Upstart Holdings, Inc. (NASDAQ: UPST), the leading artificial intelligence (AI) lending marketplace, announced financial results for the quarter ended March 31, 2026. Upstart will host a conference call and webcast at 1:30 p.m. Pacific Time today. An earnings presentation and link to the webcast are available at ir.upstart.com.
“In Q1, we grew originations 61% and revenue 44% year-over-year – putting us comfortably on track to deliver on our full year outlook. We advanced our AI models, applied for a national bank charter, and grew rapidly in home and auto,” said Paul Gu, Co-founder and CEO. “As I begin my tenure as CEO, my focus is straightforward: build a high-growth, capital-efficient business that delivers strong long-term returns. The application of AI to credit is an unambiguous win for consumers, and we’re proud to be leading the way.”
First Quarter 2026 Highlights
- Transaction Volume: 425,356 loans originated, up 77% year-over-year (“YoY”). Total originations were roughly $3.4 billion, up 61% YoY.
- Total Revenue: $308 million, up 44% YoY. Revenue from fees was $277 million, up 49% YoY.
- Loss from Operations: ($7.5) million, compared to ($4.5) million in Q1 2025.
- Net Loss: ($6.6) million, compared to ($2.4) million in Q1 2025. Diluted net loss per share was ($0.07) compared with ($0.03) in Q1 2025.
- Contribution Profit: $137 million, up 34% YoY. Contribution Margin was 50%, versus 55% in Q1 2025.
- Adjusted EBITDA: $40.5 million, down from $42.6 million in Q1 2025. Adjusted EBITDA Margin was 13%, down from 20% in Q1 2025.
Financial Outlook
For full-year 2026, Upstart continues to expect:
- Total Revenue of approximately $1.4 billion
- Revenue From Fees of approximately $1.3 billion
- Adjusted EBITDA (Margin % of Total Revenue) of approximately $294 million (21%)
There is no change to the Company’s 2025-2028 targets previously shared on February 10, 2026:
- 2025 – 2028 Total Revenue CAGR: Approximately 35%
- 2028 Adjusted EBITDA Margin: Approximately 25%
Conference Call and Webcast Information
- Live Conference Call and Webcast at 1:30 p.m. PT on May 5, 2026. To access the call in the United States and Canada: 800-330-6710, conference code 7983833. To access the call outside of the United States and Canada: +1 312-471-1353, conference code 7983833. A webcast is available at ir.upstart.com.
- Event Replay: A webcast of the event will be archived for one year at ir.upstart.com.
About Upstart
Upstart (NASDAQ: UPST) is the leading AI lending marketplace, connecting millions of consumers to more than 100 banks and credit unions that leverage Upstart’s AI models and cloud applications to deliver superior credit products. With Upstart AI, lenders can approve more borrowers at lower rates while delivering the exceptional digital-first experience customers demand. More than 90% of loans are fully automated, with no human intervention by Upstart. Founded in 2012, Upstart’s platform includes personal loans, automotive retail and refinance loans, home equity lines of credit, and Upstart’s new Cash Line product, a revolving line of credit. Upstart is based in San Mateo, California.
