Earnings Releases·Nov 2, 2026, 4:11 PM ET

Upwork — Third Quarter 2026 Earnings Summary

Revenue declined 8% year-over-year to $185.6 million, while GAAP net income rose 8% to $31.8 million and adjusted EBITDA increased 7% to $63.8 million, driven by a 15% reduction in operating expenses.
The company announced full-year 2026 revenue guidance of $742–$750 million and adjusted EBITDA guidance of $236–$240 million, alongside Q4 2026 revenue guidance of $169–$177 million.
Strategic growth was highlighted by a 55% year-over-year increase in AI-skilled freelancer GSV and the acquisition of WorkMotion to strengthen the enterprise Lifted platform, which also saw a 132% year-over-year GSV increase.
Balance sheet improvements include the repayment of $361.0 million in convertible senior notes, reducing current debt to $0, and a leadership transition where CFO Erica Gessert will step down in January 2027.