Upwork (UPWK) Q2 FY2026 earnings: revenue $192 million, down 1.7% on the year

Upwork, Inc. (UPWK) reported revenue of $192 million for Q2 FY2026, the quarter ended 30 June 2026, down 1.7% on the same quarter a year earlier. Net income was $25 million, down 22.4% on the year, and diluted earnings per share $0.20. The figures are the company's own, from the 10-Q it filed with the SEC on 10 August 2026.

Revenue$192 milliondown 1.7%

Net income$25 milliondown 22.4%

Diluted EPS$0.20

QuarterQ2 FY2026ended 30 June 2026

What management said

Guidance figures: 3 lowered, 3 new, 2 kept.

Adjusted EBITDA grew 12% year-over-year: Adjusted EBITDA increased 12% YoY to $64.1M, representing 33% of revenue. GAAP net income fell 22% YoY to $25.4M and diluted EPS was $0.20 versus $0.24 in Q2 2025. Company achieved operating leverage through disciplined cost management.
GSV fell 4% but higher value per client: GSV decreased 4% YoY to $966.4M while active clients fell 4% to 763,000. However, GSV per active client grew 5% YoY to $5,230, indicating higher project complexity and average value per engagement.
AI-related work grew 22% year-over-year: GSV from AI-related work increased more than 22% YoY in Q2 2026. AI Strategy and Consulting, the largest AI sub-category, grew over 50% YoY, becoming a material and sustained growth driver.

Read the earnings call summary

The quarter, against the one before and a year earlier

Line	Q2 FY2026	Q1 FY2026	Q2 FY2025	Change on the year
Revenue	192	195	195	-1.7%
Cost of revenue	45.3	44.6	43.4	+4.3%
Gross profit	146	151	152	-3.4%
Gross margin	76.4%	77.2%	77.7%
Research and development	43.9	43.3	44.8	-2.1%
Operating income	28.1	32.7	32.6	-13.6%
Operating margin	14.7%	16.7%	16.7%
Pre-tax income	32.1	37.7	38.4	-16.5%
Income tax	6.7	6.2	5.7	+17.2%
Effective tax rate	20.9%	16.6%	14.9%
Net income	25.4	31.5	32.7	-22.4%
Net margin	13.3%	16.1%	16.8%
Diluted EPS	$0.20	$0.24	$0.24	-16.7%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2026	Q1 FY2026	Q2 FY2025	Change on the year
Operating cash flow	46.9	23.0	72.5	-35.4%
Capital expenditure	1.6	1.7	2.4	-32.0%
Free cash flow	45.3	21.3	70.1	-35.5%
Free cash flow margin	23.6%	10.9%	36.0%
Cash from investing	103	118	-51.5	n/a
Cash from financing	-12.6	-84.3	-38.4	n/a
Depreciation and amortisation	8.8	9.1	5.9	+49.3%
Share-based compensation	14.1	15.4	16.0	-11.6%
Buybacks	1.8	108	37.9	-95.2%
Diluted shares, weighted	130m	136m	140m	-7.3%
Shares outstanding at period end	125m	124m	133m	-5.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2026	Q1 FY2026	Q2 FY2025	Change on the year
Shareholders' equity	611	570	609	+0.4%
Debt	361	360	359	+0.5%
Operating lease liabilities	14.4	15.2	10.4	+38.8%
Other liabilities	288	297	284	+1.5%
Total liabilities and equity	1,274	1,242	1,262	+1.0%
Fixed assets	58.6	49.3	38.1	+53.8%
Goodwill	149	149	141	+5.5%
Intangible assets	31.3	34.2	9.5	+228.8%
Investments	138	251	344	-59.8%
Cash and equivalents	476	328	291	+63.5%
Receivables	76.5	75.9	71.2	+7.3%
Other assets	345	354	367	-6.1%
Total assets	1,274	1,242	1,262	+1.0%

Questions

What was Upwork's revenue in Q2 FY2026?

Upwork (UPWK) reported revenue of $192 million for Q2 FY2026, the quarter ended 30 June 2026, down 1.7% on the same quarter a year earlier.

How much did Upwork earn in Q2 FY2026?

Net income for Q2 FY2026 was $25 million, down 22.4% on the year, and diluted earnings per share $0.20.

When did Upwork report Q2 FY2026 results?

Upwork filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 10 August 2026.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	176	184	191	193	194	191	193	195	202	198	195	192
Cost of revenue	43.3	45.9	44.2	43.9	43.4	42.6	41.8	43.4	45.8	43.7	44.6	45.3
Gross profit	132	138	147	149	150	149	151	152	156	155	151	146
Gross margin	75%	75%	77%	77%	78%	78%	78%	78%	77%	78%	77%	76%
R&D	43.4	46.2	52.9	52.5	50.4	53.5	46.2	44.8	47.5	47.1	43.3	43.9
Operating income	11.5	8.4	13.0	17.8	20.8	13.6	38.7	32.6	29.8	28.3	32.7	28.1
Operating margin	7%	5%	7%	9%	11%	7%	20%	17%	15%	14%	17%	15%
Interest expense	0.7	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	17.2	15.8	19.8	23.4	28.9	18.4	45.0	38.4	35.7	34.1	37.7	32.1
Tax rate	5%	-10%	7%	5%	4%	-701%	16%	15%	18%	54%	17%	21%
Net income	16.3	17.4	18.4	22.2	27.8	147	37.7	32.7	29.3	15.6	31.5	25.4
Net margin	9%	9%	10%	12%	14%	77%	20%	17%	15%	8%	16%	13%
Diluted EPS	$0.12	$0.12	$0.13	$0.17	$0.20	$1.03	$0.27	$0.24	$0.21	$0.12	$0.24	$0.20
Operating cash flow	37.0	-5.3	5.7	37.3	102	8.5	37.0	72.5	75.1	63.7	23.0	46.9
Capital expenditure	0.4	0.1	0.2	0.6	1.2	1.5	2.5	2.4	0.5	0.5	1.7	1.6
Free cash flow	36.5	-5.5	5.5	36.7	101	6.9	34.5	70.1	74.6	63.2	21.3	45.3
Buybacks	0.0	0.0	66.9	33.1	0.0	0.0	33.1	37.9	31.0	34.0	108	1.8
Shares outstanding	136m	137m	133m	132m	133m	135m	134m	133m	131m	131m	124m	125m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2026, filed 10 August 2026, accession 0001627475-26-000047: the filing on EDGAR. All of Upwork, Inc.'s filings: EDGAR company page.

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