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Upstart

Upstart (UPST) Q2 2026 Earnings

Reported Aug 4, 2026 at 4:05 PM ET · SEC Source

Q2 26 EPS

$0.16

MISS 70.68%

Est. $0.55

Q2 26 Revenue

$364.7M

BEAT +3.54%

Est. $352.2M

vs S&P Since Q2 26

+4.9%

BEATING MARKET

UPST +5.4% vs S&P +0.5%

Market Reaction

Did UPST Beat Earnings? Q2 2026 Results

Upstart Holdings delivered a tale of two metrics in Q2 2026, posting revenue that cleared Wall Street's bar while earnings fell well short of expectations. The AI lending platform reported $364.71 million in total revenue, a 41.8% year-over-year gain… Read more Upstart Holdings delivered a tale of two metrics in Q2 2026, posting revenue that cleared Wall Street's bar while earnings fell well short of expectations. The AI lending platform reported $364.71 million in total revenue, a 41.8% year-over-year gain that edged past the $352.23 million consensus estimate by 3.54%, yet GAAP diluted EPS of $0.16 missed the $0.55 analyst estimate by 70.68%, a gap driven largely by swelling operating expenses across sales, engineering, and general administration that together topped $288 million for the quarter. The core growth engine remained loan originations, which climbed 50% year-over-year to $4.23 billion across more than 558,000 loans, with 91% fully automated, underscoring the scalability of its AI underwriting model. A newly announced $4 billion loan purchase agreement with Castlelake-managed funds added a constructive funding backdrop to the results. Management held its full-year 2026 outlook steady, continuing to project total revenue of approximately $1.40 billion and Adjusted EBITDA of roughly $294 million at a 21% margin.

Key Takeaways

  • • Originations up 50% YoY to $4.2 billion with 558,014 loans originated
  • • Revenue from fees up 45% YoY to $348 million
  • • Re-acceleration of growth in core personal loans with unsecured segment Contribution Margin of 62%
  • • 91% of loans fully automated
  • • Conversion rate of 19.7%

UPST Forward Guidance & Outlook

For full-year 2026, Upstart continues to expect total revenue of approximately $1.4 billion, revenue from fees of approximately $1.3 billion, and Adjusted EBITDA of approximately $294 million (21% margin of total revenue).

24/7 Wall St

UPST YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

UPST Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“We came into this quarter with a clear plan, and we executed against it — re-accelerating growth in core personal loans, moving our secured products rapidly toward profitability, and funding that growth without adding equity capital. The results speak for themselves: originations up 50% year-over-year and we returned to GAAP profitability, with an all-time-high Contribution Profit.”

— Paul Gu, Q2 2026 Earnings Press Release

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