| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 191.66 | 1.9% | 1.7% |
| Total Income | 191.66 | 1.9% | 1.7% |
| Expenditure | 163.52 | 0.5% | 0.7% |
| PBT | 32.10 | 14.9% | 16.5% |
| Net Profit | 25.40 | 19.3% | 22.4% |
| OPM | 14.68% | 2.06pp | 2.02pp |
| NPM | 13.26% | 2.84pp | 3.53pp |
| EPS | 0.21 | 16.0% | 16.0% |
Upwork Reports Q2 2026 Financial Results with Record GSV per Active Client
11 Aug 2026 · 11 Aug, 2:27 am
Summary
Upwork Inc. announced its financial results for the second quarter of 2026, reporting revenue of $191.7 million, down 2% year-over-year, alongside a record $5,230 in GSV per active client. The company achieved a 12% year-over-year increase in adjusted EBITDA to $64.1 million, resulting in a 33% adjusted EBITDA margin. Management highlighted solid execution in a challenging environment, noting the growing demand for high-value AI talent and complex projects, and expressed confidence in their enterprise strategy and AI capabilities.
Key Highlights
- 1
Upwork reported second-quarter revenue of $191.7 million, a decrease of 2% year-over-year.
- 2
GSV per active client reached a record $5,230, marking the eighth consecutive quarter of sequential growth.
- 3
Second-quarter adjusted EBITDA was $64.1 million, an increase of 12% year-over-year, with an adjusted EBITDA margin of 33%.
- 4
GAAP Net income for the second quarter was $25.4 million, a decrease of 22% year-over-year.
- 5
GSV from AI-related work increased more than 22% year-over-year in Q2 2026.
- 6
Upwork Claude Connector and Model Context Protocol were launched to enhance AI integration and talent discovery.
Management Comments
Hayden Brown
In the second quarter, Upwork demonstrated solid execution against our strategic plan in a challenging operating environment. While lower-complexity work continues to shift toward automation, we are increasingly seeing what is emerging in its place: growing demand for high-value AI talent, more complex projects, and new categories of work across SMB and Enterprise. We are on track with our enterprise strategy, staying disciplined in how we execute, and continuing to build the AI capabilities that will make Upwork essential infrastructure as work becomes increasingly human-and-agent driven.
Informational and educational content only. Not investment advice.