Upstart Holdings 8-K
PositiveEarningsCEO/CFO changeNew guidance
Co-founder Paul Gu will become CEO as Upstart shifts to annual guidance and monthly origination disclosures.
Filed 2026-02-10 16:03 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q4 and FY2025 results with FY2026 and 2025–2028 guidance. Upstart reported higher revenue and returned to GAAP profitability in both periods. It will shift to annual guidance in 2026, discontinue quarterly guidance, and publish monthly origination volumes. Co-founder Paul Gu will become CEO on 5/1/2026.
Key Figures
| Metric | Q4 2025 | FY2025 |
|---|---|---|
| Revenue | $296M, +35% Y/Y | $1.04B, +64% Y/Y |
| Income (loss) from operations | $18.9M, vs $(4.75)M | $42.6M, vs $(173)M |
| Net income (loss) | $18.6M, vs $(2.76)M | $53.6M, vs $(129)M |
| Diluted EPS | $0.17, vs $(0.03) | $0.45, vs $(1.44) |
| Adjusted EBITDA, non-GAAP | $63.7M, vs $38.8M | $230M, vs $10.6M |
| Operating cash flow | — | $(148)M, vs $186M |
| Transaction Volume, Dollars | $3.20B, +52% Y/Y | $11.0B, +86% Y/Y |
| Transaction Volume, Number of Loans | 455,788, +86% Y/Y | 1,497,149, +115% Y/Y |
| Conversion Rate | 19.4%, vs 18.0% | 19.4%, vs 15.1% |
| Contribution Margin | 53%, vs 61% | 56%, vs 60% |
- Contribution profit was $141M in Q4 (+15% Y/Y) and $531M for FY2025 (+39%); adjusted EBITDA margin was 22% in both periods, vs 18% and 2%, respectively. Contribution margin declined in both periods.
- At 12/31/2025, cash and cash equivalents were $652M, restricted cash was $405M, and borrowings were $1.83B. Upstart said loans on its balance sheet fell 20% Q/Q and it expects that trend to continue.
- Upstart said 70% of Q4 Auto and Home loan funding came from 11 partners, with 13 additional partners signed for 2026.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Total revenue | FY2026 | ≈$1.4B | — | — |
| Revenue from fees | FY2026 | ≈$1.3B | — | — |
| Adjusted EBITDA margin, non-GAAP | FY2026 | ≈21% | — | — |
| Total revenue CAGR | 2025–2028 | ≈35% | — | — |
| Terminal adjusted EBITDA margin, non-GAAP | 2025–2028 | ≈25% | — | — |
Investor Takeaways
- Monthly origination-volume disclosures will show whether Q4 growth continues; FY2026 revenue and adjusted EBITDA margin versus guidance are the next measures of progress.
The summary is written by an AI model reading the filing.
Model 005 · prompt 8bef31e277 · 2026-10-14 16:55:44Z