Upwork's take rate was 19.8% in Q2 2026: revenue of $191.7M on gross services volume of $966.4M, per the earnings release filed Aug 10, 2026.
Take rate is not a figure Upwork reports. It is revenue divided by gross services volume, computed here from the two numbers Upwork does report in every quarterly earnings release. It blends everything Upwork charges: the freelancer service fee, client marketplace fees, Connects, Freelancer Plus subscriptions, payment processing, advertising and Enterprise contracts. In plain terms, of every $100 a client spent on Upwork in Q2 2026, about $19.8 stayed with Upwork as revenue.
A year earlier, in Q2 2025, the take rate was 19.4%, so it is up 0.4 points year on year. The series on this site starts in Q1 2024 at 18.9%. In the latest quarter marketplace revenue was $166.9M and Enterprise revenue $24.8M, so the marketplace, where agencies work, carries almost all of the take.
For an agency the take rate is the price of the platform. A rising take rate on flat or falling volume means Upwork is extracting more from each client dollar, and the Pulse page tracks it next to active clients and spend per client so the two can be read together. The GSV page has the volume side of the same ratio.
Source: Upwork Inc.'s 8-K earnings releases on SEC EDGAR, one per quarter, each linked from the Pulse table. Revenue is GAAP; GSV is the figure Upwork states in the release. The method is in methodology, section 4.