Quarterly ResultMay 7, 2026, 04:43 PM
Upwork Q1 Revenue Up 1.4% to $195.5M; Net Income Down 16.6%
AI Summary
Upwork reported a slight increase in Q1 2026 revenue to $195.5 million, up 1.4% year-over-year. However, net income decreased by 16.6% to $31.5 million, and diluted EPS fell to $0.24. The company also authorized a new $300.0 million share repurchase program in February 2026, under which it repurchased $43.9 million in March. Total Q1 2026 share repurchases amounted to $107.9 million.
Key Highlights
- Q1 2026 revenue increased 1.4% to $195.5 million from $192.7 million in Q1 2025.
- Net income for Q1 2026 decreased 16.6% to $31.5 million from $37.7 million in Q1 2025.
- Diluted EPS for Q1 2026 was $0.24, down from $0.27 in Q1 2025.
- Board authorized a new $300.0 million share repurchase program in February 2026.
- Repurchased 8.1 million shares for $107.9 million in Q1 2026 under existing authorizations.
- Net cash provided by operating activities decreased to $23.0 million from $37.0 million.
- Marketplace revenue grew to $170.7 million from $166.3 million year-over-year.
- Enterprise revenue decreased to $24.8 million from $26.4 million year-over-year.