Q1 26 EPS
$N/A
Est. $0.43
Q1 26 Revenue
$308.2M
BEAT +1.59%
Est. $303.4M
vs S&P Since Q1 26
+1.6%
BEATING MARKET
UPST +1.5% vs S&P -0.1%
Market Reaction
Did UPST Beat Earnings? Q1 2026 Results
Upstart delivered a revenue beat in Q1 2026, posting $308.21 million against the $303.40 million consensus estimate, a 1.59% positive surprise, as the AI lending marketplace continued its rapid expansion with revenue climbing 39.9% year over year. Th… Read more Upstart delivered a revenue beat in Q1 2026, posting $308.21 million against the $303.40 million consensus estimate, a 1.59% positive surprise, as the AI lending marketplace continued its rapid expansion with revenue climbing 39.9% year over year. The primary engine behind that acceleration was fee revenue, which surged 49% to $277.06 million, fueled by origination volume of roughly $3.45 billion across more than 425,000 transactions. The bottom line, however, told a more complicated story; the company reported a GAAP net loss of $6.65 million, or $0.07 per diluted share, well short of the $0.43 consensus EPS estimate, as aggressive investment in sales, marketing, and engineering drove total operating expenses to $315.73 million. Adjusted EBITDA slipped to $40.47 million with margins compressing to 13% from 20% a year ago, reflecting a deliberate growth-first posture. A pending securities class action related to an earlier AI model controversy adds an overhang even as Upstart maintained its full-year 2026 revenue outlook of approximately $1.40 billion and adjusted EBITDA of approximately $294 million.
Key Takeaways
- • Loan origination volume grew 61% YoY to approximately $3.4 billion
- • Number of loans originated grew 77% YoY to 425,356
- • Revenue from fees grew 49% YoY to $277 million
- • Conversion rate improved to 18.5% from 17.5% YoY
- • 91% of loans fully automated
UPST YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
UPST Revenue by Segment
With YoY comparisons, source: SEC Filings
“In Q1, we grew originations 61% and revenue 44% year-over-year - putting us comfortably on track to deliver on our full year outlook. We advanced our AI models, applied for a national bank charter, and grew rapidly in home and auto.”
— Paul Gu, Q1 2026 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 | — | — | — | — |