Filing Flows › Upwork (UPWK) › Q1 2026
Upwork (UPWK) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Upwork (UPWK) reported revenue of $195M for the first quarter 2026 (Q1 2026), +1% from a year earlier and -1% from the quarter before. Operating margin was 16.7%, net earnings $31.5M (16.1% of revenue).
Upwork, Q1 2026: revenue $195M (+1% year over year), operating margin 16.7%, net earnings $31.5M, operating cash flow $23.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $195M | -1% | +1% |
| Gross profit | $151M | -3% | 0% |
| Operating profit | $32.7M | +16% | -15% |
| Net earnings | $31.5M | +101% | -17% |
| Operating cash flow | $23.0M | -64% | -38% |
| Free cash flow | $12.9M | — | -58% |
What changed
Revenue was $195.5M in Q1 2026, up 1% year over year and down 1% from the previous quarter. Marketplace was the largest line at 87% of revenue. Marketplace added $4.4M year over year (up 3%), 159% of the total change. Enterprise declined 6%.
Gross margin was 77.2%, down 1.1 points from Q1 2025. Operating profit was $32.7M, a 16.7% margin (down 3.3 points year over year). Operating profit fell $6.0M even though revenue rose $2.8M versus Q1 2025, so costs grew faster than sales. Operating expenses grew 5% against revenue growth of 1%. The fastest-growing cost line was General & admin (+25%). Net earnings were $31.5M, down 17% year over year. The effective tax rate was 16.6%.
Operating cash flow was $23.0M (down 38% year over year), 73% of net earnings. Non-cash charges added back $9.1M of depreciation and amortization and $15.4M of share-based compensation. Working capital and other items used $33.0M. After purchases of property, plant & equipment and cash outflows from internally developed software ($10.1M), free cash flow as the company reports it was $12.9M.
Questions
What was Upwork's revenue in the first quarter 2026?
Upwork (UPWK) reported revenue of $195M for the first quarter 2026 (Q1 2026), +1% from a year earlier and -1% from the quarter before.
Was Upwork profitable in the first quarter 2026?
Operating profit was $32.7M (16.7% of revenue) and net earnings $31.5M.
Source: Upwork 10-Q on SEC EDGAR.