Upstart Holdings (UPST) Operating Margin (2020 - 2026)
Upstart Holdings (UPST) reported Operating Margin of 2.71% for Q1 2026, down 29.0% year-over-year from 3.82% in Q1 2025, and down 138.04% quarter-over-quarter from 7.13% in Q4 2025.
Upstart Holdings (UPST) Operating Margin (2020 - 2026) Analysis & Trends
Upstart Holdings (UPST) has 7 years of Operating Margin data on file, last reported at 2.71% in Q1 2026.
- Operating Margin for Q1 2026 came in at 2.71%, down 29.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 3.74% (up 1996.0% YoY), and the FY2025 annual result was 4.49%, up 3169.0% from the prior year.
- Operating Margin slipped to 2.71% in Q1 2026 per UPST's latest filing, from 7.13% in the prior quarter.
- Over five years, Operating Margin peaked at 11.09% in Q1 2022 and troughed at 128.09% in Q1 2023.
- A 5-year average of 22.95% and a median of 24.56% in 2023 frame the typical range for Operating Margin.
- The sharpest annual moves came in 2023 and 2024: Operating Margin tumbled 13918 bps in 2023, then surged 7922 bps in 2024.
- 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 sank by 138 bps to 2.71% in 2026.
- Business Quant data shows UPST's Operating Margin at 2.71% in Q1 2026, 7.13% in Q4 2025, and 9.15% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Visa | 541.66 Bn | 529.25 Bn | - | 64.42% |
| 2 | Mastercard | 437.55 Bn | 427.34 Bn | - | 58.43% |
| 3 | American Express | 212.80 Bn | 158.76 Bn | 17.43 Bn | 18.77% |
| 4 | Capital One Financial | 112.47 Bn | 35.97 Bn | - | - |
| 5 | PayPal Holdings | 37.70 Bn | 28.36 Bn | 7.84 Bn | 17.81% |
| 6 | Synchrony Financial | 24.26 Bn | 3.70 Bn | - | - |
| 7 | Affirm Holdings | 21.24 Bn | 19.51 Bn | 261.64 Mn | 26.44% |
| 8 | SoFi Technologies | 20.46 Bn | 17.06 Bn | 929.25 Mn | 3.39% |
| 9 | Ally Financial | 13.30 Bn | 12.86 Bn | 1.98 Bn | 35.49% |
| 10 | Upstart Holdings | 2.88 Bn | 2.41 Bn | 221.97 Mn | -2.71% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | -2.71% |
| Dec 31, 2025 | 7.13% |
| Sep 30, 2025 | 9.15% |
| Jun 30, 2025 | 1.77% |
| Mar 31, 2025 | -2.42% |
| Dec 31, 2024 | -2.38% |
| Sep 30, 2024 | -27.85% |
| Jun 30, 2024 | -42.51% |
| Mar 31, 2024 | -48.87% |
| Dec 31, 2023 | -25.38% |
| Sep 30, 2023 | -29.88% |
| Jun 30, 2023 | -24.56% |
| Mar 31, 2023 | -128.09% |
| Dec 31, 2022 | -39.82% |
| Sep 30, 2022 | -32.39% |
| Jun 30, 2022 | -12.43% |
| Mar 31, 2022 | 11.09% |
| Dec 31, 2021 | 23.46% |
| Sep 30, 2021 | 13.59% |
| Jun 30, 2021 | 19.38% |