Filing Flows › Upstart Holdings (UPST) › Q2 2026 › vs Q2 2025
Upstart Holdings (UPST) Q2 2026 vs Q2 2025 (year over year)
Upstart Holdings's revenue rose $107M (+42%) from $257M in Q2 2025 to $365M in Q2 2026. Operating margin 4.0% against 1.8% (+2.2 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 4.0% | 1.8% | +2.2 pts |
| Net margin | 4.5% | 2.2% | +2.4 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $365M | $257M | $107M | +42% |
| Other income, net | $2.5M | $1.1M | $1.4M | +126% |
| Operating profit | $14.6M | $4.5M | $10.1M | +222% |
| Costs & expenses | $350M | $253M | $97.3M | +39% |
| Pre-tax earnings | $17.2M | $5.7M | $11.5M | +203% |
| Research & development | $93.9M | $68.8M | $25.0M | +36% |
| Sales & marketing | $115M | $73.1M | $41.4M | +57% |
| General & admin | $80.4M | $64.6M | $15.8M | +24% |
| Other operating costs | $61.3M | $46.2M | $15.1M | +33% |
| Net earnings | $16.5M | $5.6M | $10.9M | +195% |
| Income tax | $614K | $49K | $565K | 13× |
| Operating cash sources | $205M | $167M | $37.6M | +23% |
| Depreciation & amortization | $7.1M | $5.8M | $1.3M | +22% |
| Share-based compensation | $44.5M | $35.5M | $9.0M | +25% |
| Cash used in operations | $137M | $120M | $16.5M | +14% |
| Working capital & other | $205M | $167M | $37.6M | +23% |
Questions
How much did Upstart Holdings's revenue grow year over year in Q2 2026?
Upstart Holdings's revenue rose $107M (+42%) from $257M in Q2 2025 to $365M in Q2 2026. Operating margin 4.0% against 1.8% (+2.2 pts).