Upwork Quarterly Income Statement
NASDAQ: UPWKTechnologyEDP ServicesUSD
At close: Oct 9, 4:00 PM ET · Delayed 15 min
Upwork revenue and earnings
In the quarter ended Jun 30, 2026, Upwork generated $191.7 million in revenue, down 1.7% from the same quarter a year earlier. Net income was $25.4 million (-22.4% year over year), for a net margin of 13.3% versus a median of 16.1% in the prior 5 quarters. Gross margin was 76.4% (down from 77.7%) and operating margin 14.7%.
Diluted earnings per share came in at $0.20, down from $0.24.
Summary generated from market data by MetaCap's automated system. Methodology
Upwork income statement (quarterly)
| Quarter (USD) | Q2 20262026-06-30 | Q1 20262026-03-31 | Q4 20252025-12-31 | Q3 20252025-09-30 | Q2 20252025-06-30 | Q1 20252025-03-31 | Q4 20242024-12-31 | Q3 20242024-09-30 | Q2 20242024-06-30 | Q1 20242024-03-31 | Q4 20232023-12-31 | Q3 20232023-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 191.66M | 195.48M | 198.41M | 201.73M | 194.94M | 192.71M | 191.48M | 193.78M | 193.13M | 190.94M | 183.93M | 175.73M |
| Revenue growth (YoY) | -1.68% | +1.44% | +3.62% | +4.10% | +0.94% | +0.93% | +4.10% | +10.27% | +14.54% | +18.70% | +13.93% | +10.77% |
| Cost of Revenue | 45.29M | 44.64M | 43.67M | 45.84M | 43.43M | 41.81M | 42.64M | 43.41M | 43.85M | 44.19M | 45.87M | 43.27M |
| Gross Profit | 146.37M | 150.84M | 154.74M | 155.89M | 151.51M | 150.90M | 148.84M | 150.37M | 149.28M | 146.74M | 138.07M | 132.46M |
| Operating Expenses | 118.23M | 118.12M | 126.44M | 126.13M | 118.94M | 112.21M | 135.26M | 129.57M | 131.50M | 133.69M | 129.64M | 120.99M |
| Research & Development | 43.89M | 43.31M | 47.05M | 47.49M | 44.84M | 46.15M | 53.49M | 50.41M | 52.47M | 52.92M | 46.22M | 43.42M |
| Selling, General & Admin | 71.79M | 72.59M | 77.67M | 76.24M | 72.33M | 63.80M | 79.54M | 77.37M | 77.26M | 79.85M | 81.31M | 75.96M |
| Operating Income | 28.14M | 32.72M | 28.29M | 29.76M | 32.56M | 38.69M | 13.58M | 20.79M | 17.78M | 13.05M | 8.43M | 11.47M |
| Interest Expense | — | — | — | — | — | — | — | — | — | — | — | 711.00K |
| Other Income (Expense) | 3.97M | 4.99M | 5.76M | 5.92M | 5.88M | 6.32M | 4.79M | 8.09M | 5.62M | 6.72M | 7.39M | 5.77M |
| Pretax Income | 32.10M | 37.71M | 34.05M | 35.67M | 38.44M | 45.01M | 18.37M | 28.88M | 23.40M | 19.77M | 15.82M | 17.23M |
| Income Tax | 6.70M | 6.25M | 18.42M | 6.34M | 5.72M | 7.28M | -128.79M | 1.13M | 1.18M | 1.33M | -1.56M | 895.00K |
| Net Income | 25.40M | 31.46M | 15.63M | 29.34M | 32.73M | 37.73M | 147.17M | 27.76M | 22.22M | 18.44M | 17.37M | 16.34M |
| Net Income growth (YoY) | -22.37% | -16.62% | -89.38% | +5.68% | +47.28% | +104.59% | +747.05% | +69.91% | — | +7.43% | — | — |
| EPS (Basic) | 0.21 | 0.25 | 0.12 | 0.22 | 0.25 | 0.28 | 1.09 | 0.21 | 0.17 | 0.14 | 0.13 | 0.12 |
| EPS (Diluted) | 0.20 | 0.24 | 0.12 | 0.21 | 0.24 | 0.27 | 1.02 | 0.20 | 0.17 | 0.13 | 0.12 | 0.12 |
| Shares Outstanding (Basic) | 123.92M | 128.12M | — | 131.99M | 132.18M | 135.21M | — | 132.60M | 131.44M | 136.36M | — | 135.45M |
| Shares Outstanding (Diluted) | 129.96M | 135.66M | — | 139.67M | 140.20M | 142.78M | — | 139.29M | 138.27M | 143.66M | — | 137.29M |
| EBITDA | 36.92M | 41.82M | 35.32M | 37.70M | 38.44M | 43.55M | 17.95M | 24.46M | 21.41M | 16.20M | 9.13M | 12.17M |
| Gross Margin | 76.37% | 77.16% | 77.99% | 77.28% | 77.72% | 78.31% | 77.73% | 77.60% | 77.29% | 76.85% | 75.06% | 75.38% |
| Operating Margin | 14.68% | 16.74% | 14.26% | 14.75% | 16.71% | 20.08% | 7.09% | 10.73% | 9.21% | 6.83% | 4.58% | 6.52% |
| Net Margin | 13.25% | 16.09% | 7.88% | 14.54% | 16.79% | 19.58% | 76.86% | 14.32% | 11.51% | 9.66% | 9.45% | 9.30% |
This table shows 12 quarterly periods of Upwork's income statement, from Q2 2026 back to Q3 2023, across 20 line items including revenue, cost of revenue, gross profit. Values in USD; B = billions, M = millions. Fiscal periods follow UPWK's reporting calendar. What is a income statement?