Upstart Holdings Inc. (NASDAQ:UPST) reported first-quarter results after Tuesday’s closing bell, missing analyst earnings estimates.

Here's a look at the details inside the report. 

Upstart Q1 Details       

Upstart reported adjusted quarterly earnings of 30 cents per share, which missed the consensus estimate of 42 cents by 28.57%.  Adjusted EPS excludes stock-based compensation expenses of 37 cents per share.

Quarterly revenue came in at $308.21 million, which beat the Street estimate of $303.68 million, according to Benzinga Pro data. 

Upstart reported the following first-quarter highlights:

  • Transaction Volume: 425,356 loans originated, up 77% year-over-year. Total originations were roughly $3.4 billion, up 61%.
  • Total Revenue: $308 million, up 44% year-over-year. Revenue from fees was $277 million, up 49% YoY.
  • Loss from Operations: $7.5 million, compared to a loss of $4.5 million in the first quarter of 2025.
  • Adjusted EBITDA: $40.5 million, down from $42.6 million in the first quarter of 2025. Adjusted EBITDA Margin was 13%, down from 20% in the first quarter of 2025.

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“In Q1, we grew originations 61% and revenue 44% year-over-year — putting us comfortably on track to deliver on our full year outlook. We advanced our AI models, applied for a national bank charter, and grew rapidly in home and auto,” said Paul Gu, co-founder and CEO.

UPST Stock Price: According to data from Benzinga Pro, Upstart stock was down 14.16% to $26.76 in Tuesday's extended trading.  

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