UPST

EX-99.1

2 upst991prq32026.htm

EX-99.1

Document

Exhibit 99.1

Upstart Announces Third Quarter 2026 Results

BURLINGAME, Calif. – November 3, 2026 – Upstart Holdings, Inc. (NASDAQ: UPST), the leading artificial intelligence (AI) lending marketplace, today announced financial results for the quarter ended September 30, 2026. Upstart will host a conference call and webcast at 5:00 a.m. Pacific Time today. An earnings presentation and link to the webcast are available at ir.upstart.com.

“Macro comes and goes, but alpha compounds,” said Paul Gu, Co-founder and CEO of Upstart. “In Q3, our technology and marketing advances helped drive record Contribution Profit, our secured products reached positive Contribution Margin a quarter ahead of plan, and we supported platform growth with proportionately less equity capital. Macro is putting pressure on our near-term outlook, but the progress we’re making gives me more confidence than ever in Upstart’s long-term potential.”

Third Quarter 2026 Highlights

•Originations: $4.1 billion, up 44% year-over-year (“YoY”). A record 574,089 loans originated, up 34% YoY.

•Total Revenue: $371 million, up 34% YoY. Revenue from fees was a record $364 million, up 41% YoY.

•Income from Operations: $36.0 million, compared to $23.7 million in Q3 2025.

•Net Income: $36.6 million, up 15% YoY from $31.8 million in Q3 2025. Diluted net income per share was $0.33, compared with $0.23 in Q3 2025.

•Contribution Profit: All-time high of $218 million, up 48% YoY. Contribution Margin was 60%, versus 57% in Q3 2025.

•Adjusted EBITDA: $89.3 million, up 26% YoY from $71.2 million in Q3 2025. Adjusted EBITDA Margin was 24%, down from 26% in Q3 2025.

Results by Product Category1

•Unsecured: Revenue from fees was $330 million, up 30% YoY. Contribution Profit was $212 million, up 35% YoY, while Contribution Margin was 64%, up 2 percentage points from 62% in both Q3 2025 and Q2 2026.

•Secured (Auto and Home): Combined Contribution Margin was positive 17%, up from negative 179% in Q3 2025 and up 52 percentage points from negative 35% in Q2 2026. This category reached positive Contribution Margin one quarter ahead of target.

Financial Outlook

For full-year 2026, Upstart expects:

•Revenue From Fees of approximately $1.32 billion

•Total Revenue of approximately $1.35 billion

•Adjusted EBITDA (Margin % of Total Revenue) of approximately $260 million (19%)

Conference Call and Webcast Information

•Live Conference Call and Webcast at 5:00 a.m. PT / 8:00 a.m. ET on November 3, 2026. To access the call in the United States and Canada: 800-330-6710, conference code 9806820. To access the call outside of the United States and Canada: +1 312-471-1353, conference code 9806820. A webcast is available at ir.upstart.com.

•Event Replay: A webcast of the event will be archived for one year at ir.upstart.com.

1 This disaggregation does not represent the Company’s operating segments under U.S. GAAP. While Unsecured Lending is a reportable segment, Secured Products include two operating segments, Auto Lending and Other.

1

About Upstart

Upstart (NASDAQ: UPST) is the leading AI lending marketplace, connecting millions of consumers to more than 100 banks and credit unions that leverage Upstart’s AI models and cloud applications to deliver superior credit products. With Upstart AI, lenders can approve more borrowers at lower rates while delivering the exceptional digital-first experience customers demand. More than 90% of loans are fully automated, with no human intervention by Upstart. Founded in 2012, Upstart’s platform includes personal loans, automotive loans, home equity lines of credit, and Upstart’s new Cash Line product, a revolving line of credit. Upstart is based in Burlingame, California.

Investors

Sonya Banerjee

ir@upstart.com

Press

Eric Smith

press@upstart.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements regarding our outlook for the full-year of 2026 and beyond. These statements may include words such as “anticipate”, “becoming”, “believe”, “can have”, “continue”, “could”, “estimate”, “expect”, “intend”, “likely”, “look forward”, “may”, “ongoing,” “plan”, “potential”, “predict”, “project”, “should”, “target”, “will”, “would,” or the negative of these terms or other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events that do not relate strictly to historical or current facts. Forward-looking statements give our current expectations and projections relating to our financial condition; macroeconomic factors; plans; objectives; product development; growth opportunities and the sustainability of our business and market position; assumptions; risks; future performance; busin

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EX-99.1

2 upst991prq12026.htm

EX-99.1

Document

Exhibit 99.1

Upstart Announces First Quarter 2026 Results

SAN MATEO, Calif. – May 5, 2026 – Upstart Holdings, Inc. (NASDAQ: UPST), the leading artificial intelligence (AI) lending marketplace, today announced financial results for the quarter ended March 31, 2026. Upstart will host a conference call and webcast at 1:30 p.m. Pacific Time today. An earnings presentation and link to the webcast are available at ir.upstart.com.

