Upstart Holdings, Inc. (UPST) Revenue History
Annual and quarterly revenue from 2018 to 2025
Compound Annual Growth Rate (CAGR)
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UPST Revenue Growth
Revenue Breakdown (FY 2025)
UPST's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
UPST Revenue Analysis (2018–2025)
As of May 7, 2026, Upstart Holdings, Inc. (UPST) generated trailing twelve-month (TTM) revenue of $1.16 billion, reflecting explosive growth of +39.8% year-over-year. The most recent quarter (Q1 2026) recorded $308.2 million in revenue, up 1.3% sequentially.
Looking at the longer-term picture, UPST's 5-year compound annual growth rate (CAGR) stands at +36.1%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $1.08 billion in 2025, representing a new all-time high.
Revenue diversification analysis shows UPST's business is primarily driven by Servicing Fees, Net (52%), Servicing Fees (33%), and Borrower Fees (10%). With over half of revenue concentrated in Servicing Fees, Net, the company maintains significant focus in this area while developing other growth vectors.
When compared to Financial Services sector peers including LC, SOFI, and AFRM (+32.7% YoY), UPST has outperformed the peer group in terms of revenue growth. Compare UPST vs LC →
UPST Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| UPSTCurrent | $1.2B | +39.8% | +36.1% | 5.1% | |
 LC | $1.3B | - | - | 25.0% | |
 SOFI | $4.8B | - | - | 11.0% | |
 AFRM | $3.2B | +32.7% | +44.6% | -2.7% | |
 OPRT | $637M | - | - | 6.9% | |
 LPRO | $93M | - | - | 6.4% |
UPST Historical Revenue Data (2018–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $1.08B | - | $1.02B | 95.2% | $54.3M | 5.1% |
| 2024 | $677.0M | - | $628.8M | 92.9% | $-128,396,000 | -19.0% |
| 2023 | $547.7M | - | $508.1M | 92.8% | $-240,025,000 | -43.8% |
| 2022 | $853.3M | - | $837.8M | 98.2% | $-109,074,000 | -12.8% |
| 2021 | $849.9M | - | $846.6M | 99.6% | $133.7M | 15.7% |
| 2020 | $230.1M | - | $222.1M | 96.5% | $6.0M | 2.6% |
| 2019 | $189.3M | - | $162.8M | 86.0% | $-4,946,000 | -2.6% |
| 2018 | $95.6M | - | $95.6M | 100.0% | $-7,971,000 | -8.3% |
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Start ComparisonUPST — Frequently Asked Questions
Quick answers to the most common questions about buying UPST stock.
Is UPST's revenue growth accelerating or slowing?
UPST revenue is accelerating at +39.8% year-over-year, exceeding the 5-year CAGR of +36.1%. TTM revenue reached $1.2B. Growth momentum has increased versus prior periods.
What is UPST's long-term revenue growth rate?
Upstart Holdings, Inc.'s 5-year revenue CAGR of +36.1% reflects the sustained expansion pattern. Current YoY growth of +39.8% is above this long-term average.
How is UPST's revenue distributed by segment?
UPST reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2018-2025 are available for download. Segment mix reveals concentration and diversification trends.