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Upstart Holdings, Inc. UPST Origination fees — Revenue from fees, net

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Other financials

Income statement

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Revenue$364.7M+41.7%
Operating income$14.6M+222%
Net income$16.5M+195%
EPS (diluted)$0.16+220%

Balance sheet

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Cash & equivalents$456.0M-35.0%
Total debt$2.0B+37.6%
Total equity$797.5M+10.5%
Total assets$3.2B+28.0%

Cash flow

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Operating cash flow-$136.6M-13.7%
CapEx$2.1M+1,690%
Free cash flow-$138.7M-15.3%

Valuation

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Market cap$3.03B-50.5%
Enterprise value$4.59B-33.2%
P/E50.2×—
P/S2.4×-4.7×

Profitability

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Operating margin4%+2.5pp
Net margin4.8%+4.3pp
FCF margin27%+16.9pp

Returns & leverage

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Return on equity7.9%+7.2pp
Debt / equity2.5×+0.5×

Where this comes from

Reported directly by Upstart Holdings, Inc. in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The source filing: Upstart Holdings, Inc.’s 10-K, filed February 10, 2026.

Filed
Feb 10, 2026, 4:08 PM EST
Fiscal year
FY2025
Accession
0001647639-26-000027

Origination fees. Origination fees are earned from borrowers on HELOCs originated by the Company. Origination fees were not material for the years ended December 31, 2023 and 2024, and were $7.6 million for the year ended December 31, 2025.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is Upstart Holdings, Inc.'s origination fees — revenue from fees, net?
Upstart Holdings, Inc. (UPST) reported origination fees — revenue from fees, net of $1.9M in Q4 2025.
What does origination fees — revenue from fees, net mean?
This metric represents the net revenue generated from fees charged for the initial processing, underwriting, and funding of credit products facilitated through the company's lending platform. It reflects the income earned by the platform for connecting borrowers with bank partners and managing the loan origination lifecycle. Growth in this metric indicates successful expansion of the platform's specific credit product offerings and increased transaction volume within this segment.

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