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Sep 30, 2025
Upstart Q3 2025 Earnings Report
Upstart returned to profitability in Q3 2025 with strong revenue growth and improved credit performance.
Key Takeaways
Upstart reported $277M in revenue and $31.8M in net income for Q3 2025, driven by an 80% YoY increase in loan originations and continued AI-driven efficiency across its lending platform.
Revenue rose 71% YoY to $277M in Q3 2025.
Net income turned positive at $31.8M compared to a $6.8M loss last year.
Loan originations hit 428K, more than doubling YoY.
Adjusted EBITDA jumped to $71.2M from just $1.4M a year ago.
Revenue by Segment
Forward Guidance
Upstart expects moderate sequential growth for Q4 2025 with continued profitability and margin stability.
Positive Outlook
- Q4 revenue projected at $288M.
- Fee revenue expected to be $262M.
- GAAP Net Income forecasted at $17M.
- Adjusted Net Income expected at $52M.
- Adjusted EBITDA estimated at $63M.
Challenges Ahead
- Slight drop in contribution margin to 53% expected.
- Net interest income expected to fall to $26M from $57M in Q3.
- GAAP profitability to decline compared to Q3.
- High sensitivity to macro and funding conditions.
- No detailed GAAP reconciliation for Q4 guidance due to variability.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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