Filing Flows › Upstart Holdings (UPST) › Q1 2026
Upstart Holdings (UPST) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
Upstart Holdings (UPST) reported revenue of $308M for the first quarter 2026 (Q1 2026), +44% from a year earlier and +4% from the quarter before. Operating margin was -2.4%, net loss $6.6M (2.2% of revenue).
Upstart Holdings, Q1 2026: revenue $308M (+44% year over year), operating margin -2.4%, net loss $6.6M, operating cash flow −$133M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $308M | +4% | +44% |
| Operating profit | −$7.5M | -140% | — |
| Net earnings | −$6.6M | -136% | — |
| Operating cash flow | −$133M | -223% | — |
What changed
Revenue was $308.2M in Q1 2026, up 44% year over year and up 4% from the previous quarter.
Operating costs exceeded revenue by $7.5M, an operating margin of -2.4%. Total costs grew 45% against revenue growth of 44%. The fastest-growing cost line was Sales & marketing (+77%). The quarter ended with a net loss of $6.6M, after a profit of $18.6M the previous quarter.
Operating cash flow was −$133.3M. Non-cash charges added back $5.9M of depreciation and amortization and $34.8M of share-based compensation. Working capital and other items used $167.3M. Capital expenditures of $2.8M exceeded it, leaving free cash flow of −$136.0M.
Questions
What was Upstart Holdings' revenue in the first quarter 2026?
Upstart Holdings (UPST) reported revenue of $308M for the first quarter 2026 (Q1 2026), +44% from a year earlier and +4% from the quarter before.
Was Upstart Holdings profitable in the first quarter 2026?
Operating loss was $7.5M (-2.4% of revenue) and net loss $6.6M.
Source: Upstart Holdings 10-Q on SEC EDGAR.