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Upstart Holdings (UPST) Operating Expenses (2020 - 2025)

Upstart Holdings (UPST) has disclosed Operating Expenses for 6 consecutive years, with $277.2 million as the latest value for Q4 2025.

  • On a quarterly basis, Operating Expenses rose 23.9% to $277.2 million in Q4 2025 year-over-year; TTM through Dec 2025 was $1.0 billion, a 23.7% increase, with the full-year FY2025 number at $1.0 billion, up 23.7% from a year prior.
  • Operating Expenses was $277.2 million for Q4 2025 at Upstart Holdings, up from $253.4 million in the prior quarter.
  • In the past five years, Operating Expenses ranged from a high of $277.2 million in Q4 2025 to a low of $105.8 million in Q1 2021.
  • A 5-year average of $212.2 million and a median of $211.3 million in 2022 define the central range for Operating Expenses.
  • Peak YoY movement for Operating Expenses: soared 448.53% in 2021, then plummeted 35.02% in 2023.
  • Upstart Holdings' Operating Expenses stood at $244.4 million in 2021, then fell by 15.96% to $205.4 million in 2022, then decreased by 8.57% to $187.8 million in 2023, then increased by 19.12% to $223.7 million in 2024, then grew by 23.9% to $277.2 million in 2025.
  • Per Business Quant, the three most recent readings for UPST's Operating Expenses are $277.2 million (Q4 2025), $253.4 million (Q3 2025), and $252.7 million (Q2 2025).