UPWORK, INC (UPWK) Form 10-Q — Nov 2, 2026
Upwork reported Q3 2026 revenue of $185.6 million, down 8% year over year, as GSV fell 10% and active clients dropped 10% to 717 thousand, reflecting AI disruption of freelance categories, weaker organic client acquisition, and macro uncertainty. Profitability improved despite shrinking revenue: net income rose 8% to $31.8 million and adjusted EBITDA grew 7% to $63.8 million, helped by a May 2026 restructuring that cut roughly 20% of the workforce and drove $18.1 million in nine-month restructuring charges.
Key figures
- Eps
- 0.25
- Revenue
- 185599000
- Net Income
- 31810000
- Total Debt
- 0
- Total Assets
- 931097000
- Cash Position
- 227986000
- Shares Outstanding
- 125777139
- Buybacks 9m
- 109700000
- Gsv q3 2026
- 914064000
- Notes repaid
- 361000000
- Active clients
- 717000
- Gsv yoy change
- -10%
- Adjusted ebitda q3
- 63789000
- Workforce reduction
- approximately 20%
- Gsv per active client
- 5418
- Marketplace take rate
- 20.0%
- Marketplace revenue q3
- 159321000
- Restructuring charges 9m
- 18117000
- Active clients yoy change
- -10%
- Revolving credit facility
- 150000000
- Adjusted ebitda yoy change
- +7%
- Buyback capacity remaining
- 254300000
- Workmotion acquisition price
- 129700000
AI analysis
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