Filing Flows › Upstart Holdings (UPST) › Q4 2025
Upstart Holdings (UPST) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 10, 2026
Upstart Holdings (UPST) reported revenue of $296M for the fourth quarter 2025 (Q4 2025), +35% from a year earlier and +7% from the quarter before. Operating margin was 6.4%, net earnings $18.6M (6.3% of revenue).
Upstart Holdings, Q4 2025: revenue $296M (+35% year over year), operating margin 6.4%, net earnings $18.6M, operating cash flow $109M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $296M | +7% | +35% |
| Operating profit | $18.9M | -20% | — |
| Net earnings | $18.6M | -41% | — |
| Operating cash flow | $109M | — | — |
| Free cash flow | $108M | — | — |
What changed
Revenue was $296.1M in Q4 2025, up 35% year over year and up 7% from the previous quarter.
Operating profit was $18.9M, a 6.4% margin (up 8.6 points year over year). Total costs grew 24% against revenue growth of 35%. The fastest-growing cost line was Sales & marketing (+63%). Net earnings were $18.6M. The effective tax rate was 2.7%.
Operating cash flow was $108.6M, 582% of net earnings. Non-cash charges added back $6.5M of depreciation and amortization and $32.5M of share-based compensation. Working capital and other items added $51.0M. Capital expenditures of $157K left free cash flow of $108.4M.
Questions
What was Upstart Holdings' revenue in the fourth quarter 2025?
Upstart Holdings (UPST) reported revenue of $296M for the fourth quarter 2025 (Q4 2025), +35% from a year earlier and +7% from the quarter before.
Was Upstart Holdings profitable in the fourth quarter 2025?
Operating profit was $18.9M (6.4% of revenue) and net earnings $18.6M.
Source: Upstart Holdings 10-K on SEC EDGAR.