Upstart Holdings (UPST) Gross Margin (2020 - 2026)
Upstart Holdings (UPST) posted quarterly Gross Margin of 80.11% for Q1 2026, up 195.0% year-over-year from 27.16% in Q1 2025, and up 7.73% quarter-over-quarter from 74.37% in Q4 2025.
Powered by 
Analysis
Upstart Holdings (UPST) Gross Margin (2020 - 2026) Analysis & Trends
Upstart Holdings (UPST) has reported Gross Margin for 7 consecutive years, with 80.11% the latest figure, recorded in Q1 2026.
- In Q1 2026, Gross Margin rose 195.0% year-over-year to 80.11%; the TTM figure through Mar 2026 stood at 79.98% (up 337.0% YoY), while the FY2025 annual figure was 80.17%, up 503.0% from the prior year.
- Gross Margin climbed to 80.11% in Q1 2026 per UPST's latest filing, from 74.37% in the prior quarter.
- Across five years, Gross Margin topped out at 84.39% in Q1 2022 and bottomed at 52.09% in Q4 2022.
- Historically, Gross Margin has averaged 74.4% across 5 years, with a median of 74.89% in 2022.
- Annual changes were most pronounced in 2022 — Gross Margin plunged 3565 bps — and 2023, when it jumped 2217 bps.
- Upstart Holdings' Gross Margin stood at 52.09% in 2022, then soared by 43 bps to 74.26% in 2023, then gained by 7 bps to 79.63% in 2024, then slipped by 7 bps to 74.37% in 2025, then increased by 8 bps to 80.11% in 2026.
- Business Quant data shows UPST's Gross Margin at 80.11% in Q1 2026, 74.37% in Q4 2025, and 82.03% in Q3 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Visa | 680.39 Bn | 668.03 Bn | - | - |
| 2 | Mastercard | 518.33 Bn | 504.84 Bn | - | - |
| 3 | American Express | 224.91 Bn | 175.59 Bn | 17.99 Bn | 91.60% |
| 4 | Capital One Financial | 132.31 Bn | 77.60 Bn | - | - |
| 5 | PayPal Holdings | 46.25 Bn | 35.00 Bn | - | - |
| 6 | Affirm Holdings | 26.22 Bn | 24.59 Bn | - | - |
| 7 | Synchrony Financial | 25.37 Bn | 9.17 Bn | - | - |
| 8 | SoFi Technologies | 23.30 Bn | 20.18 Bn | 1.02 Bn | 83.58% |
| 9 | Ally Financial | 12.85 Bn | 5.01 Bn | 2.08 Bn | 90.90% |
| 10 | Upstart Holdings | 2.83 Bn | 2.38 Bn | 303.39 Mn | 83.19% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 83.19% |
| Mar 31, 2026 | 82.12% |
| Dec 31, 2025 | 82.49% |
| Sep 30, 2025 | 82.03% |
| Jun 30, 2025 | 82.03% |
| Mar 31, 2025 | 81.02% |
| Dec 31, 2024 | 79.73% |
| Sep 30, 2024 | 76.55% |
| Jun 30, 2024 | 70.36% |
| Mar 31, 2024 | 71.46% |
| Dec 31, 2023 | 76.37% |
| Sep 30, 2023 | 74.85% |
| Jun 30, 2023 | 74.39% |
| Mar 31, 2023 | 65.35% |
| Dec 31, 2022 | 72.05% |
| Sep 30, 2022 | 74.89% |
| Jun 30, 2022 | 80.23% |
| Mar 31, 2022 | 84.58% |
| Dec 31, 2021 | 86.53% |
| Sep 30, 2021 | 84.69% |