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Upwork Inc. UPWK Q1 2026 earnings

Reported May 7, 2026 · After market close

Revenue$195.5MMiss by $269.2K
EPS$0.24Miss by $0.01
Revenue estimate$195.8M
EPS estimate$0.25
“This was a dynamic first quarter, where we delivered strong profitability while navigating a challenging demand environment, The nature of work continues to shift as AI advances, and we continue to build Upwork for where work is headed. With momentum in our AI, SMB, and Enterprise growth pillars, we are confident in our strategy and are taking the necessary steps today to further sharpen our execution.”
Hayden Brown

Next report

Nov 2, 2026 (in a month)
Revenue estimate$180.3M
EPS estimate$0.32

Financials

Q1 2026

Income statement

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Revenue$195.5M+1.4%
Gross profit$150.8M0.0%
Operating income$32.7M-15.4%
Net income$31.5M-16.6%
EPS (diluted)$0.24-11.1%

Balance sheet

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Cash & equivalents$535.9M+2.2%
Total debt$739.7M+99.7%
Total equity$569.6M-4.2%
Total assets$1.2B+0.2%

Cash flow

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Operating cash flow$23.0M-37.7%
CapEx$1.7M-30.3%
Free cash flow$21.3M-38.3%

Valuation & ratios

Valuation

as of 03/31/26
See full
Market cap$1.43B-19.2%
Enterprise value$1.63B+1.2%
P/E13.1×+5.6×
P/S1.8×-0.5×

Profitability

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Gross margin77.5%-0.2pp
Operating margin15.6%+3.8pp
Net margin13.8%-16.7pp
FCF margin29%+7.0pp

Returns & leverage

See full
Return on equity18.8%-31.0pp
Debt / equity1.3×+0.7×
Current ratio1.4×-2.0×

Segments

By segment

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Reportable Segment$195.5M+1.4%

By product

See full
Marketplace$170.7M+2.7%

FAQ

When did Upwork Inc. report Q1 2026 earnings?
Upwork Inc. (UPWK) reported Q1 2026 earnings on May 7, 2026 after market close.
What were Upwork Inc.'s Q1 2026 revenue and EPS?
Upwork Inc. reported revenue of $195.5M and eps of $0.24 for Q1 2026.
Did Upwork Inc. beat estimates in Q1 2026?
Revenue missed the consensus estimate of $195.8M by $269.2K. EPS missed the consensus estimate of $0.25 by $0.01.
How did Upwork Inc.'s Q1 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 1.4% from $192.7M a year earlier and eps declined 29.4% from $0.34.
Where can I find Upwork Inc.'s Q1 2026 SEC filings?
You can read the 8-K earnings release (0001627475-26-000033) and the 10-Q periodic report (0001627475-26-000034) directly on SEC EDGAR. The filing index links above go to sec.gov.