Upstart Holdings 8-K
PositiveEarningsNew guidance
Loan origination growth drove fee revenue gains; secured products’ contribution margin improved sharply but stayed negative.
Filed 2026-08-04 16:05 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results with FY2026 outlook. Revenue rose 42% Y/Y and originations rose 50%; Upstart returned to GAAP profitability and reported record contribution profit. Secured products’ combined contribution margin improved substantially but remained negative.
Key Figures
| Metric | Q2 2026 | H1 2026 |
|---|---|---|
| Revenue | $364.7M, +42% Y/Y | $672.9M, +43% Y/Y |
| Income from operations | $14.6M, vs $4.5M | $7.12M, vs $0.046M |
| Net income | $16.5M, +195% Y/Y | $9.89M, +213% Y/Y |
| Diluted EPS | $0.16, +220% Y/Y | $0.10, +233% Y/Y |
| Adjusted EBITDA, non-GAAP | $76.9M, +45% Y/Y | $117.4M, +22.7% Y/Y |
| Operating cash flow | — | $(269.9)M, vs $(133.6)M |
| Originations, dollars | $4.23B, +50% Y/Y | $7.67B, +55% Y/Y |
| Originations, number of loans | 558,014, +50% Y/Y | 983,370, +60% Y/Y |
| Contribution profit | $193.1M, +37% Y/Y | $330.4M, +36% Y/Y |
| Contribution margin | 55%, vs 58% | 53%, vs 57% |
- Growth came with $348.0M in Q2 revenue from fees, up 45% Y/Y. Unsecured contribution profit was $200.8M, up 36%; secured products’ combined contribution margin was negative 35%, versus negative 176% a year earlier.
- H1 stock repurchases were $100.1M; shares issued and outstanding declined 0.7%, from 98.0M at 12/31/2025 to 97.3M at 6/30/2026. At quarter-end, cash and cash equivalents were $456.0M, restricted cash was $526.3M, and borrowings were $2.00B.
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 | — | — |
Investor Takeaways
- FY2026 total revenue and adjusted EBITDA versus the stated outlook will show whether current growth and profitability continue.
- Secured products’ subsequent contribution margin will show whether the improvement toward profitability is sustained.
The summary is written by an AI model reading the filing.
Model 005 · prompt 8bef31e277 · 2026-10-14 16:53:57Z