Upstart Holdings (UPST) Gross Margin (2020 - 2026)
Upstart Holdings' Gross Margin came in at 83.19% for Q2 2026, up 1.16 percentage points from 82.03% a year earlier and up 1.06 percentage points from the prior quarter.
Powered by 
Analysis
Upstart Holdings (UPST) Gross Margin (2020 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Upstart Holdings reported Gross Margin of 82.50%, up 2.37 percentage points year-over-year; for FY2025, it came in at 81.95%, up 6.78 percentage points from FY2024.
- Gross Margin carries a five-year change of -1.95 percentage points (FY2020 to FY2025).
- Going back by year, Gross Margin was 75.18% in FY2024 (+2.02 pp), 73.16% in FY2023 (-6.12 pp), 79.28% in FY2022 (-6.86 pp) and 86.14% in FY2021 (+2.24 pp).
- The Q2 2026 figure represents the highest quarterly Gross Margin since Q1 2022.
- Year-over-year, Gross Margin has increased for eight consecutive quarters, with an average year-over-year change of +4.60 percentage points over the last eight quarters.
- The fastest year-over-year change in Gross Margin over five years came in Q2 2025 (a gain of 11.66 percentage points), and the weakest in Q1 2023 (a drop of 19.23 percentage points).
- Business Quant data shows UPST's Gross Margin at 82.12% (Q1 2026), 82.49% (Q4 2025) and 82.03% (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | PayPal Holdings | 49.04 Bn | 7.27 Bn | - | - |
| 2 | Coinbase Global | 47.52 Bn | 4.33 Bn | - | - |
| 3 | Block | 45.61 Bn | 16.91 Bn | 3.17 Bn | 47.84% |
| 4 | Corpay | 26.34 Bn | 16.23 Bn | - | - |
| 5 | Fiserv | 24.61 Bn | 21.29 Bn | 2.90 Bn | 54.74% |
| 6 | Global Payments | 22.07 Bn | -135.34 Mn | 2.03 Bn | 61.04% |
| 7 | Guidewire Software | 13.93 Bn | 10.49 Bn | 269.68 Mn | 65.60% |
| 8 | Bitmine Immersion Technologies | 13.17 Bn | 10.55 Bn | 40.81 Mn | 87.70% |
| 9 | Chime Financial | 11.48 Bn | 7.27 Bn | 594.87 Mn | 88.82% |
| 10 | Upstart Holdings | 2.26 Bn | 188.28 Mn | 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% |
API Access
Upstart Holdings Gross Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=gross-margin&ticker=UPST&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "ticker": "UPST", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=gross-margin&ticker=UPST&period=max&api_key=YOUR_API_KEY");
const data = await res.json();