The earnings call highlights Upwork's record revenue, increased guidance, and strong growth in AI work and Business Plus, alongside strategic acquisitions to enhance enterprise offerings. Despite these achievements, challenges include a decline in enterprise revenue and macroeconomic uncertainties. Overall, the company's strengths and strategic initiatives position it well for future growth.

Company Guidance

During Upwork's second quarter 2025 earnings call, the company provided robust guidance, highlighting a record Q2 revenue of $194.9 million and a net income of $32.7 million, surpassing expectations. The adjusted EBITDA stood at $57.1 million, achieving a 16.8% profit margin and a 29.3% adjusted EBITDA margin. Notably, Upwork raised its full-year guidance for both revenue and adjusted EBITDA, attributing its success to strategic initiatives in AI, mergers and acquisitions, and enterprise solutions. With an $80 million lift in GSV from AI enhancements, the company saw a 30% year-over-year growth in AI-related work, a 38% increase in clients posting AI jobs, and a 51% growth in GSV from prompt engineering. Upwork's Business Plus offering also showed strong performance, with active clients increasing by 45% quarter-over-quarter and GSV from these clients surging by 190%. The company announced two strategic acquisitions, Bubty and Ascen, to enhance its enterprise capabilities, aiming to capture a greater share of the $650 billion contingent workforce market. Despite a challenging macro environment, Upwork remains optimistic, projecting further growth in 2026 driven by its AI, ads, monetization, and enterprise strategies.

Record Q2 Revenue

Upwork generated its highest ever Q2 revenue of $194.9 million, driven by AI enhancements, accelerated client hiring in AI-related work, and strong Business Plus performance.

Increased Guidance

Upwork raised its full-year guidance for both revenue and adjusted EBITDA, reflecting strong performance and positive momentum.

Growth in AI Work

GSV from AI-related work accelerated to 30% year-over-year growth, with demand for AI skills contributing significantly to platform activity.

Business Plus Success

Active Business Plus clients increased 45% quarter-over-quarter, with GSV from these clients surging 190%.

Improved Take Rate

Marketplace take rate increased to 18.5% in Q2, up from 18.0% the previous year, driven by new pricing strategies and growth in monetization products.

Strategic Acquisitions

Acquisitions of Bubty and Ascen aim to enhance Upwork's enterprise offerings, potentially unlocking a $650 billion market opportunity.

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.