Upwork Inc. (Nasdaq: UPWK) reported second-quarter 2026 revenue of $191.7 million, a 2% decrease from the same period a year earlier, according to a company press release. GAAP net income fell 22% year-over-year to $25.4 million, or $0.20 per diluted share, compared with $0.24 in the second quarter of 2025.

Gross services volume declined 4% year-over-year to $966.4 million, while the number of active clients fell to 763,000 from 796,000 a year earlier. GSV per active client rose 5% year-over-year to $5,230.

Adjusted EBITDA increased 12% year-over-year to $64.1 million, representing a 33% adjusted EBITDA margin, up from 29% in the prior-year period. Free cash flow was $35.9 million, down from $65.6 million in the second quarter of 2025. Cash provided by operating activities was $46.9 million, compared with $72.5 million a year ago.

During the six months ended June 30, 2026, Upwork repurchased 8.3 million shares for $109.7 million. As of June 30, 2026, $254.3 million remained available under the company's repurchase program.

GSV from AI-related work increased more than 22% year-over-year in the quarter. The company also announced a restructuring in May 2026, incurring $13.8 million in related costs during the first half of the year.

For the third quarter of 2026, Upwork guided revenue of $176 million to $184 million and adjusted EBITDA of $50 million to $54 million, with non-GAAP diluted EPS of $0.31 to $0.33. For the full year 2026, the company projected revenue of $730 million to $750 million, adjusted EBITDA of $225 million to $235 million, and non-GAAP diluted EPS of $1.38 to $1.43.