The earnings call for Upstart's second quarter of 2025 presented a largely positive outlook. The company achieved significant revenue growth and returned to GAAP profitability earlier than anticipated. Strong performance in the Auto and Home segments and advancements in AI models contributed to this success. However, increased balance sheet usage and challenges with fair value adjustments were noted as areas for improvement.

Company Guidance

In the second quarter of fiscal year 2025, Upstart demonstrated significant growth and exceeded expectations in multiple metrics, showcasing its return to growth mode. The company achieved a 102% year-on-year revenue growth, reaching $257 million, and attained GAAP profitability a quarter sooner than anticipated. Originations on the Upstart platform hit $2.8 billion, marking the highest volume in three years. The Auto business grew 87% sequentially, while the Home business saw a 67% sequential increase. Newer business segments, including small dollar loans, made up more than 10% of originations, with small dollar loans alone growing 40% sequentially. Conversion rates improved from 19% in Q1 to 24% in Q2, driven by model advancements such as Model 22. Upstart's contribution margin rose to 58%, and the company ended the quarter with a GAAP net income of $6 million. Looking forward, the company expects total revenues of approximately $280 million in Q3 2025, reflecting continued momentum and effective execution of its business strategy.

Triple-Digit Revenue Growth

Upstart achieved a 102% year-on-year revenue growth, reaching $257 million in total revenue for Q2 2025.

Return to GAAP Profitability

Upstart reached GAAP profitability a quarter sooner than expected, with a GAAP net income of $6 million for Q2 2025.

Record Loan Originations

Loan originations on the Upstart platform in Q2 were $2.8 billion, the highest volume in 3 years.

Strong Growth in Auto and Home Segments

The Auto business grew 87% sequentially, and the Home business grew 67% sequentially.

Model 22 Enhancements

Model 22 increased separation accuracy advantage by 17 percentage points, improving conversion rates from 19% in Q1 to 24% in Q2.

Improved Contribution Margins

Contribution margin improved to 58% in Q2, up 3 percentage points from the prior quarter.

Upstart Holdings (UPST) Earnings, Revenues Date & History

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UPST Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 11, 2025	2025 (Q3)	0.42 / -	-0.06	―	―	―
Aug 05, 2025	2025 (Q2)	0.25 / 0.36	-0.17	311.76% (+0.53)
May 06, 2025	2025 (Q1)	0.17 / 0.33	-0.31	206.45% (+0.64)
Feb 11, 2025	2024 (Q4)	-0.04 / 0.26	-0.11	336.36% (+0.37)
Nov 07, 2024	2024 (Q3)	-0.15 / -0.06	-0.05	-20.00% (>-0.01)
Aug 06, 2024	2024 (Q2)	-0.39 / -0.17	0.06	-383.33% (-0.23)
May 07, 2024	2024 (Q1)	-0.37 / -0.31	-0.47	34.04% (+0.16)
Feb 13, 2024	2023 (Q4)	-0.14 / -0.11	-0.25	56.00% (+0.14)
Nov 07, 2023	2023 (Q3)	-0.02 / -0.05	-0.24	79.17% (+0.19)
Aug 08, 2023	2023 (Q2)	-0.07 / 0.06	0.01	500.00% (+0.05)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

UPST Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 05, 2025	$82.62	$67.14	-18.74%
May 06, 2025	$51.40	$46.44	-9.65%
Feb 11, 2025	$67.34	$88.77	+31.82%
Nov 07, 2024	$55.47	$81.00	+46.02%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.