Upwork (UPWK) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 results: $4.03B GSV, $788M revenue, $226M adjusted EBITDA, with 2.4% revenue growth and 29% adjusted EBITDA margin year-over-year.

• Q4 2025 saw 3% GSV growth, 4% revenue growth, and a 27% adjusted EBITDA margin year-over-year.

• Transformation to an AI-driven, Human-plus-AI platform completed, positioning for leadership in the evolving work landscape.

• AI, SMB, and Enterprise segments identified as primary growth pillars, each showing strong momentum.

• Positioned to capture a $1.3T market opportunity by 2028 across SMB, enterprise, and agentic AI segments.

Financial highlights

• FY 2025 GSV reached $4.03B, up 1% year-over-year; Q4 GSV was $1.02B, up 3% year-over-year.

• FY 2025 revenue was $788M, up 2.4% year-over-year; Q4 revenue was $198.4M, up 4% year-over-year.

• Adjusted EBITDA for 2025 was $226M (29% margin), up 35% year-over-year; Q4 adjusted EBITDA was $53M (27% margin).

• Free cash flow for 2025 was $223M; $57M generated in Q4.

• Gross margin was 78.0% in Q4 and 77.8% for 2025, a record high.

Outlook and guidance

• 2026 GSV growth expected at 4%-6%; revenue growth at 6%-8% ($835M-$850M).

• Adjusted EBITDA margin for 2026 projected at ~29% ($240M-$250M); Q1 margin expected at 23%-24%.

• Q1 2026 revenue guidance: $192M-$197M; adjusted EBITDA: $45M-$47M.

• Non-GAAP diluted EPS for 2026 expected between $1.43-$1.48; Q1 EPS $0.26-$0.28.

• Margin dilution of about two percentage points in 2026 due to investments in Lifted integration and growth.