revenue $191.7M, net income $25.4M. Upwork Q2 revenue flat as AI reshapes freelance demand; buyback, restructuring

Filed August 10, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 6, 2025 · ~2 min read

Key Changes

• high

  Revenue declined 1.7% YoY to $191.7M in Q2 2026 as AI disrupted freelance-work categories and client acquisition, offsetting marketplace take-rate expansion to 19.6% (+110 bp). Company expects AI and macro headwinds to persist through remainder of FY2026.

  MD&A: Revenue and AI headwinds verify on EDGAR →
• high

  Operating income fell 14% YoY to $28.1M; net income dropped 22% to $25.4M, reflecting lower gross profit (76% margin, -200 bp) and $13.8M in restructuring charges from a 20% workforce reduction. Adjusted EBITDA grew 12% to $64.1M on cost cuts.

  MD&A: Operating results and restructuring verify on EDGAR →
• high

  Established $150M revolving credit facility (undrawn at quarter-end) to repay $361M convertible notes maturing August 2026. Facility secured by substantially all assets, with quarterly leverage and coverage covenants.

  MD&A: Credit facility; Notes: Debt verify on EDGAR →