---
schema_version: "secwatch.filing_event.v1"
accession: "0001627475-26-000005"
form_type: "8-K"
ticker: "UPWK"
cik: "0001627475"
company_name: "UPWORK, INC"
filed_at: "2026-02-09T23:59:59+00:00"
generated_at: "2026-05-16T03:53:51.686233+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Upwork Q4 revenue $198.4M, record FY 2025 rev $787.8M; guides 6-8% rev growth 2026

## Summary
- Q4 2025 revenue $198.4M (+4% YoY); GAAP net income $15.6M; adjusted EBITDA $52.9M (27% margin).
- Full-year 2025 revenue $787.8M (+2% YoY); GAAP net income $115.4M; adjusted EBITDA $225.6M (29% margin).
- Active clients 785k as of Dec 31, 2025; GSV per active client $5,129 (+7% YoY).
- 2026 guidance: 4-6% GSV growth and 6-8% revenue growth; expects accelerating growth.

## SEC filing metadata
- accession: 0001627475-26-000005
- form_type: 8-K
- ticker: UPWK
- cik: 0001627475
- company_name: UPWORK, INC
- filed_at: 2026-02-09T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 5.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1627475/000162747526000005/0001627475-26-000005-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1627475/000162747526000005/upwork-20260203.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001627475-26-000005
- JSON: https://secwatch.observer/filing/0001627475-26-000005.json
- Plain text: https://secwatch.observer/filing/0001627475-26-000005.txt

## Key facts
- Governance Changes
  UPWORK, INC: Adopted amended and restated bylaws to implement a cure process for deficiencies in stockholder director nomination notices (effective 2026-02-03).
  - Change: bylaw amendment
  - Effective: 2026-02-03
  source text: On February 3, 2026, the Company's board of directors adopted amended and restated bylaws, or the Amended and Restated Bylaws, effective immediately, to implement a cure process for certain deficiencies in director nomination notices submitted by stockholders.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1627475/000162747526000005/0001627475-26-000005-index.htm

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