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Upwork Q2'25 Earnings Highlights

$UPWK (-3,27ย %)


๐Ÿ”น Revenue: $194.9M (Est. $187.56M) ๐ŸŸข; UP +1% YoY

๐Ÿ”น EPS (Adj.): $0.35 (Est. $0.27) ๐ŸŸข


Q3'25 Outlook:

๐Ÿ”น Revenue: $190Mโ€“$195M (Est. $187.5M) ๐ŸŸข

๐Ÿ”น Adj. EBITDA: $47Mโ€“$51M

๐Ÿ”น EPS (Adj.): $0.26โ€“$0.28


FY25 Outlook (Raised):

๐Ÿ”น Revenue: $765Mโ€“$775M (Est. $755.3M) ๐ŸŸข

๐Ÿ”น Adj. EBITDA: $206Mโ€“$214M

๐Ÿ”น EPS (Adj.): $1.14โ€“$1.18


Other Q2 Metrics:

๐Ÿ”น Net Income: $32.7M; UP +47% YoY

๐Ÿ”น Adjusted EBITDA: $57.1M; UP +40% YoY

๐Ÿ”น Adj. EBITDA Margin: 29.3% (Record; UP +813 bps YoY)

๐Ÿ”น Free Cash Flow: $65.6M; UP +85% YoY

๐Ÿ”น Cash from Ops: $72.5M; UP +85% YoY


Strategic & Operational Highlights:

๐Ÿ”ธ Acquired Bubty; agreed to acquire Ascen to offer full-stack contingent workforce solutions for enterprises

๐Ÿ”ธ GSV from AI-related work +30% YoY; Prompt Engineering subcategory +51% YoY

๐Ÿ”ธ Umaโ„ข AI agent adoption +24% QoQ; boosts proposal and search efficiency

๐Ÿ”ธ Ads & monetization revenue +17% YoY

๐Ÿ”ธ Business Plus GSV +190% QoQ; active clients +45% QoQ

๐Ÿ”ธ AI now contributes to >35% of deployed code; internal model iteration time cut by 70%


CEO Commentary (Hayden Brown):

๐Ÿ”ธ โ€œWe significantly outperformed on all key metrics. Our platform and AI investments are delivering strong value across all customer segments.โ€

๐Ÿ”ธ โ€œWith Bubty and Ascen, weโ€™re positioned to lead in the $650B enterprise TAM.โ€

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