Upstart demonstrated strong growth in revenue and origination volumes with significant product and model innovations. Financial performance showed improvements with positive adjusted EBITDA, although GAAP profitability was not achieved. Funding commitments increased, supporting future growth. However, elevated loan prices and increased stock-based compensation expenses presented challenges.

Company Guidance

During the earnings call for the fourth quarter and full year 2024, Upstart presented a robust financial performance, highlighting significant growth across various metrics. The company reported a 33% sequential increase in origination volume and a 35% rise in revenue for Q4, translating to a 68% year-over-year growth in originations and 56% in revenue. Their auto and HELOC product categories experienced approximately 60% sequential growth, while the small-dollar relief product surged by 115% quarter-on-quarter. These achievements contributed to a total net revenue of $219 million for Q4, marking a 56% increase year-on-year. The company also achieved a positive adjusted EBITDA of $39 million for the quarter, with a contribution margin of 61%. Upstart outlined its strategic priorities for 2025, aiming to 10x its leadership in AI and return to GAAP net income profitability by the second half of the year.

Strong Revenue and Origination Growth

In Q4, origination volume grew 33% and revenue grew 35% sequentially. Year-over-year growth was 68% for originations and 56% for revenue.

Significant Product Growth

Auto and HELOC originations grew by about 60% sequentially, with small-dollar relief products growing 115% quarter-on-quarter.

Model Innovations Boosting Accuracy

Launch of Model 19 with Payment Transition Model (PTM) capability, improving model accuracy by considering intermediate delinquency states.

Improved Financial Metrics

Positive adjusted EBITDA for two consecutive quarters, with Q4 adjusted EBITDA at $39 million and adjusted earnings per share of $0.26.

Increased Funding Commitments

Upsized commitments by $1.3 billion with capital partners and secured a $150 million personal loan warehouse facility.

High Automation in Loan Processing

Fully automated loans reached 91%, improving operational efficiency and processing speed.

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Upstart Holdings (UPST) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

UPST Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 13, 2025	2025 (Q1)	0.16 / -	-0.31	―	―	―
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)
May 09, 2023	2023 (Q1)	-0.75 / -0.47	0.61	-177.05% (-1.08)
Feb 14, 2023	2022 (Q4)	-0.47 / -0.25	0.89	-128.09% (-1.14)

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

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UPST Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 11, 2025	$67.34	$88.77	+31.82%
Nov 07, 2024	$55.47	$81.00	+46.02%
Aug 06, 2024	$23.87	$33.30	+39.51%
May 07, 2024	$24.47	$23.11	-5.56%

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.

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