revenue $195.5M, net income $31.5M. Upwork take rate hits 1.4% as Enterprise revenue falls 6% amid Lifted platform transition

Filed May 7, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 5, 2025 · ~2 min read

Key Changes

• high

  Marketplace take rate expanded 111 basis points to 19.4% (vs 18.3% prior year), driven by ads and monetization products, offsetting flat GSV growth and partially compensating for Enterprise segment weakness.

  MD&A: Marketplace take rate verify on EDGAR →
• high

  Enterprise revenue declined 6% to $24.8M as the company reduced new-customer acquisition efforts during the Lifted platform transition, accelerating from a 1% decline in the prior year.

  MD&A: Enterprise revenue verify on EDGAR →
• high

  Net income fell 17% to $31.5M despite 3% revenue growth, driven by higher cost of revenue (up 7%) and a 25% jump in G&A expense tied to stock-based compensation and $2M in acquisition-related professional fees.

  MD&A: Net income and operating expenses verify on EDGAR →