Upstart Holdings (UPST) Revenue by Segment

Breaks down revenue by different business segments, revealing which areas are driving growth and contributing most to the company's financial performance.

Both Fees and Net Interest Income reversed a multi-year slump and surged in 2025—fees now exceed prior peaks and NII has flipped from sustained negatives to meaningful positives—consistent with a shift toward larger, partner-originated loans and improved funding economics. Management says partner channels yield lower acquisition costs and bigger average loan sizes, which can boost absolute dollar margins even if take-rates fall; that supports the revenue recovery but remains contingent on execution and the company publishing channel-level loan size, take-rate and contribution metrics to validate the thesis.