year-over-year to $4.23 billion across more than 558,000 loans, with 91% fully automated, underscoring the scalability of its AI underwriting model. A newly announced $4 billion loan purchase agreement with Castlelake-managed funds added a constructive funding backdrop to the results. Management held its full-year 2026 outlook steady, continuing to project total revenue of approximately $1.40 billion and Adjusted EBITDA of roughly $294 million at a 21% margin.

Key Takeaways
  • Originations up 50% YoY to $4.2 billion with 558,014 loans originated
  • Revenue from fees up 45% YoY to $348 million
  • Re-acceleration of growth in core personal loans with unsecured segment Contribution Margin of 62%
  • 91% of loans fully automated
  • Conversion rate of 19.7%

“We came into this quarter with a clear plan, and we executed against it — re-accelerating growth in core personal loans, moving our secured products rapidly toward profitability, and funding that growth without adding equity capital. The results speak for themselves: originations up 50% year-over-year and we returned to GAAP profitability, with an all-time-high Contribution Profit.”

Upstart CEO, on the earnings call

Forward Guidance & Outlook

For full-year 2026, Upstart continues to expect total revenue of approximately $1.4 billion, revenue from fees of approximately $1.3 billion, and Adjusted EBITDA of approximately $294 million (21% margin of total revenue).

UPST YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$200.0M$400.0M$257.3M$364.7MRevenue$4.5M$14.6MOperating Income$5.6M$16.5MNet Income
$0$200.0M$400.0MRevenueOperating IncomeNet Income

UPST Revenue by Segment

Platform and Referral Fees$284.1M+40.0%
Servicing and Other Fees$54.8M+44.5%

Figures from SEC filings and company reports. Not investment advice.