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Upwork Inc (DE:UP2)
NASDAQ:UP2
Earnings Data
Report Date
May 06, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.23Last Year’s EPS
0.29Same Quarter Last Year
Moderate Buy
Based on 11 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a generally positive tone: management highlighted a completed multi-year transformation, record annual revenue and adjusted EBITDA, strong free cash flow, improving monetization (higher take rate), rapid adoption of Business Plus, and substantial AI-led growth trends. At the same time, near-term headwinds include flat marketplace GSV driven by losses in very low-value contracts, a temporary decline in legacy enterprise revenue while migrating to the new Lyfted/Listed platform, integration costs and short-term margin dilution from Lyfted investments, and exposure to secular declines in certain categories. Management provided 2026 guidance that preserves profitability (targeting ~29% adjusted EBITDA margin) but is backloaded, increasing execution risk. Overall, the highlights (record financials, AI and SMB momentum, strong cash generation, margin discipline) outweigh the lowlights (transitional enterprise drag, integration costs, some category pressure and backloaded growth risk), resulting in a constructive but execution-dependent outlook.Company Guidance
Record Full-Year Financials
Full-year 2025 GSV exceeded $4.0B, revenue of $788M (up 2.4% year-over-year), and record adjusted EBITDA of $226M with a 29% adjusted EBITDA margin (highest annual margin on record).
Strong Q4 Results
Q4 2025 showed sequential and year-over-year strength with GSV up 3% YoY, revenue up 4% YoY, Q4 adjusted EBITDA of $53M and a Q4 adjusted EBITDA margin of 27%.
Robust Free Cash Flow and Strong Balance Sheet
Generated record free cash flow of $223M in 2025 and Q4 free cash flow of $57M; ended year with approximately $673M in cash, cash equivalents, and marketable securities; repurchased >9M shares for $136M in 2025.
Higher Monetization and Marketplace Efficiency
Marketplace take rate improved to 19% in Q4 2025 from 18.1% in Q4 2024, driving 5% YoY marketplace revenue growth in Q4 and contributing to overall revenue growth.
AI Momentum and Product Innovation
AI-related GSV surpassed an annualized $300M in Q4, growing >50% YoY; AI improvements (search/recommendation, Ooma, AI-generated work summaries) contributed an estimated $100M incremental GSV in 2025; introduced HAPI benchmark and began human-agent pair testing.
Business Plus Rapid Adoption
Business Plus scaled quickly: active Business Plus clients grew 49% sequentially in Q4, 38% of those clients were new to Upwork, Business Plus clients spend ~2.5x the marketplace average, and Business Plus GSV grew 24% QoQ in Q4.
Improving Customer Value Signals
Average GSV per active client reached a record >$5,100 in Q4 (up 7% YoY); spend per contract increased 10% YoY; GSV per new client increased 5% YoY and 3% QoQ; churn declined ~130 basis points YoY in Q4.
Cost Discipline and Operating Leverage
Non-GAAP operating expense for the full year was $405M (51% of revenue) versus 57% in 2024, reflecting cost management; gross margin was 78% in Q4 and 77.8% for the full year (record).
2026 Guidance with Continued Profitability
Guidance for FY2026: GSV growth 4–6%, revenue growth 6–8% ($835–$850M), adjusted EBITDA margin ~29% ($240–$250M). Q1 2026 revenue guide $192–$197M; Q1 adjusted EBITDA $45–$47M (23–24% margin).
DE:UP2 Earnings History
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
DE:UP2 Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 09, 2026 | €15.82 | €11.80 | -25.41% |
Nov 03, 2025 | €13.70 | €16.00 | +16.83% |
Aug 06, 2025 | €10.27 | €11.43 | +11.35% |
May 05, 2025 | €11.91 | €13.24 | +11.17% |
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.
FAQ
When does Upwork Inc (DE:UP2) report earnings?
Upwork Inc (DE:UP2) is schdueled to report earning on May 06, 2026, After Close (Confirmed).
What is Upwork Inc (DE:UP2) earnings time?
Upwork Inc (DE:UP2) earnings time is at May 06, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is the P/E ratio of Upwork Inc stock?
The P/E ratio of Upwork is N/A.
What is DE:UP2 EPS forecast?
DE:UP2 EPS forecast for the fiscal quarter 2026 (Q1) is 0.23.
