Upwork UPWK
Upwork is an online marketplace that connects businesses with freelance professionals. Think software development, finance and accounting, design, legal, sales, marketing etc.
- Ticker
- UPWK
- Headquarters
- Palo Alto, California
- CEO
- Hayden Brown
- IPO year
- 2018
- Sector
- Freelance Exchange
- Website
- upwork.com
- Management
- Team & leadership ↗
Notes & Takes
"Hayden Brown is a babe. AI has been a real question the past 2 years and heading into 2026 the hope was that GSV would accelerate and the company would return to modest mid single digit growth. That's no longer the case as AI use accelerates and is threatening up to 10% of GSV."
Company Financials
Quarterly Headlines
Full financial detail for each company lives in its Google Sheet, linked above. Best viewed on desktop.
Upwork Q2 2026
Jun 30, 2026
- GSV of $966 mill down 4%
- Revenue down 2%
- Active clients of 763K down vs. 796K last year
- GSV per active client of $5,230 up 5%
- GAAP net income of $25.4 mill down 22% YoY
- Cash provided by op activities was $46.9 mill vs. $72 mill last year
- Full year guide of $730 to $750 mill and adjusted EBITDA of $225 to $235 mill
Upwork Q1 2026
Mar 31, 2026
- GSV of $987 million flat YoY
- Revenue up 1% to $195 million
- Active clients of 784,000
- GSV per active client of $5,138 up 5%
- GAAP net income of $31.5 million down 17% YoY
- GAAP diluted earnings per share of $0.17
- Adjusted EBITDA of $57 million up 3%
- $107 million spent repurchasing shares buying back 8.1 million shares
- Brought an integration into ChatGPT for clients to use Upwork within the app
- Reducing workforce by 24% with $16 to $23 mill in restructuring charges over the course of 2026. Most of them will impact GAAP earnings in Q2
- Net guide for 2026 is for revenue to be $760 to $790 million with adjusted EBITDA of $250 to $260 million and diluted shares outstanding of 132 to 135 million, non GAAP diluted EPS of $1.50 to $1.55
Upwork Q4 2025
Dec 31, 2025
- Revenue up 4%
- Active clients totaled 785K
- GSV per active client of $5,129 up 7%
- Net income of $15.6 million
- Cash provided by operating activities of $63 million
- Won 2 new Lifted clients which are enterprise level clients
- FCF of $223 million for 2025
- $136 million in share repurchases for 2025
- Guiding for revenue of $835 to $850 million in 2026 with adjusted EBITDA of $240 to $250 million with diluted shares of 137 to 140 million (diluted shares at year end total 139 million)
Upwork Q3 2025
Sep 30, 2025
- Revenue up 4%
- GSV up 2%
- Net income of $29.3 million
- Diluted EPS of $0.21
- Cash provided by operating activities of $75 million
- The number of clients engaging in AI related projects grew 45% YoY
- Average GSV per active client continued to grow rising 5% to $5,036
- Cash of $643 million with $359 mill in debt
Upwork Q2 2025
Jun 30, 2025
- Revenue grew 1% to $194.9 mill
- Net income of $32.7 million up 47% YoY
- Diluted earnings per share of $0.24 compared to $0.17 last year
- Cash provided by operating activities was $72.5 million vs. $39 mill last year
- Guidance for full year 2025 includes revenue down 1%, weighted average shares outstanding to 140 million, stock comp expense of $65 million