Upstart Holdings, Inc. · NASDAQ:UPST
Upstart — Q1 2026 Earnings Presentation
39 slides from Upstart's earnings presentation, May 5, 2026
Slide 1: Q1 2026 Earnings
“Upstart QI 2026 Earnings May 5, 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: Q1'26 results: strong results, on track to deliver on our full-year outlook
Q1’26 results: strong results, on track to deliver on our full-year outlook Originations Total Revenue Net Income (Loss) Adjusted EBITDA $3.4B $308M ($7M) $40M +61% YoY +44% YoY 13% margin Note: Originations refers to Transaction Volume, Dollars. 4
Slide 5: Transaction Volume, Dollars ($M)
Transaction Volume, Dollars ($M) Q1’26 originations: $3.4B +61% YoY YoY Growth: +89% +154% +80% +52% +61% 5
Slide 6: Loan conversion funnel
Loan conversion funnel Q1’26 loans: 425K 18.5% Conversion Rate 428K 456K 373K 425K 246K 241K Conversion Rate: 17.5% 21.0% 19.4% 19.4% 18.5% Transaction volume, # of loans Rate inquiries not filled 6
Slide 7: Total Revenue ($M)
Total Revenue ($M) Q1’26 Revenue: $308M +44% YoY YoY Growth: +67% +102% +71% +35% +44% Platform & referral fees Servicing & other fees Net interest income & fair value adj. Note: Amounts presented in charts may not sum to totals due to rounding. 7
Slide 8: Contribution Profit ($M)
Contribution Profit ($M) Q1’26 Contribution: $137M +34% YoY YoY Growth: +26% +85% +44% +15% +34% Contribution Margin: 55% 58% 57% 53% 50% 8
Slide 9: Net Income (Loss) ($M)
Net Income (Loss) ($M) Q1’26 Net Income (Loss): ($7M) Net Margin: -1% 2% 11% 6% -2% 9
Slide 10: Adjusted EBITDA ($M)
Adjusted EBITDA ($M) Q1’26 Adjusted EBITDA: $40M Adj. EBITDA Margin: 20% 21% 26% 22% 13% 10
Slide 11: Reiterating our outlook
Reiterating our outlook FY 2026 Total Revenue $1.4 billion Revenue from fees $1.3 billion Adjusted EBITDA (Margin % of Total Revenue) $294 million (21%) 3-Year Target 2025 - 2028 Total Revenue Compound Annual Growth Rate 35% 2028 Adjusted EBITDA Margin (% of Total Revenue)* 25% (*) For clarity we’ve
Slide 12: Technology and product highlights
Technology and product highlights 12
Slide 13: Our AI model outperforms a traditional credit model - with significant runway ahead
Our AI model outperforms a traditional credit model - with significant runway ahead Personal loan underwriting: 87.4% of the accuracy opportunity remaining Measuring the “inaccuracy gap”: Think of it as the distance between a model's predictions and perfection. Traditional credit model = 95.4% ● 0% =
Slide 14: Upstart AI supports scale and leads to radically better consumer experiences
Upstart AI supports scale and leads to radically better consumer experiences Q1’26: 91% of loans were fully automated, with no human intervention by Upstart Q1’26: 91% Q4’19: 69% 14
Slide 15: More automation can drive higher loan volumes
More automation can drive higher loan volumes Breaking down the math - how we arrived at the percentage of loans fully automated in Q1’26 Step 1 Step 2 Step 3 91% 539K 417K ~387K of 425K funded rate offers applications (77%) ~9 of 10 applications loans fully automated accepted and approved converted
Slide 16: Unsecured personal loan originations
Unsecured personal loan originations ($M) Q1’26 originations: $3.0B Personal loan originations grew 50% YoY. Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 # of loans 243,137 237,201 366,423 420,089 443,784 410,854 16
Slide 17: Unsecured personal loan originations by borrower segment
Unsecured personal loan originations By borrower segment ($M) Small dollar Core Super prime (720+) Q1’26 originations $3.0B Super prime made up 33% of personal loan originations, up from 27% in Q4’25. Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 # of loans 243,137 237,201 366,423 420,089 443,784 410,854 Note
Slide 18: Auto originations
Auto originations ($M) Q1’26 originations $263M Auto originations grew ~4X versus Q1’25 and 32% sequentially. Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 # of loans 2,073 2,839 5,058 6,705 9,918 12,202 18
Slide 19: Home originations
Home originations ($M) Q1’26 originations $143M Home originations grew ~3.5X versus Q1’25 and 16% sequentially. Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 # of loans 453 666 1,118 1,262 2,086 2,300 Note: Home originations are defined as: total committed amount the borrower 19 can draw against.
Slide 20: Marketplace update
Marketplace update 20
Slide 21: Macroeconomic risk to consumer is within the range observed since late 2025
Macroeconomic risk to consumer is within the range observed since late 2025 Upstart Macro Index (UMI) Mar: 1.38 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 04/30/26.
