---
schema_version: "secwatch.filing_event.v1"
accession: "0001627475-25-000043"
form_type: "8-K"
ticker: "UPWK"
cik: "0001627475"
company_name: "UPWORK, INC"
filed_at: "2025-08-06T23:59:59+00:00"
generated_at: "2026-05-17T19:31:14.327759+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Upwork Q2 revenue $194.9M, net income $32.7M, raises FY2025 guidance, acquires Bubty and Ascen

## Summary
- Q2 revenue $194.9M (record, +1% YoY), GAAP net income $32.7M (+47%), diluted EPS $0.24 vs $0.17.
- Adjusted EBITDA $57.1M (+40%), margin 29.3% (all-time high); free cash flow $65.6M.
- Active clients 796K; GSV per active client $5,002 (+5% YoY); AI GSV growth accelerated to 30% YoY.
- Raises FY2025 revenue guidance to $765M-$775M, adjusted EBITDA to $206M-$214M.
- Acquired Bubty and agreed to acquire Ascen to serve large enterprises with contingent workforce solutions, targeting $650B TAM.

## SEC filing metadata
- accession: 0001627475-25-000043
- form_type: 8-K
- ticker: UPWK
- cik: 0001627475
- company_name: UPWORK, INC
- filed_at: 2025-08-06T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1627475/000162747525000043/0001627475-25-000043-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1627475/000162747525000043/upwork-20250806.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001627475-25-000043
- JSON: https://secwatch.observer/filing/0001627475-25-000043.json
- Plain text: https://secwatch.observer/filing/0001627475-25-000043.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.