Filing Flows › Upwork (UPWK) › How it makes money
How Upwork (UPWK) makes money
Upwork (UPWK) made $186M of revenue in the third quarter 2026 (Q3 2026), -8% from a year earlier. Marketplace brought in $159M (86%); Enterprise brought in $26.3M (14%). Of every dollar of revenue, 76¢ was left as gross profit, 19¢ was left as operating profit, 17¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Marketplace | $159M | 85.8% | -5% | -9% |
| Enterprise | $26.3M | 14.2% | +6% | -3% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $186M | 100.0% |
| Cost of revenue | $44.3M | 23.9% |
| Gross profit | $141M | 76.1% |
| Operating expenses | $107M | 57.5% |
| Operating profit | $34.6M | 18.6% |
| Income tax | $6.7M | 3.6% |
| Net earnings | $31.8M | 17.1% |
| Operating cash flow | $65.9M | 35.5% |
| Free cash flow | $53.9M | 29.0% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $186M | -8% |
| Q2 2026 | $192M | -2% |
| Q1 2026 | $195M | +1% |
| Q4 2025 | $198M | +4% |
| Q3 2025 | $202M | +4% |
| Q2 2025 | $195M | +0.9% |
| Q1 2025 | $193M | +0.9% |
From Upwork's 10-Q filed Nov 2, 2026 (on EDGAR).
Questions
How does Upwork make money?
Upwork (UPWK) made $186M of revenue in the third quarter 2026 (Q3 2026), -8% from a year earlier. Marketplace brought in $159M (86%); Enterprise brought in $26.3M (14%). Of every dollar of revenue, 76¢ was left as gross profit, 19¢ was left as operating profit, 17¢ was left as net earnings.
What is Upwork's biggest business?
Marketplace: $159M in the third quarter 2026, 86% of revenue, -9% from a year earlier.
What is Upwork's profit margin?
Net earnings were $31.8M, 17.1% of revenue, in the third quarter 2026; the operating margin was 18.6%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.