Upstart Holdings Inc

Latest Results (02.04.2026):

Upstart Holdings Inc — fourth quarter 2025 results: originations surged, revenues grew materially and the company returned to GAAP profitability. In Q4 2025 Upstart originated 455,788 loans (~$3.2 billion, +52% YoY; loans count +86% YoY), reported total revenue of $296.1M (+35% YoY), GAAP net income of $18.6M (diluted EPS $0.17) and Adjusted EBITDA of $63.7M (22% margin). For full-year 2025, originations were 1,497,149 loans (~$11.0B, +86% YoY), total revenue was $1.044B (+64% YoY), net income was $53.6M (diluted EPS $0.45) and Adjusted EBITDA was $230.5M (22% margin).

Q4 2025 Originations & Conversion

Transaction Volume (number): 455,788 loans in Q4 2025, up 86% YoY. Transaction Volume (dollars): ~$3.196B in Q4 (+52% YoY). Reported Conversion Rate 19.4% (note: Upstart revised the Conversion Rate definition beginning in Q4 2025; prior periods were recast).

Q4 2025 Revenue and GAAP Profitability

Total revenue for Q4 2025 was $296.09M (+35% YoY); revenue from fees was $265.22M (+33% YoY). Income from operations was $18.9M (vs. a $4.8M loss in Q4 2024). Net income was $18.6M (diluted EPS $0.17) versus a loss in the prior-year quarter.

Margins, Contribution & Adjusted EBITDA

Contribution profit in Q4 was $140.8M (+15% YoY) with a Contribution Margin of 53% (down from 61% in Q4 2024). Adjusted EBITDA was $63.7M (Adjusted EBITDA Margin 22%, up from 18% in Q4 2024).

Full-Year 2025 Snapshot

For FY2025: 1,497,149 loans originated (+115% YoY in count), ~$11.0B total originations (+86% YoY); total revenue $1.044B (+64% YoY); GAAP net income $53.6M (diluted EPS $0.45); Contribution Profit $531.1M (+39% YoY) with a 56% margin; Adjusted EBITDA $230.5M (22% margin, up from 2% in 2024).

Balance Sheet & Funding Trends

Year-end cash and restricted cash totaled ~$1.057B. Management noted a 20% quarter‑over‑quarter reduction in loans held on the balance sheet in Q4 and expects the trend to continue; Q4 Auto and Home funding was ~70% from 11 partners with 13 additional partners signed for the coming year.

Guidance & Strategic Targets

Upstart will provide annual (not quarterly) guidance beginning 2026. FY2026 guidance: total revenue ~ $1.4B, revenue from fees ~ $1.3B, and Adjusted EBITDA margin ~21%. Multi-year target (2025–2028): ~35% CAGR in total revenue and a terminal Adjusted EBITDA margin of ~25%.

Disclosure & Other Notes

Beginning Q4 2025 Upstart revised certain metric definitions (including Conversion Rate and Percentage of Loans Fully Automated); monthly origination volumes will be published going forward. The company also announced a leadership evolution alongside these results.