Upstart Holdings (UPST) Gross Margin (2020 - 2026)
Upstart Holdings (UPST) reported Gross Margin of 80.11% for Q1 2026, up 195.0% year-over-year from 27.16% in Q1 2025, and up 111.95% quarter-over-quarter from 37.8% in Q4 2025.
Upstart Holdings (UPST) Gross Margin (2020 - 2026) Analysis & Trends
Upstart Holdings (UPST) has 7 years of Gross Margin data on file, last reported at 80.11% in Q1 2026.
- Gross Margin for Q1 2026 came in at 80.11%, up 195.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 70.13% (down 536.0% YoY), and the FY2025 annual result was 68.26%, down 549.0% from the prior year.
- Gross Margin rose to 80.11% in Q1 2026 per UPST's latest filing, from 37.8% in the prior quarter.
- Over five years, Gross Margin peaked at 84.58% in Q1 2022 and troughed at 37.8% in Q4 2025.
- A 5-year average of 73.35% and a median of 75.21% in 2024 frame the typical range for Gross Margin.
- The sharpest annual moves came in 2022 and 2023: Gross Margin sank 6884 bps in 2022, then jumped 2313 bps in 2023.
- 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 tumbled by 50 bps to 37.8% in 2025, then surged by 112 bps to 80.11% in 2026.
- Business Quant data shows UPST's Gross Margin at 80.11% in Q1 2026, 37.8% in Q4 2025, and 80.74% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Visa | 541.66 Bn | 529.25 Bn | - | - |
| 2 | Mastercard | 437.55 Bn | 427.34 Bn | - | - |
| 3 | American Express | 212.80 Bn | 158.76 Bn | 17.43 Bn | 92.17% |
| 4 | Capital One Financial | 112.47 Bn | 35.97 Bn | - | - |
| 5 | PayPal Holdings | 37.70 Bn | 28.36 Bn | 7.84 Bn | 93.80% |
| 6 | Synchrony Financial | 24.26 Bn | 3.70 Bn | - | - |
| 7 | Affirm Holdings | 21.24 Bn | 19.51 Bn | 261.64 Mn | 78.22% |
| 8 | SoFi Technologies | 20.46 Bn | 17.06 Bn | 929.25 Mn | 84.45% |
| 9 | Ally Financial | 13.30 Bn | 12.86 Bn | 1.98 Bn | 94.24% |
| 10 | Upstart Holdings | 2.88 Bn | 2.41 Bn | 221.97 Mn | 80.11% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 80.11% |
| Dec 31, 2025 | 37.80% |
| Sep 30, 2025 | 80.74% |
| Jun 30, 2025 | 82.03% |
| Mar 31, 2025 | 78.16% |
| Dec 31, 2024 | 75.21% |
| Sep 30, 2024 | 73.34% |
| Jun 30, 2024 | 74.75% |
| Mar 31, 2024 | 74.54% |
| Dec 31, 2023 | 80.70% |
| Sep 30, 2023 | 77.48% |
| Jun 30, 2023 | 82.40% |
| Mar 31, 2023 | 60.56% |
| Dec 31, 2022 | 70.40% |
| Sep 30, 2022 | 74.89% |
| Jun 30, 2022 | 59.27% |
| Mar 31, 2022 | 84.58% |
| Dec 31, 2021 | 139.24% |
| Sep 30, 2021 | 83.38% |
| Jun 30, 2021 | 87.10% |