Filing Flows › Upwork (UPWK) › Q2 2026 › vs Q2 2025
Upwork (UPWK) Q2 2026 vs Q2 2025 (year over year)
Upwork's revenue fell $3.3M (-2%) from $195M in Q2 2025 to $192M in Q2 2026. The biggest changes: Marketplace −$3.8M (-2%); Enterprise +$523K (+2%). Gross margin 76.4% against 77.7% (-1.3 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 76.4% | 77.7% | -1.3 pts |
| Operating margin | 14.7% | 16.7% | -2.0 pts |
| Net margin | 13.3% | 16.8% | -3.5 pts |
| Free cash flow margin | 18.8% | 33.7% | -14.9 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Marketplace | $167M | $171M | −$3.8M | -2% |
| Enterprise | $24.8M | $24.3M | $523K | +2% |
| Revenue | $192M | $195M | −$3.3M | -2% |
| Gross profit | $146M | $152M | −$5.1M | -3% |
| Cost of revenue | $45.3M | $43.4M | $1.9M | +4% |
| Other income, net | $4.0M | $5.9M | −$1.9M | -33% |
| Operating profit | $28.1M | $32.6M | −$4.4M | -14% |
| Operating expenses | $118M | $119M | −$707K | -0.6% |
| Pre-tax earnings | $32.1M | $38.4M | −$6.3M | -16% |
| Research & development | $43.9M | $44.8M | −$949K | -2% |
| Sales & marketing | $34.9M | $36.7M | −$1.8M | -5% |
| General & admin | $36.9M | $35.7M | $1.2M | +3% |
| Other operating costs | $2.5M | $1.8M | $780K | +44% |
| Net earnings | $25.4M | $32.7M | −$7.3M | -22% |
| Income tax | $6.7M | $5.7M | $982K | +17% |
| Depreciation & amortization | $8.8M | $5.9M | $2.9M | +49% |
| Share-based compensation | $14.1M | $16.0M | −$1.9M | -12% |
| Working capital & other | $1.4M | −$17.9M | $19.4M | — |
| Operating cash flow | $46.9M | $72.5M | −$25.6M | -35% |
| Free cash flow (company-reported) | $35.9M | $65.6M | −$29.7M | -45% |
| Purchases of property, plant & equipment and cash outflows from internally developed software | $10.9M | $6.9M | $4.0M | +59% |
Questions
How much did Upwork's revenue grow year over year in Q2 2026?
Upwork's revenue fell $3.3M (-2%) from $195M in Q2 2025 to $192M in Q2 2026.
What drove Upwork's revenue change in Q2 2026?
Marketplace −$3.8M (-2%); Enterprise +$523K (+2%).