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Upwork Inc. UPWK Q4 2025 Annual earnings

Reported February 9, 2026 · After market close

Revenue$198.4MBeat by $887.5K
EPS$0.12Miss by $0.11
Revenue estimate$197.5M
EPS estimate$0.23

Next report

Aug 10, 2026 (In 1 week)
Revenue estimate$190.0M
EPS estimate$0.35

Financials

Q4 2025

Income statement

See full
Revenue$198.4M+3.6%
Gross profit$154.7M+4.0%
Operating income$28.3M+108%
Net income$15.6M-89.4%
EPS (diluted)$0.12-88.2%

Balance sheet

See full
Cash & equivalents$478.9M-5.3%
Total debt$371.1M+0.5%
Total equity$630.3M+9.5%
Total assets$1.3B+7.3%

Cash flow

See full
Operating cash flow$63.7M+65.1%
CapEx$455.0K-70.6%
Free cash flow$63.2M+70.8%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$2.59B+18.5%
Enterprise value$2.48B+21.1%
P/E22.4×+12.3×
P/S3.3×+0.4×

Profitability

See full
Gross margin77.8%+0.4pp
Operating margin16.4%+7.9pp
Net margin14.7%-13.4pp
FCF margin30.8%+11.3pp

Returns & leverage

See full
Return on equity19.1%-25.9pp
Debt / equity0.6×-0.1×
Current ratio1.5×-1.9×

Segments

By segment

See full
Reportable Segment$198.4M+3.6%

By product

See full
Enterprise$605.0M+3.8%

Versus estimates

Revenue

Q1 2026$195.5MMiss by $269.2K
Q4 2025$198.4MBeat by $887.5K
Q3 2025$201.7MBeat by $4.2MQ2 2025$194.9MBeat by $7.4MQ1 2025$192.7MBeat by $5.6MQ4 2024$191.5MBeat by $11.1M

Diluted EPS

Q1 2026$0.24Miss by $0.01
Q4 2025$0.12Miss by $0.11
Q3 2025$0.21Miss by $0.04Q2 2025$0.35Beat by $0.09Q1 2025$0.34Beat by $0.09Q4 2024$0.30Beat by $0.06

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Questions, answered.

When did Upwork Inc. report Q4 2025 earnings?
Upwork Inc. (UPWK) reported Q4 2025 earnings on February 9, 2026 after market close.
What were Upwork Inc.'s Q4 2025 revenue and EPS?
Upwork Inc. reported revenue of $198.4M and eps of $0.12 for Q4 2025.
Did Upwork Inc. beat estimates in Q4 2025?
Revenue beat the consensus estimate of $197.5M by $887.5K. EPS missed the consensus estimate of $0.23 by $0.11.
How did Upwork Inc.'s Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 3.6% from $191.5M a year earlier and eps declined 60.0% from $0.30.
Where can I find Upwork Inc.'s Q4 2025 SEC filings?
You can read the 8-K earnings release (0001627475-26-000005) and the 10-K periodic report (0001627475-26-000012) directly on SEC EDGAR. The filing index links above go to sec.gov.