Upwork Inc.
upwork.comWhat Do They Do?
Connects businesses with independent professionals and agencies through an online work marketplace, and provides enterprise clients with tools and services to source and manage contingent workers.
10-K for FY2025, filed Feb 13, 2026Upwork Inc., through its complementary, wholly owned subsidiaries, connects businesses with global, AI-enabled talent across every…View ↗
Our customers consist of both talent and clients. We define talent as those who deliver services through the Upwork Marketplace, Lifted, or…View ↗
Our Enterprise workforce solutions delivered through Lifted provide enterprise organizations with scalable, flexible solutions to source…View ↗
How Do They Make Money?
The Marketplace earns fees from talent based on client billings and per-transaction fees from clients, plus revenue from memberships, Connects and ads; most talent fees are billed weekly and memberships monthly. Lifted earns enterprise subscriptions, service fees and managed-services revenue.
10-K for FY2025, filed Feb 13, 2026Talent service fees. Talent are provided access to the Upwork Marketplace to market their businesses, send proposals to and communicate…View ↗
Client marketplace fees. The Company charges a client marketplace fee on a per-transaction basis and is considered variable consideration.…View ↗
The Company also generates Marketplace revenue through ads and monetization products, including purchases of Connects, which are virtual…View ↗
The Company does not control the talent services, and talent and clients negotiate and agree upon the scope and the price for talent…View ↗
Membership fees. The Company charges membership fees to talent. These fees are fixed consideration and are charged monthly. The Company…View ↗
In addition, we generate Enterprise revenue through Lifted, which offers Enterprise workforce solutions, including client subscriptions and…View ↗
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10-K for FY2025, filed Feb 13, 2026
FY2025 revenue by product or service ↗
$787.8M
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10-K for FY2025, filed Feb 13, 2026
$787.8M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Marketplace
Usage-based
10-K for FY2025, filed Feb 13, 2026 |
87%
FY2022: 84%
|
Marketplace, FY2025
$682.9M Sources
|
Usage-based |
|
Enterprise
|
13%
FY2022: 16%
|
Enterprise, FY2025
$104.9M Sources
|
Who Are Their Customers?
Small businesses, entrepreneurs and larger enterprises find talent through Upwork’s platforms; Lifted serves enterprise organizations with more complex contingent-work programs.
10-K for FY2025, filed Feb 13, 2026Our customers consist of both talent and clients. We define talent as those who deliver services through the Upwork Marketplace, Lifted, or…View ↗
We offer a direct-to-talent approach as an alternative to traditional intermediaries such as third-party staffing firms, recruiters, and…View ↗
Our Enterprise workforce solutions delivered through Lifted provide enterprise organizations with scalable, flexible solutions to source…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 15 cents of every revenue dollar as net income in FY2025 and turned 31 cents into free cash flow.
10-K for FY2025, filed Feb 13, 2026
$129.3MView ↗
10-K for FY2025, filed Feb 13, 2026
$115.4MView ↗
10-K for FY2025, filed Feb 13, 2026
$242.5MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 10, 2026
$25.4MView ↗
- ▼ −22%
- vs $32.7M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 10, 2026
Open tableView ↗
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Aug 10, 2026
Issued updated revenue and earnings guidance
Sources
8-K, filed Aug 10, 2026
Upwork’s guidance for revenue, adjusted EBITDA, diluted weighted-average shares outstanding, and non-GAAP diluted EPS for the third quarter…View ↗
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Jul 16, 2026
CFO Erica Gessert took a temporary medical leave
Sources
8-K, filed Jul 16, 2026
Effective July 14, 2026, Upwork Inc.’s, or the Company’s, Chief Financial Officer and principal financial officer, Erica Gessert, will take…View ↗
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May 7, 2026
Raised full-year adjusted EBITDA guidance and announced a workforce reduction
Sources
8-K, filed May 7, 2026
Company Raises Full Year 2026 Adjusted EBITDA GuidanceView ↗
Growing. Revenue grew 57% in 4 years, from $502.8M in FY2021 to $787.8M in FY2025, about 12% a year.
Broader enterprise workforce services
The older report described an Enterprise marketplace option and managed services; the latest describes Lifted solutions for contingent-work arrangements and managed services that handle outsourced functions or projects.
10-K for FY2022, filed Feb 16, 2023 10-K for FY2025, filed Feb 13, 2026Our Enterprise workforce solutions delivered through Lifted provide enterprise organizations with scalable, flexible solutions to source…View ↗
Lifted’s Enterprise Solutions offerings provide clients with access to platform capabilities that support contingent workforce solutions…View ↗
For clients seeking a higher level of service, Lifted’s Managed Services offerings provide a service-led program management and end-to-end…View ↗
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