Filing Flows › Upstart Holdings (UPST) › Q2 2025
Upstart Holdings (UPST) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
Upstart Holdings (UPST) reported revenue of $257M for the second quarter 2025 (Q2 2025), +102% from a year earlier and +21% from the quarter before. Operating margin was 1.8%, net earnings $5.6M (2.2% of revenue).
Upstart Holdings, Q2 2025: revenue $257M (+102% year over year), operating margin 1.8%, net earnings $5.6M, operating cash flow −$120M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $257M | +21% | +102% |
| Operating profit | $4.5M | — | — |
| Net earnings | $5.6M | — | — |
| Operating cash flow | −$120M | — | — |
What changed
Revenue was $257.3M in Q2 2025, up 102% year over year and up 21% from the previous quarter.
Operating profit was $4.5M, a 1.8% margin (up 45.2 points year over year). Total costs grew 38% against revenue growth of 102%. The fastest-growing cost line was Sales & marketing (+122%). Net earnings were $5.6M. The effective tax rate was 0.9%.
Operating cash flow was −$120.2M. Non-cash charges added back $5.8M of depreciation and amortization and $35.5M of share-based compensation. Working capital and other items used $167.1M. Capital expenditures of $115K exceeded it, leaving free cash flow of −$120.3M.
Questions
What was Upstart Holdings' revenue in the second quarter 2025?
Upstart Holdings (UPST) reported revenue of $257M for the second quarter 2025 (Q2 2025), +102% from a year earlier and +21% from the quarter before.
Was Upstart Holdings profitable in the second quarter 2025?
Operating profit was $4.5M (1.8% of revenue) and net earnings $5.6M.
Source: Upstart Holdings 10-Q on SEC EDGAR.