Filing Flows › Upwork (UPWK) › Q3 2026
Upwork (UPWK) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 2, 2026
Upwork (UPWK) reported revenue of $186M for the third quarter 2026 (Q3 2026), -8% from a year earlier and -3% from the quarter before. Operating margin was 18.6%, net earnings $31.8M (17.1% of revenue).
Upwork, Q3 2026: revenue $186M (-8% year over year), operating margin 18.6%, net earnings $31.8M, operating cash flow $65.9M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $186M | -3% | -8% |
| Gross profit | $141M | -3% | -9% |
| Operating profit | $34.6M | +23% | +16% |
| Net earnings | $31.8M | +25% | +8% |
| Operating cash flow | $65.9M | +41% | -12% |
| Free cash flow | $53.9M | — | -22% |
What changed
Revenue was $185.6M in Q3 2026, down 8% year over year and down 3% from the previous quarter. Marketplace was the largest line at 86% of revenue. Marketplace lost $15.3M year over year (down 9%), 95% of the total change.
Gross margin was 76.1%, down 1.1 points from Q3 2025. Operating profit was $34.6M, a 18.6% margin (up 3.9 points year over year). Operating expenses fell 15% while revenue fell 8%. Net earnings were $31.8M, up 8% year over year. The effective tax rate was 17.5%.
Operating cash flow was $65.9M (down 12% year over year), 207% of net earnings. Non-cash charges added back $11.4M of depreciation and amortization and $9.2M of share-based compensation. Working capital and other items added $13.6M. After purchases of property, plant & equipment and cash outflows from internally developed software ($12.1M), free cash flow as the company reports it was $53.9M.
Questions
What was Upwork's revenue in the third quarter 2026?
Upwork (UPWK) reported revenue of $186M for the third quarter 2026 (Q3 2026), -8% from a year earlier and -3% from the quarter before.
Was Upwork profitable in the third quarter 2026?
Operating profit was $34.6M (18.6% of revenue) and net earnings $31.8M.
Source: Upwork 10-Q on SEC EDGAR.