EarningsQ2 2026 Earnings Report
MX:UPST Q2 2026 EPS Results
Actual EPS$2.90
Consensus EPS$3.22
Beat/MissMissed by -$0.33
One Year Ago EPS$6.51
MX:UPST Q2 2026 Revenue Results
Actual Revenue$6.60B
Expected Revenue$6.42B
Beat/MissBeat by +$180.45M
YoY Revenue Growth+41.75%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeAfter Close
Conference CallTuesday, August 4, 2026
MX:UPST Upcoming Earnings
Upstart Holdings's next earnings date is estimated for November 10, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:UPST Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted strong execution: record contribution profit, a return to GAAP profitability, robust origination growth (notably in core personal loans and secured products), meaningful improvement in secured product margins, and materially strengthened funding relationships. Management reiterated full-year guidance despite a modest macro headwind (UMI), emphasized capital discipline (sunsetting non-core lines), and signaled upcoming operational upside from the conditional bank approval and ongoing model/infrastructure improvements. The primary risks noted were still-negative secured margins (albeit rapidly improving), elevated year-over-year operating expense growth (with some one-time items), and sensitivity to UMI-driven macro conditions that caused a modest slow in July volumes. Overall, positive business momentum and strong funding give confidence, balanced with short-term macro sensitivity and continued investment-related expense cadence.Company Guidance
Record Contribution Profit and Return to GAAP Profitability
Contribution profit reached an all-time high of $193M in Q2, up 37% year-over-year and 41% sequentially (+$56M QoQ). The company returned to GAAP net income of approximately $17M (a 195% YoY increase) with a 5% net income margin and GAAP diluted EPS of $0.16.
Strong Origination Growth Across Products
Total originations were $4.2B, up 50% year-over-year and 23% sequentially. Core personal loan originations re-accelerated 27% quarter-on-quarter (a $526M sequential increase). Company-wide originations grew $782M sequentially.
Secured Products Scaling and Rapid Margin Improvement
Secured products (Auto and Home) grew rapidly: Auto originations +264% YoY and +62% QoQ; Home originations +139% YoY and +14% QoQ. Secured contribution margin improved by 61 percentage points sequentially to -35% (from -96% in Q1), with management expecting contribution margin breakeven by Q4.
Fee Revenue and Take Rate Improvements
Total revenue ≈ $365M, up 42% YoY and 18% QoQ; fee revenue $348M, up 45% YoY and 26% QoQ. Unsecured fee revenue $326M (+38% YoY, +23% QoQ). Take rates improved sequentially by ~24 basis points in unsecured and ~81 basis points in secured products.
Funding Strength and Capital Partnerships
Closed 3 major institutional deals since May (including the largest ever) providing up to $5B in new committed capacity. Year-to-date committed capital partnerships expected to add up to $10.8B in incremental capacity. Completed an upsized $569M ABS (tightest spreads in 3 years) and three securitizations totaling ~$1.7B.
Product and Operational Efficiency Wins
Shipped 3 new personal loan underwriting models adding >300 variables and moved to a distributed inference platform ~65% faster at the median. Automated origination remained very high (around 92%), and the company originated a record >558,000 loans in Q2.
HELOC Unit-Economics and Speed Improvements
HELOC cost-to-originate decreased 15% versus Q1 and average close time improved to 6 days. Upstart offers HELOC rates on average >200 basis points lower than competitors, combining lower cost, speed, and pricing advantage.
Bank Conditional Approval
Received conditional approval from the OCC in July following a rigorous review; Upstart aims to launch Upstart Bank in early 2027 to unlock operational and regulatory efficiencies while continuing to fund primarily with third-party capital.
Strong Vintage Performance for Capital Partners
The average return of the last 12 quarterly vintages exceeds U.S. Treasuries by ~660 basis points, with every individual vintage exceeding Treasuries by at least 425 basis points — cited as validation for capital partners and shown by 100% renewal rate since 2023.
MX:UPST Earnings History
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