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Upstart Holdings, Inc. UPST Business Segments — Borrower Verification And Servicing 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

See full
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:BorrowerVerificationAndServicingCosts.

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

(3) Borrower verification and servicing costs were $34.5 million and $47.5 million for the three months ended March 31, 2025 and 2026, respectively. Borrower verification and servicing costs consist of payroll and other personnel-related expenses for personnel engaged in loan onboarding, verification and servicing, as well as servicing system costs. It excludes payroll and personnel-related expenses and stock-based compensation for certain members of the Company’s customer operations team whose work is not directly attributable to onboarding and servicing loans. These costs do not include reorganization expenses.

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Upstart Holdings, Inc.'s business segments — borrower verification and servicing costs?
Upstart Holdings, Inc. (UPST) reported business segments — borrower verification and servicing costs of $47.5M in Q1 2026.
How has Upstart Holdings, Inc.'s business segments — borrower verification and servicing costs changed year-over-year?
Upstart Holdings, Inc.'s business segments — borrower verification and servicing costs increased by 37.7% year-over-year, from $34.5M to $47.5M.
What is the long-term trend for Upstart Holdings, Inc.'s business segments — borrower verification and servicing costs?
Over 3 years (2022 to 2025), Upstart Holdings, Inc.'s business segments — borrower verification and servicing costs has grown at a 1.0% compound annual growth rate (CAGR), from $157.8M to $162.7M.
What does business segments — borrower verification and servicing costs mean?
Captures the operational expenses associated with verifying borrower information and managing the ongoing servicing of loans within the personal lending segment. This metric highlights the variable costs required to maintain loan quality and support the lending lifecycle.

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