Filing Flows › Financials › Upstart Holdings (UPST)
Upstart Holdings (UPST) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Upstart Holdings (UPST) Q3 2026 earnings results →
Q3 2026 Revenue up 34% year over year to $371M · 10¢ of every $1 of revenue kept as net profit · operating margin 9.7%
Upstart Holdings made $371M in Q3 2026 (+34% Y/Y). Operating margin 9.7%, net earnings $36.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $370.5M in Q3 2026, up 34% year over year and up 2% from the previous quarter.
Operating profit was $36.0M, a 9.7% margin (up 1.2 points year over year). Of the extra revenue versus Q3 2025, 13% reached operating profit, above the 9% margin then. Total costs grew 32% against revenue growth of 34%. The fastest-growing cost line was Research & development (+45%). Net earnings were $36.6M, up 15% year over year. The effective tax rate was 1.8%.
Operating cash flow was −$19.8M. Non-cash charges added back $6.1M of depreciation and amortization and $40.0M of share-based compensation. Working capital and other items used $102.4M. Capital expenditures of $864K exceeded it, leaving free cash flow of −$20.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $371M | +34% | 9.7% | $36.6M | −$19.8M |
| Q2 2026 | 10-Q | Aug 4, 2026 | $365M | +42% | 4.0% | $16.5M | −$137M |
| Q1 2026 | 10-Q | May 5, 2026 | $308M | +44% | -2.4% | −$6.6M | −$133M |
| Q4 2025 | 10-K | Feb 10, 2026 | $296M | +35% | 6.4% | $18.6M | $109M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $277M | +71% | 8.5% | $31.8M | −$123M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $257M | +102% | 1.8% | $5.6M | −$120M |
| Q1 2025 | 10-Q | May 6, 2025 | $213M | +67% | -2.1% | −$2.4M | −$13.5M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
Loading the interactive chart…
🌏Named in Asian annual reportsinteractive
Loading the interactive chart…
🔄Rotation against the market and its industry (RRG)interactive
Loading the interactive chart…
🔍Earnings qualityinteractive
Loading the interactive chart…
⚖️Fair value by methodinteractive
Loading the interactive chart…
🔭Outlook & guidanceinteractive
Loading the interactive chart…
📈Investments: gains and what it boughtinteractive
Loading the interactive chart…
🏭Its industry’s money flow (input-output)interactive
Loading the interactive chart…
About Upstart Holdings
Upstart is the leading artificial intelligence (“AI”) lending marketplace. We aim to radically reduce the cost and complexity of borrowing for all Americans by using our proprietary AI models to remake the entire lending process. Founded in 2012, Upstart’s marketplace supports unsecured and secured credit products, such as personal loans, auto loans, and home equity lines of credit (“HELOCs”). Long-term, our vision is to become the always-on, everything-store for credit, where we can automatically approve borrowers at the right prices – instantly and effortlessly.
In its own words, from its 10-K, filed Feb 10, 2026.
Upstart Holdings against its Finance Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +34% against the peers' median +18%. Operating margin: 9.7% against the peers' median 9.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| UPST Upstart Holdings | Q3 2026 | $371M | +34% | 9.7% |
| AXP American Express | Q3 2026 | $20.1B | +9% | 22.6% |
| BTGO Bitgo Holdings | Q2 FY27 | $4.3B | +80% | -0.4% |
| General Motors Financial Company | Q3 2026 | $4.3B | -0.6% | 15.3% |
| SOFI SoFi Technologies | Q3 2026 | $1.4B | +44% | 22.9% |
| COIN Coinbase Global | Q3 2026 | $1.2B | -35% | 5.1% |
| CRCL Circle Internet Group | Q3 2026 | $865M | +17% | 24.1% |
| CHYM Chime Financial | Q3 2026 | $718M | +32% | 4.8% |
| GDOT Green DOT | Q2 2026 | $596M | +18% | -0.1% |
Source: Upstart Holdings 10-Q on SEC EDGAR · CIK 1647639 · Finance Services
Guidance and outlook
13F: who owns UPST and who is buying
More on UPST
- How Upstart Holdings makes money: revenue by segment
- Upstart Holdings next earnings date and what analysts expect
- Upstart Holdings stock forecast, price target and fair value
- Who owns Upstart Holdings stock: holders, funds and Congress trades
- Upstart Holdings guidance and outlook
- Is Upstart Holdings a takeover target? LBO and rumors
- Upstart Holdings recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results