Q1 25 EPS
$0.30
BEAT +75.85%
Est. $0.17
Q1 25 Revenue
$213.4M
BEAT +6.02%
Est. $201.3M
vs S&P Since Q1 25
-55.1%
TRAILING MARKET
UPST -24.4% vs S&P +30.7%
Market Reaction
Did UPST Beat Earnings? Q1 2025 Results
Upstart delivered a notably strong first quarter, with revenue of $213.37 million rising 54.0% year over year and comfortably clearing the $201.26 million consensus, while adjusted EPS of $0.30 beat the $0.17 estimate by 75.85%, reflecting a dramatic… Read more Upstart delivered a notably strong first quarter, with revenue of $213.37 million rising 54.0% year over year and comfortably clearing the $201.26 million consensus, while adjusted EPS of $0.30 beat the $0.17 estimate by 75.85%, reflecting a dramatic operational turnaround from the loss-heavy results of a year ago. The clearest driver behind the outperformance was a sharp rebound in loan origination volumes, with the AI lending marketplace facilitating $2.13 billion in originations, up 102% from the prior-year quarter, as conversion rates improved to 19.1% from 14.0% and 92% of loans were processed with no human involvement. Adjusted EBITDA swung to a positive $42.58 million from negative $20.34 million, and the GAAP net loss narrowed to just $2.45 million from $64.60 million a year earlier. A Bank of America upgrade citing improved fundamentals added further market confidence around the print. Management raised its full-year revenue outlook to approximately $1.01 billion and expects GAAP net income to turn positive in the second half of 2025, with Q2 revenue guided at approximately $225 million.
Key Takeaways
- • Transaction volume up 102% YoY to 240,706 loans with total originations exceeding $2.1 billion (up 89% YoY)
- • Conversion rate improved to 19.1% from 14.0% in Q1 2024
- • 92% of loans fully automated, up from 90% a year ago
- • Platform and referral fees grew 45% YoY to $151 million
- • Net interest income swung positive as fair value adjustments improved significantly
- • Adjusted EBITDA margin improved to 20% from (16%) in Q1 2024
UPST YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
UPST Revenue by Segment
With YoY comparisons, source: SEC Filings
“With an unparalleled pace of innovation, we continue to raise the bar in AI-enabled lending. In this foundational aspect of our economy, AI is clearly living up to its promise of delivering a radically better product for consumers.”
— Dave Girouard, Q1 2025 Earnings Press Release
UPST Earnings Trends
UPST vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
UPST EPS Trend
Earnings per share: estimate vs actual
UPST Revenue Trend
Quarterly revenue: estimate vs actual
UPST Quarterly Results
7 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | — | — | — | — |
| Q1 26 | $0.43 | — | — | $308.2M | +1.59% |
| Q4 25 MISS FY | $0.46 | $0.17 | -63.13% | $296.1M | +2.61% |
| FY Full Year | $1.67 | $0.45 | -73.08% | $1.04B | +0.72% |
| Q3 25 BEAT | $0.42 | $0.52 | +23.43% | $277.1M | -0.90% |
| Q2 25 BEAT | $0.25 | $0.36 | +41.62% | $257.3M | +14.15% |
| Q1 25 BEAT | $0.17 | $0.30 | +75.85% | $213.4M | +6.02% |
| Q4 23 | $-0.14 | — | — | — | — |