Earnings summaries and quarterly performance for UPWORK.
Executive leadership at UPWORK.
Hayden Brown
Detailed
President and Chief Executive Officer
CEO
DB
David Bottoms
Detailed
GM, Marketplace
EG
Erica Gessert
Detailed
Chief Financial Officer
SS
Sunita Solao
Detailed
Chief People Officer
AR
Andrew Rabinovich
Chief Technology Officer
AK
Anthony Kappus
Chief Operating Officer
JM
Jacob McQuown
Chief Legal Officer
Board of directors at UPWORK.
Research analysts who have asked questions during UPWORK earnings calls.
Andrew Boone
JMP Securities
3 questions for UPWK
Also covers: CARG, CART, CVNA +23 more
MR
Maria Ripps
Morgan Stanley
3 questions for UPWK
Also covers: BARK, DSP, DV +13 more
Marvin Fong
BTIG, LLC
3 questions for UPWK
Also covers: ATER, CARG, CARS +10 more
Brad Erickson
RBC Capital Markets
2 questions for UPWK
Also covers: CVNA, FVRR, GDDY +7 more
JC
Joshua Chan
UBS Group AG
2 questions for UPWK
Also covers: ABM, APG, ARMK +16 more
Rohit Kulkarni
ROTH Capital Partners, LLC
2 questions for UPWK
Also covers: FVRR, KIND, LYFT +4 more
SB
Sang-Jin Byun
Jefferies
2 questions for UPWK
Also covers: GDDY, LZ, WIX
Stefanos Crist
Needham & Company, LLC
2 questions for UPWK
Also covers: RDFN, RSI
Bernard McTernan
Needham & Company
1 question for UPWK
Also covers: APP, BBBY, BYON +17 more
Eric Sheridan
Goldman Sachs
1 question for UPWK
Also covers: ABNB, ACVA, AMZN +42 more
JH
Jake Hallac
JMP Securities
1 question for UPWK
Jared Osteen
ROTH Capital Partners
1 question for UPWK
Also covers: ZSPC
JB
John Byun
Jefferies Financial Group Inc.
1 question for UPWK
Also covers: GDDY, WIX
MC
Matthew Condon
Not Specified in Transcript
1 question for UPWK
Also covers: ANGI, CTV, DSP +12 more
RJ
Ronald Josey
Citigroup Inc.
1 question for UPWK
Also covers: ABNB, ACVA, AMZN +18 more
Recent press releases and 8-K filings for UPWK.
Upwork Releases December Monthly Hiring Report
UPWK
Hiring
Demand Weakening
- Upwork's December 2025 Monthly Hiring Report indicates a clear shift towards hiring focused on operational execution as businesses prepare for potential volatility in early 2026, with fewer than one in three business leaders describing macro conditions as favorable.
- Demand on the Upwork Marketplace rose for Project Management (+23%), Accounting & Bookkeeping (+15%), and Virtual Admin Assistance (+3%) month-over-month in December 2025.
- Categories related to experimentation and expansion, such as Ecommerce Development (-56% month-over-month), Branding & Logo Design (-17% month-over-month), and Marketing, PR & Brand Strategy (-15% month-over-month), saw short-term cooling, though they showed year-over-year growth.
- Hiring in December was primarily driven by small and medium-sized businesses (SMBs), with Project Management hiring among SMBs increasing by 70% month-over-month.
3 days ago
Upwork outlines growth acceleration, margin expansion, and strategic initiatives at UBS conference
UPWK
Revenue Acceleration/Inflection
New Projects/Investments
M&A
- Upwork has returned to positive GSV growth, reporting 2% GSV growth in Q3 after five quarters of negative growth, driven by investments in AI, SMB, and enterprise segments.
- The company provided 2026 GSV growth guidance of 4%-6%, accelerating to 7%-9% for the subsequent three years.
- Key growth drivers include the AI category, which is at a $300 million run rate and growing over 50% annually, and the new Business Plus offering for larger SMBs, which saw 36% year-over-year GSV growth in Q3.
- Upwork is expanding into the enterprise market with recent acquisitions (Ascend, Bubty) to access the remaining 90% of a $650 billion TAM, with new contract types expected in 2026.
