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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Upwork (UPWK) investor relations material
Upwork Investor Day 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Day 2025 summary18 Nov, 2025
Strategic transformation and business reinvention
The company has rebuilt its platform and operations to lead in AI-powered work, focusing on human-AI collaboration and end-to-end AI workflows.
Major product reinvention included launching Uma, an AI agent, and executing high-impact acquisitions (Bubty, Ascen) to accelerate the AI roadmap and expand enterprise solutions.
The operational layer was streamlined, reducing team size by 21% in 2024, cutting sales costs by 35%, enterprise customer acquisition cost by 40%, and marketing spend by 55% since 2022.
The company targets three core growth pillars: AI, SMB, and enterprise, each with tailored products and strategies.
Proprietary data ecosystem and AI infrastructure (Uma, HAPI, knowledge graph) underpin platform differentiation and next-generation experiences.
AI-driven platform and product innovation
Uma, the proprietary AI agent, now powers 70% of job posts and orchestrates the customer journey, with 18M active professionals and 10,000 skills on the platform.
AI-native features have unlocked $100 million in incremental GSV in 2025, with AI-related GSV surpassing $300 million and growing over 50% year over year.
The company is pioneering a human and AI agent marketplace, with third-party agents to be broadly available in 2026, aiming to capture a $120 billion agentic market by 2028.
Early results show up to 70% improvement in task completion rates when humans and AI agents collaborate.
Proprietary data assets and a knowledge graph enable superior matching, personalization, and agent training.
SMB and enterprise market expansion
Business Plus, a premium SMB offering, has shown 33% quarter-over-quarter GSV growth, 36% increase in active clients, and 2.5x GSV per client, with minimal marketing to date.
SMBs represent a $530 billion 2028 market, with Business Plus scaling rapidly and high retention.
The enterprise segment was transformed with the launch of Lifted, following acquisitions that now allow direct support for all five contingent labor contract types and access to both functional and procurement buyers.
Lifted opens up a $650 billion enterprise market, with early indicators showing 25% GSV growth in 2026 and potential for much larger contracts.
Both SMB and enterprise strategies are designed to avoid cannibalization, targeting distinct customer segments and needs.
How does Upwork's human+AI agent model monetize?
Quantify Business Plus's impact on take rate
How does Lifted unlock enterprise market growth?
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Next Upwork earnings date
Q4 202512 Feb, 2026
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Frequently asked questions
Empowering talent and unlocking opportunities
Upwork is a leading online platform that connects freelancers with clients seeking services. It operates as a marketplace where businesses and individuals can hire and collaborate with remote workers across various fields, including software development, design, writing, marketing, and more. Upwork provides a convenient and efficient way for employers to find qualified freelancers and for freelancers to showcase their skills and find work opportunities.
Matching supply and demand
Upwork's business model revolves around facilitating the matchmaking between clients and freelancers. Clients post job listings on the platform, specifying their requirements, budget, and timeline. Freelancers can then browse through these job listings and submit proposals to the clients, highlighting their skills, experience, and estimated cost for completing the project. Upwork also provides tools for communication, collaboration, and payment processing, ensuring a seamless workflow between the parties involved. The company has experienced significant growth in recent years, driven by the increasing demand for remote work and the gig economy, and is one of the largest online freelance marketplaces globally.
A rapidly evolving market
Upwork operates in a rapidly evolving and competitive landscape, which presents both opportunities and challenges. Upwork has the potential to further expand its reach into new markets and tap into the growing demand for remote work worldwide. Also, the company can leverage technological advancements, such as AI and automation, to improve its matching algorithms and enhance the overall user experience on the platform.
Network effects
Since the core of a marketplace is supply and demand, it is also getting stronger when both sides grow, also called network effects. Amazon, Alibaba, Airbnb, and Uber are a few examples of companies operating as online marketplaces. Fiverr is a company that operates a similar marketplace as Upwork and are considered its closest competitor.
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