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Mar 31, 2025
Upwork Q1 2025 Earnings Report
Reported record first quarter results with revenue of $192.7 million, GAAP net income of $37.7 million, and adjusted EBITDA of $56.0 million.
Key Takeaways
Upwork achieved record first-quarter revenue and profitability in Q1 2025, driven by strong execution and strategic investments in AI. Revenue grew 1% year-over-year to $192.7 million, while net income more than doubled to $37.7 million. Adjusted EBITDA reached $56.0 million, resulting in a 29% margin.
Achieved record first quarter revenue of $192.7 million, a 1% increase year-over-year.
Reported GAAP net income of $37.7 million, more than double the prior year.
Delivered adjusted EBITDA of $56.0 million, resulting in a 29% margin.
Saw positive growth in GSV per active client for the first time in six quarters, increasing 3% year-over-year.
Revenue by Segment
Forward Guidance
Upwork reiterates its full-year 2025 revenue guidance and raises its full-year adjusted EBITDA guidance.
Positive Outlook
- Reiterating full-year 2025 revenue guidance of $740 million to $760 million.
- Raising full-year 2025 adjusted EBITDA guidance to $190 million to $200 million.
- Second quarter 2025 revenue guidance of $184 million to $189 million.
- Second quarter 2025 adjusted EBITDA guidance of $45 million to $49 million.
- Full-year 2025 non-GAAP diluted EPS guidance of $1.14 to $1.18.
Challenges Ahead
- Second quarter 2025 diluted weighted-average shares outstanding guidance of 139 million to 141 million.
- Full-year 2025 diluted weighted-average shares outstanding guidance of 138 million to 142 million.
- Full-year 2025 stock-based compensation expense guidance of $60 million to $65 million.
- GAAP net income and GAAP diluted EPS guidance not reconciled due to uncertainty of certain items.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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