In Q1'26, UPST's ROE stood at -0.91%, ROA at -0.22%, and ROIC at -1.14%, indicating a return to negative territory across all metrics after a period of improvement. This latest data point reflects a slight deterioration from the positive figures in Q3'25 and Q4'25, with ROE and ROA showing modest declines while ROIC experienced a more pronounced drop. From Q2'23 to Q1'26, the chart reveals an overall improving trend in profitability metrics, starting from deeply negative levels—ROE at -4.41%, ROA at -1.60%, and ROIC at -1.68%—and reaching peaks in Q3'25 with ROE at 4.28%, ROA at 1.09%, and ROIC at 3.29%. Significant inflection occurred in Q3'24, where all metrics began recovering from their Q1'24 lows (ROE -10.54%, ROA -3.35%, ROIC -3.43%), driven by a sharp rebound that turned ROE and ROA positive by Q2'25 and ROIC by the same period. However, the Q1'26 dip suggests emerging volatility, potentially signaling short-term pressures on operational efficiency despite the long-term upward trajectory.