Q3 25 EPS
$0.52
BEAT +23.43%
Est. $0.42
Q3 25 Revenue
$277.1M
MISS 0.90%
Est. $279.6M
vs S&P Since Q3 25
-24.9%
TRAILING MARKET
UPST -16.6% vs S&P +8.2%
Market Reaction
Did UPST Beat Earnings? Q3 2025 Results
Upstart posted a notably strong third quarter, beating Wall Street's earnings target by a wide margin even as revenue came in fractionally light. The AI lending platform reported adjusted EPS of $0.52, clearing the $0.42 consensus by 23.43%, while re… Read more Upstart posted a notably strong third quarter, beating Wall Street's earnings target by a wide margin even as revenue came in fractionally light. The AI lending platform reported adjusted EPS of $0.52, clearing the $0.42 consensus by 23.43%, while revenue of $277.11 million missed estimates by just 0.90% despite climbing 60.2% year over year. The headline driver was a surge in loan originations, with 428,056 loans totaling roughly $2.85 billion originated in the period, up 80% from a year ago, as an improved conversion rate of 20.6% reflected tangible gains in Upstart's AI underwriting funnel. The company also swung to GAAP net income of $31.80 million from a $6.76 million loss in Q3 2024, with adjusted EBITDA reaching $71.16 million at a 26% margin. Institutional investors have taken note of the momentum, with ownership rising even as some insiders trimmed positions. Looking ahead, management guided Q4 revenue of approximately $288 million and full-year 2025 revenue of approximately $1.04 billion, with GAAP net income of approximately $50 million for the full year.
Key Takeaways
- • 80% YoY growth in loan originations to approximately $2.9 billion
- • 128% YoY increase in number of loans originated to 428,056
- • Conversion rate improved to 20.6% from 16.3% in Q3 2024
- • 91% of loans fully automated
- • Net interest income swung positive to $18.6 million from negative $5.5 million in Q3 2024
- • Sixfold sequential increase in GAAP net income
- • Revenue from fees grew 54% YoY to $259 million
- • $7.2 million gain on debt extinguishment
UPST YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
UPST Revenue by Segment
With YoY comparisons, source: SEC Filings
“In Q3, we continued to execute on our 2025 game plan of rapid growth, profitability, and AI leadership — all anchored in exceptional credit performance. The results include 80% year-on-year growth in originations with 71% growth in revenue, and a sixfold sequential increase in GAAP net income.”
— Dave Girouard, Q3 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 | — | — | — | — |