Upstart Holdings (UPST) Gross Margin (2020 - 2026)

Upstart Holdings has disclosed Gross Margin across 7 years of filings, most recently posting 80.11% for Q1 2026.

• In Q1 2026, Gross Margin rose 195.0% year-over-year to 80.11%; the TTM figure through Mar 2026 stood at 70.13% (down 536.0% YoY), while the FY2025 annual figure was 68.26%, down 549.0% from the prior year.
• Gross Margin advanced to 80.11% in Q1 2026, from 37.8% in the prior quarter.
• Over the last five years, Gross Margin for UPST reached as high as 84.58% in Q1 2022 and fell as low as 37.8% in Q4 2025.
• The 5-year median for Gross Margin is 75.21% (2024), against an average of 73.35%.
• Annual changes were most pronounced in 2022 — Gross Margin tumbled 6884 bps — and 2023, when it jumped 2313 bps.
• A 5-year view of Gross Margin shows it stood at 70.4% in 2022, then rose by 15 bps to 80.7% in 2023, then fell by 7 bps to 75.21% in 2024, then sank by 50 bps to 37.8% in 2025, then surged by 112 bps to 80.11% in 2026.
• According to Business Quant data, Gross Margin over the past three periods registered 80.11%, 37.8%, and 80.74% for Q1 2026, Q4 2025, and Q3 2025 respectively.