Upwork (UPWK) FY2025 results: revenue $788 million, up 2.4% on the year
Upwork, Inc. (UPWK) reported revenue of $788 million for fiscal 2025, the year ended 31 December 2025, up 2.4% on the year before. Net income was $115 million, down 46.5%, and diluted earnings per share $0.84. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2026.
Revenue
$788 million
+2.4% on the year
FY2018FY2025
Operating margin
16.4%
8.5% a year earlier
FY2018FY2025
Net income
$115 million
-46.5% on the year
FY2018FY2025
Diluted EPS
$0.84
-44.7% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 10 new.
Q4 revenue grew 4%: Fourth-quarter revenue was $198.4 million, up 4% from a year earlier.
Record full-year adjusted EBITDA: Adjusted EBITDA for 2025 was a record $225.6 million, up 35%. Fourth-quarter adjusted EBITDA was $52.9 million, up 5%.
Lifted go-to-market strategy finalized: Lifted, the enterprise subsidiary launched in August 2025, has a finalized go-to-market strategy, and team and platform integration work continued in Q4.
Business Plus GSV rose 24%: GSV from the Business Plus SMB offering rose 24% quarter over quarter in Q4 2025.
AI-related GSV passed $300 million: GSV from AI-related work surpassed $300 million on an annualized basis in Q4, up more than 50% from the prior year.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
248
154
52.7
+61.7%
Capital expenditure
5.8
3.5
0.7
+64.1%
Free cash flow
242
150
52.0
+61.6%
Free cash flow margin
30.8%
19.5%
7.5%
Cash from investing
-137
138
88.3
Cash from financing
-138
-82.0
-140
Depreciation and amortisation
25.7
14.8
9.4
+73.6%
Share-based compensation
65.4
68.4
74.2
-4.4%
Buybacks
136
100
0.0
+36.0%
Diluted shares, weighted
141m
143m
137m
-1.7%
Shares outstanding at period end
131m
135m
137m
-3.5%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
630
575
381
+9.5%
Debt
360
358
356
+0.5%
Operating lease liabilities
9.7
9.6
6.1
+1.5%
Other liabilities
300
269
294
+11.6%
Total liabilities and equity
1,300
1,212
1,038
+7.3%
Fixed assets
44.4
30.1
27.1
+47.8%
Goodwill
149
121
118
+23.2%
Intangible assets
37.2
13.0
3.0
+186.1%
Investments
378
316
470
+19.6%
Cash and equivalents
294
306
79.6
-3.7%
Receivables
76.2
75.5
103
+1.0%
Other assets
320
350
236
-8.6%
Total assets
1,300
1,212
1,038
+7.3%
10-K for the year ended 31 December 2025, filed 13 February 2026: the filing.