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

Upstart Holdings has reported Operating Expenses over the past 6 years, most recently at $277.2 million for Q4 2025.

  • Quarterly Operating Expenses rose 23.9% to $277.2 million in Q4 2025 from the year-ago period, while the trailing twelve-month figure was $1.0 billion through Dec 2025, up 23.7% year-over-year, with the annual reading at $1.0 billion for FY2025, 23.7% up from the prior year.
  • Operating Expenses was $277.2 million for Q4 2025 at Upstart Holdings, up from $253.4 million in the prior quarter.
  • Over five years, Operating Expenses peaked at $277.2 million in Q4 2025 and troughed at $105.8 million in Q1 2021.
  • The 5-year median for Operating Expenses is $211.3 million (2022), against an average of $212.2 million.
  • Year-over-year, Operating Expenses soared 448.53% in 2021 and then plummeted 35.02% in 2023.
  • A 5-year view of Operating Expenses shows it stood at $244.4 million in 2021, then decreased by 15.96% to $205.4 million in 2022, then dropped by 8.57% to $187.8 million in 2023, then grew by 19.12% to $223.7 million in 2024, then rose 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).