Upstart Holdings, Inc. · NASDAQ:UPST
Upstart — Q4 2025 Earnings Presentation
38 slides from Upstart's earnings presentation, Feb 10, 2026
Slide 1: Q4 and Full Year 2025 Earnings
Q4 and Full Year 2025 Earnings February 10, 2026
Slide 2: Forward looking statements
Forward looking statements This presentation contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to, information or predictions concerning our
Slide 3: Results and outlook
Results and outlook 3
Slide 4: Full Year 2025 results: a breakout year of profitable growth at scale
Full Year 2025 results: a breakout year of profitable growth at scale Focused execution against our 2025 priorities Originations: $11.0B Total Revenue: $1.0B Net Income: $54M Adj. EBITDA: $230M +86% YoY +64% YoY 5% margin 22% margin Note: Originations refers to Transaction Volume, Dollars. 4
Slide 5: Transaction Volume, Dollars
Transaction Volume, Dollars ($M) Q4’25 originations: $3.2B +52% YoY YoY Growth: +68% +89% +154% +80% +52% 5
Slide 6: Loan conversion funnel
Loan conversion funnel Q4’25 loans: 456K 19.4% Conversion Rate Conversion Rate: 18.0% 17.5% 21.0% 19.4% 19.4% Transaction volume, # of loans Rate inquiries not filled Note: Beginning in the fourth quarter of 2025, we revised the definition and underlying calculation methodology of Conversion Rate. Pri
Slide 7: Total Revenue
Total Revenue ($M) Q4’25 Revenue: $296M +35% YoY YoY Growth: +56% +67% +102% +71% +35% Platform & referral fees Servicing & other fees Net interest income & fair value adj. Note: Amounts presented in charts may not sum to totals due to rounding. 7
Slide 8: Contribution Profit
Contribution Profit ($M) Q4’25 Contribution: $141M 53% Contribution Margin Contribution Margin: 61% 55% 58% 57% 53% 8
Slide 9: Net Income (Loss)
Net Income (Loss) ($M) Q4’25 Net Income: $19M 6% Net Income Margin Net Margin: -1% -1% 2% 11% 6% 9
Slide 10: Adjusted EBITDA
Adjusted EBITDA ($M) Q4’25 Adjusted EBITDA: $64M 22% Adj. EBITDA Margin Adj. EBITDA Margin: 18% 20% 21% 26% 22% 10
Slide 11: Outlook
Outlook FY 2026 Total Revenue $1.4 billion Revenue from fees $1.3 billion Adjusted EBITDA Margin (% of Total Revenue) 21% 3-Year Target (2025-2028) Total Revenue Compound Annual Growth Rate (%) 35% Terminal Adjusted EBITDA Margin (%) 25% Note: Guidance figures are approximate. Note: Beginning Q4 2025
Slide 12: Technology and product highlights
Technology and product highlights 12
Slide 13: Q4'25 product highlight: model expansion to non-funded applicant data
Q4’25 product highlight: model expansion to non-funded applicant data Incorporating broader applicant outcomes to strengthen underwriting and pricing decisions In Q4, we expanded our underwriting models beyond Upstart-funded loans, incorporating non-funded applicant outcomes to improve accuracy and
Slide 14: Upstart AI supports scale and leads to radically better consumer experiences
Upstart AI supports scale and leads to radically better consumer experiences Q4’25: 91% of loans were fully automated, with no human intervention by Upstart Q4’25: 91% Q4’19: 69% Note: Beginning in Q4’25, the Company revised the definition of Percentage of Loans Fully Automated. Prior periods have no
Slide 15: More automation can drive higher loan volumes
More automation can drive higher loan volumes Breaking down the math - how we arrived at the percentage of loans fully automated in Q4’25 Step 1 Step 2 Step 3 91% 580K 442K ~413K of 456K funded rate offers applications (76%) ~9 of 10 applications loans fully automated accepted and approved converted
Slide 16: Personal loan originations
Personal loan originations ($M) Q4’25 originations: $2.9B Personal loan originations grew 41% YoY. Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 # of loans 186,577 243,137 237,201 366,423 420,089 443,784 16
Slide 17: Personal loan originations by borrower segment
Personal loan originations by borrower segment ($M) Small dollar Core Super prime (720+) Q4’25 originations $2.9B Super prime made up 27% of personal loan originations. “Best rates for all” is unlocking value across the credit spectrum. Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 # of loans 186,577 243,137
Slide 18: Auto originations
Auto originations ($M) Q4’25 originations $200M Auto originations grew ~4X versus Q4’24 and 56% sequentially. Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 # of loans 1,289 2,073 2,839 5,058 6,705 9,918 18
Slide 19: Home originations
Home originations ($M) Q4’25 originations $123M Home originations grew ~5X versus Q4’24 and 70% sequentially. Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 # of loans 283 453 666 1,118 1,262 2,086 Note: Home originations are defined as: total committed amount the borrower can draw against. 19
Slide 20: Marketplace update
Marketplace update 20
Slide 21: Macroeconomic risk to consumer health has improved since Q3 volatility
Macroeconomic risk to consumer health has improved since Q3 volatility Upstart Macro Index (UMI) Dec: 1.39 Note: UMI estimates the impact of the macroeconomy on actual credit losses based on Upstart-powered unsecured personal loan data, see: https://www.upstart.com/umi. UMI data as of 01/29/26. 21
Slide 22: Equal investment in all personal loan cohorts since Q4'23 would yield an 11.3% net annualized return
