Filing Flows › Upstart Holdings (UPST) › Q3 2025
Upstart Holdings (UPST) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Upstart Holdings (UPST) reported revenue of $277M for the third quarter 2025 (Q3 2025), +71% from a year earlier and +8% from the quarter before. Operating margin was 8.5%, net earnings $31.8M (11.5% of revenue).
Upstart Holdings, Q3 2025: revenue $277M (+71% year over year), operating margin 8.5%, net earnings $31.8M, operating cash flow −$123M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $277M | +8% | +71% |
| Operating profit | $23.7M | +421% | — |
| Net earnings | $31.8M | +467% | — |
| Operating cash flow | −$123M | — | — |
What changed
Revenue was $277.1M in Q3 2025, up 71% year over year and up 8% from the previous quarter.
Operating profit was $23.7M, a 8.5% margin (up 36.4 points year over year). Total costs grew 22% against revenue growth of 71%. The fastest-growing cost line was Sales & marketing (+82%). Net earnings were $31.8M. The effective tax rate was 0.4%. Non-operating items added $8.3M, 26% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$122.6M. Non-cash charges added back $6.1M of depreciation and amortization and $34.2M of share-based compensation. Working capital and other items used $194.7M. Capital expenditures of $75K exceeded it, leaving free cash flow of −$122.7M.
Questions
What was Upstart Holdings' revenue in the third quarter 2025?
Upstart Holdings (UPST) reported revenue of $277M for the third quarter 2025 (Q3 2025), +71% from a year earlier and +8% from the quarter before.
Was Upstart Holdings profitable in the third quarter 2025?
Operating profit was $23.7M (8.5% of revenue) and net earnings $31.8M.
Source: Upstart Holdings 10-Q on SEC EDGAR.