Filing Flows › Upwork (UPWK) › Q3 2025
Upwork (UPWK) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Upwork (UPWK) reported revenue of $202M for the third quarter 2025 (Q3 2025), +4% from a year earlier and +3% from the quarter before. Operating margin was 14.8%, net earnings $29.3M (14.5% of revenue).
Upwork, Q3 2025: revenue $202M (+4% year over year), operating margin 14.8%, net earnings $29.3M, operating cash flow $75.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $202M | +3% | +4% |
| Gross profit | $156M | +3% | +4% |
| Operating profit | $29.8M | -9% | +43% |
| Net earnings | $29.3M | -10% | +6% |
| Operating cash flow | $75.1M | +4% | +23% |
| Free cash flow | $69.4M | — | +22% |
What changed
Revenue was $201.7M in Q3 2025, up 4% year over year and up 3% from the previous quarter. Marketplace was the largest line at 87% of revenue. Marketplace added $7.2M year over year (up 4%), 91% of the total change.
Gross margin was 77.3%, down 0.3 points from a year earlier. Operating profit was $29.8M, a 14.8% margin (up 4.0 points year over year). Of the extra revenue versus a year earlier, 113% reached operating profit, above the 11% margin then. Operating expenses fell 3% while revenue rose 4%. The fastest-growing cost line was Other operating costs (+33%). Net earnings were $29.3M, up 6% year over year. The effective tax rate was 17.8%.
Operating cash flow was $75.1M (up 23% year over year), 256% of net earnings. Non-cash charges added back $7.9M of depreciation and amortization and $19.8M of share-based compensation. Working capital and other items added $18.0M. After purchases of property, plant & equipment and cash outflows from internally developed software ($5.6M), free cash flow as the company reports it was $69.4M.
Questions
What was Upwork's revenue in the third quarter 2025?
Upwork (UPWK) reported revenue of $202M for the third quarter 2025 (Q3 2025), +4% from a year earlier and +3% from the quarter before.
Was Upwork profitable in the third quarter 2025?
Operating profit was $29.8M (14.8% of revenue) and net earnings $29.3M.
Source: Upwork 10-Q on SEC EDGAR.