UPWORK, INC

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.

Upwork Inc. announced the public beta of Upwork Now, a new feature designed to facilitate rapid hiring on its platform. Clients can now find and hire freelancers in minutes, with early testing showing hires made in under 30 minutes. Freelancers can signal their immediate availability, allowing them to connect with clients ready to start work quickly. The service integrates with AI tools, enabling clients to access talent directly from their workflow. Upwork Now is available at no extra cost.

Upwork reported mixed financial results for Q2 2026, with revenue decreasing 2% to $191.7 million and GAAP net income falling 22% to $25.4 million. However, adjusted EBITDA increased 12% to $64.1 million, and GSV per active client reached a record $5,230. The company highlighted strong growth in AI-related work and its Business Plus offering, while also providing guidance for Q3 and full-year 2026.

Upwork reported Q2 2026 revenue of $191.66 million, a decrease from $194.94 million in Q2 2025. Net income for the quarter was $25.40 million, down from $32.73 million year-over-year, with basic EPS at $0.21. For the six months ended June 30, 2026, revenue was $387.14 million and net income was $56.87 million. The company saw a significant increase in cash and cash equivalents to $476.04 million and a positive shift in cash from investing activities, alongside a restructuring announced in May 2026.

Upwork Inc. announced the launch of its Upwork MCP server, designed to seamlessly integrate AI tools with its work marketplace. This new server allows AI agents to directly access Upwork's platform to hire freelancers, post jobs, and manage offers, while also enabling freelancers to use AI to find work and manage client interactions. Leveraging the Model Context Protocol, the server is compatible with major AI tools and utilizes Upwork's existing secure infrastructure, available at no extra cost to users.

Upwork Inc. announced it will release its second quarter 2026 financial results on Monday, August 10, 2026, after the market closes. The company will host a Q&A conference call on the same day at 2:00 p.m. Pacific Time to discuss these results. A live webcast of the call will be accessible via the Upwork Investor Relations website, with an audio replay and archived webcast available afterward.

Upwork Inc.'s Chief Financial Officer, Erica Gessert, will commence a temporary medical leave starting July 14, 2026. The company expects Ms. Gessert to return to her position in the fourth quarter of 2026. During her absence, Upwork's President and Chief Executive Officer, Hayden Brown, will serve as the interim principal financial officer without receiving additional compensation for this temporary role.

Upwork Inc. released its second annual Future Workforce Index 2026, revealing that over 1 in 3 skilled U.S. knowledge workers now freelance, a significant increase from the previous year. The study, based on a survey of 2,400 U.S. workers and Upwork Marketplace data, highlights how AI is reshaping the labor market. Key findings indicate that while AI adoption is widespread, value is concentrated in complex work where human expertise and judgment are applied, leading to higher earnings for "AI Orchestrators."

Upwork Inc. and its domestic subsidiaries have entered into a new secured revolving Credit Facility for up to $150.0 million, with an option to increase by an additional $50.0 million. The facility, maturing on June 23, 2029, will be used for working capital, general corporate purposes, repurchasing existing convertible indebtedness, funding acquisitions, and covering transaction fees. The obligations are secured by substantially all of the company's assets and bear interest at a variable rate tied to Term SOFR or the Base Rate.

Upwork Inc. announced the launch of the Upwork Claude Connector, a new application within Anthropic's Claude. This connector allows businesses to directly find and hire expert talent from Upwork's marketplace of over 18 million professionals, including AI-skilled talent, the moment a project takes shape. The integration aims to streamline the hiring process by enabling users to describe projects and receive talent shortlists or create job posts directly within Claude, leveraging AI-driven growth initiatives. This follows Upwork's previous launch of a ChatGPT app, expanding its strategy to embed talent access within popular AI tools.