Upwork Pulse
What's happening on Upwork
GSV, last quarter
$966.4M
▼ 3.6%YoY
Active clients
763K
▼ 4.1%YoY
GSV per client
$5,230
▲ 4.6%YoY
Take rate
19.8%
▲ 0.4ppYoY
Revenue
$191.7M
▼ 1.7%YoY
Adj. EBITDA margin
33%
▲ 4.1ppYoY
Volume
2 quarters of year-on-year decline
GSV $966.4M in 2026 Q2, down 3.6% vs a year earlier. Trailing four quarters: $3.99B.
Clients
Fewer, bigger
Active clients down 4.1% to 763,000, while GSV per client up 4.6% to $5,230. Budgets concentrate in fewer hands: win the serious client.
Upwork's cut
19.8% take rate
Revenue ÷ GSV. Roughly a fifth of every client dollar stays with Upwork across both sides, up 0.4 points year on year.
Profitability
33% adj. EBITDA
Margins keep expanding while volume slips: Upwork is run for profit now, not growth. Expect fee and feature changes aimed at revenue per client.
Gross services volume
What clients paid through Upwork, per quarter
Year-on-year change
Q3 '23
Q4 '23
Q1 '24
Q2 '24
Q3 '24
Q4 '24
-2.1%
Q1 '25
-0.6%
Q2 '25
Q3 '25
+2.8%
Q4 '25
-0.1%
Q1 '26
-3.6%
Q2 '26
Clients vs spend per client
Fewer active clients, each spending more
Q3 '23
Q4 '23
Q1 '24
Q2 '24
Q3 '24
Q4 '24
-6.9%
Q1 '25
-8.3%
Q2 '25
Q3 '25
-5.6%
Q4 '25
-3.4%
Q1 '26
-4.1%
Q2 '26
Revenue and where it comes from
Marketplace fees vs enterprise contracts
RevenueMarketplaceEnterprise
Take rate and margin
Upwork's share of each dollar, and what it keeps as profit
Take rate %Adj. EBITDA margin %
Upwork said · 2026 Q2
Upwork Reports Second Quarter 2026 Financial Results
- Following the April launch of Upwork’s app for ChatGPT, launched the Upwork Claude Connector, a new app inside Anthropic’s Claude that embeds Upwork’s marketplace at the moment businesses use AI to plan and scope work, connecting them with the experts they need as a project takes shape.
- Launched Upwork’s Model Context Protocol (MCP) server, allowing clients and freelancers to direct AI agents to find talent, source opportunities, and help manage work on Upwork's marketplace from within the tools and workflows they already use.
- GSV from AI-related work increased more than 22% year-over-year in Q2 2026.
- GSV from AI Strategy & Consulting, an AI-related work sub-category, grew over 50% year-over-year in Q2 2026.
- Q2 2026 GSV from Upwork Business Plus offering for SMB increased 24% quarter-over-quarter and 174% year-over-year.
- Q2 2026 Business Plus active clients grew 16% quarter-over-quarter and 219% year-over-year.
- 38% of active clients on Business Plus in Q2 2026 had their first Upwork spend on Business Plus.
- Lifted migrated its first wave of enterprise customers onto its new platform at the end of June and expanded the go-to-market team, including hiring a new head of sales.
Guidance
What Upwork expects next
- For the third quarter of 2026 is:
- Revenue: $176 million to $184 million
- Adjusted EBITDA: $50 million to $54 million
- Diluted weighted-average shares outstanding: 130 million to 133 million
- Non-GAAP diluted EPS: $0.31 to $0.33
- For full year 2026 is:
- Revenue: $730 million to $750 million
- Adjusted EBITDA: $225 million to $235 million
- Diluted weighted-average shares outstanding: 132 million to 135 million
- Non-GAAP diluted EPS: $1.38 to $1.43
Every quarter, as a table
| Quarter | GSV | Revenue | Marketplace | Enterprise | Take rate | Active clients | GSV/client | Adj. EBITDA | Net income | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| 2026 Q2 | $966.4M | $191.7M | $166.9M | $24.8M | 19.8% | 763,000 | $5,230 | $64.1M | $25.4M | 8-K ↗ |
| 2026 Q1 | $987.1M | $195.5M | $170.7M | $24.8M | 19.8% | 784,000 | $5,138 | $57.4M | $31.5M | 8-K ↗ |
| 2025 Q4 | $1.02B | $198.4M | $171.4M | $27.1M | 19.4% | 785,000 | $5,129 | $52.9M | $15.6M | 8-K ↗ |
| 2025 Q3 | $1.02B | $201.7M | $174.6M | $27.2M | 19.8% | 794,000 | $5,036 | $59.6M | $29.3M | 8-K ↗ |
| 2025 Q2 | $1.00B | $194.9M | $170.7M | $24.3M | 19.4% | 796,000 | $5,002 | $57.1M | $32.7M | 8-K ↗ |
| 2025 Q1 | $987.7M | $192.7M | $166.3M | $26.4M | 19.5% | 812,000 | $4,912 | — | $37.7M | 8-K ↗ |
| 2024 Q4 | $992.8M | $191.5M | $163.7M | $27.8M | 19.3% | 832,000 | $4,815 | — | $147.2M | 8-K ↗ |
| 2024 Q3 | — | $193.8M | — | — | — | — | — | — | $27.8M | 8-K ↗ |
| 2024 Q2 | $1.01B | $193.1M | — | — | 19.2% | 868,000 | — | — | $22.2M | 8-K ↗ |
| 2024 Q1 | $1.01B | $190.9M | — | — | 18.9% | 872,000 | — | — | $18.4M | 8-K ↗ |
| 2023 Q4 | — | $183.9M | — | — | — | — | — | — | $17.4M | 10-Q/10-K |
| 2023 Q3 | — | $175.7M | — | — | — | — | — | — | $16.3M | 10-Q/10-K |
GAAP figures from XBRL company facts (Q4 derived as full year minus Q1–Q3); GSV, revenue split, active clients and adjusted EBITDA from each 8-K press release. Blank cells: the filing phrased the figure differently; the source link has it.
News & community
Around Upwork right now
In the news
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