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SharkNinja: Viral by Design
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Upwork
Upwork (UPWK) investor relations material
Upwork Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary9 Feb, 2026
Executive summary
Achieved record 2025 results: $4.03B GSV, $787.8M revenue, $226M adjusted EBITDA, with 2.4% revenue growth and 29% adjusted EBITDA margin year-over-year.
Reinvented business model focused on AI-powered work, SMB growth, and enterprise expansion, positioning for leadership in a $1.3T market by 2028.
Transformation to an AI-driven platform completed, with strong momentum entering 2026 and targeting accelerated growth and margin expansion.
Active clients at year-end were 785,000, with GSV per active client rising 7% year-over-year to $5,129 in Q4.
Significant growth in AI-related work, with GSV from AI surpassing $300M annually, up over 50% year-over-year.
Financial highlights
FY 2025 GSV reached $4.03B, up 1% year-over-year; Q4 GSV was $1.02B, up 3% year-over-year.
FY 2025 revenue was $787.8M, up 2% year-over-year; Q4 revenue was $198.4M, up 4% year-over-year.
Record annual adjusted EBITDA of $225.6M, a 35% increase year-over-year; Q4 adjusted EBITDA was $52.9M (27% margin).
Free cash flow for 2025 was $223.1M, up 60% year-over-year; $57.3M generated in Q4.
GAAP gross margin for FY 2025 was 77.8%, a record high; Q4 gross margin was 78.0%.
Outlook and guidance
2026 revenue guidance: $835M-$850M (6%-8% growth); adjusted EBITDA: $240M-$250M; Q1 2026 revenue: $192M-$197M; adjusted EBITDA: $45M-$47M.
Non-GAAP diluted EPS for 2026 expected between $1.43-$1.48; Q1 EPS $0.26-$0.28.
2026 GSV growth expected at 4%-6%; adjusted EBITDA margin projected at ~29%.
Focus on leveraging AI features and expanding enterprise solutions to drive future growth.
Expect sequential growth in GSV, take rate, and revenue through 2026, with Lifted ramping in H2.
Explain active client decline vs. GSV growth
Detail Enterprise revenue decline despite Lifted
How will AI drive 2026 growth acceleration?
Uma's 'Waymo chauffeur' role: workflow impact?
Lifted platform migration: H2 2026 progress signals?
Marketplace: Q1 impact of low-value contract shift?
Partial view of Summaries dataset, powered by Quartr API
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Next Upwork earnings date
Q1 20264 May, 2026
Upwork
Next Upwork earnings date
Q1 20264 May, 2026
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Frequently asked questions
Empowering talent and unlocking opportunities
Upwork is a leading online platform that connects freelancers with clients seeking services. It operates as a marketplace where businesses and individuals can hire and collaborate with remote workers across various fields, including software development, design, writing, marketing, and more. Upwork provides a convenient and efficient way for employers to find qualified freelancers and for freelancers to showcase their skills and find work opportunities.
Matching supply and demand
Upwork's business model revolves around facilitating the matchmaking between clients and freelancers. Clients post job listings on the platform, specifying their requirements, budget, and timeline. Freelancers can then browse through these job listings and submit proposals to the clients, highlighting their skills, experience, and estimated cost for completing the project. Upwork also provides tools for communication, collaboration, and payment processing, ensuring a seamless workflow between the parties involved. The company has experienced significant growth in recent years, driven by the increasing demand for remote work and the gig economy, and is one of the largest online freelance marketplaces globally.
A rapidly evolving market
Upwork operates in a rapidly evolving and competitive landscape, which presents both opportunities and challenges. Upwork has the potential to further expand its reach into new markets and tap into the growing demand for remote work worldwide. Also, the company can leverage technological advancements, such as AI and automation, to improve its matching algorithms and enhance the overall user experience on the platform.
Network effects
Since the core of a marketplace is supply and demand, it is also getting stronger when both sides grow, also called network effects. Amazon, Alibaba, Airbnb, and Uber are a few examples of companies operating as online marketplaces. Fiverr is a company that operates a similar marketplace as Upwork and are considered its closest competitor.
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