Filing Flows › Upwork (UPWK) › Q2 2026
Upwork (UPWK) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 10, 2026
Upwork (UPWK) reported revenue of $192M for the second quarter 2026 (Q2 2026), -2% from a year earlier and -2% from the quarter before. Operating margin was 14.7%, net earnings $25.4M (13.3% of revenue).
Upwork, Q2 2026: revenue $192M (-2% year over year), operating margin 14.7%, net earnings $25.4M, operating cash flow $46.9M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $192M | -2% | -2% |
| Gross profit | $146M | -3% | -3% |
| Operating profit | $28.1M | -14% | -14% |
| Net earnings | $25.4M | -19% | -22% |
| Operating cash flow | $46.9M | +104% | -35% |
| Free cash flow | $35.9M | — | -45% |
What changed
Revenue was $191.7M in Q2 2026, down 2% year over year and down 2% from the previous quarter. Marketplace was the largest line at 87% of revenue. Marketplace lost $3.8M year over year (down 2%), 116% of the total change.
Gross margin was 76.4%, down 1.3 points from Q2 2025. Operating profit was $28.1M, a 14.7% margin (down 2.0 points year over year). Operating expenses fell 1% while revenue fell 2%. The fastest-growing cost line was Other operating costs (+44%). Net earnings were $25.4M, down 22% year over year. The effective tax rate was 20.9%.
Operating cash flow was $46.9M (down 35% year over year), 185% of net earnings. Non-cash charges added back $8.8M of depreciation and amortization and $14.1M of share-based compensation. After purchases of property, plant & equipment and cash outflows from internally developed software ($10.9M), free cash flow as the company reports it was $35.9M.
Questions
What was Upwork's revenue in the second quarter 2026?
Upwork (UPWK) reported revenue of $192M for the second quarter 2026 (Q2 2026), -2% from a year earlier and -2% from the quarter before.
Was Upwork profitable in the second quarter 2026?
Operating profit was $28.1M (14.7% of revenue) and net earnings $25.4M.
Source: Upwork 10-Q on SEC EDGAR.