Upstart Holdings, Inc. (UPST) Revenue History
Annual and quarterly revenue from 2018 to present
UPST Revenue Over Time (2018–2025)
UPST Revenue Growth History
5 of 7 years with positive growth- FY2018 revenue growth
- N/A
- FY2019 revenue growth
- +135.6%
- FY2020 revenue growth
- +36.4%
- FY2021 revenue growth
- +281.3%
- FY2022 revenue growth
- -1.0%
- FY2023 revenue growth
- -39.3%
- FY2024 revenue growth
- +23.8%
- FY2025 revenue growth
- +62.8%
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $249.5M | -3.0% |
| Q1 2026 | $318.6M | +49.3% |
| Q4 2025 | $276.2M | +30.7% |
| Q3 2025 | $277.1M | +70.9% |
| Q2 2025 | $257.3M | +101.6% |
| Q1 2025 | $213.4M | +67.0% |
| Q4 2024 | $211.3M | +56.6% |
| Q3 2024 | $162.1M | +20.5% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
UPST's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
UPST Revenue Analysis (2018–2025)
Current Revenue & Growth
As of September 23, 2026, Upstart Holdings, Inc. (UPST) generated trailing twelve-month (TTM) revenue of $1.12 billion, reflecting slight decline in growth of -3.0% year-over-year. The most recent quarter (Q2 2026) recorded $249.5 million in revenue, down 21.7% sequentially.
Historical Growth Trajectory
UPST's 5-year compound annual growth rate (CAGR) stands at +35.8%, indicating outstanding long-term growth trajectory. The 3-year CAGR of +6.9% is below the 5-year average, signalling a growth deceleration in recent years. Upstart Holdings, Inc.'s highest annual revenue of $1.02 billion was recorded in 2025, an all-time high.
Revenue by Segment
UPST's revenue 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 has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Financial Services sector peers — including LC (+10.5% YoY), SOFI (+41.0% YoY), and AFRM (+5.9% YoY) — UPST has underperformed the peer group in 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 | $1.1B | -3.0% | +35.8% | 5.1% | |
 LC | $999M | +10.5% | +26.8% | 25.0% | |
 SOFI | $3.6B | +41.0% | +44.9% | 11.0% | |
 AFRM | $3.2B | +5.9% | +44.6% | -2.7% | |
 OPRT | $406M | +31.4% | +3.9% | 6.9% | |
 LPRO | $84M | +1138.0% | -3.0% | 6.4% |
UPST Historical Revenue Data (2018–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $1.02B | +62.8% | $1.02B | 95.2% | $54.3M | 5.1% |
| 2024 | $628.8M | +23.8% | $628.8M | 92.9% | $-128,396,000 | -19.0% |
| 2023 | $508.1M | -39.3% | $508.1M | 92.8% | $-240,025,000 | -43.8% |
| 2022 | $837.8M | -1.0% | $837.8M | 98.2% | $-109,074,000 | -12.8% |
| 2021 | $846.6M | +281.3% | $846.6M | 99.6% | $133.7M | 15.7% |
| 2020 | $222.1M | +36.4% | $222.1M | 96.5% | $6.0M | 2.6% |
| 2019 | $162.8M | +135.6% | $162.8M | 86.0% | $-4,946,000 | -2.6% |
| 2018 | $69.1M | - | $95.6M | 100.0% | $-7,971,000 | -8.3% |
UPST Chart Terminal
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Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
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Peer Comparison
Compare growth, multiples, and margins vs sector.
UPST — Frequently Asked Questions
Quick answers to the most common questions about buying UPST stock.
Is UPST's revenue growth accelerating or slowing?
UPST revenue growth is slowing. TTM revenue is $1.1B, up -3.0% year-over-year — below the 5-year CAGR of +35.8%. The deceleration suggests maturing end-markets or increased competition.
What is UPST's revenue history from 2018 to 2026?
Upstart Holdings, Inc. (UPST) revenue history spans 2018 to 2026. TTM revenue as of 2026 is $1.1B, growing at -3.0% YoY. The 5-year CAGR is +35.8%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is UPST's long-term revenue growth rate (CAGR)?
Upstart Holdings, Inc.'s 5-year revenue CAGR of +35.8% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -3.0% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for UPST.
Why does UPST's quarterly revenue fluctuate?
UPST quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Upstart Holdings, Inc.'s revenue data from 2018 to 2026 shows full historical quarterly detail on this page.
How is UPST's revenue distributed by segment?
UPST reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does UPST's revenue compare to industry peers?
Upstart Holdings, Inc. (UPST) with TTM revenue of $1.1B and -3.0% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.