“In 2025, we grew originations 86% and revenues 64% while growing headcount just 18% — a ratio any business would die for. And we re-established Upstart as a strongly profitable business,” said Dave Girouard, Co-founder and CEO of Upstart. “Our auto and home originations each grew 5X in 2025 — and accelerated even further in Q4.”
“Even with this epic growth, we reduced loans on our balance sheet by 20% quarter-over-quarter and expect this trend to continue. With 70% of funding for Auto and Home loans originated in Q4 coming from 11 different partners and an additional 13 signed for the coming year, we’re set up for a breakout in 2026,” Girouard said.
Fourth Quarter 2025 Highlights
- Transaction Volume: 455,788 loans originated, up 86% year-over-year (“YoY”) reflecting a 19.4% Conversion Rate¹, up from 18.0% in Q4 2024. Total originations were roughly $3.2 billion, up 52% YoY.
- Total Revenue: $296 million, up 35% YoY. Revenue from fees was $265 million, up 33% YoY.
- Income (Loss) from Operations: $18.9 million, an improvement from ($4.8) million in Q4 2024.
- Net Income (Loss): $18.6 million, an improvement from ($2.8) million in Q4 2024. Diluted net income (loss) per share was $0.17 compared with ($0.03) in Q4 2024.
- Contribution Profit: $141 million, up 15% YoY. Contribution Margin was 53%, versus 61% in Q4 2024.
- Adjusted EBITDA: $63.7 million, up from $38.8 million in Q4 2024. Adjusted EBITDA Margin was 22%, up from 18% in Q4 2024.
Fiscal Year 2025 Highlights
- Transaction Volume: 1,497,149 loans originated, up 115% YoY reflecting a 19.4% Conversion Rate, up from 15.1% in 2024. Total originations were roughly $11.0 billion, up 86% YoY.
- Total Revenue: $1.0 billion, up 64% YoY. Revenue from fees was $950 million, up 49% YoY.
- Income (Loss) from Operations: $42.6 million, an improvement from ($173) million in 2024.
- Net Income (Loss): $53.6 million, an improvement from ($129) million in 2024. Diluted net income (loss) per share was $0.45 compared with ($1.44) in 2024.
- Contribution Profit: $531 million, up 39% YoY. Contribution Margin was 56%, versus 60% in 2024.
- Adjusted EBITDA: $230 million, up from $10.6 million in 2024. Adjusted EBITDA Margin was 22%, up from 2% in 2024.
¹ Beginning in the fourth quarter of 2025, we revised the definition and underlying calculation methodology of Conversion Rate. Prior period figures have been recast to conform to the new definition and methodology. For additional information regarding this change, see “Key Operating and Non-GAAP Financial Metrics” in our Annual Report on Form 10-K for the year ended December 31, 2025.
Upstart Holdings: Fourth Quarter and Full Year 2025 Results
by u/_DoubleBubbler_ in DoubleBubbler
