EarningsQ2 2026 Earnings Report
MX:UPWK Q2 2026 EPS Results
Actual EPS$7.45
Consensus EPS$6.22
Beat/MissBeat by +$1.24
One Year Ago EPS$6.36
MX:UPWK Q2 2026 Revenue Results
Actual Revenue$3.48B
Expected Revenue$3.45B
Beat/MissBeat by +$30.79M
YoY Revenue Growth-1.68%
Earnings Announcement Details
QuarterQ2 2026
Date08/10/2026
TimeAfter Close
Conference CallMonday, August 10, 2026
MX:UPWK Upcoming Earnings
Upwork's next earnings date is estimated for November 10, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:UPWK Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presented a mixed but balanced message: strong execution on profitability, margins, monetization, product innovation (MCP, ChatGPT/Claude integrations), and pockets of outsized growth (Business Plus, AI consulting, Enterprise/Lifted) were offset by material near-term top-line headwinds from accelerated AI-related automation and Google SEO/search changes that pressured GSV and active client acquisition. Management emphasized disciplined cost management, margin expansion, and strategic product investments while lowering full-year revenue guidance and preparing for continued search-related headwinds.Company Guidance
Revenue at High End of Guidance
Q2 revenue of $191.7 million was at the high end of guidance, supported by high-margin monetization levers and ads; revenue from these levers grew 15% year-over-year.
Strong Profitability and Margin Expansion
Adjusted EBITDA of $64.1 million exceeded the high end of guidance, producing an adjusted EBITDA margin of 33.4%; full-year adjusted EBITDA guidance is $225M–$235M (~31% margin at midpoint).
High Take Rate and Gross Margin
Company achieved a take rate of 19.8% in Q2 and a non-GAAP gross margin of 77%, remaining near record levels.
Record GSV per Active Client and Contract Size
GSV per active client reached a record $5,230, up 5% year-over-year; average length of hourly work contracts hit a record 100 hours this quarter, and GSV per new client grew year-over-year.
Business Plus Outperformance
Business Plus GSV grew 174% year-over-year, pacing ahead of plan and driving larger, recurring customer engagements.
AI and Consulting Growth
AI strategy and consulting category grew 51% year-over-year in Q2; AI-related jobs GSV grew 22% year-over-year and 5% quarter-over-quarter to an approximate $330 million annualized run rate.
Enterprise Momentum and Lifted Progress
GSV per enterprise account grew 7% year-over-year (highest in more than three years); GSV from employer-of-record (EOR) solutions grew 29% year-over-year and Lifted remains on track to achieve ~25% GSV growth in 2026.
Cost Management and Restructuring Savings
Initiated $70 million annualized OpEx reduction expected to yield ~ $40 million of realized savings in fiscal 2026; disciplined cost management drove profit expansion despite top-line pressures.
Customer Acquisition Efficiency Improvements
Cost per new contract start improved 22% quarter-over-quarter; paid search has become the largest and more efficient acquisition channel and company plans incremental marketing spend of $5M–$10M in H2.
Product Innovation and AI Integrations
Launched the Upwork MCP server and embedded Upwork into ChatGPT and Claude, enabling agentic integrations and new AI-driven acquisition/referral channels that expand marketplace reach.
Balance Sheet & Capital Actions
Closed a $150 million revolving credit facility (with $50M accordion) to support convertible note repayment and capital strategy; repurchased ~164,000 shares in Q2 and ~8.3M shares year-to-date.
Free Cash Flow & Shareholder Returns
Generated free cash flow of $35.9 million in Q2 (impacted by one-time restructuring cash payments) while continuing share repurchases and maintaining a capital-light marketplace model.
MX:UPWK Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed