Inferra AI / Company / UPWK
Upwork, Inc.
UPWK · Industrials
Last earnings Aug 10, 2026
Key results
Revenuequarter
1%
Revenue grew 1% year-over-year to $194.9 million Active clients (2) of 796,000 GSV per active client (2) of $5,002 increased 5% year-over-year and average hours per contract in Q2 were the highest ever, as projects on the platform increase in size and complexity
SEC original ↗Upwork, Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2025
Net incomequarter
$32.7 million
Net income was $32.7 million, up 47% year-over-year
SEC original ↗Upwork, Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2025
Growthquarter
up 47%
Net income was $32.7 million, up 47% year-over-year
SEC original ↗Upwork, Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2025
EPSquarter
$0.24
Diluted earnings per share was $0.24 , compared to diluted
SEC original ↗Upwork, Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2025
earnings per share of $0.17 in the second quarter of 2024 Adjusted EBITDA (3) was $57.1 million , up 40% year-over-year Cash provided by operating activities (4) was $72.5 million
SEC original ↗Upwork, Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2025
Free cash flowquarter
$35.5 million
free cash flow of $35.5 million in the second quarter of
SEC original ↗Upwork, Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2025
Connects revenuequarter
3%
Uma adoption increased 24% quarter-over-quarter and recent feature launches are increasing value delivered to customers as well as spend Improved search and match capabilities drove GSV and revenue outperformance, lifting average spend per contract by 4% and increasing Connects revenue by 3% compared to prior feature set.
SEC original ↗Upwork, Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2025
(5) Generating New Value through Ads Monetization Strategies Continued strength in ads monetization, with revenue increasing 17% year-over-year.
SEC original ↗Upwork, Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2025
Freelancer Plus subscription revenue grew 13% year-over-year and Connects revenue grew 19% year-over-year.
SEC original ↗Upwork, Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2025
AI analysis
Q2 2025 · reported Aug 6, 2025
Based on: Earnings release + parent 8-K + 10-Q — transcript not held
Headline figures
| Metric | Q2 2025 | Prior qtr | Year ago |
|---|---|---|---|
| Revenue | 1% | — | — |
| Net income | $32.7 million | — | — |
| Growth | up 47% | — | — |
| EPS | $0.24 | — | — |
| Free cash flow | $35.5 million | — | — |
| Connects revenue | 3% | — | — |
Guidance · company-stated
Direction: Raised
“htm EX-99.1 Document Exhibit 99.1 Upwork Reports Second Quarter 2025 Financial Results Achieves record second quarter with revenue of $194.9 million Generates GAAP net income of $32.7 million and adjusted EBITDA of $57.1 million, resulting in 17% profit margin and 29% adjusted EBITDA margin Raises FY2025 revenue and adjusted EBITDA guidance Acquires Bubty and agrees to acquire Ascen to serve large clients with full range of contingent workforce and staffing solutions, positioning Upwork to capitalize on $650 billion Enterprise TAM opportunity (1) PALO ALTO, Calif.”
“With encouraging growth signals from key product and platform enhancements and continued rigorous cost discipline, we are raising our full-year guidance for both revenue and adjusted EBITDA.”
Classified from the release's primary full-year outlook statement.
Cash flow & capex
Capital allocation
Forward-looking statements include all statements other than statements of historical fact, including any statements regarding our future operating results and financial position, including expected financial results for the third quarter and full year 2025, information or predictions concerning the future of our business or strategy, anticipated events and trends, potential growth or growth prospects, competitive position, technological and market trends, industry environment, the economy, our plans with respect to share repurchases, the expected impact and timing of strategic initiatives, including the acquisitions of Bubty B.
Share Repurchase Program In September 2025, the Company s board of directors authorized a share repurchase program for the repurchase of up to $ 100.0 million of shares of the Company s outstanding common stock, which is referred to as the 2025 Share Repurchase Authorization.
