Upwork Q2 net income falls 22% on lower client, GSV base; issues soft Q3 revenue forecast
UPWK•Outlook
- Upwork sees Q3 revenue between $176 mln and $184 mln
- Company expects full-year 2026 revenue of $730 mln to $750 mln
- Upwork anticipates growing demand for high-value AI talent and complex projects
Overview
- Online work marketplace's Q2 revenue fell 2% yr/yr, slightly beating analyst expectations
- Q2 adjusted EBITDA rose 12% yr/yr and beat analyst estimates
- Company returned $109.7 mln to shareholders via buyback in first half of 2026
- Shares of the company were down about 20% in extended trading
Key Details
| Metric | Beat/Miss | Actual | Consensus Estimate |
| Q2 Revenue | Slight Beat* | $191.70 mln | $189.96 mln (9 Analysts) |
| Q2 Net Income | $25.40 mln | ||
| Q2 Adjusted EBITDA | Beat | $64.10 mln | $57.58 mln (10 Analysts) |
*Applies to a deviation of less than 1%; not applicable for per-share numbers.
Result Drivers
- - Co said GSV from AI-related work rose more than 22% yr/yr, with AI Strategy & Consulting up over 50% yr/yr