- Margins have significantly improved from 11% two years ago to just under 29% this year, with a target of 35% margin over the next few years, and free cash flow converts at 80%-85% plus of EBITDA.
Dec 3, 2025, 9:55 PM
Upwork CFO Outlines Growth Catalysts and Accelerated Financial Targets
UPWK
Guidance Update
Revenue Acceleration/Inflection
New Projects/Investments
- Upwork reported an inflection point with 2% GSV growth in Q3, following approximately five quarters of negative growth, driven by strategic investments.
- Key growth catalysts include the AI category, which is at a $300 million run rate and growing over 50% annually, and the SMB-focused Business Plus product, which grew 36% year-over-year in Q3.
- The company is expanding into the enterprise market, targeting Fortune 200 businesses and a $650 billion TAM through recent acquisitions, with significant ramp-up expected in 2027.
- Upwork projects 4%-6% GSV growth for 2026, accelerating to 7%-9% for the subsequent three years, supported by a current take rate of about 19.6% with room for expansion.
- Operating margin improved to just under 29% this year from 11% two years ago, with a 35% target, and EBITDA converts to free cash flow at 80%-85% plus.
Dec 3, 2025, 9:55 PM
Upwork Reports Q3 2025 Results and Provides Long-Term Outlook
UPWK
Earnings
Guidance Update
New Projects/Investments
- Upwork reported Q3 2025 results with $1,018M in GSV (+2% YoY), $202M in Revenue (+4% YoY), and $60M in Adjusted EBITDA, achieving a 30% adjusted EBITDA margin.
- The company provided a 3-year outlook (2025-2028) targeting a 7-9% CAGR for GSV, 13-15% CAGR for Revenue, and ~20% CAGR for Adjusted EBITDA.
- Upwork is leveraging AI, which contributed $300M in annualized GSV from AI-related work, seeing a 50% Q3 rise in GSV from this category.
- Strategic growth initiatives include accelerating SMB growth, with its Business Plus segment showing 36% QoQ active client growth and 33% QoQ GSV growth, and expanding into enterprise with Lifted, targeting growth in H2 2026 and scaling in FY 2027.
- The company demonstrated strong financial efficiency with an 85% Adjusted EBITDA to Free Cash Flow conversion projected for 2023-2025E and has executed $215M in share repurchases since 2024 through October 2025.
Nov 18, 2025, 2:00 PM
Upwork Unveils Reinvention and Long-Term Growth Targets at Investor Day 2025
UPWK
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- Upwork has undergone a "full reinvention" with an AI-native platform, achieving accelerated GSV growth and record profitability in Q3, and is on track for six points of margin expansion this year.
- The company projects over $200 million in free cash flow for 2025, representing an increase of over 50% from 2024.
- For 2026, Upwork guides for GSV growth of 4%-6% and revenue growth of 6%-8%, with adjusted EBITDA margin expanding by one point.
- Over the next three years, the company targets a GSV CAGR of 7%-9%, revenue CAGR of 13%-15%, and adjusted EBITDA CAGR of 20%.
- Growth is driven by AI tailwinds, with $300 million of GSV from AI categories growing over 50% year-over-year in Q3, and strategic expansion in the SMB and enterprise markets.
Nov 18, 2025, 2:00 PM
Upwork Unveils Reinvention Strategy and Long-Term Financial Targets
UPWK
Guidance Update
Revenue Acceleration/Inflection
New Projects/Investments
- Upwork has undergone a "full reinvention" of its business, focusing on an AI-native platform to drive accelerated GSV growth, record profitability, and margin expansion, aiming for a 35% adjusted EBITDA margin target.
- The company is targeting three major growth opportunities: AI tailwinds, the SMB market, and Enterprise expansion. The SMB market is estimated at $530 billion, and the Enterprise market at $650 billion.
- AI-related initiatives are expected to generate $100 million in incremental GSV in 2025 from AI-native marketplace features, and annualized AI-related GSV is set to surpass $300 million by the end of the year, growing at over 50% year over year.
