Upstart (UPST) Q4 2025 earnings summary

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.