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Upwork (UPWK) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 2, 2026 · Upwork (UPWK) Q3 2026 earnings results →

Q3 2026 Revenue down 8% year over year to $186M · 17¢ of every $1 of revenue kept as net profit · operating margin 18.6%

Upwork made $186M in Q3 2026 (-8% Y/Y): Marketplace $159M, Enterprise $26.3M. Operating margin 18.6%, net earnings $31.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 2, 2026.

Revenue$186M
Year over year-8%
Operating margin18.6%
Net earnings$31.8M
Operating cash flow$65.9M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $185.6M in Q3 2026, down 8% year over year and down 3% from the previous quarter. Marketplace was the largest line at 86% of revenue. Marketplace lost $15.3M year over year (down 9%), 95% of the total change.

Gross margin was 76.1%, down 1.1 points from Q3 2025. Operating profit was $34.6M, a 18.6% margin (up 3.9 points year over year). Operating expenses fell 15% while revenue fell 8%. Net earnings were $31.8M, up 8% year over year. The effective tax rate was 17.5%.

Operating cash flow was $65.9M (down 12% year over year), 207% of net earnings. Non-cash charges added back $11.4M of depreciation and amortization and $9.2M of share-based compensation. Working capital and other items added $13.6M. After purchases of property, plant & equipment and cash outflows from internally developed software ($12.1M), free cash flow as the company reports it was $53.9M.

Quarterly history

Upwork revenue by quarterUpwork revenue by quarter$193MQ1 2025$195MQ2 2025$202MQ3 2025$198MQ4 2025$195MQ1 2026$192MQ2 2026$186MQ3 2026
Upwork net earnings by quarterUpwork net earnings by quarter$37.7MQ1 2025$32.7MQ2 2025$29.3MQ3 2025$15.6MQ4 2025$31.5MQ1 2026$25.4MQ2 2026$31.8MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 2, 2026$186M-8%18.6%$31.8M$65.9M
Q2 202610-QAug 10, 2026$192M-2%14.7%$25.4M$46.9M
Q1 202610-QMay 7, 2026$195M+1%16.7%$31.5M$23.0M
Q4 202510-KFeb 13, 2026$198M+4%14.3%$15.6M$63.7M
Q3 202510-QNov 4, 2025$202M+4%14.8%$29.3M$75.1M
Q2 202510-QAug 6, 2025$195M+0.9%16.7%$32.7M$72.5M
Q1 202510-QMay 5, 2025$193M+0.9%20.1%$37.7M$37.0M

Charts

Upwork: revenue growth, year over year and quarter over quarterUpwork: revenue growth, year over year and quarter over quarterY/YQ/Q+1%Q1 2025+1%+1%Q2 2025+4%+3%Q3 2025+4%-2%Q4 2025+1%-1%Q1 2026-2%-2%Q2 2026-8%-3%Q3 2026
Latest (Q3 2026): Y/Y -8%, Q/Q -3%.
Upwork: where the cash came from (+) and went (−), TTM to Q3 2026Upwork: where the cash came from (+) and went (−), TTM to Q3 2026Other financing−$411MOther investing$278MOperating cash flow$200MBuybacks−$144MCash drawn (+) / kept (−)$79.6MCapital spending−$7.9MShares issued$3.4MAcquisitions$1.4M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Upwork: profit against cash, quarter by quarterUpwork: profit against cash, quarter by quarterNet incomeOperating cash flow$147M$38.6MQ4 2024$37.7M$37.0MQ1 2025$32.7M$72.5MQ2 2025$29.3M$75.1MQ3 2025$15.6M$63.7MQ4 2025$31.5M$23.0MQ1 2026$25.4M$46.9MQ2 2026$31.8M$65.9MQ3 2026
Latest (Q3 2026): Net income $31.8M, Operating cash flow $65.9M.
Upwork: diluted shares by fiscal yearUpwork: diluted shares by fiscal year119MFY2020127MFY2021131MFY2022137MFY2023143MFY2024141MFY2025
+18.5% since FY2020: more shares outstanding (issuance, stock pay).
Upwork in its industry: growth against margin (65 companies, SIC 7374)Upwork in its industry: growth against margin (65 companies, SIC 7374)revenue growth, year over year →↑ operating marginmedian +9%median -8%ADPDXCWDAYTOSTRDDTVRSKRNGPLTKCLVTFAPEGAAPLDFIVNTASKEVTCCARGNRDSHNGELFTORAMPGDRXLZEGHTCARSIBEXSSTKLIFYEXTTCXINODOOMAHAWKGLOOBRUNFIRYVERIBIRDINFQNXTTQMLSTRAKMOVEQBTSSHAZDTCXSDCHONFOBHICKWIKSEQCPHUNWORXONEICASTDTSTHTCRPWDYPVITMYX Inc.NTCSSTWIRADCCRCWHNITUPWK (-8%, 19%)
Services-Computer Processing & Data Preparation; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Buys from

About Upwork

Upwork Inc., through its complementary, wholly owned subsidiaries, connects businesses with global, AI-enabled talent across every on-demand work type, including freelance, agency, fractional, and payrolled. Our portfolio of platforms and other workforce solutions includes the Upwork Marketplace, the world’s human and AI-powered work marketplace that connects businesses with on-demand access to highly skilled independent talent worldwide, and Lifted, our wholly owned subsidiary that provides a purpose-built solution for enterprise organizations to source, contract, manage, and pay talent across the full spectrum of contingent work.

In its own words, from its 10-K, filed Feb 13, 2026.

Upwork against its Services-Computer Processing & Data Preparation peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -8% against the peers' median +6%. Operating margin: 18.6% against the peers' median 17.2%.

CompanyQuarterRevenueY/YOp. margin
UPWK UpworkQ3 2026$186M-8%18.6%
ADP Automatic Data ProcessingQ1 FY27$5.5B+6%23.9%
DXC DXC TechnologyQ2 FY27$3.0B-4%6.2%
WDAY WorkdayQ2 FY27$2.6B+13%11.8%
TOST ToastQ3 2026$2.0B+21%8.3%
RDDT RedditQ3 2026$895M+53%29.2%
VRSK Verisk AnalyticsQ3 2026$809M+5%45.2%
RNG RingCentralQ3 2026$676M+6%8.0%
PLTK Playtika HoldingQ3 2026$674M-0.1%17.2%

Source: Upwork 10-Q on SEC EDGAR · CIK 1627475 · Services-Computer Processing & Data Preparation

Guidance and outlook

Upwork: what its forward-looking statements are about (10-Q filed 2026-11-02)Upwork: what its forward-looking statements are about (10-Q filed 2026-11-02)Demand6Other5Costs2The economy1Financing1Buybacks & dividends1
16 statements; tone +0.19 (−1 all cautious, +1 all confident); 11 hedged.
Upwork: outlook statements against the filing beforeUpwork: outlook statements against the filing beforeConfident5Cautious2

13F: who owns UPWK and who is buying

Largest holders of UPWK (13F)Largest holders of UPWK (13F)Vanguard Group$297MBlackRock$161MVanguard Portfolio Management LLC$66.0MAncient Art, L.P.$60.4MVanguard Capital Management LLC$44.4MState Street$43.4MCapital International Investors$40.6MDimensional Fund Advisors LP$39.7MGoldman Sachs Group$35.7MGeode Capital Management, LLC$27.2M
Funds' net buying of UPWK by quarter (13F)Funds' net buying of UPWK by quarter (13F)−$21.3M2024-09−$68.3M2024-12$55.4M2025-03−$3.1M2025-06$88.0M2025-09$271M2025-12−$4.8M2026-03−$73.5M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on UPWK

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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