Upstart Holdings, Inc. (UPST) stock

UPSTNasdaqFinance ServicesFiscal year ends December 31

Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Nov 3, 2026Score 12/3013% below fair value

$19.56+0.41 (+2.14%)

Close on Nov 13, 2026Market cap $1.90BP/E 39.9Yield –

Upstart r&d expenses

Research and development expenses are spending on new products and technology.

Upstart's R&D Expenses for the twelve months ending Jun 30, 2026 was $304.91M, up 17.8% year over year. For fiscal 2025 it was $257.60M, up 1.6% from the year before. The highest annual figure on record is $280.14M in fiscal 2023.

Annual r&d expenses

Period	Period end	Value	Change
FY2025	Dec 31, 2025	$257.60M	+1.6%
FY2024	Dec 31, 2024	$253.65M	-9.5%
FY2023	Dec 31, 2023	$280.14M	+18.1%
FY2022	Dec 31, 2022	$237.25M	+77.1%
FY2021	Dec 31, 2021	$134.00M	+245.3%
FY2020	Dec 31, 2020	$38.80M	+106.6%
FY2019	Dec 31, 2019	$18.78M	–

Quarterly r&d expenses

Change is against the same quarter a year earlier.

Period	Period end	Value	Change
Q2 FY2026	Jun 30, 2026	$93.86M	+36.4%
Q1 FY2026	Mar 31, 2026	$80.11M	+38.5%
Q4 FY2025	Dec 31, 2025	$66.91M	-0.5%
Q3 FY2025	Sep 30, 2025	$64.03M	-1.3%
Q2 FY2025	Jun 30, 2025	$68.83M	+17.7%
Q1 FY2025	Mar 31, 2025	$57.84M	-8.3%
Q4 FY2024	Dec 31, 2024	$67.22M	+17.6%
Q3 FY2024	Sep 30, 2024	$64.89M	+18.1%
Q2 FY2024	Jun 30, 2024	$58.45M	+0.8%
Q1 FY2024	Mar 31, 2024	$63.09M	-42.7%
Q4 FY2023	Dec 31, 2023	$57.15M	-10.7%
Q3 FY2023	Sep 30, 2023	$54.94M	-17.0%
Q2 FY2023	Jun 30, 2023	$57.97M	+1.6%
Q1 FY2023	Mar 31, 2023	$110.07M	+120.2%
Q4 FY2022	Dec 31, 2022	$64.03M	+37.7%
Q3 FY2022	Sep 30, 2022	$66.18M	+78.5%
Q2 FY2022	Jun 30, 2022	$57.05M	+81.5%
Q1 FY2022	Mar 31, 2022	$49.99M	+163.3%
Q4 FY2021	Dec 31, 2021	$46.50M	+228.6%
Q3 FY2021	Sep 30, 2021	$37.09M	+272.1%
Q2 FY2021	Jun 30, 2021	$31.43M	+310.0%
Q1 FY2021	Mar 31, 2021	$18.99M	+170.6%
Q4 FY2020	Dec 31, 2020	$14.15M	–
Q3 FY2020	Sep 30, 2020	$9.97M	–
Q2 FY2020	Jun 30, 2020	$7.67M	–
Q1 FY2020	Mar 31, 2020	$7.02M	–