Upstart Holdings (UPST) Net Margin (2020 - 2026)
Upstart Holdings' (UPST) quarterly Net Margin came in at 4.53% in Q2 2026, up 236.0% year-over-year from 1.35% in Q2 2025, and up 310.31% quarter-over-quarter from 2.16% in Q1 2026.
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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 4.53% the latest figure, recorded in Q2 2026.
- On a quarterly basis, Net Margin rose 236.0% year-over-year to 4.53% in Q2 2026; TTM through Jun 2026 was 4.84%, a 560.0% increase from a year earlier, with the FY2025 full-year figure at 5.13%, up 2534.0% from the prior year.
- Net Margin was 4.53% for Q2 2026 at Upstart Holdings, up from 2.16% in the prior quarter.
- Over five years, Net Margin peaked at 11.48% in Q3 2025 and troughed at 110.34% in Q1 2023.
- A 5-year average of 18.11% and a median of 7.8% in 2022 frame the typical range for Net Margin.
- Across the five-year window, Net Margin slumped 12075 bps in 2023 and surged 6355 bps in 2024, its largest moves.
- Over 5 years, Net Margin stood at 35.52% in 2022, then rose by 22 bps to 27.74% in 2023, then soared by 95 bps to 1.38% in 2024, then jumped by 558 bps to 6.29% in 2025, then dropped by 28 bps to 4.53% in 2026.
- The last three Net Margin figures came in at 4.53% (Q2 2026), 2.16% (Q1 2026), and 6.29% (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Upstart Holdings | 2.43 Bn | 1.99 Bn | 303.39 Mn | 4.53% |
| 2 | Pagaya Technologies | 1.70 Bn | 1.51 Bn | 168.33 Mn | 10.94% |
| 3 | Qfin Holdings | 986.27 Mn | -9.51 Mn | - | 11.38% |
| 4 | FinVolution | 836.54 Mn | -90.46 Mn | - | 19.31% |
| 5 | X Financial | 386.17 Mn | -182.14 Mn | 84.09 Mn | 4.73% |
| 6 | Open Lending | 371.20 Mn | 186.25 Mn | 15.64 Mn | -2.24% |
| 7 | Blend Labs | 279.09 Mn | 234.22 Mn | 24.89 Mn | -18.94% |
| 8 | LexinFintech Holdings | 251.25 Mn | 251.25 Mn | 73.06 Mn | 3.18% |
| 9 | Jiayin | 76.25 Mn | 2.23 Mn | - | -34.35% |
| 10 | Antalpha Platform Holding | 76.02 Mn | -813.69 Mn | 11.94 Mn | -102.75% |
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% |