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Upstart reported a second consecutive record contribution profit quarter, up 48% year on year despite a nine-point average UMI headwind. Secured contribution margin improved from roughly negative 35% to positive 17% in one quarter, reaching profitability earlier than planned.
Upstart Holdings, Inc. announced that Natalia Mirgorodskaya will resign as Chief Accounting Officer effective November 30, 2026, and Chief Financial Officer Andrea Blankmeyer will serve as Interim Principal Accounting Officer while a permanent replacement is sought.
Upstart delivered record Q3 contribution profit of $218 million, up 48% year-over-year, but cut 2026 total revenue guidance to approximately $1.35 billion and adjusted EBITDA to approximately $260 million amid worsening macroeconomic headwinds.
Upstart Holdings, Inc. reported 51% originations growth and 44% fee-revenue growth for the nine months ended September 30, 2026.
Upstart reported third-quarter revenue of $371 million, up 34% YoY, and record Contribution Profit of $218 million. Secured products reached positive Contribution Margin of 17%, a quarter ahead of target.
Useful current figures from the complete screener profile.
* Q4 derived as the full year minus Q1 to Q3.
TL;DR. Upstart delivered strong Q3 growth and record contribution profit, while secured products reached positive contribution margin ahead of plan, secured originations grew rapidly, and platform capital efficiency improved. However, macro pressure reduced full-year total revenue and adjusted EBITDA guidance, balance-sheet-derived income declined sharply, October daily originations fell sequentially, and adjusted EBITDA margin declined year over year.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Upstart reported Q3 2026 revenue of $370.5M, $0.1M above our $370.4M forecast and 1.6% above the $364.8M consensus. It also cut its 2026 outlook, which now implies about $307M of Q4 revenue against a $382.3M consensus.
We forecast Q3 2026 revenue of $370.4M for Upstart, 1.5% above the $364.8M consensus, on $4.12B of originations the company has already published. The risk is the full-year adjusted EBITDA target of about $294M, which needs about $95M in Q4; we forecast $84.4M.
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Still-open targets the latest release did not restate under the same label.
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Illustrative technical + ownership context — a signal mix, not investment advice.
| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted EBITDA non-GAAP | $76.9M | the second quarter 2026 | — |
GAAP → non-GAAP reconciliationGAAP Net income 16.54M
+45.88M Stock-based compensation and certain payroll tax expenses
+7.13M Depreciation and amortization
+1.68M Reorganization expenses
+5.07M Expense on convertible notes
+614K Provision for income taxes
= Adjusted EBITDA 76.91M
|
|||
| Adjusted EBITDA Margin non-GAAP | 21% | the second quarter 2026 | — |
| Contribution Margin non-GAAP | 55% | the second quarter 2026 | — |
| Contribution Profit non-GAAP | $193M | the second quarter 2026 | — |
| Conversion Rate | 19.7% | Three Months Ended June 30, 2026 | — |
| Originations, Dollars | 4.2B | the second quarter 2026 | — |
| Originations, Number of Loans | 558,014 | the second quarter 2026 | — |
| Percentage of Loans Fully Automated | 91% | Three Months Ended June 30, 2026 | — |
| Unsecured Contribution Margin non-GAAP | 62% | the second quarter 2026 | — |
| Unsecured Contribution Profit non-GAAP | $201M | the second quarter 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
UPST
this stock
Upstart Holdings, Inc.
|
$1.93B | -55.3% | +64.0% | 29.7 | 26.8% |
|
V
Visa Inc.
|
$765.01B | +21.4% | -4.9% | — | 1.2% |
|
MA
Mastercard Inc
|
$576.01B | +15.8% | +16.4% | 34.6 | 0.8% |
|
AXP
American Express Co
|
$214.98B | -13.3% | +13.4% | 18.1 | 1.6% |
|
COF
Capital One Financial Corp
|
$117.35B | -19.5% | +36.6% | 11.1 | 1.2% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
Upstart reported a second consecutive record contribution profit quarter, up 48% year on year despite a nine-point average UMI headwind. Secured contribution margin improved from roughly negative 35% to positive 17% in one quarter, reaching profitability earlier than planned.
View| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| UPST | -10.6% | -17.0% | -36.1% | -15.0% | -55.3% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | -13.2% | -15.8% | -36.6% | -14.9% | -65.9% |
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.
