---
schema_version: "secwatch.filing_event.v1"
accession: "0001627475-26-000033"
form_type: "8-K"
ticker: "UPWK"
cik: "0001627475"
company_name: "UPWORK, INC"
filed_at: "2026-05-07T23:59:59+00:00"
generated_at: "2026-05-14T21:48:23.148739+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001627475-26-000033
- form_type: 8-K
- ticker: UPWK
- cik: 0001627475
- company_name: UPWORK, INC
- filed_at: 2026-05-07T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 2.05, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1627475/000162747526000033/0001627475-26-000033-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1627475/000162747526000033/upwork-20260507.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001627475-26-000033
- JSON: https://secwatch.observer/filing/0001627475-26-000033.json
- Plain text: https://secwatch.observer/filing/0001627475-26-000033.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1627475/000162747526000033/0001627475-26-000033-index.htm
- Restructurings & Charges
  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%
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1627475/000162747526000033/0001627475-26-000033-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.