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Jun 30, 2025
Upwork Q2 2025 Earnings Report
Upwork reported strong second quarter 2025 financial results, achieving record revenue and outperforming expectations across key financial metrics.
Key Takeaways
Upwork delivered an exceptional second quarter in 2025, with record revenue of $194.9 million, net income of $32.7 million, and an all-time high adjusted EBITDA margin of 29.3%. The company's strong performance was driven by AI features and strategic acquisitions, leading to raised full-year guidance for both revenue and adjusted EBITDA.
Achieved record second quarter revenue of $194.9 million, demonstrating strong financial performance.
Reported GAAP net income of $32.7 million and adjusted EBITDA of $57.1 million, with significant year-over-year increases in profitability.
Raised full-year 2025 revenue and adjusted EBITDA guidance, reflecting confidence in continued growth and profitability.
Strategic acquisitions of Bubty and Ascen enhance Upwork's enterprise offering, positioning the company to capitalize on a large market opportunity.
Revenue by Segment
Forward Guidance
Upwork raised its full-year 2025 guidance for both revenue and adjusted EBITDA, indicating strong confidence in continued growth and profitability.
Positive Outlook
- Raised full-year 2025 revenue guidance to $765 million to $775 million.
- Raised full-year 2025 adjusted EBITDA guidance to $206 million to $214 million.
- Third quarter 2025 revenue guidance of $190 million to $195 million.
- Third quarter 2025 adjusted EBITDA guidance of $47 million to $51 million.
- Reiterated long-term 35% adjusted EBITDA margin target.
Challenges Ahead
- Diluted weighted-average shares outstanding for Q3 2025 expected to be 140 million to 141 million.
- Diluted weighted-average shares outstanding for FY 2025 expected to be 140 million to 142 million.
- Non-GAAP diluted EPS for Q3 2025 expected to be $0.26 to $0.28.
- Non-GAAP diluted EPS for FY 2025 expected to be $1.14 to $1.18.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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