“In Q1, we grew originations 61% and revenue 44% year-over-year - putting us comfortably on track to deliver on our full year outlook. We advanced our AI models, applied for a national bank charter, and grew rapidly in home and auto,” said Paul Gu, Co-founder and CEO. “As I begin my tenure as CEO, my focus is straightforward: build a high-growth, capital-efficient business that delivers strong long-term returns. The application of AI to credit is an unambiguous win for consumers, and we’re proud to be leading the way.”

First Quarter 2026 Highlights

•Transaction Volume: 425,356 loans originated, up 77% year-over-year (“YoY”). Total originations were roughly $3.4 billion, up 61% YoY.

•Total Revenue: $308 million, up 44% YoY. Revenue from fees was $277 million, up 49% YoY.

•Loss from Operations: ($7.5) million, compared to ($4.5) million in Q1 2025.

•Net Loss: ($6.6) million, compared to ($2.4) million in Q1 2025. Diluted net loss per share was ($0.07) compared with ($0.03) in Q1 2025.

•Contribution Profit: $137 million, up 34% YoY. Contribution Margin was 50%, versus 55% in Q1 2025.

•Adjusted EBITDA: $40.5 million, down from $42.6 million in Q1 2025. Adjusted EBITDA Margin was 13%, down from 20% in Q1 2025.

Financial Outlook

For full-year 2026, Upstart continues to expect:

•Total Revenue of approximately $1.4 billion

◦Revenue From Fees of approximately $1.3 billion

•Adjusted EBITDA (Margin % of Total Revenue) of approximately $294 million (21%)

There is no change to the Company’s 2025-2028 targets previously shared on February 10, 2026:

•    2025 - 2028 Total Revenue CAGR: Approximately 35%

•    2028 Adjusted EBITDA Margin: Approximately 25%

Conference Call and Webcast Information

•Live Conference Call and Webcast at 1:30 p.m. PT on May 5, 2026. To access the call in the United States and Canada: 800-330-6710, conference code 7983833. To access the call outside of the United States and Canada: +1 312-471-1353, conference code 7983833. A webcast is available at ir.upstart.com.

•Event Replay: A webcast of the event will be archived for one year at ir.upstart.com.

1

About Upstart

Upstart (NASDAQ: UPST) is the leading AI lending marketplace, connecting millions of consumers to more than 100 banks and credit unions that leverage Upstart’s AI models and cloud applications to deliver superior credit products. With Upstart AI, lenders can approve more borrowers at lower rates while delivering the exceptional digital-first experience customers demand. More than 90% of loans are fully automated, with no human intervention by Upstart. Founded in 2012, Upstart’s platform includes personal loans, automotive retail and refinance loans, home equity lines of credit, and Upstart’s new Cash Line product, a revolving line of credit. Upstart is based in San Mateo, California.

Investors

Sonya Banerjee

ir@upstart.com

Press

Eric Smith

press@upstart.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements regarding our outlook for the full-year of 2026 and beyond. These statements may include words such as “anticipate”, “becoming”, “believe”, “can have”, “continue”, “could”, “estimate”, “expect”, “intend”, “likely”, “look forward”, “may”, “ongoing,” “plan”, “potential”, “predict”, “project”, “should”, “target”, “will”, “would,” or the negative of these terms or other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events that do not relate strictly to historical or current facts. Forward-looking statements give our current expectations and projections relating to our financial condition; macroeconomic factors; plans; objectives; product development; growth opportunities and the sustainability of our business and market position; assumptions; risks; future performance; business; investments; and results of operations, including revenue (including revenue from fees and net interest income (loss)), contribution margin, net income (loss), Adjusted EBITDA, basic weighted-average share count, and diluted weighted-average share count. Forward-looking statements are based on information available at the time those statements are made or management’s good faith beliefs and assumptions as of that time with respect to future events, i