How does Upstart Holdings (UPST) make money?

Upstart Holdings (UPST) primarily makes money through Servicing Fees, Net, which accounts for 51.7% of total revenue. For TTM through Q1 2026, Upstart Holdings generated $1.16B in total revenue with a net profit margin of 4.2%.

What is Upstart Holdings (UPST) gross profit margin?

Upstart Holdings (UPST) reported a gross profit margin of 95.7% for TTM through Q1 2026, equivalent to $1.11B in gross profit. This means Upstart Holdings retains 95.7% of each revenue unit after direct costs of production.

What is Upstart Holdings (UPST) operating profit margin?

Upstart Holdings (UPST) reported an operating profit margin of 4.2% for TTM through Q1 2026, equivalent to $49.23M in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.

What is Upstart Holdings (UPST) net profit margin?

Upstart Holdings (UPST) reported a net profit margin of 4.2% for TTM through Q1 2026, equivalent to $49.40M in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.

How much does Upstart Holdings (UPST) invest in R&D?

Upstart Holdings (UPST) invested $80.11M in research and development in TTM through Q1 2026 (6.9% of total revenue). R&D spending reflects investment in future products, services, and technologies.

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

Upstart Holdings (UPST) spent $19.24M on capital expenditures in TTM through Q1 2026 (1.7% of total revenue). Capital expenditures represent investments in physical assets such as property, equipment, and infrastructure.

What is Upstart Holdings (UPST) free cash flow?

Upstart Holdings (UPST) generated −$286.78M in free cash flow for TTM through Q1 2026 (-24.7% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.

What is Upstart Holdings (UPST) effective tax rate?

Upstart Holdings (UPST) had an effective tax rate of 1.6% for TTM through Q1 2026. This is the actual percentage of pre-tax income paid as income taxes.

What are Upstart Holdings (UPST) main revenue segments?

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. The full segment-by-segment breakdown is shown in the revenue-by-segment table on this page.

How Upstart Holdings (UPST) Makes Money: A Visual Guide

Upstart Holdings (UPST) generated $1.16B in revenue, earning $49.40M in net profit (4.2% margin). Its largest revenue source is Servicing Fees, Net (51.7% of revenue). Below is an interactive breakdown of how revenue flows through the income statement.

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

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

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported February 10, 2026).

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

Servicing Fees, Net
Revenue
$601.25M
% of total
51.7%
Servicing Fees
Revenue
$376.89M
% of total
32.4%
Borrower Fees
Revenue
$112.73M
% of total
9.7%
Collection Agency Fees
Revenue
$50.01M
% of total
4.3%
Other Fees
Revenue
$22.46M
% of total
1.9%
Total
Revenue
$1.16B
% of total
100%

Segment	Revenue	% of total
Servicing Fees, Net	$601.25M	51.7%
Servicing Fees	$376.89M	32.4%
Borrower Fees	$112.73M	9.7%
Collection Agency Fees	$50.01M	4.3%
Other Fees	$22.46M	1.9%
Total	$1.16B	100%

View Upstart Holdings (UPST) revenue history

Frequently asked questions

How does Upstart Holdings (UPST) make money?: Upstart Holdings (UPST) primarily makes money through Servicing Fees, Net, which accounts for 51.7% of total revenue. For TTM through Q1 2026, Upstart Holdings generated $1.16B in total revenue with a net profit margin of 4.2%.
What is Upstart Holdings (UPST) gross profit margin?: Upstart Holdings (UPST) reported a gross profit margin of 95.7% for TTM through Q1 2026, equivalent to $1.11B in gross profit. This means Upstart Holdings retains 95.7% of each revenue unit after direct costs of production.
What is Upstart Holdings (UPST) operating profit margin?: Upstart Holdings (UPST) reported an operating profit margin of 4.2% for TTM through Q1 2026, equivalent to $49.23M in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.
What is Upstart Holdings (UPST) net profit margin?: Upstart Holdings (UPST) reported a net profit margin of 4.2% for TTM through Q1 2026, equivalent to $49.40M in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.
How much does Upstart Holdings (UPST) invest in R&D?: Upstart Holdings (UPST) invested $80.11M in research and development in TTM through Q1 2026 (6.9% of total revenue). R&D spending reflects investment in future products, services, and technologies.
How much does Upstart Holdings (UPST) spend on capital expenditures?: Upstart Holdings (UPST) spent $19.24M on capital expenditures in TTM through Q1 2026 (1.7% of total revenue). Capital expenditures represent investments in physical assets such as property, equipment, and infrastructure.
What is Upstart Holdings (UPST) free cash flow?: Upstart Holdings (UPST) generated −$286.78M in free cash flow for TTM through Q1 2026 (-24.7% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.
What is Upstart Holdings (UPST) effective tax rate?: Upstart Holdings (UPST) had an effective tax rate of 1.6% for TTM through Q1 2026. This is the actual percentage of pre-tax income paid as income taxes.
What are Upstart Holdings (UPST) main revenue segments?: 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. The full segment-by-segment breakdown is shown in the revenue-by-segment table on this page.

Data & methodology

What is a Sankey diagram?: A Sankey diagram shows how money flows through a company from revenue to net profit. The width of each flow represents its proportion.
How is the data calculated?: We use the income statement from company filings. For TTM (Trailing Twelve Months), we use a pre-aggregated twelve-month view aligned with our latest four quarterly periods. Revenue flows to cost of revenue and gross profit, then to operating expenses (R&D, S&M, G&A) and operating profit.
Where do segment and geographic numbers come from?: Product-segment shares come from the same TTM income statement that powers the Sankey chart. Geographic splits are first rebuilt from the four most recent quarterly geographic-segmentation filings so they align with the same TTM window; if quarterly geo data is missing, we fall back to the latest annual disclosure (the table heading shows which one is in use).
When was this data last updated?: Based on company filings through TTM through Q1 2026.