Here are the 10-Q quarterly reports from Upwork Inc. (UPWK) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow UPWK and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full UPWK filings page.
Upwork Inc. reported third-quarter revenue of $185.6 million, versus $201.7 million a year earlier; net income was $31.8 million versus $29.3 million, and adjusted EBITDA was $63.8 million versus $59.6 million. Gross Services Volume declined 10% to $914.1 million and active clients declined 10% to 717,000, while Marketplace take rate rose to 20.0% from 18.9%.
For the first nine months, revenue was $572.7 million versus $589.4 million and net income was $88.7 million versus $99.8 million; adjusted EBITDA was $185.3 million versus $172.7 million. Upwork attributed lower GSV and active clients to challenges in new-client acquisition and retention, citing AI-related changes in freelance categories, search-engine changes affecting organic acquisition and macroeconomic uncertainty. Its 2026 restructuring had reduced the workforce by approximately 20% as of September 30 and generated $18.1 million in charges; additional reductions were expected to be substantially complete by December 31, 2026.
After quarter-end, Lifted acquired 100% of Germany-based WorkMotion Software GmbH for approximately $129.7 million in cash. Upwork repaid $361.0 million of convertible notes at maturity in August. During the first nine months, it repurchased 8.3 million shares for $109.7 million, including fees and excluding excise tax; $254.3 million remained available under its 2026 repurchase authorization as of September 30.
Upwork Inc. reported essentially flat revenue but lower profitability for the quarter and six months ended June 30, 2026, while tightening costs and returning capital to shareholders. Quarterly revenue was $191.7 million, slightly below $194.9 million a year earlier, and net income declined to $25.4 million from $32.7 million. For the first half, revenue was $387.1 million and net income $56.9 million, both down versus 2025.
Marketplace dynamics mixed: Marketplace revenue slipped 2% in the quarter, but Marketplace take rate increased to 19.6%, reflecting growth in ads and monetization products. GSV fell 4% to $966.4 million, active clients decreased 4% to 763,000, while GSV per active client rose 5%. Adjusted EBITDA improved 12% to $64.1 million in Q2 and 7% to $121.5 million year‑to‑date, supported by cost actions.
Upwork executed a major 2026 restructuring, cutting its workforce by about 20% by June 30 with a planned 24% total reduction, recording $13.8 million in restructuring charges and ending with a $6.6 million restructuring liability. Liquidity remains strong with $476.0 million in cash and equivalents, $138.2 million in marketable securities, an undrawn $150.0 million revolving credit facility, and $361.0 million of 0.25% convertible notes due 2026. The company repurchased $109.7 million of stock in the first half and has $254.3 million remaining under its 2026 repurchase authorization.
Upwork Inc. reported Q1 2026 results showing modest growth in its core marketplace business while remaining solidly profitable. Revenue was $195.5 million, up 1% year over year, as Marketplace revenue rose 3% to $170.7 million and Enterprise revenue declined 6% to $24.8 million.
Net income was $31.5 million, down from $37.7 million a year earlier, as higher cost of revenue and operating expenses offset revenue gains. Marketplace take rate increased to 19.4%, reflecting growing contributions from ads and monetization products, while Gross Services Volume was essentially flat at $987.1 million.
Upwork ended the quarter with $535.9 million in cash, cash equivalents, restricted cash, and funds held in escrow, and $361.0 million of convertible senior notes outstanding. The company also repurchased 8.1 million shares for $107.9 million and later approved a restructuring plan that will reduce its workforce by about 24% and is expected to result in $16.0 million to $23.0 million of pre-tax restructuring charges over the next few quarters.
Upwork Inc. reported stronger Q3 2025 results. Revenue rose to $201.7 million from $193.8 million, and net income increased to $29.3 million from $27.8 million. Operating income improved to $29.8 million, supported by lower sales and marketing spend and higher gross profit.
Marketplace revenue was $174.6 million and Enterprise revenue was $27.2 million. Management noted Marketplace take rate increased to 18.9%, reflecting contributions from ads and monetization products. Year to date, operating cash flow reached $184.6 million.
Liquidity remained solid with cash and cash equivalents of $260.8 million and marketable securities of $382.3 million. The company reclassified its $359.3 million convertible senior notes due 2026 to current liabilities. Upwork repurchased 2.1 million shares for $31.0 million in Q3 and 7.3 million shares for $101.9 million year to date; a new $100.0 million authorization was approved in September. Lifted completed two acquisitions: Bubty ($20.4 million) and Ascen ($42.2 million), adding developed technology and customer relationships.