Upwork stock posts Q3 profit as AI and enterprise efforts expand
Published on 11/08/2026 at 13:45 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSUpwork expands its AI strategy
- Upwork reported third-quarter revenue of 185.6 million US dollars and GAAP net income of 31.8 million US dollars.
- The company launched Upwork Now, expanded its MCP server and completed Lifted's acquisition of WorkMotion.
- Management expects fourth-quarter revenue of 169 million to 177 million US dollars.
Upwork reported a profitable third quarter on Monday, November 2, as the online labor marketplace expanded its AI and enterprise offerings. The company's financial release showed revenue of 185.6 million US dollars and GAAP net income of 31.8 million US dollars for the quarter ended September 30.
Adjusted EBITDA rose to 63.8 million US dollars, equal to a 34.4 percent margin. Gross services volume declined 10.1 percent year over year to 914.1 million US dollars, while active clients fell 10 percent to 717,000. Upwork said higher-margin products and high-value customers supported profitability despite weaker marketplace volume.
AI products reshape marketplace growth
Upwork's Model Context Protocol server, launched in August, recorded a 20-fold increase in weekly active users. AI agents made nearly 50 million requests, generating more than 3 million US dollars in estimated annualized Connects revenue. Gross services volume from freelancers with AI skills reached an estimated annualized run rate of nearly 450 million US dollars, up 55 percent year over year.
The company also launched the public beta of Upwork Now, which connects clients with freelancers who are online and ready to start immediately. In its enterprise business, Lifted acquired WorkMotion, which directly employs contingent talent across more than 30 countries. Upwork said the deal should reduce third-party employer-of-record dependency and improve pricing and service consistency for global clients.
Guidance points to disciplined execution
Upwork expects fourth-quarter revenue of 169 million to 177 million US dollars and adjusted EBITDA of 51 million to 55 million US dollars. Full-year 2026 revenue guidance remains 742 million to 750 million US dollars, with adjusted EBITDA of 236 million to 240 million US dollars.
Upwork stock traded at 9.03 euros on Lang & Schwarz at 13:02 CET on Saturday, November 7. Investors are likely to focus on whether AI-related demand and enterprise expansion can offset pressure on overall client activity and gross services volume. The real-time quote of Upwork stock is available here.
Upwork stock at a glance
- Company: Upwork Inc.
- ISIN: US91688F1049
- Ticker: UPWK
- Trading venue: Lang & Schwarz
- Quote: 9.03 euros on Saturday, November 7, 2026, at 13:02 CET
- Quarter: Three months ended September 30, 2026
- Revenue: 185.6 million US dollars
- GAAP net income: 31.8 million US dollars
Broader market sentiment remains relevant for growth stocks as investors assess the outlook for technology demand and corporate spending. See current S&P 500 market reports.
For more company developments, read more news and analyses on Upwork stock.
