March 3, 2026 — Leads & Copy — Upland Software, Inc. (Nasdaq: UPLD) has released its financial and operating results for the fourth quarter of 2025 and provided guidance for the first quarter and full year of 2026.
The company, which specializes in AI-powered knowledge and content management software, reported total revenue of $49.3 million for the fourth quarter of 2025. This represents a 28% decrease compared to the $68.0 million reported in the fourth quarter of 2024. The decrease is primarily attributed to divestitures completed in the first and second quarters of 2025.
Subscription and support revenue totaled $46.7 million, a 27% decrease from the $64.3 million recorded in the fourth quarter of 2024, again due to the divestitures.
GAAP net income was $1.1 million, a turnaround from the $3.4 million GAAP net loss in the same quarter of the previous year. The GAAP net loss attributable to common stockholders was $0.4 million, compared to a $4.9 million loss in the fourth quarter of 2024. The GAAP net loss per share attributable to common stockholders was $0.01, compared to $0.18 in the prior year.
Adjusted EBITDA was $15.3 million, or 31% of total revenue, compared to $14.9 million, or 22% of total revenue, in the fourth quarter of 2024.
GAAP operating cash flow was $7.3 million, compared to $9.3 million in the fourth quarter of 2024. Free cash flow was $7.2 million, compared to $9.0 million in the same period.
Upland Software reported cash on hand of $29.4 million as of the end of the fourth quarter of 2025.
According to Jack McDonald, Upland’s Chairman and Chief Executive Officer, the company’s revenue, Adjusted EBITDA, and margins came in as expected, while free cash flow was stronger than anticipated, bringing the 2025 free cash flow to $24.4 million. McDonald also noted the continued traction of their AI product portfolio, marked by major customer contract renewals, expansions, and new customer wins.
In the fourth quarter, Upland welcomed 110 new customers, including 15 major customers, and expanded relationships with 199 existing customers, 27 of which were major expansions.
Upland earned 49 badges in G2’s Winter 2026 market reports. Upland BA Insight, its AI enablement solution, increased earned badges this season, while AI-powered proposal management software, Upland Qvidian, continued to deliver impactful results. Upland Panviva also increased its badge count and Upland RightAnswers maintained its recognitions.
Upland Qvidian released its first annual report on the adoption of artificial intelligence (AI) throughout the proposal industry. The 2025 AI Adoption in Proposal Management: Trends and Observation Report surveyed hundreds of global RFP and proposal professionals to examine current industry trends.
Upland was recognized as a Major Player in the IDC MarketScape: Worldwide General-Purpose Knowledge Discovery Software 2025 Vendor Assessment (doc # US53011225, November 2025). Upland believes its recognition in this report highlights the value of its AI-powered knowledge management solution, Upland RightAnswers.
Upland Software was recognized in the Gartner® Market Guide for RFP Response Management Applications, published on October 29, 2025. Upland believes its inclusion in this report showcases the impact of its AI-powered RFP response and proactive sales proposal creation software, Upland Qvidian.
For the quarter ending March 31, 2026, Upland expects total revenue to be between $47.0 and $50.0 million, including subscription and support revenue between $44.8 and $47.3 million, for a decline in total revenue of 24% at the midpoint from the quarter ended March 31, 2025. First quarter 2026 Adjusted EBITDA is expected to be between $11.9 and $13.4 million, which at the midpoint is a decline of 3% from the quarter ended March 31, 2025. First quarter 2026 Adjusted EBITDA margin is expected to be 26% at the midpoint, an increase of 500 basis points from the 21% Adjusted EBITDA margin for the quarter ended March 31, 2025.
For the full year ending December 31, 2026, Upland anticipates total revenue between $194.2 and $206.2 million, including subscription and support revenue between $183.6 and $193.7 million, for a decline in total revenue of 8% at the midpoint from the year ended December 31, 2025. Full year 2026 Adjusted EBITDA is expected to be between $52.6 and $58.6 million, which at the midpoint is a decline of 4% from the year ended December 31, 2025. Full year 2026 Adjusted EBITDA margin is expected to be 28% at the midpoint, an increase of 100 basis points from the 27% Adjusted EBITDA margin for the year ended December 31, 2025.
Upland’s executive team will host a live conference call and webcast at 10:00 a.m. Central Time, 11:00 a.m. Eastern Time today to review Upland’s financial results and outlook for the business.
More than 1,100 enterprise customers rely on Upland to solve complex challenges and provide a trusted path for AI adoption.
Source: Upland Software
