Upstart Holdings (UPST) Net Margin (2020 - 2026)
Upstart Holdings (UPST) posted quarterly Net Margin of 2.4% for Q1 2026, down 108.0% year-over-year from 29.98% in Q1 2025, and down 126.03% quarter-over-quarter from 9.21% in Q4 2025.
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Analysis
Upstart Holdings (UPST) Net Margin (2020 - 2026) Analysis & Trends
Upstart Holdings (UPST) has reported Net Margin for 7 consecutive years, with 2.4% the latest figure, recorded in Q1 2026.
- In Q1 2026, Net Margin fell 108.0% year-over-year to 2.4%; the TTM figure through Mar 2026 stood at 4.87% (up 1464.0% YoY), while the FY2025 annual figure was 5.64%, up 2588.0% from the prior year.
- Net Margin retreated to 2.4% in Q1 2026 per UPST's latest filing, from 9.21% in the prior quarter.
- Across five years, Net Margin topped out at 11.48% in Q3 2025 and bottomed at 125.58% in Q1 2023.
- Historically, Net Margin has averaged 22.11% across 5 years, with a median of 13.09% in 2022.
- Annual changes were most pronounced in 2023 — Net Margin tumbled 13612 bps — and 2024, when it surged 7879 bps.
- Upstart Holdings' Net Margin stood at 60.88% in 2022, then surged by 50 bps to 30.22% in 2023, then soared by 95 bps to 1.38% in 2024, then surged by 767 bps to 9.21% in 2025, then plunged by 126 bps to 2.4% in 2026.
- Business Quant data shows UPST's Net Margin at 2.4% in Q1 2026, 9.21% in Q4 2025, and 11.48% in Q3 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Visa | 680.39 Bn | 668.03 Bn | - | 48.38% |
| 2 | Mastercard | 518.33 Bn | 504.84 Bn | - | 47.30% |
| 3 | American Express | 224.91 Bn | 175.59 Bn | 17.99 Bn | 15.84% |
| 4 | Capital One Financial | 132.31 Bn | 77.60 Bn | - | 18.52% |
| 5 | PayPal Holdings | 46.25 Bn | 35.00 Bn | - | 12.72% |
| 6 | Affirm Holdings | 26.22 Bn | 24.59 Bn | - | 138.65% |
| 7 | Synchrony Financial | 25.37 Bn | 9.17 Bn | - | 17.93% |
| 8 | SoFi Technologies | 23.30 Bn | 20.18 Bn | 1.02 Bn | 12.85% |
| 9 | Ally Financial | 12.85 Bn | 5.01 Bn | 2.08 Bn | 16.05% |
| 10 | Upstart Holdings | 2.83 Bn | 2.38 Bn | 303.39 Mn | 4.53% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 4.53% |
| Mar 31, 2026 | -2.16% |
| Dec 31, 2025 | 6.29% |
| Sep 30, 2025 | 11.48% |
| Jun 30, 2025 | 2.18% |
| Mar 31, 2025 | -1.15% |
| Dec 31, 2024 | -1.38% |
| Sep 30, 2024 | -4.03% |
| Jun 30, 2024 | -41.73% |
| Mar 31, 2024 | -46.79% |
| Dec 31, 2023 | -27.74% |
| Sep 30, 2023 | -27.47% |
| Jun 30, 2023 | -19.60% |
| Mar 31, 2023 | -110.34% |
| Dec 31, 2022 | -35.52% |
| Sep 30, 2022 | -31.35% |
| Jun 30, 2022 | -11.56% |
| Mar 31, 2022 | 10.41% |
| Dec 31, 2021 | 19.34% |
| Sep 30, 2021 | 12.74% |