Upwork Reports Record Q3 Revenue, Raises Full-Year 2025 Guidance

Upwork Inc. reported strong financial results for the third quarter of 2025, with revenue increasing 4.1% year-over-year to $201.73 million, beating Wall Street estimates. The company's adjusted earnings per share came in at $0.36, 25.9% above analyst consensus, and it raised full-year adjusted EPS guidance to $1.36, a 17.2% increase. Upwork's free cash flow also grew significantly to $69.4 million, driven by strategic focus on AI-powered work, SMB growth, and enterprise expansion including the launch of the Lifted platform. CEO Hayden Brown highlighted a new phase of growth fueled by AI and enterprise initiatives, while CFO Erica Gessert announced a $100 million share repurchase authorization and raised full-year revenue and EBITDA guidance. The company projects fourth-quarter 2025 revenue between $193 million and $198 million, with adjusted EBITDA between $49 million and $52 million. Overall, Upwork is positioning itself for sustained multi-year growth as it leverages AI and enterprise market opportunities.