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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Upwork
Upwork (UPWK) investor relations material
Upwork Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary2 Nov, 2026
Executive summary
Q3 revenue was $185.6M, down 8% YoY, and GSV was $914.1M, down 10%; net income rose to $31.8M and adjusted EBITDA increased 7% to $63.8M.
Strategy prioritizes higher-value, more complex work and growth across Enterprise, SMB and AI-enabled channels, including Business Plus, Lifted and the MCP server.
Financial highlights
Q3 revenue was $185.6M versus $201.7M a year earlier; nine-month revenue was $572.7M versus $589.4M.
Q3 net income was $31.8M and diluted EPS was $0.25, versus $29.3M and $0.21; nine-month net income was $88.7M versus $99.8M.
Adjusted EBITDA was $63.8M in Q3 and $185.3M in nine months, up 7% in both periods; Q3 adjusted EBITDA margin was 34.4%.
Q3 free cash flow was $53.9M, or 84.4% of adjusted EBITDA; nine-month free cash flow was $102.7M versus $165.8M.
Q3 non-GAAP operating expenses were $84M, or 45% of revenue, versus 50% a year earlier.
Outlook and guidance
FY 2026 revenue guidance is $742M–$750M, including ~$4M from WorkMotion in Q4 and offset by a lower-margin Managed Services project leaving the platform.
FY 2026 adjusted EBITDA guidance is $236M–$240M, with 32% margin at midpoint; non-GAAP diluted EPS guidance is $1.45–$1.47.
Q4 guidance is revenue of $169M–$177M, adjusted EBITDA of $51M–$55M and non-GAAP diluted EPS of $0.30–$0.32.
GSV, active clients and revenue are expected to remain pressured through year-end; cost reductions are expected to support adjusted EBITDA growth.
Growth is expected to face headwinds in H1 2027 and improve in H2; Lifted mix and WorkMotion integration may dilute adjusted EBITDA margin by 3–4 points.
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Next Upwork earnings date
Q4 202610 Feb, 2027
Upwork
Next Upwork earnings date
Q4 202610 Feb, 2027
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Frequently asked questions
Empowering talent and unlocking opportunities
Upwork is a leading online platform that connects freelancers with clients seeking services. It operates as a marketplace where businesses and individuals can hire and collaborate with remote workers across various fields, including software development, design, writing, marketing, and more. Upwork provides a convenient and efficient way for employers to find qualified freelancers and for freelancers to showcase their skills and find work opportunities.
Matching supply and demand
Upwork's business model revolves around facilitating the matchmaking between clients and freelancers. Clients post job listings on the platform, specifying their requirements, budget, and timeline. Freelancers can then browse through these job listings and submit proposals to the clients, highlighting their skills, experience, and estimated cost for completing the project. Upwork also provides tools for communication, collaboration, and payment processing, ensuring a seamless workflow between the parties involved. The company has experienced significant growth in recent years, driven by the increasing demand for remote work and the gig economy, and is one of the largest online freelance marketplaces globally.
A rapidly evolving market
Upwork operates in a rapidly evolving and competitive landscape, which presents both opportunities and challenges. Upwork has the potential to further expand its reach into new markets and tap into the growing demand for remote work worldwide. Also, the company can leverage technological advancements, such as AI and automation, to improve its matching algorithms and enhance the overall user experience on the platform.
Network effects
Since the core of a marketplace is supply and demand, it is also getting stronger when both sides grow, also called network effects. Amazon, Alibaba, Airbnb, and Uber are a few examples of companies operating as online marketplaces. Fiverr is a company that operates a similar marketplace as Upwork and are considered its closest competitor.