Event summary
With our two announced acquisitions, we have enhanced our full-stack offering giving enterprise clients access to a complete array of contingent workforce solutions fueled by Upwork s deep global talent pool
Based on: Earnings release + parent 8-K + 10-Q — transcript not held
Guidance & outlook
Direction: Raised
Revenue: “htm EX-99.1 Document Exhibit 99.1 Upwork Reports Second Quarter 2025 Financial Results Achieves record second quarter with revenue of $194.9 million Generates GAAP net income of $32.7 million and adjusted EBITDA of $57.1 million, resulting in 17% profit margin and 29% adjusted EBITDA margin Raises FY2025 revenue and adjusted EBITDA guidance Acquires Bubty and agrees to acquire Ascen to serve large clients with full range of contingent workforce and staffing solutions, positioning Upwork to capitalize on $650 billion Enterprise TAM opportunity (1) PALO ALTO, Calif.”
Revenue: “With encouraging growth signals from key product and platform enhancements and continued rigorous cost discipline, we are raising our full-year guidance for both revenue and adjusted EBITDA.”
Revenue — Raised (“Raises”)
“htm EX-99.1 Document Exhibit 99.1 Upwork Reports Second Quarter 2025 Financial Results Achieves record second quarter with revenue of $194.9 million Generates GAAP net income of $32.7 million and adjusted EBITDA of $57.1 million, resulting in 17% profit margin and 29% adjusted EBITDA margin Raises FY2025 revenue and adjusted EBITDA guidance Acquires Bubty and agrees to acquire Ascen to serve large clients with full range of contingent workforce and staffing solutions, positioning Upwork to capitalize on $650 billion Enterprise TAM opportunity (1) PALO ALTO, Calif.”
Revenue — Raised (“raising”)
“With encouraging growth signals from key product and platform enhancements and continued rigorous cost discipline, we are raising our full-year guidance for both revenue and adjusted EBITDA.”
Classified from the release's primary full-year outlook statement.
Capital allocation
Forward-looking statements include all statements other than statements of historical fact, including any statements regarding our future operating results and financial position, including expected financial results for the third quarter and full year 2025, information or predictions concerning the future of our business or strategy, anticipated events and trends, potential growth or growth prospects, competitive position, technological and market trends, industry environment, the economy, our plans with respect to share repurchases, the expected impact and timing of strategic initiatives, including the acquisitions of Bubty B.
SEC original ↗Upwork, Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2025
Share Repurchase Program In September 2025, the Company s board of directors authorized a share repurchase program for the repurchase of up to $ 100.0 million of shares of the Company s outstanding common stock, which is referred to as the 2025 Share Repurchase Authorization.
SEC original ↗Upwork, Inc. — 10-Q Quarterly report10-QAug 10, 2026
Under the 2025 Share Repurchase Authorization, the Company repurchased and subsequently retired 2.1 million shares of its common stock for an aggregate amount of $ 36.0 million, at an average price of $ 17.33 per share, from September 2025 through December 2025, and an additional 4.6 million shares for an aggregate amount of $ 64.0 million, at an average price of $ 14.00 per share, from January 2026 through March 2026.
SEC original ↗Upwork, Inc. — 10-Q Quarterly report10-QAug 10, 2026
As of June 30, 2026, the Company had no remaining balance available for repurchases under the 2025 Share Repurchase Authorization.
SEC original ↗Upwork, Inc. — 10-Q Quarterly report10-QAug 10, 2026
In February 2026, the Company s board of directors authorized a share repurchase program for the repurchase of up to $ 300.0 million of shares of the Company s outstanding common stock, which is referred to as the 2026 Share Repurchase Authorization, and together the 2026 Share Repurchase Authorization and the 2025 Share Repurchase Authorization are referred to as the Share Repurchase Authorizations.
SEC original ↗Upwork, Inc. — 10-Q Quarterly report10-QAug 10, 2026
Under the 2026 Share Repurchase Authorization, the Company repurchased and subsequently retired 3.7 million shares of its common stock for an aggregate amount of $ 45.7 million, at an average price of $ 12.31 per share, since the authorization in February 2026.
SEC original ↗Upwork, Inc. — 10-Q Quarterly report10-QAug 10, 2026
Strategy & priorities
We re harnessing these strategic levers to continue to lead the industry in this human and AI-powered era of work.
SEC original ↗Upwork, Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2025
(5) Generating New Value through Ads Monetization Strategies Continued strength in ads monetization, with revenue increasing 17% year-over-year.
SEC original ↗Upwork, Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2025
Investing in AI Infrastructure Accelerated investments in Upwork s internal AI infrastructure, such as embedded AI copilots and autonomous agents to drive productivity, streamline operations, and orchestrate cross-functional intelligence.
