Filing Flows › Upwork (UPWK) › Q2 2026 › vs Q1 2026
Upwork (UPWK) Q2 2026 vs Q1 2026 (quarter over quarter)
Upwork's revenue fell $3.8M (-2%) from $195M in Q1 2026 to $192M in Q2 2026. The biggest changes: Marketplace −$3.8M (-2%); Enterprise +$24K (+0.1%). Gross margin 76.4% against 77.2% (-0.8 pts).
Upwork, Q2 2026: revenue $192M (-2% year over year), operating margin 14.7%, net earnings $25.4M, operating cash flow $46.9M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 76.4% | 77.2% | -0.8 pts |
| Operating margin | 14.7% | 16.7% | -2.1 pts |
| Net margin | 13.3% | 16.1% | -2.8 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Marketplace | $167M | $171M | −$3.8M | -2% |
| Enterprise | $24.8M | $24.8M | $24K | +0.1% |
| Revenue | $192M | $195M | −$3.8M | -2% |
| Gross profit | $146M | $151M | −$4.5M | -3% |
| Cost of revenue | $45.3M | $44.6M | $647K | +1% |
| Other income, net | $4.0M | $5.0M | −$1.0M | -21% |
| Operating profit | $28.1M | $32.7M | −$4.6M | -14% |
| Operating expenses | $118M | $118M | $111K | +0.1% |
| Pre-tax earnings | $32.1M | $37.7M | −$5.6M | -15% |
| Research & development | $43.9M | $43.3M | $587K | +1% |
| Sales & marketing | $34.9M | $37.4M | −$2.5M | -7% |
| General & admin | $36.9M | $35.2M | $1.7M | +5% |
| Other operating costs | $2.5M | $2.2M | $327K | +15% |
| Net earnings | $25.4M | $31.5M | −$6.1M | -19% |
| Income tax | $6.7M | $6.2M | $450K | +7% |
| Depreciation & amortization | $8.8M | $9.1M | −$319K | -4% |
| Share-based compensation | $14.1M | $15.4M | −$1.3M | -8% |
| Working capital & other | $1.4M | $33.0M | −$31.5M | -96% |
| Operating cash flow | $46.9M | $23.0M | $23.9M | +104% |
Questions
How much did Upwork's revenue grow quarter over quarter in Q2 2026?
Upwork's revenue fell $3.8M (-2%) from $195M in Q1 2026 to $192M in Q2 2026.
What drove Upwork's revenue change in Q2 2026?
Marketplace −$3.8M (-2%); Enterprise +$24K (+0.1%).