Filing Flows › Upland Software (UPLD) › Q2 2026 › vs Q2 2025
Upland Software (UPLD) Q2 2026 vs Q2 2025 (year over year)
Upland Software's revenue fell $4.2M (-8%) from $53.4M in Q2 2025 to $49.1M in Q2 2026. The biggest changes: Total product revenue −$3.8M (-7%); Professional Services −$466K (-27%).
Upland Software, Q2 2026: revenue $49.1M (-8% year over year), operating margin -60.4%, net loss $35.3M, operating cash flow $5.4M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 10.8% | 5.0% | +5.8 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Subscription and Support | $46.2M | $50.5M | −$4.3M | -9% |
| Perpetual License | $1.7M | $1.2M | $539K | +45% |
| Total product revenue | $47.9M | $51.7M | −$3.8M | -7% |
| Professional Services | $1.3M | $1.7M | −$466K | -27% |
| Revenue | $49.1M | $53.4M | −$4.2M | -8% |
| Net loss | $35.3M | $13.0M | $22.3M | +171% |
| Costs & expenses | $84.5M | $66.6M | $17.9M | +27% |
| Operating costs | $78.8M | $60.4M | $18.4M | +30% |
| Interest & other, net | $4.8M | $6.2M | −$1.4M | -22% |
| Income tax | $841K | −$171K | $1.0M | — |
| Cost of revenue | $11.7M | $13.4M | −$1.8M | -13% |
| Research & development | $7.8M | $9.8M | −$2.0M | -21% |
| Sales & marketing | $9.5M | $10.8M | −$1.3M | -12% |
| General & admin | $9.1M | $10.2M | −$1.2M | -11% |
| Other operating costs | $40.8M | $16.2M | $24.6M | +152% |
| Operating cash sources | $40.7M | $16.3M | $24.4M | +149% |
| Depreciation & amortization | $6.4M | $8.2M | −$1.7M | -21% |
| Share-based compensation | $830K | $3.1M | −$2.2M | -73% |
| Working capital & other | $33.4M | $5.1M | $28.3M | +557% |
| Net loss absorbed | $35.3M | $13.0M | $22.3M | +171% |
| Operating cash flow | $5.4M | $3.3M | $2.1M | +63% |
| Free Cash Flow (company-reported) | $5.3M | $2.7M | $2.6M | +99% |
| Purchase of property and equipment | $87K | $634K | −$547K | -86% |
Questions
How much did Upland Software's revenue grow year over year in Q2 2026?
Upland Software's revenue fell $4.2M (-8%) from $53.4M in Q2 2025 to $49.1M in Q2 2026.
What drove Upland Software's revenue change in Q2 2026?
Total product revenue −$3.8M (-7%); Professional Services −$466K (-27%).