Upwork Q3 revenue beats estimates; acquires WorkMotion to strengthen enterprise offering
UPWK•Upwork reported Q3 revenue of $185.6 million and adjusted EBITDA of $63.8 million, both above analyst estimates, and acquired WorkMotion. It forecast Q4 revenue of $169 million to $177 million and full-year 2026 revenue of $742 million to $750 million.
1. Quarterly results
Upwork’s Q3 revenue was $185.6 million, compared with the $180.22 million analyst consensus, while adjusted EBITDA was $63.8 million versus the $52.35 million estimate. Net income was $31.8 million. The company said operating expenses fell 15% year over year.
2. Acquisition and outlook
Upwork acquired WorkMotion to strengthen its enterprise offering; its shares rose 14% in extended trading. The company expects Q4 revenue of $169 million to $177 million and adjusted EBITDA of $51 million to $55 million, and forecasts full-year 2026 revenue of $742 million to $750 million. GSV from freelancers with AI skills rose 55% year over year to an annualized run rate of nearly $450 million.
