10-Q · August 4, 2026
Upstart delivered a strong top-line quarter, with revenue of $364.7 million, up 42% year over year and 32% sequentially, while GAAP EPS improved to $0.16 from $0.05 a year ago and a $0.07 loss in Q1. Originations…
Earnings analysis · 10-Q
UPST earnings analysis
Filed November 3, 2026 · Our reading of the company's report
The latest report
Upstart delivered $370.522 million of revenue, exceeding consensus by approximately $6.634 million and increasing 33.8% year over year, while diluted EPS of $0.33 improved from both comparable periods but missed the…
Read full summary
Upstart delivered $370.522 million of revenue, exceeding consensus by approximately $6.634 million and increasing 33.8% year over year, while diluted EPS of $0.33 improved from both comparable periods but missed the $0.55 estimate. Liquidity increased to $1.1285 billion, and balance-sheet loans declined to $911.9 million, but warehouse-facility exposure rose to $327.6 million and beneficial-interest values remain highly sensitive to credit performance. The supplied 10-Q text does not provide new explicit numeric guidance; the previously disclosed FY2026 outlook was approximately $1.35 billion of revenue and $260 million of adjusted EBITDA.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.33
- Gross margin
- 100.0%
What stood out
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Revenue beat and accelerated
Revenue was $370.522 million, up approximately 6.5% from $348 million in 2026 Q2 and 33.8% from $277 million in 2025 Q3. The result exceeded the $363.888 million consensus estimate by approximately $6.634 million.
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EPS improved year over year
Diluted EPS was $0.33, improving from $0.16 in 2026 Q2 and $0.23 in 2025 Q3, but trailing the $0.55 consensus estimate by $0.22.
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Gross economics remained strong
Gross margin remained 100.0% based on the quarterly financial history provided, while the current-quarter operating margin was not disclosed in the supplied 10-Q text.
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Liquidity increased
Cash, cash equivalents and restricted cash increased to $1.1285 billion at September 30, 2026, from $1.0570 billion at December 31, 2025, an increase of $71.5 million.
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Balance-sheet loan exposure eased
Loans held on the balance sheet declined to $911.9 million at September 30, 2026, from $930.8 million at December 31, 2025, a reduction of $18.9 million.
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No reported control deterioration
Management reported effective disclosure controls as of September 30, 2026, and stated that no internal-control change during the quarter materially affected, or was reasonably likely to materially affect, financial reporting.
What to watch
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Material credit-performance sensitivity
A hypothetical 10% adverse credit-risk shock would reduce the fair value of beneficial-interest assets by $114.8 million and increase beneficial-interest liabilities by $27.3 million as of September 30, 2026; a 20% shock would reduce assets by $226.9 million and increase liabilities by $53.4 million.
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Warehouse funding exposure expanded
Floating-rate warehouse-credit-facility exposure increased to $327.6 million at September 30, 2026, from $97.3 million at December 31, 2025, increasing sensitivity to borrowing costs and funding availability.
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Cash concentration and uninsured exposure
The company held $1.1285 billion of cash, cash equivalents and restricted cash across financial institutions, including $181.0 million held by one institutional investor; amounts may exceed FDIC-insured limits.
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Bank-charter approvals remain pending
The filing describes conditional OCC approval to establish Upstart Bank, N.A., while the FDIC deposit-insurance application remains pending, creating execution and regulatory timing risk around the proposed bank charter.
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Potential insider-sale overhang
Dave Girouard adopted a Rule 10b5-1 trading arrangement covering up to 1,490,596 shares through November 30, 2027, including up to 1,356,704 shares issuable upon option exercise and 133,892 founder shares.
Management's outlook
The supplied 10-Q text does not contain explicit quarterly or full-year numeric guidance. The previously disclosed FY2026 outlook was approximately $1.35 billion of revenue and $260 million of adjusted EBITDA, but no prior outlook is provided for comparison.
Earlier filings 4
10-Q · May 5, 2026
Upstart Holdings, Inc. reported Q1 2026 results with a revenue increase of 53.2% year-over-year to $308 million, and a loss per share of $0.07, which is wider than expected. The company expects substantial growth in…
10-K · February 10, 2026
Upstart positions itself as an AI-first lending marketplace with scale in data and automation: its personal loan model uses over 2,500 variables trained on nearly 104 million repayment events and 91% of loans were fully…
10-K · February 14, 2025
Upstart positions itself as an AI-driven lending marketplace with a stated competitive moat built on machine-learning models and a large training dataset; the 2024 filing highlights product expansion (personal, auto,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.