Upstart Q3 revenue $277M (+71% YoY); turns GAAP profitable with $31.8M net income

Upstart Holdings, Inc.

2025-Q3 EPS reported $0.28 revenue$747,767,000

Total originations of $2.9B, up 80% YoY; loan conversion rate 20.6% vs 16.3% a year ago.
GAAP net income $31.8M ($0.23 diluted EPS) vs ($6.8M) loss in Q3 2024.
Adjusted EBITDA $71.2M (26% margin) vs $1.4M in Q3 2024.
Q4 2025 guidance: total revenue ~$288M, GAAP net income ~$17M.
Full-year 2025 revenue expected ~$1.035B; adjusted EBITDA margin ~22%.

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