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Edge10 Jul 2026
Inside Take-Two: The Grand Anticipation
The story of how Take-Two Interactive built the empire behind Grand Theft Auto, Red Dead Redemption, and one of gaming's largest mobile portfolios.
Upwork
Upwork (UPWK) investor relations material
Upwork Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary10 Aug, 2026
Executive summary
Q2 2026 revenue was $191.7 million, down 2% year-over-year, with GAAP net income of $25.4 million, a 22% decrease year-over-year; adjusted EBITDA reached $64.1 million, up 12% year-over-year, driven by cost management and monetization levers.
GSV per active client hit a record $5,230, up 5% year-over-year, marking eight consecutive quarters of sequential growth.
GSV from AI-related work reached $330 million annualized, up 22% year-over-year; AI Strategy & Consulting GSV grew over 50%.
Business Plus GSV for SMBs rose 24% quarter-over-quarter and 174% year-over-year; active clients up 16% quarter-over-quarter and 219% year-over-year.
Share repurchases totaled $109.7 million for 8.3 million shares in the first half of 2026.
Financial highlights
GSV was $966.4 million, down 4% year-over-year; active clients totaled 763,000, down 4%.
Marketplace revenue was $166.9 million, down 2% year-over-year; enterprise revenue was $24.8 million, up 2%.
Gross margin was 76%, down from 78% year-over-year; adjusted EBITDA margin was 33.4%.
Free cash flow was $35.9 million, representing 56.1% of adjusted EBITDA, impacted by restructuring payments.
Net income margin for Q2 2026 was 13%, down from 17% year-over-year.
Outlook and guidance
Full-year 2026 revenue expected between $730 million–$750 million; adjusted EBITDA projected at $225 million–$235 million (31% margin midpoint); non-GAAP diluted EPS expected between $1.38 and $1.43.
Q3 2026 revenue guidance is $176 million–$184 million, with adjusted EBITDA of $50 million–$54 million; non-GAAP diluted EPS: $0.31–$0.33.
Management expects continued headwinds from AI adoption and macroeconomic uncertainty, impacting GSV, active clients, and revenue for the remainder of 2026.
Increased marketing spend by $5 million–$10 million planned for the back half of the year to drive customer acquisition.
Cost reduction efforts are anticipated to support further adjusted EBITDA growth, subject to market conditions.
MCP impact on the $120B Agentic AI opportunity
Business Plus impact on GSV per active client
Lifted migration impact on Enterprise expansion
Impact of automation on lower-complexity work GSV
Status of enterprise customer migration to Lifted
Drivers for sequential revenue and EBITDA decline
Explain take rate growth from monetization
AI impact on client acquisition and GSV
Repayment plan for 2026 convertible notes
New channels to offset Google SEO headwinds
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Latest events from Upwork
- Enterprise and SMB growth, AI-driven innovation, and operational efficiency fuel strong outlook.UPWK
Jefferies Software, Internet & AI Conference - Directors were elected, executive pay approved, and no stockholder questions were raised.UPWKAGM 2026
- Q1 2026 saw stable revenue, strong AI and SMB growth, and a major restructuring plan announced.UPWKQ1 2026
- Record revenue, AI-driven growth, and strong governance highlight 2025's transformation.UPWKProxy filing
- Key votes include director elections, auditor ratification, and executive pay approval.UPWKProxy filing
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- Record revenue and EBITDA in 2025, with strong AI-driven growth and positive 2026 outlook.UPWKQ4 2025
- Q3 2024 saw record net income, 10% revenue growth, and a new $100M buyback amid AI momentum.UPWKQ3 2024
- Q2 revenue up 15%, record profit, strong AI and ads growth, and $100M share buyback completed.UPWKQ2 2024
Next Upwork earnings date
Q3 20262 Nov, 2026
Upwork
Next Upwork earnings date
Q3 20262 Nov, 2026
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