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Upwork vs Ibex: UPWK and IBEX compared
Upwork is the larger company: $186M of revenue in its latest quarter (Q3 2026) against $175M for Ibex (Q1 FY27). Ibex is growing faster (+16% against -8% a year earlier). Upwork is more profitable, with an operating margin of 18.6% against 10.4%.
Where the money goes: UPWK and IBEX
Upwork (UPWK) · Q3 2026
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.
Ibex (IBEX) · Q1 FY27
Ibex, Q1 FY27: revenue $175M (+16% year over year), operating margin 10.4%, net earnings $14.8M, operating cash flow $16.3M. The chart follows the revenue to costs, profit and cash.
| Upwork (UPWK) | Ibex (IBEX) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q1 FY27 |
| Revenue | $186M | $175M |
| Revenue growth, Y/Y | -8% | +16% |
| Gross margin | 76.1% | — |
| Operating margin | 18.6% | 10.4% |
| Net earnings | $31.8M | $14.8M |
| Net margin | 17.1% | 8.4% |
| Operating cash flow | $65.9M | $16.3M |
| Free cash flow | $53.9M | $9.2M |
| Market value | $1.1B | — |
| P/E | 10.6× | — |
| Analysts’ mean target | $10.64 | — |
Where the revenue comes from
Upwork
- Marketplace: $159M (86%)
- Enterprise: $26.3M (14%)
Questions
Which is bigger, Upwork or Ibex?
Upwork is the larger company: $186M of revenue in its latest quarter (Q3 2026) against $175M for Ibex (Q1 FY27).
Is Upwork or Ibex growing faster?
Ibex is growing faster (+16% against -8% a year earlier).
Which is more profitable, Upwork or Ibex?
Upwork is more profitable, with an operating margin of 18.6% against 10.4%.
More: Upwork earnings · how Upwork makes money · Ibex earnings · how Ibex makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 2, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.