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

Upstart Holdings has disclosed Operating Expenses across 7 years of filings, most recently posting $315.7 million for 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 grew to $315.7 million in Q1 2026, from $277.2 million in the prior quarter.
• Over the last five years, Operating Expenses for UPST reached as high as $315.7 million in Q1 2026 and fell as low as $169.1 million in Q2 2023.
• The 5-year median for Operating Expenses is $217.9 million (2025), against an average of $226.6 million.
• Annual changes were most pronounced in 2022 — Operating Expenses jumped 160.28% — and 2023, when it tumbled 35.02%.
• A 5-year view of Operating Expenses shows it stood at $205.4 million in 2022, then retreated by 8.57% to $187.8 million in 2023, then gained by 19.12% to $223.7 million in 2024, then rose by 23.9% to $277.2 million in 2025, then grew by 13.91% to $315.7 million in 2026.
• According to Business Quant data, Operating Expenses over the past three periods registered $315.7 million, $277.2 million, and $253.4 million for Q1 2026, Q4 2025, and Q3 2025 respectively.