Upwork, Inc. has recently released its 10-K report, providing a detailed insight into the company's financial performance and operations. Upwork operates a work marketplace connecting businesses with independent professionals and agencies globally, offering a wide range of skills across various categories such as administrative support, sales and marketing, design and creative, and web, mobile, and software development. The company's marketplace also facilitates workflows like talent sourcing, outreach, and contracting, while providing functionalities for remote engagements and payment protection.
In the 10-K report, Upwork discussed its financial condition and results of operations, emphasizing its strategic initiatives designed to drive sustainable growth and profitability. The report highlighted several key financial and operational metrics for the year ended December 31, 2025. Upwork reported a Gross Services Volume (GSV) of $4.0 billion for 2025, with approximately 71% of GSV generated from U.S. clients. The company also noted that its talent base is more globally distributed, with the United States contributing approximately 25% of GSV in 2025.
In terms of financial highlights, Upwork reported Marketplace revenue of $682.9 million for 2025, representing a 3% increase from 2024. The Marketplace take rate also increased to 18.7% in 2025, reflecting growing contributions from ads and monetization products. However, Enterprise revenue decreased to $104.9 million in 2025, primarily due to the company's focus on transitioning to the Lifted platform.
Upwork's net income for 2025 was $115.4 million, a decrease from $215.6 million in 2024, attributed to the non-recurrence of a $140.3 million non-cash income tax benefit recognized in 2024. Adjusted EBITDA increased to $225.6 million in 2025, from $167.6 million in 2024, primarily due to cost-saving measures implemented in recent years.
The company also provided key financial and operational metrics, including the number of active clients, GSV per active client, and Marketplace revenue. It highlighted a change in the variable pricing structure for talent service fees, as well as the introduction of a Business Plus plan with premium features targeted at larger customers.
As a result of these announcements, the company's shares have moved -1.39% on the market, and are now trading at a price of $19.87. Check out the company's full 10-K submission here.
