Upstart Holdings Inc. reported its financial results for the fourth quarter and full year ended December 31, 2025. For the full year 2025, total revenue reached USD 950.01 million, marking an increase of 64%, while revenue from fees totaled USD 950.01 million. Interest income for the year was USD 204.23 million, with interest expense at USD 31.66 million and fair value and other adjustments at negative USD 78.72 million. For the fourth quarter of 2025, revenue from fees was USD 265.22 million. Interest income for the quarter was USD 60.84 million, interest expense was USD 8.08 million, and fair value and other adjustments were negative USD 21.89 million. The company highlighted an 86% increase in originations for 2025. Upstart’s auto and home originations each grew fivefold in the period and saw further acceleration in the fourth quarter. Upstart began publishing its monthly origination volumes, corresponding to transaction volumes as reported in its financial statements, and will continue this practice going forward. For the full year 2026, Upstart expects total revenue of approximately USD 1.4 billion and revenue from fees of about USD 1.3 billion. The company is targeting an adjusted EBITDA margin of approximately 21% for 2026 and a terminal adjusted EBITDA margin of approximately 25%. Over the 2025-2028 period, Upstart projects a compound annual growth rate of around 35% for total revenue. Upstart also announced it will transition to providing annual financial guidance beginning in 2026 and discontinue issuing quarterly guidance, reflecting a long-term focus in its disclosure practices.

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