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

Upstart Holdings has disclosed Cost of Revenue across 7 years of filings, most recently posting $55.1 million for 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 $316.1 million (up 90.31% YoY), while the FY2025 annual figure was $301.5 million, up 80.76% from the prior year.
• Cost of Revenue eased to $55.1 million in Q1 2026, from $165.0 million in the prior quarter.
• Over the last five years, Cost of Revenue for UPST reached as high as $165.0 million in Q4 2025 and fell as low as $23.9 million in Q2 2023.
• The 5-year median for Cost of Revenue is $43.5 million (2022), against an average of $52.5 million.
• Annual changes were most pronounced in 2022 — Cost of Revenue surged 335.41% — and 2023, when it slumped 77.29%.
• A 5-year view of Cost of Revenue shows it stood at $43.5 million in 2022, then slipped by 16.95% to $36.1 million in 2023, then soared by 36.79% to $49.4 million in 2024, then surged by 233.91% to $165.0 million in 2025, then tumbled by 66.6% to $55.1 million in 2026.
• According to Business Quant data, Cost of Revenue over the past three periods registered $55.1 million, $165.0 million, and $49.8 million for Q1 2026, Q4 2025, and Q3 2025 respectively.