Upwork Inc.: Beat — EPS $0.40, Revenue $185.6M
Earnings BeatQ3 2026 · After-market
Did Upwork Inc. (UPWK) beat earnings today?
Yes, Upwork Inc. (UPWK) beat Wall Street analyst expectations for Q3 2026, reporting higher-than-expected EPS and higher-than-expected revenue.
Earnings Per Share+29.03% surprise
$0.40Actual
Expected: $0.31
vs. year ago +11.1%
Total Revenue+2.98% surprise
$185.6MActual
Expected: $180.22M
vs. year ago -8.0%
Released Nov 02 · 4:05 PM ET
Earning Report
| Metric | Q3 2026 | Q3 2025 | YoY Change % |
|---|---|---|---|
| Revenue | $185.60M | $201.73M | -8.0% |
| Revenue detail — reported lines | |||
| └─Marketplace | $159.32M | $174.57M | -9.0% |
| └─Enterprise | $26.28M | $27.16M | -3.0% |
| Net income | $31.81M | $29.34M | +8.0% |
| GAAP Basic EPS | $0.25 | $0.22 | +13.6% |
| GAAP Diluted EPS | $0.25 | $0.21 | +19.0% |
| Non-GAAP Basic EPS | $0.41 | $0.38 | +7.9% |
| Non-GAAP Diluted EPS | $0.40 | $0.36 | +11.1% |
Financial Outlook / Guidance
| Metric | Q4 2026 Outlook | Expected | FY 2026 Outlook | Expected |
|---|---|---|---|---|
| Revenue | $169M-$177M | $174.71MMissed -0.98% | $742M-$750M | $742.09MBeat +0.53% |
| Adjusted EBITDA | $51M-$55M | — | $236M-$240M | — |
| Diluted weighted-average shares outstanding | 125M-128M | — | 131M-133M | — |
| Non-GAAP diluted EPS | $0.30-$0.32 | $0.33Missed -6.06% | $1.45-$1.47 | $1.39Beat +5.04% |
Business Highlights
- ➤Lifted acquired WorkMotion, a Berlin-based employer-of-record provider.
- ➤WorkMotion directly employs contingent talent across more than 30 countries.
- ➤Upwork launched the public beta of Upwork Now for immediately available freelancers.
- ➤Upwork Now is available through the MCP server for AI-agent workflows.
- ➤The MCP server saw rapid adoption among clients and freelancers after its August launch.
- ➤AI agents made nearly 50 million requests through the MCP server.
- ➤Upwork continued migrating Enterprise customers to the Lifted platform.
- ➤Lifted signed three new logos and expanded its enterprise pipeline.
- ➤Lifted was recognized as a leader in Everest Group’s 2026 PEAK Matrix assessment.
- ➤Erica Gessert will step down as CFO on January 1, 2027.
- ➤Peter Sanborn, Chief Business Officer, was appointed Upwork’s next CFO.
Management Commentary
Hayden Brown, President and CEO
“In the third quarter, Upwork executed strongly as our strategic growth pillars continued to gain momentum. We are doubling down on our enterprise strategy with Lifted’s acquisition of WorkMotion, a leading Berlin-based EOR, to capture growing global demand. At the same time, the launch of Upwork’s MCP server is opening our marketplace to AI agents as a new class of client, and today we launched Upwork Now so clients can find talent to start work right away. Both mark a transformational shift toward making Upwork a capability wherever work begins. Combined with continued growth of our higher-margin products and high-value customers, we’re well positioned to capture new opportunities while continuing to drive strong, profitable growth.”
Erica Gessert, CFO
“Our focus remains squarely on sustained profitability and disciplined execution across our growth pillars. Our strong free cash flow profile and durable, high-margin business model give us the financial flexibility to navigate evolving market dynamics while delivering consistent long-term value.”
Hayden Brown, President and CEO
“Erica has been an exceptional business partner and financial leader for Upwork, and the Board and I are deeply grateful for her contributions. During her tenure, Erica helped Upwork deliver record revenue and profitability, expand margins, strengthen cash generation, and manage our capital allocation strategy to drive value for our shareholders. She also developed a deep and talented finance team, hence the appointment of Peter Sanborn as our next CFO.”
Hayden Brown, President and CEO
“Peter has played an important role in shaping Upwork’s strategy, expanding our partnerships, establishing the new Lifted business, and bringing Upwork to more customers.”
Erica Gessert, CFO
“It has been professionally and personally rewarding to serve as Upwork’s CFO, and I’m proud of all that we have accomplished together. With the growth pillars we’ve put in place across Business Plus, AI, and Lifted, as well as the operational discipline we’ve put in place, Upwork has a bright future with tremendous optionality. I’m especially thankful to Hayden, the Board, and to my colleagues across Upwork for their partnership. I look forward to supporting a smooth transition to Peter and to watching Upwork achieve even greater success.”