The earnings call highlighted strong financial performance and growth driven by AI and strategic acquisitions, while acknowledging challenges in the enterprise segment and macroeconomic uncertainty. The positive aspects significantly outweigh the lowlights, reflecting a strong strategic position and optimistic future outlook.

Company Guidance -

Q3 2025

During Upwork's second quarter 2025 earnings call, the company reported record Q2 revenue of $194.9 million, driven by AI enhancements, client hiring in AI-related work, and Business Plus offerings. The company exceeded guidance with a net income of $32.7 million and an adjusted EBITDA of $57.1 million, leading to a 16.8% profit margin and a 29.3% adjusted EBITDA margin. Upwork raised its full-year guidance for revenue and adjusted EBITDA, attributing this to a more than $80 million increase in GSV from AI and customer experience improvements. AI-related work GSV grew by 30% year-over-year, and Business Plus client growth surged by 45% quarter-over-quarter. The company also announced two strategic acquisitions to enhance their enterprise offerings, aiming to capture a greater share of the $650 billion contingent workforce TAM. The guidance for Q3 2025 projects revenue between $190 million to $195 million and an adjusted EBITDA margin of 25% to 26%, reflecting the company's continued focus on operational excellence and growth.

Record Q2 Revenue

Upwork delivered its highest ever Q2 revenue of $194.9 million, driven by AI enhancements, client hiring in AI-related work, and successful monetization strategies.

Strong Financial Metrics

Upwork reported net income of $32.7 million and adjusted EBITDA of $57.1 million, resulting in a 16.8% profit margin and 29.3% adjusted EBITDA margin.

AI-Driven Growth

AI-related work accelerated to 30% year-over-year growth, and the number of clients posting AI jobs grew 38% year-over-year.

Business Plus Growth

Active Business Plus clients increased 45% quarter-over-quarter, and GSV from those clients surged 190% quarter-over-quarter.

Successful Acquisitions

Upwork acquired Bubty and Ascen to complete its enterprise offering, targeting a $650 billion contingent workforce market opportunity.

Increased Full Year Guidance

Upwork raised its full year guidance for both revenue and adjusted EBITDA due to strong performance in the first half of the year.

Upwork (UPWK) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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UPWK Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 22, 2025	2025 (Q3)	0.28 / -	0.29	―	―	―
Aug 06, 2025	2025 (Q2)	0.28 / 0.35	0.26	34.62% (+0.09)
May 05, 2025	2025 (Q1)	0.27 / 0.34	0.22	54.55% (+0.12)
Feb 12, 2025	2024 (Q4)	0.25 / 0.30	0.2	50.00% (+0.10)
Nov 06, 2024	2024 (Q3)	0.26 / 0.29	0.21	38.10% (+0.08)
Aug 07, 2024	2024 (Q2)	0.23 / 0.26	0.1	160.00% (+0.16)
May 01, 2024	2024 (Q1)	0.18 / 0.22	-0.01	2300.00% (+0.23)
Feb 14, 2024	2023 (Q4)	0.17 / 0.20	0.04	400.00% (+0.16)
Nov 07, 2023	2023 (Q3)	0.10 / 0.21	-0.03	800.00% (+0.24)
Aug 02, 2023	2023 (Q2)	>-0.01 / 0.10	-0.04	350.00% (+0.14)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

UPWK Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 06, 2025	$11.95	$13.58	+13.64%
May 05, 2025	$13.32	$15.72	+18.02%
Feb 12, 2025	$15.53	$16.56	+6.63%
Nov 06, 2024	$14.58	$16.25	+11.45%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.