Short answer
UPWORK, INC (UPWK) filed its fiscal 2025 10-K annual report with the SEC on Feb 13, 2026. It reported revenue of $788M (+2.4% year over year) and net income of $115M.
- Top risk flagged: Income tax expense $37.8M in 2025 due to valuation allowance on state deferred tax assets reversing $125.2M benefit in 2024
FY2025 key financial metrics · XBRL
- Revenue
- $788M
- +2.4% YoY
- Net income
- $115M
- −46.5% YoY
- Operating margin
- 16.4%
- +7.9 pp YoY
- Gross margin
- 77.8%
- +0.4 pp YoY
- EPS (diluted)
- $0.84
- −44.7% YoY
- ROE
- 18.3%
- −19.2 pp YoY
- Operating cash flow
- $248M
- +61.7% YoY
Source: XBRL data from the UPWORK, INC (UPWK) FY2025 10-K on SEC EDGAR. USD.
UPWORK, INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: AI-enabled global platform connecting businesses with freelance, agency, fractional, and payrolled talent across broad skill categories
- NEW emphasis on Lifted subsidiary for enterprise workforce solutions, including Managed Services and diverse contingent labor models (AOR, EOR, outsourcing)
- Strategic shift: Paused some new client acquisition in 2025 to focus on Lifted launch, operational improvements, and cost reduction in enterprise account management
- Quantitative metric: $4.0 billion Gross Services Volume (GSV) transacted in 2025 across 180+ countries; ~630 corporate employees plus 1,600 independent internal contractors
- Noteworthy fact: Integration of AI-driven features throughout platform, including proprietary AI assistant Uma and advanced machine learning models for search, matching, and rate insights
Management Discussion & Analysis
- Revenue $787.8M total; Marketplace $682.9M up 3% YoY from $662.1M; Enterprise $104.9M down 2% YoY from $107.2M
- Marketplace take rate 18.7% vs 18.0% in 2024; net income $115.4M down 46% YoY from $215.6M; adjusted EBITDA $225.6M up 35% from $167.6M
- Best segment Marketplace revenue $682.9M up 3%; worst Enterprise revenue $104.9M down 2%
- Management focused on AI capabilities, monetization, and Lifted platform transition; risk due to paused Enterprise client acquisitions
Risk Factors
- Income tax expense $37.8M in 2025 due to valuation allowance on state deferred tax assets reversing $125.2M benefit in 2024
- Geopolitical exposure from global client and talent base; active clients declined 6% YoY to Dec 2025 amid macro slowdown
- Managed Services costs rose $2.9M including $ contract termination charges from reduced client work volume
- Competitive risk from transition to Lifted platform, causing 2% Enterprise revenue decline and requiring further integration investment
- Debt maturity of $ Notes due Aug 15, 2026 poses refinancing risk amid tightening credit markets
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.