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Upwork is an online work marketplace that connects businesses with independent talent for project-based and ongoing work across categories like development, design, writing, marketing, and customer support. Upwork was founded in 2015 following the merger of Elance and oDesk.
Answer box: Upwork’s most recent full-year results (FY 2025) show $787.8M in revenue, $4.0B in Gross Services Volume (GSV), and 785K active clients. Client count has fallen year over year, but GSV per active client increased, signaling higher average spend per client.
Source: Upwork FY 2025 Form 10-K (SEC) and FY 2024 Form 10-K (SEC).
Upwork at a glance
- Global footprint: Customers in 180+ countries. (FY 2025 10-K)
- Skills available: 10,000+ skills across 130+ categories of work. (FY 2025 10-K)
- Employees: ~630 employees (2025) and ~600 employees (2024). (FY 2025 10-K, FY 2024 10-K)
Key metrics table (latest available)
The table below summarizes Upwork’s headline marketplace and financial metrics. All figures are company-reported for the fiscal year ended December 31 of each year.
| Metric | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Total revenue | $787.8M | $769.3M | $689.1M | $618.3M |
| Net income (loss) | $115.4M | $215.6M* | $46.9M | ($89.9M) |
| Gross Services Volume (GSV) | $4.03B | $4.01B | $4.14B | $4.10B |
| Active clients | 785K | 832K | 851K | 814K |
| GSV per active client | $5,129 | $4,815 | $4,867 | $5,045 |
| Marketplace take rate | 18.7% | 18.0% | 15.4% | 13.8% |
*Note: FY 2024 net income included a large non-cash income tax benefit related to deferred tax assets, so year-to-year comparisons can be misleading without context. (See FY 2024 10-K.)
Sources: Upwork FY 2025 Form 10-K and Upwork FY 2024 Form 10-K.
What the trends mean (and why Upwork still grew revenue)
1) Active clients are down, but spend per client is up
Upwork’s active client count declined from 832K (2024) to 785K (2025). At the same time, GSV per active client increased from $4,815 (2024) to $5,129 (2025). In plain terms: fewer clients, but higher average spend among those who remain.
2) Take rate has risen meaningfully since 2022
Marketplace take rate increased from 13.8% (2022) to 18.7% (2025). A higher take rate means Upwork is capturing more revenue per dollar transacted on the marketplace, which helps explain how revenue can grow even when GSV is relatively flat.
3) GSV has hovered around $4B for several years
Across 2022–2025, Upwork reported roughly $4.0–$4.1B in GSV each year. This suggests a marketplace that is sizable and resilient, but with growth depending more on monetization, mix shifts, and higher-value engagements than on rapid expansion of total dollars transacted.
Upwork revenue and profitability by year
- 2025 revenue: $787.8M; net income: $115.4M
- 2024 revenue: $769.3M; net income: $215.6M (impacted by a non-cash tax benefit)
- 2023 revenue: $689.1M; net income: $46.9M
- 2022 revenue: $618.3M; net loss: $89.9M
Source: Upwork FY 2025 Form 10-K and Upwork FY 2024 Form 10-K.
FAQ
How does Upwork define an “active client”?
Upwork defines an active client as a client with spend activity on Upwork platforms or other workforce solutions during the prior 12 months.
What is Gross Services Volume (GSV) on Upwork?
GSV is the total dollar value transacted through Upwork platforms and other workforce solutions. It includes client spend for talent services plus certain value-added services (for example, payment processing and marketplace products).
Why can revenue rise even if GSV is flat?
Revenue depends on how Upwork monetizes transactions (for example, its marketplace take rate) and the mix of offerings (such as enterprise or managed services). If take rate increases or higher-monetization products grow, revenue can rise without a big change in total GSV.
How many skills are available on Upwork?
Upwork reports access to talent across more than 10,000 skills across 130+ categories of work. (See FY 2025 10-K.)
How many employees does Upwork have?
Upwork reported approximately 630 employees as of December 31, 2025 and approximately 600 employees as of December 31, 2024.
