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- Contribution Margin Declined (worsened) — Contribution margin fell from 58% to 55% in Q2 and from 57% to 53% in H1, driven by higher borrower acquisition costs.
- Maximum Loss Exposure Increased (worsened) — Aggregate maximum exposure to losses under committed capital arrangements nearly doubled to $1,294.4M.
- Underperforming Loan Vintages Expanded (worsened) — The set of personal loan vintages forecasted to underperform target returns now includes Q1 2024 and Q4 2025.
Upstart swings to profit as revenue jumps 41.7% to $364.7M, but margin pressure and buyback spending accelerate
Filed August 4, 2026 · Period ending June 30, 2026 · Compared to 10-Q/A Aug 6, 2025 · ~1 min read
Key Changes
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high
Net income reached $16.5M, up 195.0% YoY, with diluted EPS of $0.16 (+220.0%), as revenue grew 41.7% to $364.7M.
MD&A: Results verify on EDGAR → -
high
Contribution margin fell to 55% from 58% in Q2, and adjusted EBITDA margin slipped to 21% from 21%, as sales and marketing costs rose 57%.
MD&A: Margins verify on EDGAR → -
high
Upstart repurchased $100.1M of stock in H1 2026, leaving $122.1M under its buyback authorization.
MD&A: Buyback verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 2, 2026 · How we verify