Upwork cuts 24% of workforce in restructuring, expects $16-23M in charges

Filed May 7, 2026 · Period ending May 7, 2026 · ~1 min read

Key Changes

• high

  Upwork announced a restructuring plan reducing its workforce by approximately 24% to build a more efficient operating model and position the company for profitable growth. Execution expected to be substantially complete by Q4 2026.

  Item 2.05: Restructuring verify on EDGAR →
• high

  The company expects to incur $16-23 million in pre-tax restructuring charges, primarily for severance and termination costs. Most charges will be cash expenditures recognized over the next two to three quarters, with the majority hitting Q2 2026.

  Item 2.05: Restructuring verify on EDGAR →
• high

  Upwork released Q1 2026 financial results via press release and held a conference call on May 7, 2026. Results include both GAAP and non-GAAP financial measures with reconciliation provided in the press release.

  Item 2.02: Earnings verify on EDGAR →