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Jun 30, 2025
Upstart Q2 2025 Earnings Report
Upstart announced strong financial results for the second quarter of 2025, achieving triple-digit revenue growth and GAAP profitability ahead of schedule.
Key Takeaways
Upstart delivered a robust performance in Q2 2025, with total revenue surging by 102% year-over-year to $257 million. The company achieved GAAP net income of $5.6 million and GAAP income from operations of $4.5 million, marking a significant turnaround from losses in the prior year. Loan originations also saw substantial growth, reflecting improved conversion rates.
Total revenue reached $257 million, representing a 102% increase year-over-year.
The company achieved GAAP net income of $5.6 million, a significant improvement from a loss of $54.5 million in Q2 2024.
Transaction volume saw 372,599 loans originated, a 159% increase year-over-year, totaling over $2.8 billion.
Adjusted EBITDA improved significantly to $53.1 million, up from a loss of $9.3 million in Q2 2024.
Revenue by Segment
Forward Guidance
For the third quarter of 2025, Upstart anticipates continued growth with total revenue projected at approximately $280 million and GAAP net income around $9 million, alongside strong Adjusted Net Income and Adjusted EBITDA.
Positive Outlook
- Expected total revenue of approximately $280 million for Q3 2025.
- Anticipated revenue from fees of approximately $275 million for Q3 2025.
- Projected GAAP net income of approximately $9 million for Q3 2025.
- Expected Adjusted Net Income of approximately $44 million for Q3 2025.
- Anticipated Adjusted EBITDA of approximately $56 million for Q3 2025.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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