SEC original ↗Upwork, Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2025
Forward-looking statements include all statements other than statements of historical fact, including any statements regarding our future operating results and financial position, including expected financial results for the third quarter and full year 2025, information or predictions concerning the future of our business or strategy, anticipated events and trends, potential growth or growth prospects, competitive position, technological and market trends, industry environment, the economy, our plans with respect to share repurchases, the expected impact and timing of strategic initiatives, including the acquisitions of Bubty B.
SEC original ↗Upwork, Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2025
We have based these forward-looking statements largely on our current expectations and projections as of the date hereof about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short- and long-term business operations and objectives, and financial needs.
SEC original ↗Upwork, Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2025
Risks & headwinds
As such, they are subject to inherent uncertainties, known and unknown risks, and changes in circumstances that are difficult to predict and in many cases outside our control, and you should not rely on such forward-looking statements as predictions of future events.
SEC original ↗Upwork, Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2025
Additional information regarding the risks and uncertainties that could cause actual results to differ materially from our expectations is included under the caption Risk Factors in our Quarterly Report on Form 10-Q for the three months ended March 31, 2025, filed with the SEC on May 5, 2025, and in our other SEC filings, which are available on our Investor Relations website at investors.
SEC original ↗Upwork, Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2025
Legal Proceedings 43 Item 1A.
SEC original ↗Upwork, Inc. — 10-Q Quarterly report10-QAug 10, 2026
These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in Part II, Item 1A, Risk Factors in this Quarterly Report.
SEC original ↗Upwork, Inc. — 10-Q Quarterly report10-QAug 10, 2026
Readers are urged to carefully review and consider the various disclosures made in this Quarterly Report and in other documents we file from time to time with the Securities and Exchange Commission, which we refer to as the SEC, that disclose risks and uncertainties that may affect our business.
SEC original ↗Upwork, Inc. — 10-Q Quarterly report10-QAug 10, 2026
In light of these risks, uncertainties, and assumptions, the future events and circumstances discussed in this Quarterly Report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.
SEC original ↗Upwork, Inc. — 10-Q Quarterly report10-QAug 10, 2026
Competitors
Competitors & peers
Same GICS sector — classification peers, not declared competitors
Filings
32 documents- Q2 2026
- 8-KUPWK
Aug 10, 2026
- 10-QUPWK
Aug 10, 2026
- 8-KUPWK
Jul 16, 2026
- Q1 2026
- 8-KUPWK
Jun 23, 2026
- 8-KUPWK
Jun 5, 2026
- 8-KUPWK
May 7, 2026
- 10-QUPWK
May 7, 2026
- Q4 2025
- 8-KUPWK
Mar 18, 2026
- 8-KUPWK
Feb 18, 2026
- 10-KUPWK
Feb 13, 2026
- 8-KUPWK
Feb 9, 2026
- Q3 2025
- 8-KUPWK
Dec 11, 2025
- 10-QUPWK
Nov 4, 2025
- 8-KUPWK
Nov 3, 2025
- Q2 2025
- 8-KUPWK
Sep 3, 2025
- EX-99UPWK
Sep 3, 2025
- 8-KUPWK
Aug 12, 2025
- 8-K/AUPWK
Aug 7, 2025
- 8-KUPWK
Aug 6, 2025
- 10-QUPWK
Aug 6, 2025
- 8-KUPWK
Jul 24, 2025
- Q1 2025
- 8-KUPWK
Jun 5, 2025
- 8-KUPWK
May 5, 2025
- 10-QUPWK
May 5, 2025
- Q4 2024
- 10-KUPWK
Feb 13, 2025
- 8-KUPWK
Feb 12, 2025
- Q3 2024
- 8-KUPWK
Nov 6, 2024
- 10-QUPWK
Nov 6, 2024
- 8-KUPWK
Oct 23, 2024
- EX-99UPWK
Oct 23, 2024
- Q2 2024
- 8-KUPWK
Aug 7, 2024
- 10-QUPWK
Aug 7, 2024
Earnings releases
9 documentsPresentations
0 documentsNo presentations for Upwork, Inc. are held in this edition of the library.
Transcripts
0 documentsNo transcripts for Upwork, Inc. are held in this edition of the library.
See also the earnings calendar for every tracked company’s next earnings date.