UPST Q3 preview: most of the quarter is already public, so I built revenue from it
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Upstart reports November 3 before the open. Because they publish originations every month, most of Q3 is already out: July $1,397M, August $1,342M, September $1,378M, so $4,118M for the quarter. I built revenue from that and the fee mix in the Q2 10-Q. Three numbers: Volume is up 44% from a year ago but down 2.6% from Q2, the first quarter-on-quarter drop since Q2 2024. Revenue still comes out near $370M against $364.8M consensus, because servicing fees grow with the loan book, not with the quar
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