Filing Flows › Comparisons › UPWK vs SSTK
Upwork vs Shutterstock: UPWK and SSTK compared
Upwork is the larger company: $186M of revenue in its latest quarter (Q3 2026) against $174M for Shutterstock (Q3 2026). Upwork is growing faster (-8% against -33% a year earlier). Upwork is more profitable, with an operating margin of 18.6% against -114.5%.
Where the money goes: UPWK and SSTK
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.
Shutterstock (SSTK) · Q3 2026
Shutterstock, Q3 2026: revenue $174M (-33% year over year), operating margin -114.5%, net loss $198M, operating cash flow $18.3M. The chart follows the revenue to costs, profit and cash.
| Upwork (UPWK) | Shutterstock (SSTK) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $186M | $174M |
| Revenue growth, Y/Y | -8% | -33% |
| Gross margin | 76.1% | — |
| Operating margin | 18.6% | -114.5% |
| Net earnings | $31.8M | −$198M |
| Net margin | 17.1% | -113.7% |
| Operating cash flow | $65.9M | $18.3M |
| Free cash flow | $53.9M | $12.5M |
| Market value | $1.1B | $160M |
| P/E | 10.6× | — |
| Analysts’ mean target | $10.64 | — |
Where the revenue comes from
Upwork
- Marketplace: $159M (86%)
- Enterprise: $26.3M (14%)
Shutterstock
- Content: $158M (91%)
- Data, Distribution, and Services: $15.8M (9%)
Questions
Which is bigger, Upwork or Shutterstock?
Upwork is the larger company: $186M of revenue in its latest quarter (Q3 2026) against $174M for Shutterstock (Q3 2026).
Is Upwork or Shutterstock growing faster?
Upwork is growing faster (-8% against -33% a year earlier).
Which is more profitable, Upwork or Shutterstock?
Upwork is more profitable, with an operating margin of 18.6% against -114.5%.
More: Upwork earnings · how Upwork makes money · Shutterstock earnings · how Shutterstock 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.