How does Upstart Holdings (UPST) make money?

Upstart Holdings (UPST) generates revenue primarily from Servicing Fees, Net, which accounted for 51.7% of total revenue in TTM through Q1 2026. The company reported $1.16B in revenue and converted 4.2% of it into net profit, equivalent to roughly $49.4M in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of Upstart Holdings (UPST)?

Upstart Holdings (UPST) reported a gross profit margin of 95.7% in TTM through Q1 2026, equivalent to $1.11B in gross profit on $1.16B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of Upstart Holdings (UPST)?

Upstart Holdings (UPST) reported an operating profit margin of 4.2% in TTM through Q1 2026, equivalent to $49.2M in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of Upstart Holdings (UPST)?

Upstart Holdings (UPST) reported a net profit margin of 4.2% in TTM through Q1 2026, equivalent to $49.4M in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is Upstart Holdings (UPST) profitable?

Yes. Upstart Holdings (UPST) reported $49.4M in net income for TTM through Q1 2026, with a net profit margin of 4.2%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

How much does Upstart Holdings (UPST) invest in research and development?

Upstart Holdings (UPST) invested $80.1M in research and development during TTM through Q1 2026, roughly 6.9% of total revenue. R&D spending funds the company's future product pipeline and is expensed in full on the income statement rather than capitalised, which makes the operating margin sensitive to how aggressively management chooses to reinvest in innovation.

How much does Upstart Holdings (UPST) spend on capital expenditures?

Upstart Holdings (UPST) spent $19.2M on capital expenditures (CapEx) during TTM through Q1 2026, roughly 1.7% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does Upstart Holdings (UPST) generate?

Upstart Holdings (UPST) generated -$287M in free cash flow during TTM through Q1 2026, a free-cash-flow margin of -24.7%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What is the effective tax rate of Upstart Holdings (UPST)?

Upstart Holdings (UPST) had an effective tax rate of 1.6% in TTM through Q1 2026. The effective rate is the actual share of pre-tax income paid as income taxes and can differ materially from the statutory rate due to foreign earnings mix, tax credits (such as R&D), share-based compensation deductions, and one-off discrete items.

What are the main business segments of Upstart Holdings (UPST)?

Upstart Holdings (UPST) reports revenue across 5 reportable product segments, led by Servicing Fees, Net at 51.7% of total revenue in TTM through Q1 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

How Upstart Holdings Makes Money: 2026 Visual Revenue Map

Upstart Holdings (UPST) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported May 5, 2026).

Upstart Holdings discloses geographic revenue only in annual filings. to view the full breakdown.

Upstart Holdings (UPST) Revenue by Product Segment — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for Upstart Holdings (UPST), TTM through Q1 2026.
Segment	Revenue (USD)	% of total
Servicing Fees, Net	$601M	51.7%
Servicing Fees	$377M	32.4%
Borrower Fees	$113M	9.7%
Collection Agency Fees	$50M	4.3%
Other Fees	$22.5M	1.9%
Total	$1.16B	100%

Servicing Fees, Net$601M
Servicing Fees$377M
Borrower Fees$113M
Collection Agency Fees$50M
Other Fees$22.5M
Total$1.16B

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, Upstart Holdings (UPST) reports revenue across 5 reportable product segments; the largest segment was Servicing Fees, Net at 51.7%, followed by Servicing Fees (32.4%) and Borrower Fees (9.7%).

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