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Upwork Earnings Calls
| Release date | Nov 03, 2025 |
| EPS estimate | $0.250 |
| EPS actual | $0.210 |
| EPS Surprise | -16.00% |
| Revenue estimate | 197.177M |
| Revenue actual | 201.73M |
| Revenue Surprise | 2.31% |
| Release date | Aug 06, 2025 |
| EPS estimate | $0.260 |
| EPS actual | $0.350 |
| EPS Surprise | 34.62% |
| Revenue estimate | 187.525M |
| Revenue actual | 194.939M |
| Revenue Surprise | 3.95% |
| Release date | May 05, 2025 |
| EPS estimate | $0.250 |
| EPS actual | $0.340 |
| EPS Surprise | 36.00% |
| Revenue estimate | 187.101M |
| Revenue actual | 192.706M |
| Revenue Surprise | 3.00% |
| Release date | Feb 12, 2025 |
| EPS estimate | $0.240 |
| EPS actual | $0.300 |
| EPS Surprise | 25.00% |
| Revenue estimate | 180.378M |
| Revenue actual | 191.483M |
| Revenue Surprise | 6.16% |
Last 4 Quarters for Upwork
Below you can see how UPWK performed 4 days prior and 4 days after releasing the earnings report. Also, you can see the pre-estimates and the actual earnings. This information can give you a slight idea of what you might expect for the next quarter's release.
| Release date | Feb 12, 2025 |
| Price on release | $15.53 |
| EPS estimate | $0.240 |
| EPS actual | $0.300 |
| EPS surprise | 25.00% |
| Date | Price |
|---|---|
| Feb 06, 2025 | $15.77 |
| Feb 07, 2025 | $15.77 |
| Feb 10, 2025 | $15.75 |
| Feb 11, 2025 | $15.23 |
| Feb 12, 2025 | $15.53 |
| Feb 13, 2025 | $16.56 |
| Feb 14, 2025 | $16.14 |
| Feb 18, 2025 | $16.87 |
| Feb 19, 2025 | $17.44 |
| 4 days before | -1.52% |
| 4 days after | 12.30% |
| On release day | 6.60% |
| Change in period | 10.59% |
| Release date | May 05, 2025 |
| Price on release | $13.32 |
| EPS estimate | $0.250 |
| EPS actual | $0.340 |
| EPS surprise | 36.00% |
| Date | Price |
|---|---|
| Apr 29, 2025 | $13.34 |
| Apr 30, 2025 | $13.15 |
| May 01, 2025 | $13.31 |
| May 02, 2025 | $13.48 |
| May 05, 2025 | $13.32 |
| May 06, 2025 | $15.72 |
| May 07, 2025 | $16.27 |
| May 08, 2025 | $16.45 |
| May 09, 2025 | $16.88 |
| 4 days before | -0.150% |
| 4 days after | 26.73% |
| On release day | 18.02% |
| Change in period | 26.54% |
| Release date | Aug 06, 2025 |
| Price on release | $11.95 |
| EPS estimate | $0.260 |
| EPS actual | $0.350 |
| EPS surprise | 34.62% |
| Date | Price |
|---|---|
| Jul 31, 2025 | $11.96 |
| Aug 01, 2025 | $11.75 |
| Aug 04, 2025 | $12.04 |
| Aug 05, 2025 | $11.88 |
| Aug 06, 2025 | $11.95 |
| Aug 07, 2025 | $13.58 |
| Aug 08, 2025 | $13.17 |
| Aug 11, 2025 | $13.41 |
| Aug 12, 2025 | $13.67 |
| 4 days before | -0.0836% |
| 4 days after | 14.39% |
| On release day | 13.64% |
| Change in period | 14.30% |
| Release date | Nov 03, 2025 |
| Price on release | $15.63 |
| EPS estimate | $0.250 |
| EPS actual | $0.210 |
| EPS surprise | -16.00% |
| Date | Price |
|---|---|
| Oct 28, 2025 | $17.37 |
| Oct 29, 2025 | $16.88 |
| Oct 30, 2025 | $16.31 |
| Oct 31, 2025 | $15.94 |
| Nov 03, 2025 | $15.63 |
| Nov 04, 2025 | $17.70 |
| Nov 05, 2025 | $16.38 |
| Nov 06, 2025 | $16.15 |
| Nov 07, 2025 | $17.45 |
| 4 days before | -10.02% |
| 4 days after | 11.64% |
| On release day | 13.24% |
| Change in period | 0.461% |
Upwork Earnings Call Transcript Summary of Q3 2025
Upwork reported a pivotal Q3 2025: gross service volume (GSV) returned to positive growth (2% YoY) after several quarters of headwinds, revenue reached a company record of $201.7M, GAAP net income was $29.3M, and adjusted EBITDA hit an all-time high of $59.6M (29.6% margin). Management raised full-year 2025 guidance (revenue $782M–$787M; adjusted EBITDA $222M–$225M) and reiterated a long-term adjusted EBITDA margin target of 35%. Key drivers include AI investments (Uma) and marketplace/product enhancements that management attributes with driving ~$100M incremental GSV in 2025 and AI-related GSV growth of 53% YoY in Q3. SMB-focused product Business Plus saw strong adoption (active clients up 36% QoQ) and is contributing to higher spend per contract and hours per contract trends. Upwork launched Lifted, a new enterprise subsidiary to address the broader contingent workforce market; early demand is stronger-than-expected, with first customer onboarding targeted for early 2026. Acquisitions (Bubty and Ascen) are modestly contributing (~$5M revenue in H2 2025) and are expected to be accretive to GSV, revenue and adjusted EBITDA in 2027; they and Lifted will cause approximately 2 percentage points of margin dilution in 2026. Free cash flow remains strong (record Q3 FCF of $69.4M), cash and marketable securities were ~$643M, and management continues buybacks (repurchased $31M in Q3) while balancing reinvestment for growth.
