By Kelly Cloonan

Shares of Upstart Holdings declined after the company's margin forecast missed Wall Street's estimates, owing to shifts in its product mix.

The stock fell 15% to $33.06 on Wednesday. Shares have declined 51% over the past year.

For the full year, the company guided for adjusted earnings before interest, taxes, depreciation and amortization margin of about 21%, implying adjusted Ebitda of about $294 million. That fell short of consensus estimates of $325.3 million, analysts at Truist Securities said.

The lower-than-expected margin guidance was primarily due to a growing mix of lower-yielding lending products like auto and home equity lines of credit, which may weigh on sentiment around the stock in the near term, JP Morgan analysts said.

The company's full-year revenue guidance, meanwhile, topped analyst estimates, according to FactSet.

For the fourth quarter, the company swung to a profit of $18.6 million, compared with a loss of $2.8 million a year earlier, as revenue rose.

The company also named Paul Gu, one of its co-founders, as its next chief executive. Gu succeeds his fellow co-founder Dave Girouard, who will remain executive chairman of the board, the company said.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

February 11, 2026 13:41 ET (18:41 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.