Filing Flows › Upstart Holdings (UPST) › Q2 2026 › vs Q1 2026
Upstart Holdings (UPST) Q2 2026 vs Q1 2026 (quarter over quarter)
Upstart Holdings's revenue rose $56.5M (+18%) from $308M in Q1 2026 to $365M in Q2 2026. Operating margin 4.0% against -2.4% (+6.5 pts).
Upstart Holdings, Q2 2026: revenue $365M (+42% year over year), operating margin 4.0%, net earnings $16.5M, operating cash flow −$137M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 4.0% | -2.4% | +6.5 pts |
| Net margin | 4.5% | -2.2% | +6.7 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $365M | $308M | $56.5M | +18% |
| Other income, net | $2.5M | $956K | $1.6M | +163% |
| Operating profit | $14.6M | −$7.5M | $22.2M | — |
| Costs & expenses | $350M | $316M | $34.3M | +11% |
| Pre-tax earnings | $17.2M | −$6.6M | $23.7M | — |
| Research & development | $93.9M | $80.1M | $13.7M | +17% |
| Sales & marketing | $115M | $104M | $10.1M | +10% |
| General & admin | $80.4M | $76.1M | $4.3M | +6% |
| Other operating costs | $61.3M | $55.1M | $6.2M | +11% |
| Net earnings | $16.5M | −$6.6M | $23.2M | — |
| Income tax | $614K | $84K | $530K | +631% |
| Operating cash sources | $205M | $167M | $37.4M | +22% |
| Depreciation & amortization | $7.1M | $5.9M | $1.3M | +22% |
| Share-based compensation | $44.5M | $34.8M | $9.7M | +28% |
| Cash used in operations | $137M | $133M | $3.3M | +3% |
| Working capital & other | $205M | $167M | $37.4M | +22% |
Questions
How much did Upstart Holdings's revenue grow quarter over quarter in Q2 2026?
Upstart Holdings's revenue rose $56.5M (+18%) from $308M in Q1 2026 to $365M in Q2 2026. Operating margin 4.0% against -2.4% (+6.5 pts).