Upwork's gross services volume (GSV) was $966.4M in Q2 2026, down 3.6% from $1.00B a year earlier, per the earnings release filed Aug 10, 2026.
GSV is the total amount clients paid through Upwork in a period, including the fees Upwork charges on both sides, before Upwork's own revenue is separated out. It is the marketplace's top line, the equivalent of gross merchandise volume for an e-commerce platform, and the base for the take rate. Upwork states it in every quarterly earnings release; it is not a GAAP figure.
Over the trailing four quarters GSV adds up to $3.99B. The largest quarter in the series is Q4 2025 at $1.02B. GSV has now declined year on year for 2 consecutive quarters. Behind the volume, Upwork reported 763,000 active clients (down 4.1%) spending $5,230 each over twelve months (up 4.6%): fewer clients, each spending more.
For scale, the 25,139 agencies in this index show $3.11B of lifetime earnings between them, accumulated over many years, against a marketplace now running about $3.99B a year. Upwork does not break GSV out by freelancer or agency, so the agency share of volume cannot be read from the filings; the index is the closest public measure of it.
Source: Upwork Inc.'s 8-K earnings releases on SEC EDGAR, one per quarter, each linked from the Pulse table, where GSV sits beside revenue, take rate, active clients and margins. Method in methodology, section 4.