Upstart Holdings (UPST) EBITDA Margin (2020 - 2026)
Upstart Holdings' (UPST) quarterly EBITDA Margin came in at 4.01% in Q2 2026, up 225.0% year-over-year from 1.24% in Q2 2025, and up 264.56% quarter-over-quarter from 2.44% in Q1 2026.
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Upstart Holdings (UPST) EBITDA Margin (2020 - 2026) Analysis & Trends
Upstart Holdings (UPST) has reported EBITDA Margin for 7 consecutive years, with 4.01% the latest figure, recorded in Q2 2026.
- On a quarterly basis, EBITDA Margin rose 225.0% year-over-year to 4.01% in Q2 2026; TTM through Jun 2026 was 3.99%, a 993.0% increase from a year earlier, with the FY2025 full-year figure at 4.08%, up 3124.0% from the prior year.
- EBITDA Margin was 4.01% for Q2 2026 at Upstart Holdings, up from 2.44% in the prior quarter.
- Over five years, EBITDA Margin peaked at 11.09% in Q1 2022 and troughed at 112.54% in Q1 2023.
- A 5-year average of 20.7% and a median of 17.82% in 2023 frame the typical range for EBITDA Margin.
- Across the five-year window, EBITDA Margin slumped 12364 bps in 2023 and soared 6368 bps in 2024, its largest moves.
- Over 5 years, EBITDA Margin stood at 37.6% in 2022, then increased by 17 bps to 31.08% in 2023, then jumped by 92 bps to 2.37% in 2024, then jumped by 369 bps to 6.39% in 2025, then sank by 37 bps to 4.01% in 2026.
- The last three EBITDA Margin figures came in at 4.01% (Q2 2026), 2.44% (Q1 2026), and 6.39% (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Upstart Holdings | 2.43 Bn | 1.99 Bn | 303.39 Mn | 4.01% |
| 2 | Pagaya Technologies | 1.70 Bn | 1.51 Bn | 168.33 Mn | 27.34% |
| 3 | Qfin Holdings | 986.27 Mn | -9.51 Mn | - | 32.44% |
| 4 | FinVolution | 836.54 Mn | -90.46 Mn | - | 15.50% |
| 5 | X Financial | 386.17 Mn | -182.14 Mn | 84.09 Mn | 19.55% |
| 6 | Open Lending | 371.20 Mn | 186.25 Mn | 15.64 Mn | -3.09% |
| 7 | Blend Labs | 279.09 Mn | 234.22 Mn | 24.89 Mn | -4.66% |
| 8 | LexinFintech Holdings | 251.25 Mn | 251.25 Mn | 73.06 Mn | 34.29% |
| 9 | Jiayin | 76.25 Mn | 2.23 Mn | - | -33.35% |
| 10 | Antalpha Platform Holding | 76.02 Mn | -813.69 Mn | 11.94 Mn | -224.67% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 4.01% |
| Mar 31, 2026 | -2.44% |
| Dec 31, 2025 | 6.39% |
| Sep 30, 2025 | 8.54% |
| Jun 30, 2025 | 1.77% |
| Mar 31, 2025 | -2.11% |
| Dec 31, 2024 | -2.37% |
| Sep 30, 2024 | -26.94% |
| Jun 30, 2024 | -42.51% |
| Mar 31, 2024 | -48.87% |
| Dec 31, 2023 | -31.08% |
| Sep 30, 2023 | -29.88% |
| Jun 30, 2023 | -23.21% |
| Mar 31, 2023 | -112.54% |
| Dec 31, 2022 | -37.60% |
| Sep 30, 2022 | -32.39% |
| Jun 30, 2022 | -12.43% |
| Mar 31, 2022 | 11.09% |
| Dec 31, 2021 | 19.82% |
| Sep 30, 2021 | 12.52% |