Slide 22: A look at our credit performance since Q1'23
A look at our credit performance since Q1’23 Each personal loan cohort is exceeding Treasuries by at least 385 basis points The net annualized return from investing equally in all personal loan cohorts since Q1’23 would represent a 6.5% premium over the 2-Year Treasury 2-Year Treasury Yield Expected
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 - 2,170M minority co-investment. Capital co-invested min/max: $0 - 1,827M Cumulative outstanding amount Upstart has invested into the
Slide 24: Loans held by Upstart
Loans held by Upstart ($M) R&D Personal loans Securitized loans Note: “R&D” loans are to test and evaluate our AI models for emerging products such as Auto, Home, as well as certain personal loans such as small-dollar loans. “Securitized” loans are from Q3’23 ABS, reflect GAAP treatment; Upstart’s re
Slide 25: The vast majority of Upstart loans have been funded by third-parties
The vast majority of Upstart loans have been funded by third-parties Loans held on Upstart’s balance sheet vs. total Upstart loans outstanding Total loans outstanding 6.7% 6.6% 7.7% 8.7% 6.4% 6.2% as a % of loans held: Loans held ($M) Total loans outstanding ($M) Note: “Total loans outstanding” is d
Slide 26: Financial appendix
Financial appendix 26
Slide 27: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet ($ in thousands) Fiscal 2024 Fiscal 2025 Fiscal 2026 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Assets Cash and cash equivalents $ 788,422 $ 599,778 $ 395,940 $ 489,784 $ 652,388 $ 472,934 Restricted cash 187,841 239,750 305,520 347,121 404,624 458,400 Loans
Slide 28: Condensed Consolidated Balance Sheet (cont.)
Condensed Consolidated Balance Sheet (cont.) ($ in thousands) Fiscal 2024 Fiscal 2025 Fiscal 2026 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Liabilities and Stockholders’ Equity Liabilities: Payable to investors $ 60,173 $ 83,114 $ 91,669 $ 93,400 $ 107,659 $ 125,523 Borrowings 1,402,168 1,334,
Slide 29: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations (in thousands, except share and per share data) Fiscal 2024 Fiscal 2025 Fiscal 2026 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Revenue: Revenue from fees, net (1) $ 199,276 $ 185,475 $ 240,777 $ 258,539 $ 265,220 $ 277,063 Interest income, interest
Slide 30: Revenue Breakout
Revenue Breakout (in thousands) (1) This footnote is related to the table in the Condensed Consolidated Statements of Operations. The following table presents revenue from fees disaggregated by type of service as follows: Fiscal 2024 Fiscal 2025 Fiscal 2026 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1
Slide 31: Revenue Breakout
Revenue Breakout (in thousands) (3) This footnote is related to the table in the Condensed Consolidated Statements of Operations. The following table presents components of fair value and other adjustments, net as follows: Fiscal 2024 Fiscal 2025 Fiscal 2026 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q
Slide 32: Condensed Consolidated Statement of Cash Flows
Condensed Consolidated Statement of Cash Flows (in thousands) Fiscal 2024 Fiscal 2025 Fiscal 2026 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Cash flows from operating activities Net income (loss) $ (2,755) $ (2,447) $ 5,607 $ 31,805 $ 18,636 $ (6,646) Adjustments to reconcile net income (loss) t
Slide 33: Condensed Consolidated Statement of Cash Flows (cont.)
Condensed Consolidated Statement of Cash Flows (cont.) (in thousands) Fiscal 2024 Fiscal 2025 Fiscal 2026 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Net changes in operating assets and liabilities: Purchases of loans held-for-sale (1,683,022) (1,345,253) (2,624,546) (2,440,455) (2,662,651) (2,4
Slide 34: Condensed Consolidated Statement of Cash Flows (cont.)
Condensed Consolidated Statement of Cash Flows (cont.) (in thousands) Fiscal 2024 Fiscal 2025 Fiscal 2026 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Cash flows from investing activities Purchases and originations of loans held-for-investment (126,516) (149,916) (228,024) (288,109) (366,978) (438
Slide 35: Condensed Consolidated Statement of Cash Flows (cont.)
Condensed Consolidated Statement of Cash Flows (cont.) (in thousands) Fiscal 2024 Fiscal 2025 Fiscal 2026 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Cash flows from financing activities Proceeds from borrowings 89,694 53,655 122,701 36,492 81,370 123,524 Proceeds from convertible notes issuance,
Slide 36: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures (in thousands, except ratios) Fiscal 2024 Fiscal 2025 Fiscal 2026 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Total revenue $ 218,964 $ 213,371 $ 257,291 $ 277,105 $ 296,090 $ 308,214 Net income (loss) (2,755) (2,447) 5,607 31,805 18,636 (6,646) Net I
Slide 37: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures (in thousands, except ratios) Fiscal 2024 Fiscal 2025 Fiscal 2026 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Revenue from fees, net $ 199,276 $ 185,475 $ 240,777 $ 258,539 $ 265,220 $ 277,063 Income (loss) from operations (4,750) (4,496) 4,542 23,666
Slide 38: 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 39: Thank You
Thank You