Filing Flows › Upwork (UPWK) › Q4 2025
Upwork (UPWK) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 13, 2026
Upwork (UPWK) reported revenue of $198M for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and -2% from the quarter before. Operating margin was 14.3%, net earnings $15.6M (7.9% of revenue).
Upwork, Q4 2025: revenue $198M (+4% year over year), operating margin 14.3%, net earnings $15.6M, operating cash flow $63.7M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $198M | -2% | +4% |
| Gross profit | $155M | -0.7% | +4% |
| Operating profit | $28.3M | -5% | +108% |
| Net earnings | $15.6M | -47% | -89% |
| Operating cash flow | $63.7M | -15% | +65% |
| Free cash flow | $63.2M | -15% | +71% |
What changed
Revenue was $198.4M in Q4 2025, up 4% year over year and down 2% from the previous quarter.
Gross margin was 78.0%, up 0.3 points from a year earlier. Operating profit was $28.3M, a 14.3% margin (up 7.2 points year over year). Of the extra revenue versus a year earlier, 212% reached operating profit, above the 7% margin then. Operating expenses fell 7% while revenue rose 4%. The fastest-growing cost line was General & admin (+17%). Net earnings were $15.6M, down 89% year over year. The effective tax rate was 54.1%.
Operating cash flow was $63.7M (up 65% year over year), 407% of net earnings. Non-cash charges added back $7.0M of depreciation and amortization and $17.4M of share-based compensation. Working capital and other items added $23.7M. Capital expenditures of $455K left free cash flow of $63.2M.
Questions
What was Upwork's revenue in the fourth quarter 2025?
Upwork (UPWK) reported revenue of $198M for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and -2% from the quarter before.
Was Upwork profitable in the fourth quarter 2025?
Operating profit was $28.3M (14.3% of revenue) and net earnings $15.6M.
Source: Upwork 10-K on SEC EDGAR.