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Upwork Inc. UPWK Q3 2025 earnings

Reported November 3, 2025 · After market close

Revenue$201.7MBeat by $4.2M
EPS$0.21Miss by $0.04
Revenue estimate$197.5M
EPS estimate$0.25

Next report

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

Financials

Q3 2025

Income statement

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Revenue$201.7M+4.1%
Gross profit$155.9M+3.7%
Operating income$29.8M+43.1%
Net income$29.3M+5.7%
EPS (diluted)$0.21+5.0%

Balance sheet

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Cash & equivalents$476.0M-6.1%
Total debt$371.1M+0.4%
Total equity$628.1M+52.8%
Total assets$1.3B+23.4%

Cash flow

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Operating cash flow$75.1M+23.2%
CapEx$482.0K-60.0%
Free cash flow$74.6M+24.8%

Valuation & ratios

Valuation

as of 09/30/25
See full
Market cap$2.46B+79.3%
Enterprise value$2.36B+90.7%
P/E10×-6.0×
P/S3.2×+1.4×

Profitability

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Gross margin77.8%+1.0pp
Operating margin14.7%—
Net margin31.6%+20.4pp
FCF margin27.7%+10.2pp

Returns & leverage

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Return on equity47.5%+24.8pp
Debt / equity0.6×-0.3×
Current ratio1.4×-1.7×

Segments

By segment

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Reportable Segment$201.7M+4.1%

By product

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Marketplace$174.6M+4.3%

FAQ

When did Upwork Inc. report Q3 2025 earnings?
Upwork Inc. (UPWK) reported Q3 2025 earnings on November 3, 2025 after market close.
What were Upwork Inc.'s Q3 2025 revenue and EPS?
Upwork Inc. reported revenue of $201.7M and eps of $0.21 for Q3 2025.
Did Upwork Inc. beat estimates in Q3 2025?
Revenue beat the consensus estimate of $197.5M by $4.2M. EPS missed the consensus estimate of $0.25 by $0.04.
How did Upwork Inc.'s Q3 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 4.1% from $193.8M a year earlier and eps declined 27.6% from $0.29.
Where can I find Upwork Inc.'s Q3 2025 SEC filings?
You can read the 8-K earnings release (0001627475-25-000055) and the 10-Q periodic report (0001627475-25-000058) directly on SEC EDGAR. The filing index links above go to sec.gov.