Upstart (UPST) Q3 2026 earnings summary

Executive summary

• Q3 originations reached $4.118B, up 44% YoY; total revenue was $370.5M, up 34%.

• Record Contribution Profit of $218.0M and a 60% Contribution margin accompanied positive secured-product margins amid macro pressure.

• FY2026 fee revenue and Contribution Profit outlook exceeded original plans, while total revenue and Adjusted EBITDA outlook were lower.

Financial highlights

• Fee revenue was a record $364.0M, up 41% YoY; total revenue was $370.5M.

• GAAP net income was $36.6M, up 15% YoY, with a 10% margin; diluted EPS was $0.33.

• Adjusted EBITDA was $89.3M, up 26% YoY, with a 24% margin.

• Contribution Profit was $218.0M, up 48% YoY; Contribution margin was 60%.

Outlook and guidance

• FY2026 guidance: fee revenue ~$1.32B, total revenue ~$1.35B, Contribution Profit $750M and Adjusted EBITDA ~$260M at a 19% margin.

• Fee revenue guidance rose from $1.30B; total revenue guidance fell from $1.40B and Adjusted EBITDA from $294M.

• Guidance assumes UMI at or below 1.55 through year-end and no material change in two-year Treasury yields; fair value adjustments remain more macro-sensitive than fee revenue.

• Secured products are expected to return to growth focus in 2027 while maintaining positive Contribution margin, targeted between breakeven and 25%.