UPWK
Upwork Inc.21.44
+0.06+0.28%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
FY Q4 '25
Q&A reaffirms H2 ramp, adds details
Q&A reinforced the prepared script's back-half 2026 ramp while framing Q1 as a planned bridge quarter due to Lyfted integration costs and marketplace focus on ramping larger clients. Management highlighted incremental details like Ooma Recruiter's live impact on hiring speed, Business Plus campaigns yielding clients spending 2.5x average GSV, and broader variable freelancer fee rollout starting Q1 to lift revenue. Enterprise green shoots emerged with two new Lyfted clients won and existing ones pursuing RFPs via healthy pipeline. No AI talent bottlenecks surfaced. Q&A added color, not curveballs. Watch Lyfted mid-year onboarding for acceleration.
Last Quarter (Q3 '25)
FY Q3 '25
Lifted traction, AI tailwinds clarified
Q&A drilled into Lifted's early momentum, revealing multimillion-dollar RFP invites and competition against niche staffing/EOR players, with first customers onboarding early 2026 and GSV impact accelerating late that year. Management busted the AI substitution myth, stressing fractionalized work as a tailwind boosting hours per contract on complex projects—AI clients spend 3.5x average. Lifted investments dilute 2026 margins by 2 points yet keep them expanding amid organic bets. Macro stayed stable. Punchy: Demand outpaces Lifted rollout. Upbeat tone persists; watch enterprise ramp.
Key Stats
Market Cap
2.84BP/E (TTM)
12.32Basic EPS (TTM)
1.74Dividend Yield
0%Recent Filings
8-K
Q4 revenue up 4%, AI GSV surges
Upwork posted Q4 revenue of $198.4M, up 4% YoY, with full-year 2025 hitting record $787.8M and adjusted EBITDA soaring 35% to $225.6M. AI-driven GSV topped $300M annualized, while SMB and enterprise segments gained traction. Bylaws tweaked for smoother stockholder nominations. Guides 2026 revenue to $835M-$850M.
8-K
Upwork names new CAO
Upwork appointed Sabrina Mekhalfa as Chief Accounting Officer, effective December 15, 2025. She brings experience from Velocity Global and UserTesting. Compensation includes $365,000 base salary, 50% target bonus, $175,000 sign-on cash, and $850,000 RSUs vesting quarterly over three years. New hire. Severance terms favor change-in-control protection.
10-Q
Q3 FY2025 results
Upwork posted Q3 revenue of $201.7M, up 4% y/y and driving operating income to $29.8M from $20.8M while gross margin slipped to 77.3% from 77.6%. Marketplace revenue hit $174.6M (+4% y/y) on take rate expansion to 18.9%, yet Enterprise dipped slightly amid Lifted repositioning; YTD revenue reached $589.4M (+2% y/y) with net income at $99.8M. Cash from operations swelled to $184.6M YTD, funding $59.8M acquisitions of Bubty (June 2025, $20.4M cash, $6.2M goodwill, $18.6M developed tech over 5 years) and Ascen (Aug 2025, $42.2M cash, $23.2M goodwill, $15.0M intangibles over 3-5 years). Convertible notes ($361M at 0.25%, due 2026) sit current with $260.8M cash and $382.3M marketable securities. Share repurchases totaled $101.9M YTD. Marketplace competition sharpens pricing pressure.
8-K
8-K
IPO
Website
Employees
Sector
Industry
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