Filing Flows › Upwork (UPWK) › Q3 2026 › vs Q2 2026
Upwork (UPWK) Q3 2026 vs Q2 2026 (quarter over quarter)
Upwork's revenue fell $6.1M (-3%) from $192M in Q2 2026 to $186M in Q3 2026. The biggest changes: Marketplace −$7.5M (-5%); Enterprise +$1.5M (+6%). Gross margin 76.1% against 76.4% (-0.2 pts).
Upwork, Q3 2026: revenue $186M (-8% year over year), operating margin 18.6%, net earnings $31.8M, operating cash flow $65.9M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 76.1% | 76.4% | -0.2 pts |
| Operating margin | 18.6% | 14.7% | +4.0 pts |
| Net margin | 17.1% | 13.3% | +3.9 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Marketplace | $159M | $167M | −$7.5M | -5% |
| Enterprise | $26.3M | $24.8M | $1.5M | +6% |
| Revenue | $186M | $192M | −$6.1M | -3% |
| Gross profit | $141M | $146M | −$5.1M | -3% |
| Cost of revenue | $44.3M | $45.3M | −$984K | -2% |
| Other income, net | $4.0M | $4.0M | −$15K | -0.4% |
| Operating profit | $34.6M | $28.1M | $6.5M | +23% |
| Operating expenses | $107M | $118M | −$11.5M | -10% |
| Pre-tax earnings | $38.5M | $32.1M | $6.4M | +20% |
| Research & development | $34.9M | $43.9M | −$9.0M | -21% |
| Sales & marketing | $33.8M | $34.9M | −$1.1M | -3% |
| General & admin | $36.8M | $36.9M | −$73K | -0.2% |
| Other operating costs | $1.2M | $2.5M | −$1.4M | -54% |
| Net earnings | $31.8M | $25.4M | $6.4M | +25% |
| Income tax | $6.7M | $6.7M | $35K | +0.5% |
| Depreciation & amortization | $11.4M | $8.8M | $2.6M | +29% |
| Share-based compensation | $9.2M | $14.1M | −$5.0M | -35% |
| Working capital & other | $13.6M | −$1.4M | $15.0M | — |
| Operating cash flow | $65.9M | $46.9M | $19.1M | +41% |
Questions
How much did Upwork's revenue grow quarter over quarter in Q3 2026?
Upwork's revenue fell $6.1M (-3%) from $192M in Q2 2026 to $186M in Q3 2026.
What drove Upwork's revenue change in Q3 2026?
Marketplace −$7.5M (-5%); Enterprise +$1.5M (+6%).