Upwork

Q2 FY2026 EarningsQ2 FY26 revenue of $191.7M slightly beat the $190.0M consensus, while GAAP EPS of $0.20 met the mid-point of expectations but saw a 17% YoY decline. Despite a 4% YoY drop in GSV due to a shift away from lower-complexity work, adjusted EBITDA margin expanded to 33% (vs. 29% YoY), driven by restructuring efficiencies. However, FY26 revenue guidance was lowered to $730M-$750M, below the implied consensus, reflecting a challenging macro environment.