Upstart Holdings Inc.: Beat — EPS $0.33, Revenue $370.52M
Earnings BeatQ3 2026 · Pre-market
Did Upstart Holdings Inc. (UPST) beat earnings today?
Yes, Upstart Holdings Inc. (UPST) beat Wall Street analyst expectations for Q3 2026, reporting higher-than-expected EPS and higher-than-expected revenue.
Earnings Per Share+43.48% surprise
$0.33Actual
Expected: $0.23
vs. year ago +43.5%
Total Revenue+1.88% surprise
$370.52MActual
Expected: $363.7M
vs. year ago +34.0%
Released Nov 03 · 7:00 AM ET
Earning Report
| Metric | Q3 2026 | Q3 2025 | YoY Change % |
|---|---|---|---|
| Revenue | $370.52M | $277.11M | +34.0 |
| Revenue detail — reported lines | |||
| └─Revenue from fees, net | $364.03M | $258.54M | +41.0 |
| └─Platform and referral fees, net | $283.14M | $216.88M | +30.6 |
| └─Servicing and other fees, net | $69.81M | $41.66M | +67.6 |
| └─Loan sales fees | $11.08M | - | - |
| └─Interest income | $56.56M | $57.20M | -1.1 |
| └─Interest expense | ($12.88M) | ($8.79M) | - |
| └─Fair value and other adjustments, net | ($37.19M) | ($29.84M) | - |
| └─Total interest income, interest expense, and fair value adjustments, net | $6.49M | $18.57M | -65.0 |
| └─Unsecured Lending | $329.94M | $253.19M | +30.3 |
| Net Income | $36.58M | $31.80M | +15.0 |
| GAAP Basic EPS | $0.37 | $0.33 | +12.1 |
| GAAP Diluted EPS | $0.33 | $0.23 | +43.5 |
Financial Outlook / Guidance
| Metric | FY26 Outlook | |
|---|---|---|
| Guidance | Expected | |
| Revenue From Fees | ~$1.32B | $1.42BMiss -7.04% |
| Total Revenue | ~$1.35B | — |
| Adjusted EBITDA | ~$260M (19%) | — |
FY26 Outlook
- Revenue From Fees
- Guidance~$1.32BExpected$1.42BMiss -7.04%
- Total Revenue
- Guidance~$1.35BExpected—
- Adjusted EBITDA
- Guidance~$260M(19%)Expected—
Business Highlights
- ➤Originated a record 574,089 loans during the quarter.
- ➤Secured products reached positive Contribution Margin one quarter ahead of target.
- ➤Technology and marketing advances supported platform growth with proportionately less equity capital.
- ➤More than 90% of loans are fully automated without Upstart human intervention.
- ➤Marketplace connects millions of consumers with more than 100 banks and credit unions.
- ➤Platform includes personal, automotive and home-equity lending products.
- ➤Introduced Cash Line, a revolving line-of-credit product.
- ➤Renamed transaction-volume metrics to Originations beginning in Q2 2026.
- ➤Renamed the Personal Lending operating segment to Unsecured Lending in Q2 2026.
- ➤Repurchased $100.057M of stock during the first nine months of 2026.
Management Commentary
Paul Gu, Co-founder and CEO
“Macro comes and goes, but alpha compounds. In Q3, our technology and marketing advances helped drive record Contribution Profit, our secured products reached positive Contribution Margin a quarter ahead of plan, and we supported platform growth with proportionately less equity capital. Macro is putting pressure on our near-term outlook, but the progress we’re making gives me more confidence than ever in Upstart’s long-term potential.”