Filing Flows › Upstart Holdings (UPST) › Q3 2026
Upstart Holdings (UPST) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 3, 2026
Upstart Holdings (UPST) reported revenue of $371M for the third quarter 2026 (Q3 2026), +34% from a year earlier and +2% from the quarter before. Operating margin was 9.7%, net earnings $36.6M (9.9% of revenue).
Upstart Holdings, Q3 2026: revenue $371M (+34% year over year), operating margin 9.7%, net earnings $36.6M, operating cash flow −$19.8M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $371M | +2% | +34% |
| Operating profit | $36.0M | +146% | +52% |
| Net earnings | $36.6M | +121% | +15% |
| Operating cash flow | −$19.8M | — | — |
What changed
Revenue was $370.5M in Q3 2026, up 34% year over year and up 2% from the previous quarter.
Operating profit was $36.0M, a 9.7% margin (up 1.2 points year over year). Of the extra revenue versus Q3 2025, 13% reached operating profit, above the 9% margin then. Total costs grew 32% against revenue growth of 34%. The fastest-growing cost line was Research & development (+45%). Net earnings were $36.6M, up 15% year over year. The effective tax rate was 1.8%.
Operating cash flow was −$19.8M. Non-cash charges added back $6.1M of depreciation and amortization and $40.0M of share-based compensation. Working capital and other items used $102.4M. Capital expenditures of $864K exceeded it, leaving free cash flow of −$20.6M.
Questions
What was Upstart Holdings' revenue in the third quarter 2026?
Upstart Holdings (UPST) reported revenue of $371M for the third quarter 2026 (Q3 2026), +34% from a year earlier and +2% from the quarter before.
Was Upstart Holdings profitable in the third quarter 2026?
Operating profit was $36.0M (9.7% of revenue) and net earnings $36.6M.
Source: Upstart Holdings 10-Q on SEC EDGAR.