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Upstart Holdings (UPST) investor relations material
Upstart Holdings Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Achieved 80% year-over-year growth in loan originations and transaction volume, with Q3 2025 originations at $2.9 billion and revenue at $277 million.
GAAP net income for Q3 2025 was $31.8 million, a turnaround from a net loss of $6.8 million in Q3 2024, and adjusted EBITDA reached $71.2 million (26% margin).
91% of loans were fully automated, enhancing operational efficiency and consumer experience.
Newer products (auto, home, small-dollar loans) accounted for 12% of originations and 22% of new borrowers, each segment growing 300% year-over-year.
Institutional investors provided 62% of loan funding, lending partners 25%, and 13% of loans were held on balance sheet.
Financial highlights
Q3 2025 total revenue: $277 million, up 71% year-over-year; originations: $2.9 billion, up 80% year-over-year.
Revenue from fees: $259 million, up 54% year-over-year; net interest income: $19 million.
Contribution margin: 57% in Q3 2025, down from 61% in Q3 2024.
Adjusted net income for Q3 2025 was $60 million, up from a loss of $5.3 million in Q3 2024.
Operating expenses increased 22% year-over-year in Q3 2025, mainly due to higher sales and marketing costs.
Outlook and guidance
Q4 2025 guidance: total revenue ~$288 million, fee revenue ~$262 million, net interest income ~$26 million.
Q4 2025 GAAP net income: ~$17 million; adjusted net income: ~$52 million; adjusted EBITDA: ~$63 million.
Full-year 2025 guidance: total revenue ~$1.035 billion, fee revenue ~$946 million, net interest income ~$89 million, adjusted EBITDA margin ~22%, GAAP net income ~$50 million.
Q3 2023-Q1 2024 loan vintage performance
Max loss exposure from co-investment arrangements?
Current Conversion Rate and its primary drivers?
Loan funding strategy and balance sheet risk?
Q4 outlook: Why lower GAAP net income and EBITDA?
Conversion rate up, why is contribution margin down?
How will model calibration changes impact future conversion volatility?
New product funding: What's the timeline for balance sheet reduction?
Explain UMI's divergence from broader credit trends
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Next Upstart Holdings earnings date
Q4 202511 Feb, 2026
Next Upstart Holdings earnings date
Q4 202511 Feb, 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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