Companies /Financial Services

Upstart Holdings Inc

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

Q4 2025 Earnings

Reported Feb 10, 2026, 4:03pm ET · SEC source
$0.17
Miss −63.13%
EPS · est. $0.46
$296.1M
Beat +2.61%
Revenue · est. $288.6M
−12.7%
Trailing market
UPST vs S&P since report
2 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−14%−7%0+7%Feb 10Feb 11report 4:03pm ETearnings−0.0%−14.8%
−14%−7%0+7%Feb 10Feb 11earnings−0.0%−14.8%
UPST −14.8%S&P 500 −0.0%
−14%−7%0+7%Feb 10Feb 11report 4:03pm ETearnings+0.1%−14.8%
−14%−7%0+7%Feb 10Feb 11earnings+0.1%−14.8%
UPST −14.8%NASDAQ +0.1%
−27%−18%−9%0Feb 9Feb 18report 4:03pm ETearnings−1.0%−20.7%
−27%−18%−9%0Feb 9Feb 18earnings−1.0%−20.7%
UPST −20.7%S&P 500 −1.0%
−27%−18%−9%0Feb 9Feb 18report 4:03pm ETearnings−1.1%−20.7%
−27%−18%−9%0Feb 9Feb 18earnings−1.1%−20.7%
UPST −20.7%NASDAQ −1.1%
−15.04%
Day of report
−8.79%
Next session
−7.40%
One week
−16.04%
30 days

S&P 500 over the same 30 days: −3.31%.

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% 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%

“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.”

Upstart CEO, on the earnings call

Forward Guidance & Outlook

For full-year 2026, Upstart expects total revenue of approximately $1.4 billion, revenue from fees of approximately $1.3 billion, and an adjusted EBITDA margin of approximately 21%. For the 2025-2028 period, the company is targeting a revenue compound annual growth rate of approximately 35% and a terminal adjusted EBITDA margin of approximately 25%. Beginning in 2026, Upstart will provide annual financial guidance only and discontinue quarterly guidance. The company also expects to continue reducing loans on its balance sheet.

UPST YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$90.0M$180.0M$270.0M$226.4M$296.1MRevenue$2.1M$18.9MOperating Income$2.1M$18.6MNet Income
$0$90.0M$180.0M$270.0MRevenueOperating IncomeNet Income

UPST Revenue by Segment

Platform and Referral Fees$222.3M
Servicing and Other Fees$42.9M

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