Upstart Holdings (UPST) Operating Margin (2020 - 2026)
Upstart Holdings (UPST) posted quarterly Operating Margin of 2.71% for Q1 2026, down 29.0% year-over-year from 3.82% in Q1 2025, and down 129.01% quarter-over-quarter from 9.35% in Q4 2025.
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Analysis
Upstart Holdings (UPST) Operating Margin (2020 - 2026) Analysis & Trends
Upstart Holdings (UPST) has reported Operating Margin for 7 consecutive years, with 2.71% the latest figure, recorded in Q1 2026.
- In Q1 2026, Operating Margin fell 29.0% year-over-year to 2.71%; the TTM figure through Mar 2026 stood at 3.91% (up 2007.0% YoY), while the FY2025 annual figure was 4.49%, up 3169.0% from the prior year.
- Operating Margin fell to 2.71% in Q1 2026 per UPST's latest filing, from 9.35% in the prior quarter.
- Across five years, Operating Margin topped out at 11.23% in Q1 2022 and bottomed at 128.09% in Q1 2023.
- Historically, Operating Margin has averaged 24.97% across 5 years, with a median of 23.21% in 2023.
- Annual changes were most pronounced in 2023 — Operating Margin tumbled 13932 bps — and 2024, when it surged 7922 bps.
- Upstart Holdings' Operating Margin stood at 64.45% in 2022, then jumped by 47 bps to 33.85% in 2023, then soared by 93 bps to 2.38% in 2024, then surged by 492 bps to 9.35% in 2025, then slumped by 129 bps to 2.71% in 2026.
- Business Quant data shows UPST's Operating Margin at 2.71% in Q1 2026, 9.35% in Q4 2025, and 8.54% in Q3 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Visa | 680.39 Bn | 668.03 Bn | - | 59.12% |
| 2 | Mastercard | 518.33 Bn | 504.84 Bn | - | 60.22% |
| 3 | American Express | 224.91 Bn | 175.59 Bn | 17.99 Bn | 17.85% |
| 4 | Capital One Financial | 132.31 Bn | 77.60 Bn | - | - |
| 5 | PayPal Holdings | 46.25 Bn | 35.00 Bn | - | 16.44% |
| 6 | Affirm Holdings | 26.22 Bn | 24.59 Bn | - | 12.63% |
| 7 | Synchrony Financial | 25.37 Bn | 9.17 Bn | - | - |
| 8 | SoFi Technologies | 23.30 Bn | 20.18 Bn | 1.02 Bn | 1.47% |
| 9 | Ally Financial | 12.85 Bn | 5.01 Bn | 2.08 Bn | 33.20% |
| 10 | Upstart Holdings | 2.83 Bn | 2.38 Bn | 303.39 Mn | 4.01% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 4.01% |
| Mar 31, 2026 | -2.44% |
| Dec 31, 2025 | 6.39% |
| Sep 30, 2025 | 8.54% |
| Jun 30, 2025 | 1.77% |
| Mar 31, 2025 | -2.11% |
| Dec 31, 2024 | -2.37% |
| Sep 30, 2024 | -26.94% |
| Jun 30, 2024 | -42.51% |
| Mar 31, 2024 | -48.87% |
| Dec 31, 2023 | -31.08% |
| Sep 30, 2023 | -29.88% |
| Jun 30, 2023 | -23.21% |
| Mar 31, 2023 | -112.54% |
| Dec 31, 2022 | -37.60% |
| Sep 30, 2022 | -32.39% |
| Jun 30, 2022 | -12.43% |
| Mar 31, 2022 | 11.09% |
| Dec 31, 2021 | 19.82% |
| Sep 30, 2021 | 12.52% |