Equal investment in all personal loan cohorts since Q4’23 would yield an 11.3% net annualized return The net annualized return from investing equally in all personal loan cohorts since Q4’23 would represent a 7.6% premium over the 2-Year Treasury 2-Year Treasury Yield Expected cash flows Upside/downs
Slide 23: Value of Upstart's co-investments in committed capital partnerships
Value of Upstart’s co-investments in committed capital partnerships Upstart shares in the risk of our committed capital partnerships, via various forms of min/max: $0 - 1,827M minority co-investment. Capital co-invested min/max: $0 - 1,639M Cumulative outstanding amount Upstart has invested into the
Slide 24: Loans held by Upstart
Loans held by Upstart ● 70% of funding for Auto and Home loans originated in Q4 came from banks, credit unions, and private capital partners ● Reduced loans held on the balance sheet by 20% QoQ ● 11 different capital partners funded Auto and Home loans originated in Q4, with an additional 13 signed
Slide 25: Financial appendix
Financial appendix 25
Slide 26: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet ($ in thousands) Fiscal 2024 Fiscal 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Assets Cash and cash equivalents $ 445,274 $ 788,422 $ 599,778 $ 395,940 $ 489,784 $ 652,388 Restricted cash 210,493 187,841 239,750 305,520 347,121 404,624 Loans (at fair va
Slide 27: Condensed Consolidated Balance Sheet (cont.)
Condensed Consolidated Balance Sheet (cont.) ($ in thousands) Fiscal 2024 Fiscal 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Liabilities and Stockholders’ Equity Liabilities: Payable to investors $ 60,778 $ 60,173 $ 83,114 $ 91,669 $ 93,400 $ 107,659 Borrowings 887,367 1,402,168 1,334,863 1
Slide 28: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations (in thousands, except share and per share data) Fiscal 2024 Fiscal 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Revenue: Revenue from fees, net (1) $ 167,590 $ 199,276 $ 185,475 $ 240,777 $ 258,539 $ 265,220 Interest income, interest expense, an
Slide 29: Revenue Breakout
Revenue Breakout (in thousands) (1) This footnote is related to the table on slide 28. The following table presents revenue from fees disaggregated by type of service as follows: Fiscal 2024 Fiscal 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Revenue from fees, net: Platform and referral fee
Slide 30: Revenue Breakout
Revenue Breakout (in thousands) (3) This footnote is related to the table on slide 28. The following table presents components of fair value adjustments, net as follows: Fiscal 2025 Fiscal 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Fair value and other adjustments, net: Unrealized loss on
Slide 31: Condensed Consolidated Statement of Cash Flows
Condensed Consolidated Statement of Cash Flows (in thousands) Fiscal 2024 Fiscal 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Cash flows from operating activities Net income (loss) $ (6,758) $ (2,755) $ (2,447) $ 5,607 $ 31,805 $ 18,636 Adjustments to reconcile net income (loss) to net cash p
Slide 32: Condensed Consolidated Statement of Cash Flows (cont.)
Condensed Consolidated Statement of Cash Flows (cont.) (in thousands) Fiscal 2024 Fiscal 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net changes in operating assets and liabilities: Purchases of loans held-for-sale (1,056,233) (1,683,022) (1,345,253) (2,624,546) (2,440,455) (2,662,651) Proc
Slide 33: Condensed Consolidated Statement of Cash Flows (cont.)
Condensed Consolidated Statement of Cash Flows (cont.) (in thousands) Fiscal 2024 Fiscal 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Cash flows from investing activities Purchases and originations of loans held-for-investment (85,639) (126,516) (149,916) (228,024) (288,109) (366,978) Proceed
Slide 34: Condensed Consolidated Statement of Cash Flows (cont.)
Condensed Consolidated Statement of Cash Flows (cont.) (in thousands) Fiscal 2024 Fiscal 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Cash flows from financing activities Proceeds from borrowings 50,077 89,694 53,655 122,701 36,492 81,370 Proceeds from convertible notes issuance, net of debt i
Slide 35: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures (in thousands, except ratios) Fiscal 2024 Fiscal 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Total revenue $ 162,140 $ 218,964 $ 213,371 $ 257,291 $ 277,105 $ 296,090 Net income (loss) (6,758) (2,755) (2,447) 5,607 31,805 18,636 Net Income (Loss)
Slide 36: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures (in thousands, except ratios) Fiscal 2024 Fiscal 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Revenue from fees, net $ 167,590 $ 199,276 $ 185,475 $ 240,777 $ 258,539 $ 265,220 Income (loss) from operations (45,152) (4,750) (4,496) 4,542 23,666 18
Slide 37: Key Operating Metrics & Non-GAAP Financial Measures
Key Operating Metrics & Non-GAAP Financial Measures ● We define Transaction Volume, Dollars as the total principal of loan originations (or committed amounts for HELOCs) facilitated on our marketplace during the periods presented. We define Transaction Volume, Number of Loans as the number of loan ori
Slide 38: Thank You
Thank You