Quarterly ResultNov 2, 2026, 04:16 PM
Upwork Q3 Revenue $185.6M; CFO Transition; Acquires WorkMotion
AI Summary
Upwork Inc. announced its third quarter 2026 financial results, reporting revenue of $185.6 million and GAAP net income of $31.8 million. The company also highlighted strategic initiatives including the acquisition of WorkMotion by its subsidiary Lifted and the appointment of Peter Sanborn as the new CFO, succeeding Erica Gessert. Despite a year-over-year decrease in revenue and free cash flow, Upwork saw an increase in GAAP net income and adjusted EBITDA, with strong performance in its AI-skilled freelancer segment and Business Plus offering.
Key Highlights
- Upwork reported Q3 2026 revenue of $185.6 million, a decrease of 8% year-over-year.
- GAAP Net income was $31.8 million, an increase of 8% year-over-year, with diluted EPS of $0.25.
- Adjusted EBITDA was $63.8 million, up 7% year-over-year, with an adjusted EBITDA margin of 34.4%.
- Lifted, an Upwork company, acquired WorkMotion, a leading employer of record (EOR).
- Erica Gessert will step down as CFO effective January 1, 2027; Peter Sanborn appointed as new CFO.
- Q3 2026 GSV was $914.1 million, down 10.1% year-over-year.
- Free cash flow was $53.9 million, a decrease of 22% year-over-year.
- Upwork provided Q4 2026 guidance: Revenue $169M-$177M, Adjusted EBITDA $51M-$55M.
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