Upwork: 3 Key Takeaways for Long-Term Investors

On its third-quarter 2026 earnings call, held on Nov. 2, 2026, Upwork (NASDAQ:UPWK) reported revenue of $186 million and raised its full-year adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) guidance to between $236 million and $240 million. The platform is shifting away from lower-value assignments and toward enterprise clients and artificial intelligence integrations. That shift expands gross services volume (GSV), the total dollar value of work completed on the platform, and supports higher take rates, which is the percentage of transaction value Upwork retains as revenue. Three key takeaways stand out for long-term investors.

Upwork acquired WorkMotion, a global employer of record (EOR) provider, which is a service that acts as the official legal employer for international worker tax and compliance management. The purchase expands Lifted, Upwork's enterprise workforce management platform, by enabling direct employment solutions across international markets.

Upwork's premium tier for small and medium-sized businesses (SMBs), Business Plus, gives clients access to higher-quality talent and team hiring features. That higher-value engagement pushed average GSV per active client to a record $5,418. The number shows that revenue per client is expanding even as lower-value work leaves the platform.

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