Q3 2025 Upwork Inc Earnings Call Transcript

Nov 3, 2025 / 10:00 PM GMT

Release Date Price: €13.87 (+0.40%)

Transcript 10-Q8-K

Key Points

Positve

Upwork Inc (UPWK) achieved record-breaking quarterly revenue of $201.7 million, surpassing $200 million for the first time.
The company reported a GAAP net income of $29.3 million and an all-time high adjusted EBITDA of $59.6 million.
Upwork Inc (UPWK) saw a 2% year-over-year growth in Gross Services Volume (GSV), marking a return to growth after five quarters of headwinds.
AI-related projects on the platform increased significantly, with GSV from AI-related work growing 52% year-over-year.
The launch of the new subsidiary, Lifted, positions Upwork Inc (UPWK) to capture a larger share of the $650 billion contingent work market.

Negative

Despite growth, the labor market remains sluggish, posing challenges for sustained momentum.
The company anticipates a lower total take rate in Q4 due to seasonal volume declines from managed services customers.
Integration costs related to recent acquisitions are expected to be margin dilutive throughout 2026.
The sales cycle for large enterprise agreements can take up to a year or more, delaying potential revenue realization.
Q4 guidance reflects regular seasonality, with expected lighter GSV due to holiday season project wrap-ups.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

UPWK.OQ - Upwork Inc
Q3 2025 Upwork Inc Earnings Call
Nov 03, 2025 / 10:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good day and thank you for standing by. Welcome to the Upworks 3rd quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Tyler Staal, senior corporate and securities counsel. Please go ahead.

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Unidentified_2 [2]

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