| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 195.48 | 1.4% |
| Total Income | 195.48 | 1.4% |
| Expenditure | 162.77 | 5.7% |
| PBT | 37.71 | 16.2% |
| Net Profit | 31.46 | 16.6% |
| OPM | 16.74% | 3.34pp |
| NPM | 16.09% | 3.48pp |
| EPS | 0.25 | 10.7% |
Upwork Reports Q1 2026: Revenue Up 1% YoY to $195.5 Million
08 May 2026 · 8 May, 2:11 am
Summary
Upwork Inc. reported its financial results for the first quarter of 2026, with revenue increasing by 1% year-over-year to $195.5 million. GSV remained approximately flat at $987.1 million. GAAP net income decreased by 17% year-over-year to $31.5 million, while adjusted EBITDA increased by 3% to $57.4 million. The company is implementing a restructuring plan involving a 24% workforce reduction to improve efficiency and profitability. Upwork is also raising its full year 2026 adjusted EBITDA guidance.
Key Highlights
- 1
Upwork's GSV was $987.1 million, approximately flat year-over-year.
- 2
Revenue grew 1% year-over-year to $195.5 million.
- 3
GSV per active client increased 5% year-over-year to $5,138.
- 4
GAAP Net income was $31.5 million, a decrease of 17% year-over-year.
- 5
Adjusted EBITDA was $57.4 million, up 3% year-over-year.
- 6
The company returned $107.9 million to shareholders through share repurchases in Q1 2026.
- 7
GSV from AI-related work increased more than 40% year-over-year in Q1 2026.
Management Comments
Hayden Brown
"This was a dynamic first quarter, where we delivered strong profitability while navigating a challenging demand environment. The nature of work continues to shift as AI advances, and we continue to build Upwork for where work is headed. With momentum in our AI, SMB, and Enterprise growth pillars, we are confident in our strategy and are taking the necessary steps today to further sharpen our execution." A message to Upwork employees from Hayden Brown, president and CEO, regarding today’s announcement is available on Upwork’s press page at https://www.upwork.com/press/releases.
Erica Gessert
“We are managing the business with a level of discipline, rigor, and agility that enables us to increase our bottom line outlook. As our growth pillars continue to scale, we expect them to increasingly overshadow the cyclical and near-term factors currently impacting the business.”
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