Upwork Stock Tumbles On Q4 Earnings As Soft Guidance Weighs On Shares

by | Feb 9, 2026 | General

Upwork Inc (NASDAQ:UPWK) reported financial results for the fourth quarter of 2025 after the market close on Monday. Here’s a look at the key metrics from the quarter.

  •  Why are UPWK shares down?

Upwork Tops Analyst Expectations In Q4

Upwork reported fourth-quarter revenue of $198.41 million, beating analyst estimates of $197.52 million, according to Benzinga Pro. The company reported fourth-quarter adjusted earnings of 36 cents per share, beating analyst estimates of 31 cents per share.

Total revenue increased 4% year-over-year. Active clients totaled 785,000 at quarter’s end. Gross services volume per active client came in at $5,129, up 7% year-over-year. Upwork generated $63.7 million in cash from operations and $57.3 million in free cash flow during the quarter.

“2025 marked the year we rebuilt Upwork for the age of human-plus-AI collaboration, turning global change into a definitive tailwind, all while demonstrating strong financial performance,” said Hayden Brown, president and CEO, Upwork.

“We enter 2026 as the leader of a new category, serving as the operational backbone for businesses navigating this new AI era of work.”

Upwork said it repurchased two million shares in the fourth quarter for $34 million. As of Dec. 31, 2025, the company had $64 million remaining on its buyback. The company ended the period with $294.36 million in cash and cash equivalents.

What’s Next For Upwork?

Upwork expects first-quarter revenue to be in the range of $192 million to $197 million versus estimates of $200.83 million. The company anticipates first-quarter adjusted earnings of 26 cents to 28 cents per share versus estimates of 34 cents per share.

Upwork sees full-year 2026 revenue of $835 million to $850 million versus estimates of $836.15 million. The company expects full-year adjusted earnings to be in the range of $1.43 to $1.48 per share versus estimates of $1.42 per share.

Upwork’s soft first-quarter guidance appears to be weighing on shares after hours. Upwork executives will further discuss the quarter on an earnings call scheduled for 5 p.m. ET.

UPWK Shares Slip In Extended Trading

UPWK Price Action: Upwork shares were down 22.35% in after-hours, trading at $14.59 at the time of publication on Monday, according to Benzinga Pro.

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