Upstart Holdings (UPST) Operating Expenses (2020 - 2026)

Upstart Holdings (UPST) has reported Operating Expenses for 7 consecutive years, with $315.7 million the latest figure, recorded in Q1 2026.

• In Q1 2026, Operating Expenses rose 44.92% year-over-year to $315.7 million; the TTM figure through Mar 2026 stood at $1.1 billion (up 32.1% YoY), while the FY2025 annual figure was $1.0 billion, up 23.7% from the prior year.
• Operating Expenses advanced to $315.7 million in Q1 2026 per UPST's latest filing, from $277.2 million in the prior quarter.
• Across five years, Operating Expenses topped out at $315.7 million in Q1 2026 and bottomed at $169.1 million in Q2 2023.
• Historically, Operating Expenses has averaged $226.6 million across 5 years, with a median of $217.9 million in 2025.
• Annual changes were most pronounced in 2022 — Operating Expenses jumped 160.28% — and 2023, when it sank 35.02%.
• Upstart Holdings' Operating Expenses stood at $205.4 million in 2022, then decreased by 8.57% to $187.8 million in 2023, then advanced by 19.12% to $223.7 million in 2024, then gained by 23.9% to $277.2 million in 2025, then increased by 13.91% to $315.7 million in 2026.
• Business Quant data shows UPST's Operating Expenses at $315.7 million in Q1 2026, $277.2 million in Q4 2025, and $253.4 million in Q3 2025.