Companies /Financial Services

Upstart Holdings Inc

NASDAQ: UPST Credit Services
$30.09
▼ $0.38 (−1.25%) today
Markets open · 3:03pm ET

Q3 2025 Earnings

Reported Nov 4, 2025, 4:06pm ET · SEC source
$0.52
Beat +23.43%
EPS · est. $0.42
$277.1M
Miss −0.90%
Revenue · est. $279.6M
+11.5%
Beating market
UPST vs S&P since report
2 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−18%−12%−6%0Nov 4Nov 5report 4:06pm ETearnings+0.3%−10.0%
−18%−12%−6%0Nov 4Nov 5earnings+0.3%−10.0%
UPST −10.0%S&P 500 +0.3%
−18%−12%−6%0Nov 4Nov 5report 4:06pm ETearnings+0.6%−10.0%
−18%−12%−6%0Nov 4Nov 5earnings+0.6%−10.0%
UPST −10.0%NASDAQ +0.6%
−16%−8%0+8%Nov 3Nov 12report 4:06pm ETearnings+1.1%−6.6%
−16%−8%0+8%Nov 3Nov 12earnings+1.1%−6.6%
UPST −6.6%S&P 500 +1.1%
−16%−8%0+8%Nov 3Nov 12report 4:06pm ETearnings+0.3%−6.6%
−16%−8%0+8%Nov 3Nov 12earnings+0.3%−6.6%
UPST −6.6%NASDAQ +0.3%
−9.71%
Day of report
−9.64%
Next session
−5.10%
One week
+12.36%
30 days

S&P 500 over the same 30 days: +0.89%.

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 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

“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.”

Upstart CEO, on the earnings call

Forward Guidance & Outlook

For Q4 2025, Upstart expects total revenue of approximately $288 million (revenue from fees ~$262 million, net interest income ~$26 million), contribution margin of approximately 53%, GAAP net income of approximately $17 million, adjusted net income of approximately $52 million, adjusted EBITDA of approximately $63 million, basic weighted-average share count of approximately 98 million, and diluted weighted-average share count of approximately 111 million shares. For full-year 2025, Upstart expects total revenue of approximately $1.035 billion (revenue from fees ~$946 million, net interest income ~$89 million), GAAP net income of approximately $50 million, and adjusted EBITDA margin of approximately 22%.

UPST YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$80.0M$160.0M$240.0M$173.0M$277.1MRevenue$4.3M$23.7MOperating Income$4.7M$31.8MNet Income
$0$80.0M$160.0M$240.0MRevenueOperating IncomeNet Income

UPST Revenue by Segment

Platform and Referral Fees$216.9M
Servicing and Other Fees$41.7M

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