Upstart Holdings layoffs, on the record
Every job cut, severance charge and restructuring Upstart Holdings reported in its annual reports, 2023 to 2025, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2023 | 1,388 | December 31, 2023 |
| 10-K for 2024 | 1,193 full-time employees | December 31, 2024 |
| 10-K for 2025 | 1,405 full-time employees | December 31, 2025 |
Job cuts, severance and restructuring
Our summaryAnnounced a workforce reduction (November 2022 Plan) that terminated approximately 7% of the workforce.
Word for word“In response to this challenging macroeconomic environment where many lenders and credit investors have significantly reduced or paused investments in Upstart-powered loans, we announced reductions in workforce in November 2022 ("November 2022 Plan") and January 2023 ("January 2023 Plan") that resulted in the termination of approximately 7% and 20% of our workforce, respectively.” 10-K for 2023
Our summaryAnnounced a workforce reduction (January 2023 Plan) that terminated approximately 20% of the workforce and suspended development of a small business loan product.
Word for word“As part of the January 2023 Plan, the Company reduced its workforce by approximately 20 %, or 365 employees, and suspended development of its small business loan product.” 10-K for 2023
Our summaryRecorded reorganization expenses, mainly severance, for the January 2023 Plan and completed all related cash payments.
Word for word“During the year ended December 31, 2023, the Company incurred $ 15.5 million of reorganization expenses in relation to the January 2023 plan, which primarily consisted of severance charges related to employee cash compensation, benefits, and associated taxes.” 10-K for 2023
Our summaryGeneral, administrative and other expenses rose partly due to severance payments under the January 2023 Plan, offset by lower headcount.
Word for word“The increase was primarily due to an increase of $22.9 million in payroll and personnel-related costs as a result of increased stock-based compensation expense and severance payments under the January 2023 Plan and an increase of $11.4 million in depreciation and amortization expense.” 10-K for 2023
Our summaryDuring 2024 the company carried out an additional series of initiatives that reduced its workforce by about 13%.
Word for word“To further decrease operating costs, streamline operations, and return Upstart to profitability in the future, the Company implemented an additional series of initiatives which reduced the Company's workforce by approximately 13 % during the year ended December 31, 2024.” 10-K for 2024
Our summaryThe company recorded an impairment charge for previously capitalized internally developed software costs.
Word for word“The Company also recognized an impairment expense of $ 2.6 million for previously capitalized internally developed software costs.” 10-K for 2025
Our summaryThe company carried out more cost-cutting initiatives that shrank its workforce and recorded severance-related charges.
Word for word“To further decrease operating costs and streamline operations, the Company implemented an additional series of initiatives which reduced the Company’s workforce by approximately 13 % during the year ended December 31, 2024.” 10-K for 2025
Upstart Holdings filed 1 restructuring notice (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Upstart Holdings’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-10. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.