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

For the trailing twelve months through Jun 30, 2026, Operating Expenses at Upstart Holdings was $1.2 billion, up 32.7% year-over-year; for FY2025, it came in at $1 billion, up 23.7% from FY2024.

• Annual Operating Expenses shows a five-year compound annual growth rate of 35.2% (FY2020 to FY2025).
• In prior years, Upstart Holdings' Operating Expenses was $809.38 million in FY2024 (+5.1%), $770.09 million in FY2023 (-19.5%), $956.31 million in FY2022 (+35.1%) and $707.71 million in FY2021 (+219.3%).
• The Q2 2026 figure stands as the highest quarterly Operating Expenses in data going back to Q1 2020.
• On a year-over-year basis, Operating Expenses has increased in each of the last nine quarters, with growth averaging 26.8% over the last eight quarters.
• The strongest year-over-year quarter for Operating Expenses in the past five years was Q3 2021, with growth of 276.0%; the weakest was Q2 2023, with a decline of 35.0%.
• According to Business Quant data, Operating Expenses for the three prior quarters was $315.73 million (Q1 2026), $277.17 million (Q4 2025) and $253.44 million (Q3 2025).