Upwork drew nine news stories in the 24 hours to 3 November, against a usual rate of 0.3 a day. What the filings add is a different picture: net income fell 57.8% over the trailing twelve months while revenue fell just 1.2%, and the operating margin widened 1.4 percentage points over the same period.
Source: SEC EDGAR XBRL company facts. Latest period shown: FY26 Q3.
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| Period | Revenue growth, TTM YoY | Operating margin (TTM) | FCF margin (TTM) |
|---|---|---|---|
| FY24 Q4 | 11.6% | 8.5% | 19.5% |
| FY25 Q1 | 7.2% | 11.8% | 22.0% |
| FY25 Q2 | 3.9% | 13.7% | 26.1% |
| FY25 Q3 | 2.5% | 14.7% | 27.7% |
| FY25 Q4 | 2.4% | 16.4% | 30.8% |
| FY26 Q1 | 2.5% | 15.6% | 29.0% |
| FY26 Q2 | 1.9% | 15.1% | 26.0% |
| FY26 Q3 | -1.2% | 16.0% | 24.8% |
Profit is lagging sales
Profit is shrinking far faster than sales. Net income over the twelve months to Q3 2026 fell 57.8% to $104.3 million, while revenue over the same period fell 1.2% to $771.2 million.
The revenue decline is also accelerating. The twelve-month growth rate of −1.2% represents a change of 3.1 percentage points for the worse compared with the rate a quarter earlier. Reports connecting this to the earnings coverage frame the quarter as a beat against guidance while the underlying growth rate deteriorates.
Capital spending is absorbing a growing share of the cash the business generates. Operating cash flow fell 10.6% to $199.5 million over the twelve months, while capital spending rose 15.5% to $7.9 million, or 1.0% of revenue. Free cash flow fell 11.4% to $191.6 million, and the free-cash-flow margin dropped 2.8 percentage points to 24.8%.
Yet the speed at which profit and cash are declining differs sharply. Net income fell 57.8% over the year, while free cash flow fell 11.4% over the same stretch. The filings do not identify which items account for the gap between those two figures.
The revenue growth rate of −1.2% is below every past reading in the company's own record, which ran from 1.9% to 35.8%
The revenue growth rate of −1.2% is below every past reading in the company's own record, which has ranged from 1.9% to 35.8%. The free-cash-flow margin of 24.8% sits higher than 84% of the company's own past quarterly readings, which have ranged from −12.3% to 30.8%. The operating margin of 16.0% is higher than 97% of past readings, which have ranged from −15.8% to 16.4%.
What Upwork's share price implies against our model
A free-cash-flow margin 1 percentage point lower would reduce the value by 3.7%.
What the filings cannot tell you at Upwork
These figures run to Q3 2026 and come from the company's own filings; they cannot confirm, explain or rule out anything in the reports. The revenue growth rate and the net-income decline are the two figures most directly tied to the earnings coverage, and the free-cash-flow margin bears on what the business is generating for shareholders.