- Upwork provided new three-year financial targets (CAGR over the next three years): GSV of 7%-9%, revenue of 13%-15%, and adjusted EBITDA margin expansion of 20%. For 2026, GSV growth is projected at 4%-6% and revenue growth at 6%-8%.
- Operational efficiencies include a 21% reduction in team size in 2024 , a 35% reduction in sales expense since 2022, and a 55% reduction in marketing expense over the past three years. The company projects over $200 million in free cash flow in 2025, up over 50% from 2024.
Nov 18, 2025, 2:00 PM
Upwork Details AI-Native Platform and Long-Term Growth Strategy
UPWK
Revenue Acceleration/Inflection
New Projects/Investments
Guidance Update
- Upwork has undergone a significant reinvention over the past three years, transforming into an AI-native platform to drive accelerated GSV growth, record profitability, and revenue in Q3.
- The company is on track for six points of margin expansion this year and aims for a long-term adjusted EBITDA margin target of 35%.
- Three major growth opportunities are identified: AI tailwinds, the SMB market, and Enterprise expansion, targeting a $1.3 trillion total market opportunity by 2028.
- The AI-native platform, Uma, is estimated to unlock over $100 million in incremental GSV in 2025, with AI categories already contributing $300 million in GSV and growing over 50% year over year.
- New long-term targets for the next three years include GSV CAGR of 7%-9%, Revenue CAGR of 13%-15%, and Margin expansion CAGR of 20%.
Nov 18, 2025, 2:00 PM
Upwork Announces Lisbon Office for International Expansion and AI Innovation
UPWK
New Projects/Investments
Hiring
Revenue Acceleration/Inflection
- Upwork Inc. (Nasdaq: UPWK) announced plans to open its first international operational hub in Lisbon, Portugal, expected to be fully operational by Q4 2026.
- This new hub will serve as a base for product development and technical hiring outside the U.S., with the company already initiating hiring efforts.
- The expansion follows a record-breaking Q3 for Upwork, marked by a return to GSV growth and a 53% year-over-year increase in GSV from AI-related work, with the Lisbon hub intended to further advance its AI infrastructure.
Nov 12, 2025, 10:00 AM
Upwork Reports Significant Growth in Flexible Hiring for Customer-Facing, Data, and Creative Skills in October 2025
UPWK
Hiring
New Projects/Investments
- Upwork's Monthly Hiring Report for October 2025 reveals that businesses are increasingly utilizing independent professionals for seasonal needs, with flexible hiring for customer-facing skills growing 30% ahead of the holiday season.
- Data mining & management roles saw a 26% increase, and AI & machine learning skills grew 15% on the Upwork Marketplace in October 2025, indicating a strong focus on digital operations and AI integration.
- High-value creative contracts are also on the rise, with game design & development experiencing a 38% increase in October 2025, driven by demand for original storytelling and brand strategy.
- The report highlights that AI adoption is evolving from experimentation to execution, with companies shifting resources towards building AI infrastructure.
Nov 5, 2025, 2:00 PM
Upwork Reports Record Q3 2025 Revenue and Profitability, Raises Full-Year Guidance
UPWK
Earnings
Guidance Update
Revenue Acceleration/Inflection
- Upwork achieved record Q3 2025 financial results, with revenue of $201.7 million and GAAP net income of $29.3 million. The company returned to positive GSV growth, reporting $1.02 billion in GSV, a 2% year-over-year increase, two quarters earlier than planned.
- Adjusted EBITDA reached an all-time high of $59.6 million, resulting in a record 29.6% adjusted EBITDA margin. Upwork also generated $69.4 million in free cash flow and repurchased 2.1 million shares for $31 million.
- The company increased its full-year 2025 guidance, now expecting revenue between $782-$787 million and adjusted EBITDA between $222-$225 million. For Q4 2025, revenue is projected to be $193-$198 million and adjusted EBITDA $49-$52 million.
- Growth was significantly driven by AI-related initiatives, with GSV from AI-related work increasing 53% year-over-year in Q3. Upwork also launched its new enterprise subsidiary, Lyft, targeting the broader contingent work market, with meaningful accretion expected in 2027.
Nov 3, 2025, 10:00 PM
Quarterly earnings call transcripts for UPWORK.
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