Filing Flows › Upwork (UPWK) › Guidance & outlook

Upwork (UPWK) guidance and outlook

Upwork (UPWK) raised some and lowered other parts of its guidance on Nov 2, 2026: Revenue $169M–$177M for FY2026; EBITDA $51.0M–$55.0M for FY2026; EPS $0.30–$0.32 for FY2026; Gross margin 76% for FY2026. Upwork's 10-Q filed Nov 2, 2026 makes 16 forward-looking statements.

Guidance and outlook

Latest guidance

From the earnings release filed Nov 2, 2026 (8-K on EDGAR).

Forward-looking statements, 10-Q filed Nov 2, 2026

• We expect these factors to continue to impact GSV, active clients, and revenue in the remainder of 2026, while our cost reduction efforts are expected to support continued adjusted EBITDA growth, subject to market conditions and execution.
• We expect Marketplace take rate to continue to expand in the remainder of 2026, subject to market conditions and execution.
• We expect our key metrics may fluctuate between periods due to a number of factors, including changing macroeconomic conditions; the number of Sundays (i.e., the day we have the contractual right to bill and recognize revenue for the majority of our talent service fees each week) in any given period; the lapping of significant launches of new lines of business or products, pricing changes, and other monetization…
• We define adjusted EBITDA as net income adjusted for stock-based compensation expense; depreciation and amortization; other income (expense), net, which includes interest expense; income tax benefit (provision); and, if applicable, certain other gains, losses, benefits, or charges that are non-cash or are significant and the result of isolated events or transactions that have not occurred frequently in the past…
• • adjusted EBITDA excludes stock-based compensation expense, which has recently been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy;
• We also offer a Business Plus plan that includes premium features targeted at larger customers, which is subject to a client marketplace fee of 10% on each transaction—or 8% if paid via ACH for eligible clients.
• GAAP, we are deemed to be the principal in these Managed Services arrangements and therefore recognize the entire GSV of Managed Services projects as Managed Services revenue, as compared to recognizing only the percentage of the client spend that we receive, as we do with our Marketplace and Enterprise Solutions offerings.
• In addition, gross margin will be impacted by fluctuations in our revenue mix between Marketplace revenue and Enterprise revenue.
• We will continue to evaluate the need for a valuation allowance against our deferred tax assets on a quarterly basis.
• We expect gross margin to remain below prior year levels for the remainder of 2026, primarily due to lower revenue and higher amortization of capitalized internal-use software and platform development costs, partially offset by lower other costs of revenue.
• If we raise additional funds by issuing equity or equity-linked securities, the ownership and economic interests of our existing stockholders will be diluted.
• If we raise additional financing by incurring additional indebtedness, we will be subject to additional debt service requirements and could also be subject to additional restrictive covenants, such as limitations on our ability to incur additional debt, and other operating restrictions that could adversely impact our ability to conduct our business.

Upwork's latest quarter

Questions

Did Upwork raise or lower its guidance?

Upwork (UPWK) raised some and lowered other parts of its guidance on Nov 2, 2026: Revenue $169M–$177M for FY2026; EBITDA $51.0M–$55.0M for FY2026; EPS $0.30–$0.32 for FY2026; Gross margin 76% for FY2026.

What does Upwork expect?

We expect these factors to continue to impact GSV, active clients, and revenue in the remainder of 2026, while our cost reduction efforts are expected to support continued adjusted EBITDA growth, subject to market conditions and execution. We expect Marketplace take rate to continue to expand in the remainder of 2026, subject to market conditions and execution. We expect our key metrics may fluctuate between periods due to a number of factors, including changing macroeconomic conditions; the number of Sundays (i.e., the day we have the contractual right to bill and recognize revenue for the ma

Open the interactive view →

Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.