Upstart Holdings 8-K
EarningsGuidance reaffirmed
Loan origination growth drove fee revenue higher, but contribution and adjusted EBITDA margins narrowed.
Filed 2026-05-05 16:05 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q1 2026 results with FY2026 and longer-term targets continuing. Revenue rose 44% Y/Y as loan originations increased 61%; the company said it remains on track for its FY2026 outlook.
Key Figures
| Metric | Q1 2026 |
|---|---|
| Revenue | $308M, +44% Y/Y |
| Loss from operations | $(7.52)M, vs $(4.50)M |
| Net loss | $(6.65)M, vs $(2.45)M |
| Adjusted EBITDA, non-GAAP | $40.5M, -5% Y/Y |
| Diluted EPS | $(0.07), vs $(0.03) |
| Operating cash flow | $(133)M, vs $(13.5)M |
| Transaction Volume, Dollars | $3.45B, +61% Y/Y |
| Transaction Volume, Number of Loans | 425,356, +77% Y/Y |
- Revenue from fees was $277M, +49% Y/Y. Contribution profit was $137M, +34%, while contribution margin fell to 50% from 55%; adjusted EBITDA margin fell to 13% from 20%.
- Stock repurchases were $100M; outstanding shares declined from 98.0M to 95.7M. At quarter-end, cash and cash equivalents were $473M, restricted cash was $458M, and borrowings were $1.92B.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Total revenue | FY2026 | ≈$1.4B | — | — |
| Revenue from fees | FY2026 | ≈$1.3B | — | — |
| Adjusted EBITDA, non-GAAP | FY2026 | ≈$294M; 21% margin | — | — |
| Total revenue CAGR | 2025–2028 | ≈35% | — | Reaffirmed |
| Adjusted EBITDA margin, non-GAAP | 2028 | ≈25% | — | Reaffirmed |
Investor Takeaways
- Track whether origination growth supports the FY2026 revenue and adjusted EBITDA outlook, particularly alongside the lower contribution and adjusted EBITDA margins.
The summary is written by an AI model reading the filing.
Model 005 · prompt 8bef31e277 · 2026-10-14 16:54:50Z