Platform & Referral Fees, Net was the largest of Upstart Holdings, Inc.’s 4 reported lines in fiscal 2025, at $792.98M — 75% of $1.05B.
| Product and Service | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|
| Platform & Referral Fees, Net | $732.24M | $414.12M | $502.41M | $792.98M | |||
| Servicing Fees | $115.74M | $107.01M | $89.32M | $100.16M | |||
| Servicing & Other Fees, Net | — | — | — | $157.03M | |||
| Borrower Fees | $25.21M | $29.14M | $26.44M | — | |||
| Collection Agency Fees | $10.52M | $15.87M | $16.41M | — | |||
| Other Fees | $675.00K | $743.00K | $677.00K | $2.76M | |||
| Total | $884.38M | $566.88M | $635.26M | $1.05B |
In fiscal 2025, which ended December 31, 2025, the 4 revenue lines Upstart Holdings, Inc. reported in this breakdown added up to $1.05B. The revenue lines reported changed from fiscal 2024, so the total is not directly comparable with the $635.26M reported that year. Platform & Referral Fees, Net was the largest revenue line, at $792.98M or 75.3% of the total, followed by Servicing & Other Fees, Net ($157.03M, 14.9%) and Servicing Fees ($100.16M, 9.5%). Together, the two largest revenue lines made up 90.2% of this total.
Compared with fiscal 2024, Platform & Referral Fees, Net grew the fastest, rising 57.8% to $792.98M. Because revenue lines were added or dropped between the two years, part of this reflects how Upstart Holdings, Inc. regrouped its reporting.
The table also keeps 2 revenue lines that Upstart Holdings, Inc. no longer reports, so earlier years can still be read on their original basis; use "Show 2 discontinued" beneath the table to see them. This breakdown covers every fiscal year from 2019 to 2025, as reported in Upstart Holdings, Inc.'s annual filings.
Upstart Holdings, Inc. (UPST) breaks its revenue down by revenue line. In fiscal 2025, its largest revenue line was Platform & Referral Fees, Net, with $792.98M or 75.3% of the total, followed by Servicing & Other Fees, Net at $157.03M (14.9%).
Platform & Referral Fees, Net was Upstart Holdings, Inc.'s largest revenue line in fiscal 2025, with $792.98M in revenue, 75.3% of the $1.05B reported across its 4 revenue lines.
Every figure is taken from Upstart Holdings, Inc.'s annual financial filings and shown as reported: each line keeps the name the company gives it, years follow its own fiscal calendar, and lines it has stopped reporting stay in the table for the years they were reported.
The breakdown by revenue line covers fiscal 2019 to 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.