Upwork Q1 net income down 17% to $31.5M; announces 24% workforce reduction; raises FY2026 adj EBITDA guidance

UPWORK, INC

2026-Q1 EPS reported $0.24 revenue$195,483,000

GAAP net income $31.5M (-17% YoY); diluted EPS $0.24 vs $0.27; revenue $195.5M (+1% YoY).
Adjusted EBITDA $57.4M (+3% YoY); raises FY2026 adj EBITDA guidance to $250-260M.
Restructuring plan: 24% workforce reduction; expects $16-23M pre-tax charges; substantially complete Q4 2026.
New $150M revolving credit facility secured; Q1 share repurchases of $107.9M (8.1M shares).
Active clients 784K (-3%); GSV per active client $5,138 (+5%); AI-related GSV grew >40% YoY.

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