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Upwork Inc. UPWK Q1 2025 earnings

Reported May 5, 2025 · After market close

Revenue$192.7MBeat by $5.6M
EPS$0.34Beat by $0.09
Revenue estimate$187.1M
EPS estimate$0.25

Next report

Nov 2, 2026 (in a month)
Revenue estimate$180.3M
EPS estimate$0.32

Financials

Q1 2025

Income statement

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Revenue$192.7M+0.9%
Gross profit$150.9M+2.8%
Operating income$38.7M+196%
Net income$37.7M+105%
EPS (diluted)$0.27+108%

Balance sheet

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Cash & equivalents$524.2M+108%
Total debt$370.4M-0.3%
Total equity$594.3M+70.4%
Total assets$1.2B+23.9%

Cash flow

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Operating cash flow$37.0M+150%
CapEx$2.5M+1,297%
Free cash flow$34.5M+136%

Valuation & ratios

Valuation

as of 03/31/25
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Market cap$1.77B+5.7%
Enterprise value$1.61B-9.9%
P/E7.5×-27.2×
P/S2.3×0.0×

Profitability

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Gross margin77.7%+2.0pp
Operating margin11.8%—
Net margin30.5%+23.8pp
FCF margin22%+11.5pp

Returns & leverage

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Return on equity49.8%+34.7pp
Debt / equity0.6×-0.4×
Current ratio3.4×+0.5×

Segments

By product

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Marketplace$166.3M+1.2%
Enterprise$26.4M—

By segment

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Reportable Segment$192.7M+0.9%

FAQ

When did Upwork Inc. report Q1 2025 earnings?
Upwork Inc. (UPWK) reported Q1 2025 earnings on May 5, 2025 after market close.
What were Upwork Inc.'s Q1 2025 revenue and EPS?
Upwork Inc. reported revenue of $192.7M and eps of $0.34 for Q1 2025.
Did Upwork Inc. beat estimates in Q1 2025?
Revenue beat the consensus estimate of $187.1M by $5.6M. EPS beat the consensus estimate of $0.25 by $0.09.
How did Upwork Inc.'s Q1 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 0.9% from $190.9M a year earlier and eps grew 54.5% from $0.22.
Where can I find Upwork Inc.'s Q1 2025 SEC filings?
You can read the 8-K earnings release (0001627475-25-000031) and the 10-Q periodic report (0001627475-25-000033) directly on SEC EDGAR. The filing index links above go to sec.gov.