Filing Flows › Upstart Holdings (UPST) › Q2 2026
Upstart Holdings (UPST) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 4, 2026
Upstart Holdings (UPST) reported revenue of $365M for the second quarter 2026 (Q2 2026), +42% from a year earlier and +18% from the quarter before. Operating margin was 4.0%, net earnings $16.5M (4.5% of revenue).
Upstart Holdings, Q2 2026: revenue $365M (+42% year over year), operating margin 4.0%, net earnings $16.5M, operating cash flow −$137M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $365M | +18% | +42% |
| Operating profit | $14.6M | — | +222% |
| Net earnings | $16.5M | — | +195% |
| Operating cash flow | −$137M | — | — |
What changed
Revenue was $364.7M in Q2 2026, up 42% year over year and up 18% from the previous quarter.
Operating profit was $14.6M, a 4.0% margin (up 2.2 points year over year). Of the extra revenue versus Q2 2025, 9% reached operating profit, above the 2% margin then. Total costs grew 39% against revenue growth of 42%. The fastest-growing cost line was Sales & marketing (+57%). Net earnings were $16.5M, up 195% year over year. The effective tax rate was 3.6%.
Operating cash flow was −$136.6M. Non-cash charges added back $7.1M of depreciation and amortization and $44.5M of share-based compensation. Working capital and other items used $204.8M. Capital expenditures of $2.1M exceeded it, leaving free cash flow of −$138.7M.
Questions
What was Upstart Holdings' revenue in the second quarter 2026?
Upstart Holdings (UPST) reported revenue of $365M for the second quarter 2026 (Q2 2026), +42% from a year earlier and +18% from the quarter before.
Was Upstart Holdings profitable in the second quarter 2026?
Operating profit was $14.6M (4.0% of revenue) and net earnings $16.5M.
Source: Upstart Holdings 10-Q on SEC EDGAR.