Upstart stock draws focus after strong Q3 and lower 2026 outlook

Published on 11/05/2026 at 14:11 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Upstart stock delivered record contribution profit in the third quarter. Management raised fee-revenue expectations while lowering total-revenue and adjusted EBITDA outlooks.

Growth Meets A More Cautious Outlook

Third-quarter originations climbed 44 percent year over year to 4.1 billion US dollars.
Fee revenue reached a record 364 million US dollars, while contribution profit rose to 218 million US dollars.
Upstart expects 2026 fee revenue of 1.32 billion US dollars and adjusted EBITDA of 260 million US dollars.

UPST, US91680M1071, Illustration mit AI erstellt.

Upstart Holdings reported stronger operating momentum for the quarter ended September 30, 2026, while taking a more cautious view of the full year. In its November 3 release, the AI lending marketplace said originations rose 44 percent year over year to 4.1 billion US dollars.

Total revenue increased 34 percent to 370.5 million US dollars. Revenue from fees reached a record 364 million US dollars, up 41 percent, and net income rose to 36.6 million US dollars from 31.8 million US dollars a year earlier.

Contribution Profit Reaches Record

Contribution profit climbed 48 percent to 218 million US dollars, with the margin reaching 60 percent. Upstart said secured products, including auto and home lending, achieved a positive contribution margin of 17 percent, ahead of its target.

The company originated 574,089 loans during the quarter, compared with 428,056 in the prior-year period. Unsecured lending generated 330 million US dollars in fee revenue, while secured originations expanded sharply from the year-earlier level.

Full-Year Guidance Turns Mixed

Upstart expects 2026 fee revenue of 1.32 billion US dollars, total revenue of 1.35 billion US dollars and adjusted EBITDA of 260 million US dollars, equivalent to a 19 percent margin. The outlook reflects a stronger fee business but greater pressure on other revenue components.

The company said macroeconomic conditions remain a near-term constraint, while its long-term growth plans continue to depend on funding availability, credit performance and the expansion of its lending products. The full release is available from Upstart Holdings.

Upstart stock traded at 20.76 euros on Lang & Schwarz at 14:05 CET on Thursday, November 5.

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