NASDAQ$UPWK
Upwork Inc · Q4 2025 earnings
Q4 2025 earnings · · After market close · Investor relations
Briefing
Upwork reported Q4 2025 revenue of $198.4M and GAAP net income of $15.6M ($0.12 diluted EPS), with record annual revenue and adjusted EBITDA margin.
Fourth-quarter revenue was $198.4 million (+3.6% YoY) with GAAP net income of $15.6 million versus $147.2 million a year ago when results included a large non-cash tax benefit. Diluted EPS was $0.12; adjusted EBITDA was $52.9 million. Management guided 2026 revenue growth of 6%–8% and GSV growth of 4%–6% as AI and enterprise initiatives scale.
- Q4 revenue $198.4M (+4%); FY2025 revenue $787.8M.
- GAAP net income $15.6M; adjusted EBITDA $52.9M in Q4.
- Diluted EPS $0.12 vs $1.03 prior year (tax benefit in Q4 2024).
- FY2026 revenue guide +6% to +8%; GSV guide +4% to +6%.
Headline financials
Revenue & EPS history
Upwork · Revenue · Quarterly
$198M
Revenue by segment
Upwork · $174M total across 2 segments · Q3 2023
- Marketplace$162M+11.5%93.0%
- Enterprise$12.1M-3.2%7.0%
Forward guidance
Management expects 2026 revenue growth of 6%–8% and marketplace GSV growth of 4%–6%, with Q1 2026 non-GAAP diluted EPS guided to $0.26–$0.28.
Tailwinds
- Return to GSV growth ahead of plan.
- Record annual revenue and adjusted EBITDA margin.
- Diversified growth from AI, SMB, and enterprise.
Headwinds
- GAAP EPS still pressured vs prior-year tax benefit.
- Flexible labor demand sensitive to macro hiring.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2025
+1.3%
Avg return
Earnings day
+0.3%
Avg return
5 days after
-5.1%
Avg return
30 days after
47%
14 / 30 earnings
Positive
+48.0%
Q3 2020
Best reaction
-19.1%
Q4 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.1% | -20.7% | -17.2% | |
| Q4 2025 | -19.1% | -29.6% | -36.9% | |
| Q3 2025 | +13.2% | +11.6% | +25.3% | |
| Q1 2025 | +18.0% | +26.7% | +13.3% | |
| Q4 2024 | +6.6% | +8.6% | -18.9% | |
| Q3 2024 | +12.9% | +10.4% | +17.9% | |
| Q2 2024 | -13.2% | -16.5% | -11.9% | |
| Q1 2024 | +11.0% | +7.9% | -9.7% | |
| Q4 2023 | -0.3% | -1.4% | -14.1% | |
| Q3 2023 | +17.3% | +21.8% | +21.4% | |
| Q2 2023 | +43.5% | +44.6% | +49.3% | |
| Q1 2023 | -9.2% | -8.6% | -0.2% | |
| Q4 2022 | -10.3% | -11.0% | -23.8% | |
| Q3 2022 | +1.4% | +5.0% | -8.0% | |
| Q2 2022 | -14.2% | -16.5% | -20.8% | |
| Q1 2022 | +10.0% | +15.8% | -3.5% | |
| Q4 2021 | -6.0% | -8.7% | -16.7% | |
| Q3 2021 | -15.5% | -15.4% | -35.1% | |
| Q2 2021 | -10.8% | -10.5% | -23.8% | |
| Q1 2021 | -6.5% | -4.1% | +3.8% | |
| Q4 2020 | +3.8% | +4.8% | -15.5% | |
| Q3 2020 | +48.0% | +42.7% | +63.0% | |
| Q2 2020 | -10.3% | -11.7% | -13.0% | |
| Q1 2020 | +4.3% | +19.3% | +40.0% | |
| Q4 2019 | +5.0% | +1.4% | -21.9% | |
| Q3 2019 | -15.9% | -19.5% | -26.0% | |
| Q2 2019 | +10.0% | -3.0% | -9.0% | |
| Q1 2019 | -18.6% | -20.3% | -30.5% | |
| Q4 2018 | -6.1% | -4.1% | -19.9% | |
| Q3 2018 | -6.9% | -8.8% | -11.9% | |
| Q2 2018 | — | — | — | |
| Q1 2018 | — | — | — | |
| Q4 2017 | — | — | — | |
| Q3 2017 | — | — | — | |
| Q2 2017 | — | — | — | |
| Q1 2017 | — | — | — |
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