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Upstart Holdings (UPST) guidance and outlook

Upstart Holdings (UPST) raised some and lowered other parts of its guidance on Nov 3, 2026: Revenue $1.3B for FY2026; Revenue $260M for FY2026; Revenue −19% for FY2026. Upstart Holdings' 10-Q filed Nov 3, 2026 makes 20 forward-looking statements.

Guidance and outlook

Latest guidance

From the earnings release filed Nov 3, 2026 (8-K on EDGAR).

Forward-looking statements, 10-Q filed Nov 3, 2026

• Our historical results are not necessarily indicative of the results that may be expected for any period in the future.
• 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.
• Actual credit performance of the loans sold to third parties and changes in expected credit losses relative to our initial estimates at the time of origination or sale also affect the fair value of beneficial interests associated with our committed capital and other co-investment arrangements.
• Because we have historically limited the maximum annual percentage rates offered on Upstart-powered loans, changes in expected credit losses can affect the number of loan offers we make and terms we offer.
• In an economic downturn, we believe consumer lending will generally contract.
• We expect these dynamics would generally invert in an economic upswing.
• However, our Conversion Rate can be impacted by a variety of internal factors such as changes in the amount of platform and referral fees we charge, changes in the rate of returns we target for our lending partners and institutional investors, or changes in products we offer or borrower segments we serve.
• Accordingly, we plan to continue reporting Conversion Rate in our Forms 10-Q and 10-K through the remainder of fiscal year 2026 as a transition period, and we do not intend to report this metric beginning with our Quarterly Report on Form 10-Q for the quarter ending March 31, 2027.
• As our products and services continue to evolve, we expect to continue evaluating our key operating metrics disclosures to ensure they remain aligned with how management assesses the business.
• We use Contribution Profit and Contribution Margin as part of our overall assessment of performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our Board of Directors concerning our financial performance.
• We expect that our sales and marketing expenses will generally fluctuate as a percentage of our total revenue from period to period and may increase as we hire additional sales and marketing personnel, increase our marketing activities and build greater brand awareness.
• We expect that our customer operations expenses will generally fluctuate as a percentage of our total revenue from period to period, and may increase in absolute dollars as we expand our portfolio.

Upstart Holdings' latest quarter

Questions

Did Upstart Holdings raise or lower its guidance?

Upstart Holdings (UPST) raised some and lowered other parts of its guidance on Nov 3, 2026: Revenue $1.3B for FY2026; Revenue $260M for FY2026; Revenue −19% for FY2026.

What does Upstart Holdings expect?

Our historical results are not necessarily indicative of the results that may be expected for any period in the future. 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. Actual credit performance of the loans sold to third parties and changes in expected credit losses relative to our initial estimates at the time of origination or sale also affect the fair value of beneficial interests associated with our committed capital and other co-investment arrangements.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.