The earnings call highlighted significant achievements, including remarkable revenue growth, a return to profitability, and strong performance in new product segments. While there are challenges such as increased loan balances and a competitive market, the positive aspects and advancements outweigh the concerns.

Company Guidance -

Q3 2025

During the second quarter of 2025, Upstart delivered outstanding performance, achieving triple-digit revenue growth of 102% year-over-year and reaching GAAP profitability a quarter earlier than expected. The company reported $257 million in total revenue, with $241 million from fees and $17 million from net interest income. Originations on the Upstart platform reached $2.8 billion, marking the highest volume in three years. The Auto business grew 87% sequentially, while the Home business grew 67% sequentially. Notably, the contribution margin improved to 58%, and conversion rates increased from 19% in Q1 to 24% in Q2, driven by the new Model 22 and operational improvements. Additionally, more than 10% of originations came from newer businesses, including small dollar loans, which grew 40% sequentially. Upstart's funding partnerships proved scalable, with expectations to reach a new all-time high for monthly available funding in Q3. The company also saw significant traction in its Auto Retail product and advances in its AI technology, aiming to enhance borrower rates and processes through innovations like instant property verification in HELOCs. Looking forward, Upstart anticipates continued robust growth and plans to transition most of its newer product funding to third-party sources by the end of 2025.

Exceptional Revenue Growth

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

GAAP Profitability Achieved

Upstart returned to GAAP profitability a quarter earlier than anticipated, with a GAAP net income of $6 million in Q2 2025.

Strong Performance in Auto and Home Segments

The Auto business grew 87% sequentially, while the Home business grew 67% sequentially, both achieving significant acceleration.

Model 22 Advancements

Model 22 improved conversion rates from 19% in Q1 to 24% in Q2, contributing significantly to revenue growth.

Successful Funding and ABS Market Activity

Upstart priced and closed its second ABS deal of 2025 with significantly improved execution, and the number of investors nearly doubled.

Expansion in New Products

Small dollar loans and Auto each crossed $100 million in quarterly originations in Q2, with new products driving nearly 20% of new borrowers.

Operational Efficiency Improvements

Contribution margin improved to 58% in Q2, up 3 percentage points from the prior quarter, driven by take rate and unit cost improvements.

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)	0.43 / -	-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.