Business
Upwork Reports First Quarter 2026 Financial Results
GSV per Active Client Increased 5% Year-over-Year through AI Work Category and SMB Growth InitiativesCompany Raises Full Year 2026 Adjusted EBITDA Guidance PALO ALTO, Calif., May 07, 2026 (GLOBE NEWSWIRE) -- Upwork Inc. (Nasdaq: UPWK), the world’s human and AI-powered work marketplace, today announced its financial results for the first quarter of 2026. "This was a dynamic first quarter, where we delivered strong profitability while navigating a challenging demand environment," said Hayden Brown
About this update from Upwork Inc.
GSV per Active Client Increased 5% Year-over-Year through AI Work Category and SMB Growth InitiativesCompany Raises Full Year 2026 Adjusted EBITDA Guidance PALO ALTO, Calif., May 07, 2026 (GLOBE NEWSWIRE) -- Upwork Inc. (Nasdaq: UPWK), the world’s human and AI-powered work marketplace, today announced its financial results for the first quarter of 2026. "This was a dynamic first quarter, where we delivered strong profitability while navigating a challenging demand environment," said Hayden Brown, president and CEO of Upwork Inc. "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." “We are managing the business with a level of discipline, rigor, and agility that enables us to increase our bottom line outlook,” said Erica Gessert, CFO of Upwork Inc. “As our growth pillars continue to scale, we expect them to increasingly overshadow the cyclical and near-term factors currently impacting the business.” First Quarter 2026 Financial Highlights First Quarter 2026 and Recent Operational Highlights Building the World’s Human and AI-Powered Work Marketplace Growing AI Work on the Marketplace Winning Bigger with SMB Unlocking the Enterprise Opportunity Revolving Credit Facility Update Upwork is announcing today that it has secured a commitment letter to add a revolving credit facility in the aggregate principal amount of $150 million. The Company expects to finalize the credit agreement in the coming weeks. Restructuring Plan Today, Upwork is also announcing a restructuring plan that includes a reduction of the Company’s total workforce by approximately 24%. Upwork is taking these actions to build a more efficient operating model and position the Company for profitable growth as the nature of work evolves. The Company expects execution of the restructuring plan to be substantially complete in the fourth quarter of 2026. In connection with these actions, the Company estimates that it will incur approximately $16 million to $23 million in pre-tax restructuring charges to its GAAP financial results, consisting primarily of severance and other one-time termination costs for the Company’s impacted workforce. Upwork expects mo...