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Upstart
Upstart (UPST) investor relations material
Upstart Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Feb, 2026
Executive summary
Achieved record profitable growth in 2025, with originations of $11.0B (up 86% YoY) and total revenue of $1.04B (up 64% YoY), while headcount rose 18%.
Net income for 2025 was $54M (5% margin), a turnaround from a $129M loss in 2024.
Leadership transition announced: Paul Gu to become CEO in May 2026, with new appointments in finance and technology.
Auto and home loan originations each grew 5x year-over-year in 2025, with further acceleration in Q4.
Loans on balance sheet reduced by 20% quarter-over-quarter in Q4 2025.
Financial highlights
FY 2025 revenue reached $1.04B, up 64% YoY; fee revenue was $950M.
Q4 2025 revenue was $296M, up 35% YoY; Q4 net income was $19M, reversing a $2.8M loss in Q4 2024.
Adjusted EBITDA for 2025 was $230M (22% margin), up from $10.6M (2% margin) in 2024.
Q4 2025 contribution margin was 53%, down 4 points sequentially due to product mix and lifetime value focus.
Q4 2025: 455,788 loans originated (+86% YoY), $3.2B in originations (+52% YoY).
Outlook and guidance
2026 revenue expected at $1.4B, with $1.3B from fees and a 21% adjusted EBITDA margin.
Three-year CAGR target of 35% through 2028, with a terminal adjusted EBITDA margin of 25%.
Transitioning to annual guidance only, discontinuing quarterly guidance from 2026.
Continued rapid scale-up of auto and home products, expected to contribute over $100M in 2026 fee revenue.
Monthly transaction volume disclosures to provide more frequent updates.
Impact of funding partner growth on balance sheet risk?
What strategic shifts accompany the CEO transition?
Rationale for shifting to annual guidance and 2028 targets?
Paul Gu's immediate strategic priorities as CEO?
Impact of LTV focus on future profitability?
How does Upstart maintain AI competitive lead?
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Next Upstart earnings date
Q1 20265 May, 2026
Upstart
Next Upstart earnings date
Q1 20265 May, 2026
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Frequently asked questions
Leveraging AI to improve the lending process
Upstart is a financial technology company that leverages artificial intelligence and machine learning to provide lending solutions. Founded in 2012, Upstart aims to revolutionize the lending industry by utilizing advanced algorithms to assess creditworthiness and offer personalized loan products. The company's platform connects borrowers with lenders, facilitating quick and efficient loan origination processes. Upstart's data-driven approach enables them to make accurate credit decisions, expanding access to affordable credit for individuals and businesses.
Effectively utilizing AI
Upstart harnesses the power of artificial intelligence to enhance the lending process and provide more accurate credit assessments. Utilizing AI is something that an ever increasing number of companies are doing, with some notable mentions being Palantir and Alphabet, as well as many others. Through advanced algorithms and machine learning models, Upstart analyzes a broad range of data points beyond traditional credit scores, such as education, employment history, and area of study to evaluate borrowers' creditworthiness.
Driven by data
This data-driven approach allows Upstart to make more precise lending decisions and offer personalized loan terms tailored to individual risk profiles. By leveraging AI, Upstart aims to reduce bias, increase loan approval rates, and provide access to affordable credit for borrowers who may have been overlooked by traditional lending institutions. The use of AI technology also helps automate and streamline the loan origination process, enabling faster approvals and efficient borrower experiences. Through this process, the aim is to ensure not only a fair evaluation of every potential borrower, but also ensure that the process is as smooth as it can be.
Doing it differently
In traditional lending institutions, loan approval processes often rely heavily on conventional credit scoring models, which primarily consider factors such as credit history, income, and employment. As a result, borrowers who have limited credit history or unconventional profiles may face challenges in obtaining loans.
The more inclusive and data-driven approach of Upstart enables them to provide access to affordable credit to a wider range of borrowers, including those who might have been denied loans by traditional lenders. This differentiation in their underwriting process and the ability to offer personalized loan terms based on a more comprehensive analysis of borrower profiles can make Upstart an attractive choice for individuals seeking loans. Some notable competitors to Upstart are lending institutions like SoFi and LendingTree.
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