UPWORK, INC (UPWK): restructuring charge — 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.

item 2.02 item 2.05 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

UPWORK, INC reported the first quarter of 2026 results: revenue $195.5 million, net income $31.5 million, EPS $0.24. Guidance raised.

Period: the first quarter of 2026
Revenue: $195.5 million
Net income: $31.5 million
EPS: $0.24
Guidance: raised
Result: reported results

Exact text from the filing

currently impacting the business.” First Quarter 2026 Financial Highlights • GSV (1) was $987.1 million, approximately flat year-over-year • Revenue grew 1% year-over-year to $195.5 million • Active clients (1) of 784,000 • GSV per active client (1) of $5,138 increased 5% year-over-year • GAAP Net income was $31.5 million, a decrease of 17% year-over-year • GAAP

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

UPWORK, INC announced a restructuring with charges of approximately $16 million to $23 million (approximately 24%).

Type: restructuring
Charge: approximately $16 million to $23 million
Headcount: approximately 24%

Exact text from the filing

of the Restructuring Plan to be substantially complete in the fourth quarter of 2026. In connection with these actions, the Company estimates that it will incur approximately $16 million to $23 million in pre-tax restructuring charges to its GAAP financial results, consisting primarily of severance and other one-time termination costs for the Company’s impacted

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UPWORK, INC filing history →

Source: SEC EDGAR

accession 0001627475-26-000033

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