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

Upstart Holdings has disclosed Operating Margin across 7 years of filings, most recently posting 2.71% for Q1 2026.

• In Q1 2026, Operating Margin fell 29.0% year-over-year to 2.71%; the TTM figure through Mar 2026 stood at 3.74% (up 1996.0% YoY), while the FY2025 annual figure was 4.49%, up 3169.0% from the prior year.
• Operating Margin declined to 2.71% in Q1 2026, from 7.13% in the prior quarter.
• Over the last five years, Operating Margin for UPST reached as high as 11.09% in Q1 2022 and fell as low as 128.09% in Q1 2023.
• The 5-year median for Operating Margin is 24.56% (2023), against an average of 22.95%.
• Annual changes were most pronounced in 2023 — Operating Margin sank 13918 bps — and 2024, when it surged 7922 bps.
• A 5-year view of Operating Margin shows it stood at 39.82% in 2022, then surged by 36 bps to 25.38% in 2023, then jumped by 91 bps to 2.38% in 2024, then surged by 399 bps to 7.13% in 2025, then tumbled by 138 bps to 2.71% in 2026.
• According to Business Quant data, Operating Margin over the past three periods registered 2.71%, 7.13%, and 9.15% for Q1 2026, Q4 2025, and Q3 2025 respectively.