Upwork Inc. reported a total revenue of $787.8 million for the fiscal year ending December 31, 2025, reflecting a 2% increase from $769.3 million in 2024. The company's Marketplace revenue, which constitutes the majority of its income, rose by 3% to $682.9 million, driven by higher earnings from ads and monetization products. However, Enterprise revenue saw a slight decline of 2%, totaling $104.9 million, as the company paused new client acquisitions to focus on integrating existing clients into its Lifted platform. The overall Gross Services Volume (GSV) for the year was $4.0 billion, a marginal increase of 1% compared to the previous year.
In terms of profitability, Upwork's net income decreased significantly to $115.4 million from $215.6 million in 2024, primarily due to a one-time tax benefit of $140.3 million recognized in the prior year. Adjusted EBITDA, however, increased by 35% to $225.6 million, attributed to cost-saving measures implemented in recent years, including reduced marketing expenditures and workforce reductions. The company reported a Marketplace take rate of 18.7%, up from 18.0% in 2024, indicating improved monetization strategies.
Operationally, Upwork's active client count decreased by 6% to 785, down from 832 in 2024, which the company attributed to slower growth in new client acquisition and lower retention rates. Despite this, GSV per active client increased by 7% to $5,129, suggesting enhanced client engagement. The company continues to serve a global customer base, with approximately 71% of GSV generated from U.S. clients, while the talent pool remains diverse, with significant contributions from countries like India and the Philippines.
Strategically, Upwork has made significant investments in its Lifted subsidiary, which focuses on enterprise solutions, and has completed acquisitions of Bubty and Ascen to enhance its service offerings. The company is also advancing its AI capabilities, including the deployment of its proprietary AI assistant, Uma. Looking ahead, Upwork anticipates that the integration of Lifted and its acquisitions will support future growth in Enterprise revenue, although it remains cautious about market conditions and execution risks. The company has also authorized a share repurchase program, reflecting its commitment to returning value to shareholders while managing its capital resources effectively.
About UPWORK, INC
Upwork Inc. operates the world's largest online marketplace connecting businesses with independent professionals across diverse skill categories. It facilitates remote work, offering services in software development, design, marketing, and more. The platform emphasizes trust, security, and AI-driven matching, serving clients from individuals to Fortune 100 companies. Revenue is generated through service fees, memberships, advertising, and transaction-related charges, supporting a scalable, global gig economy ecosystem.
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