Upstart Holdings (UPST) Cost of Revenue (2020 - 2026)

Upstart Holdings (UPST) has reported Cost of Revenue for 7 consecutive years, with $55.1 million the latest figure, recorded in Q1 2026.

• In Q1 2026, Cost of Revenue rose 36.03% year-over-year to $55.1 million; the TTM figure through Mar 2026 stood at $203.0 million (up 27.58% YoY), while the FY2025 annual figure was $188.4 million, up 19.23% from the prior year.
• Cost of Revenue advanced to $55.1 million in Q1 2026 per UPST's latest filing, from $51.8 million in the prior quarter.
• Across five years, Cost of Revenue topped out at $55.1 million in Q1 2026 and bottomed at $36.1 million in Q4 2023.
• Historically, Cost of Revenue has averaged $43.5 million across 5 years, with a median of $40.6 million in 2024.
• Annual changes were most pronounced in 2022 — Cost of Revenue jumped 178.39% — and 2023, when it slipped 27.95%.
• Upstart Holdings' Cost of Revenue stood at $43.5 million in 2022, then dropped by 16.95% to $36.1 million in 2023, then increased by 12.42% to $40.6 million in 2024, then rose by 27.68% to $51.8 million in 2025, then rose by 6.28% to $55.1 million in 2026.
• Business Quant data shows UPST's Cost of Revenue at $55.1 million in Q1 2026, $51.8 million in Q4 2025, and $49.8 million in Q3 2025.