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Operating Expense Breakdown
Details core costs like R&D, marketing, and admin, offering insight into how efficiently the company runs and where it’s prioritizing investment.Upstart has materially re-accelerated Sales & Marketing spend into 2024–25 while Engineering and G&A remain elevated — a profile consistent with an aggressive push to scale partner channels and larger-loan products. Customer-ops spending rises more modestly, suggesting emphasis on acquisition and product build over incremental servicing. Management’s call frames this as lower acquisition costs and bigger-dollar margins from larger loans, but the case is qualitative today; investors should watch whether higher marketing outlays convert to sustainably better contribution per loan rather than just higher volume risk.
Date | Sales and Marketing | Customer Operations | Engineering and Product Development | General, Administrative, and Other |
|---|---|---|---|---|
Jun 30, 2026 | $114.51M | $61.32M | $93.86M | $80.38M |
Mar 31, 2026 | $104.45M | $55.09M | $80.11M | $76.07M |
Dec 31, 2025 | $90.59M | $51.84M | $66.91M | $67.83M |
Sep 30, 2025 | $78.84M | $49.79M | $64.03M | $60.78M |
Jun 30, 2025 | $73.11M | $46.25M | $68.83M | $64.57M |
Mar 31, 2025 | $58.97M | $40.50M | $57.84M | $60.56M |
Dec 31, 2024 | $55.46M | $40.60M | $67.22M | $60.43M |
Sep 30, 2024 | $43.23M | $39.30M | $64.89M | $59.87M |
Jun 30, 2024 | $32.96M | $38.68M | $58.45M | $53.02M |
Mar 31, 2024 | $35.15M | $39.41M | $63.09M | $57.61M |