The Top 5 Analyst Questions From Upwork’s Q3 Earnings Call

2 weeks ago 11

Radek Strnad

Sun, November 9, 2025 astatine 11:31 PM CST 4 min read

Upwork’s 3rd 4th results were met with a important affirmative marketplace reaction, reflecting management’s occurrence successful reigniting maturation aft respective challenging quarters. Leadership credited caller AI-powered level features and accrued adoption of Upwork Business Plus by tiny and midsize businesses arsenic cardinal contributors. CEO Hayden Brown described the play arsenic a turning point, noting that “the payoffs of our strategy are present visible.” The institution besides saw beardown traction from AI-related projects and a instrumentality to maturation successful gross services volume, which had antecedently been pressured by macroeconomic headwinds.

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Revenue: $201.7 cardinal vs expert estimates of $193.4 cardinal (4.1% year-on-year growth, 4.3% beat)
Adjusted EPS: $0.36 vs expert estimates of $0.29 (25.9% beat)
Adjusted EBITDA: $59.63 cardinal vs expert estimates of $50.12 cardinal (29.6% margin, 19% beat)
Revenue Guidance for Q4 CY2025 is $195.5 cardinal astatine the midpoint, supra expert estimates of $192.2 million
Management raised its full-year Adjusted EPS guidance to $1.36 astatine the midpoint, a 17.2% increase
EBITDA guidance for the afloat year is $223.5 cardinal astatine the midpoint, supra expert estimates of $212.7 million
Operating Margin: 14.8%, up from 10.7% successful the aforesaid 4th past year
Gross Services Volume: 794,000, down 61,000 twelvemonth connected year
Market Capitalization: $2.28 billion

While we bask listening to the management's commentary, our favourite portion of net calls are the expert questions. Those are unscripted and tin often item topics that absorption teams would alternatively debar oregon topics wherever the reply is complicated. Here is what has caught our attention.

Eric Sheridan (Goldman Sachs): Asked astir aboriginal learnings from integrating endeavor acquisitions and the timeline for Lifted’s gross impact. CEO Hayden Brown emphasized beardown aboriginal request but noted that ample deals volition instrumentality respective quarters to close, with important maturation expected successful precocious 2026 and 2027.
Sang-Jin Byun (Jefferies): Inquired astir drivers down AI-related GSV acceleration. Brown highlighted level improvements and caller AI features arsenic main contributors, with CFO Erica Gessert adding that inorganic contributions from acquisitions were humble for the quarter.
Matthew Condon (Citizens): Sought clarity connected freelancer request trends and the sustainability of AI-driven improvements. Brown stated the broader macro situation was stable, attributing GSV maturation to interior execution and ongoing enlargement of AI workflows.
Marvin Fong (BTIG): Questioned whether AI ratio gains mightiness trim hours per contract. Gessert responded that AI projects are typically much analyzable and thrust higher engagement, portion Brown noted that immoderate substitution hazard is concentrated successful low-value, short-term work.
Ronald Josey (Citi): Asked astir the interaction and scaling of dynamic pricing and Uma Proposal writer features. Gessert reported aboriginal dynamic pricing results were constricted but promising, and Uma’s connection penning instrumentality is enhancing some lawsuit and freelancer engagement.