Q4 25 EPS
$0.17
MISS 63.13%
Est. $0.46
Q4 25 Revenue
$296.1M
BEAT +2.61%
Est. $288.6M
vs S&P Since Q4 25
-21.5%
TRAILING MARKET
UPST -15.5% vs S&P +6.0%
Full Year 2025 Results
FY 25 EPS
$0.45
MISS 73.08%
Est. $1.67
FY 25 Revenue
$1.04B
BEAT +0.72%
Est. $1.04B
Market Reaction
Did UPST Beat Earnings? Q4 2025 Results
Upstart closed out fiscal 2025 with a strong fourth quarter, posting earnings per share of $0.17 against a consensus estimate of $0.15, a beat of 13.33%, while revenue of $296.09 million topped expectations of $272.82 million by 8.53% and grew 30.8% … Read more Upstart closed out fiscal 2025 with a strong fourth quarter, posting earnings per share of $0.17 against a consensus estimate of $0.15, a beat of 13.33%, while revenue of $296.09 million topped expectations of $272.82 million by 8.53% and grew 30.8% year over year. The headline numbers were underpinned by an 86% surge in loan originations to 455,788 transactions in Q4, generating roughly $3.20 billion in origination volume, as the company's AI-driven conversion rate improved to 19.4% with 91% of loans fully automated. The quarter also marked a meaningful profitability inflection, with GAAP net income of $18.64 million compared to a net loss of $2.75 million a year ago, and full-year net income reaching $53.60 million versus a $128.58 million loss in FY 2024. Auto and home loan originations each grew approximately 5x in 2025, signaling product diversification well beyond personal loans. Looking ahead, Upstart guided for approximately $1.40 billion in total 2026 revenue and a 21% adjusted EBITDA margin, with a longer-term target of roughly 35% revenue CAGR through 2028.
Key Takeaways
- • 86% YoY growth in Q4 loan originations to 455,788 transactions
- • 52% YoY growth in Q4 origination dollars to approximately $3.2 billion
- • Conversion rate improved to 19.4% from 18.0% in Q4 2024
- • Adjusted EBITDA margin expanded to 22% from 18% in Q4 2024
- • Revenue grew 64% for full year 2025 while headcount grew only 18%
UPST YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
UPST Revenue by Segment
With YoY comparisons, source: SEC Filings
“In 2025, we grew originations 86% and revenues 64% while growing headcount just 18% — a ratio any business would die for. And we re-established Upstart as a strongly profitable business.”
— Dave Girouard, Q4 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 | — | — | — | — |