Upwork Inc. Q3 2025 Earnings Recap

UPWK Q3 2025 November 4, 2025

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Upwork's third quarter of 2025 marked a significant turning point, achieving record revenue of $201.7 million and a 2% year-over-year growth in gross services volume (GSV) as the company capitalizes on its AI-driven marketplace strategy.

Earnings Per Share Miss

$0.21 vs $0.25 est.

-16.0% surprise

Revenue Beat

201730000 vs 197520940 est.

+2.1% surprise

Market Reaction

1-Day +13.24%

5-Day +11.64%

30-Day +26.26%

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Key Takeaways

Revenue surpassed $200 million for the first time, with GAAP net income reaching $29.3 million.
Adjusted EBITDA hit an all-time high of $59.6 million, translating to a margin of 29.6%.
AI-related project activity on the platform surged, with GSV from AI work up 53% year-over-year.
Adoption of Upwork Business Plus grew 36% quarter-over-quarter, demonstrating strong demand among SMBs.
The launch of Lifted aims to tap into the $650 billion contingent work market, with robust early interest from clients.

This summary was generated by AI from the official earnings call transcript and is provided for informational purposes only. It does not constitute financial advice. For the complete transcript and financial data, visit UPWK on AllInvestView.

Next Q1 2026