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

Upstart Holdings (UPST) has 7 years of Cost of Revenue data on file, last reported at $55.1 million in Q1 2026.

• Cost of Revenue for Q1 2026 came in at $55.1 million, up 36.03% year-over-year; the trailing twelve-month figure through Mar 2026 was $316.1 million (up 90.31% YoY), and the FY2025 annual result was $301.5 million, up 80.76% from the prior year.
• Cost of Revenue retreated to $55.1 million in Q1 2026 per UPST's latest filing, from $165.0 million in the prior quarter.
• Over five years, Cost of Revenue peaked at $165.0 million in Q4 2025 and troughed at $23.9 million in Q2 2023.
• A 5-year average of $52.5 million and a median of $43.5 million in 2022 frame the typical range for Cost of Revenue.
• The sharpest annual moves came in 2022 and 2023: Cost of Revenue surged 335.41% in 2022, then plunged 77.29% in 2023.
• 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 sank by 66.6% to $55.1 million in 2026.
• Business Quant data shows UPST's Cost of Revenue at $55.1 million in Q1 2026, $165.0 million in Q4 2025, and $49.8 million in Q3 2025.