Upwork UPWK

Upwork reports $185.6 million revenue for Q3 2026

Form: 10-Q
Filed: Nov 2, 2026, 4:32 pm ET
Importance: Notable
Accession: 0001627475-26-000055

Revenue: $185.6 million for the three months ended Sep 30, 2026
Net income: $31.81 million for the three months ended Sep 30, 2026
Diluted EPS: $0.25 for the three months ended Sep 30, 2026
Cash and equivalents: $227.99 million at Sep 30, 2026

Written from the 10-Q on EDGAR. Check the filing before you rely on it.

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The reading, claim by claim

The filing includes condensed consolidated balance sheets, statements of operations, and cash flows.
It also contains forward-looking statements about the company's future operations and financial position.
The company also announced a 2026 Restructuring plan to reduce costs, as noted in the 10-Q filing.

3 of 6 claims matched the filing text.

Not found in the filing text

For the quarter ended September 30, 2026, UPWORK, INC reported revenue of $185.6 million and net income of $31.8 million.
The gross margin was 76.1%, with an operating margin of 18.6% and a net margin of 17.1%.
Revenue decreased by 8.0% compared to the same period in the previous year.

From the filing

Item 1. Financial Statements (Unaudited)

Condensed Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025¹

Condensed Consolidated Statements of Operations and Comprehensive Income for the Three and Nine Months Ended September 30, 2026 and 2025¹

Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2026 and 2025

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2026 and 2025¹

Notes to Condensed Consolidated Financial Statements 6

Item 6. Exhibits 71

Signatures 72

Unless otherwise expressly stated or the context otherwise requires, references in this Quarterly Report on Form 10-Q, which we refer to as this Quarterly Report, to "Upwork," "Company," "our," "us," and "we" and similar references refer to Upwork Inc. and its wholly owned subsidiaries.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report contains forward-looking statements within the meaning of the federal securities laws.² ²Forward-looking statements include all statements other than statements of historical fact, including any statements regarding our future operating results and financial position², information or predictions concerning the future of our business or strategy, future products, features, or functionality, anticipated events and trends, including future research and development, sales and marketing, and general and administrative expenses, and provision for transaction losses, potential growth or growth prospects, our competitive position, technological and market trends, industry environment, the economy, our plans with respect to share repurchases, and the expected impact and timing of strategic initiatives, including the acquisition of WorkMotion Software GmbH by a subsidiary of the Company, or cost-saving initiatives, including the restructuring announced in May 2026, which we refer to as the 2026 Restructuring³, and other future conditions. Words such as "believes," "may," "will," "estimates," "potential," "continues," "anticipates," "intends," "expects," "could," "would," "projects," "plans," "targets," and variations of such words and similar expressions are intended to identify forward-looking statements.

We have based these forward-looking statements largely on our current expectations and projections as of the date of this filing about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short- and long-term business operatio

Item 1. Financial Statements.

UPWORK INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and per share data)

September 30, 2026 December 31, 2025

ASSETS

Current assets

Cash and cash equivalents $ 227,986 $ 294,356 Marketable securities 76,346 378,425

Funds held in escrow, including funds in transit 164,606 180,752

Trade and client receivables – net of allowance of $ 5,688 and $ 5,919 as of September 30, 2026 and December 31, 2025, respectively 79,315 76,236

Prepaid expenses and other current assets 19,651 21,064

Total current assets 567,904 950,833 Property and equipment, net 61,625 44,421 Goodwill 149,192 149,192 Intangible assets, net 28,388 37,161 Operating lease asset 11,773 5,011 Deferred tax asset 108,305 111,495 Other assets, noncurrent 3,910 1,467 Total assets $ 931,097 $ 1,299,580

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable $ 9,336 $ 7,858 Escrow funds payable 164,606 180,752

Debt, current — 359,770

Accrued expenses and other current liabilities 69,725 94,023

Deferred revenue 8,620 7,765 Total current liabilities 252,287 650,168 Operating lease liability, noncurrent 13,514 9,707 Other liabilities, noncurrent 11,271 9,390 Total liabilities 277,072 669,265

Commitments and contingencies (Note 8)

Stockholders' equity

Common stock, $ 0.0001 par value; 490,000,000 shares authorized as of September 30, 2026 and December 31, 2025; 125,690,310 and 130,545,236 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively 13 13 Additional paid-in capital 528,633 592,599

Accumulated other comprehensive (loss) income ( 245 ) 754

Retained earnings 125,624 36,949 Total stockholders' equity 654,025 630,315

Total liabilities and stockholders' equity $ 931,097 $ 1,299,580

The accompanying notes are an integral part of these condensed consolidated financial statements.

UPWORK INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

Three Months Ended

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