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Upstart Holdings, Inc. UPST Business Segments — Borrower Acquisition Costs

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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$2.89B-55.2%
Enterprise value$4.46B-38.3%
P/E47.9×
P/S2.3×-5.3×

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 upst:BorrowerAcquisitionCosts.

The source filing: Upstart Holdings, Inc.’s 10-Q, filed May 5, 2026.

Filed
May 5, 2026, 4:08 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001647639-26-000046

(2) Borrower acquisition costs were $48.6 million and $92.3 million for the three months ended March 31, 2025 and 2026, respectively. Borrower acquisition costs consist of the Company’s sales and marketing expenses adjusted to exclude costs not directly attributable to attracting a new borrower, such as payroll-related expenses for the Company’s business development and marketing teams, as well as other operational, brand awareness and marketing activities. These costs do not include reorganization expenses.

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Upstart Holdings, Inc.'s business segments — borrower acquisition costs?
Upstart Holdings, Inc. (UPST) reported business segments — borrower acquisition costs of $92.3M in Q1 2026.
How has Upstart Holdings, Inc.'s business segments — borrower acquisition costs changed year-over-year?
Upstart Holdings, Inc.'s business segments — borrower acquisition costs increased by 89.9% year-over-year, from $48.6M to $92.3M.
What is the long-term trend for Upstart Holdings, Inc.'s business segments — borrower acquisition costs?
Over 3 years (2022 to 2025), Upstart Holdings, Inc.'s business segments — borrower acquisition costs has grown at a -5.4% compound annual growth rate (CAGR), from $302.7M to $256.2M.
What does business segments — borrower acquisition costs mean?
Measures the direct expenses incurred to attract and acquire new borrowers for the personal lending platform. Tracking these costs is essential for evaluating the efficiency of marketing spend and the scalability of the customer acquisition funnel.

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