Companies · UPST
Upstart
AI-generated · informational only · not investment advice · verify before relying.
Latest analysis
Updated Aug 5, 2026
Upstart Q2 2026 10-Q/A amends a typographical error in vintage credit performance disclosure; underlying performance picture unchanged.
Upstart filed this 10-Q/A solely to correct a typographical error — replacing 'fourth quarter of 2025' with 'fourth quarter of 2024' in the vintage underperformance disclosure — leaving all financial results and risk factor substance from the original 10-Q intact. The operative credit picture: personal loan vintages from Q2 2023 through Q1 2024 and Q4 2024 remain forecasted to underperform target returns, while Q2 2024, Q3 2024, and Q1 2025 or later vintages are on-target. Revenue from fees, net for the six months ended June 30, 2026 was $625.1 million versus $426.3 million in the prior year period, driven by a 55% increase in origination dollars to $7.67 billion, with Adjusted EBITDA of $117.4 million on a 17% margin.
Tone: mixedRevenue
$1B
UPST 10-K · FY 2025
Employees
1,405
Revenue FY2024
$636.5M
Founded
2012
Profile
UPST 10-K Item 1 · Feb 10, 2026Upstart is an AI-powered lending marketplace that connects consumers seeking personal, auto, and home equity loans with banks, credit unions, and institutional investors. The company's proprietary machine learning models assess credit risk using more than 2,500 variables, enabling higher approval rates and lower APRs than traditional FICO-based underwriting. Revenue is generated primarily through platform, referral, and servicing fees paid by lending partners and institutional investors.
Read filing description ↓ Collapse description ↑
Upstart is the leading artificial intelligence ('AI') lending marketplace. We aim to radically reduce the cost and complexity of borrowing for all Americans by using our proprietary AI models to remake the entire lending process. Founded in 2012, Upstart's marketplace supports unsecured and secured credit products, such as personal loans, auto loans, and home equity lines of credit ('HELOCs'). Long-term, our vision is to become the always-on, everything-store for credit, where we can automatically approve borrowers at the right prices - instantly and effortlessly. Our platform applies AI to more accurately quantify the true risk of a loan, a capability we refer to as 'risk separation.' This differentiated approach to underwriting has generally led to higher approvals and lower interest rates relative to traditional lending practices, with more predictable returns to our capital partners including banks and credit unions (collectively our 'lending partners') and institutional investors. Beyond core underwriting, we apply our proprietary AI models to other areas of our business, such as income and identity verification, fraud detection, and identifying loan stacking behavior, among others. The result is an exceptional digital-first experience with significant levels of automation that helps consumers throughout the loan process with minimal effort. In 2025, 91% of loans on our platform were fully automated, with no human intervention by Upstart. Our dynamic marketplace allows us to serve borrowers across the credit spectrum. Loans issued through our marketplace are purchased by our network of institutional investors, retained or purchased by our lending partners, or in certain instances, held on our balance sheet.
Primary products
- Personal loans
- Auto loans
- Home equity lines of credit (HELOCs)
- Upstart Auto Finance
- Pass-through certificate programs
- Asset-backed securitization programs
End markets
Geographies
Named customers
In the year ended December 31, 2025, our top three lending partners collectively originated 83% of the loans facilitated through our marketplace and revenue from fees received from these lending partners accounted for 61% of our total revenue.
Named competitors
“We believe we compete favorably based on the following competitive factors: Constantly improving AI models; Compelling loan offers to consumers that improve regularly; Automated and user-friendly loan application process; Cloud-native, multi-tenant architecture; Combination of technology and customer acquisition for lending partners; Robust and diverse lending marketplace; and Brand recognition and trust.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue increased from $636.5 million in fiscal year 2024 to $1.04 billion in fiscal year 2025, driven by an 86% increase in transaction volume dollars and a 49% increase in revenue from fees, net.
The rest of UPST is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.