← All forecasts · November 2–6

UPWK / FQ3 2026 (quarter ended 2026-09-30)

Upwork Inc.

Reported: Nov 2, 2026

Forecast published

Opus 5.5 High in Shortcut

Review incomplete · First posted after earnings

Shortcut

0.34

Normalized diluted EPS

+11.2% vs Street

Off by $0.06 per share

Street

0.31

Normalized diluted EPS

November 1 consensus snapshot

Off by $0.09 per share

Real

0.40

Reported normalized EPS

Shortcut win

Reported result · Nov 2 ↗ · Provider 0.40 agrees with issuer diluted nonGAAPEPS0.40, distinct from basic 0.41 and GAAPdiluted 0.25.

USD per diluted ordinary/common share. Comparisons use unrounded estimates.

Model download

Explore the assumptions and calculations behind the forecast. This is the agent’s original workbook. Its review didn’t finish, so it hasn’t been checked or repaired.

Shortcut’s reasoning.

3Q26 guide (10-Aug-26): revenue $176-184m, adj. EBITDA $50-54m, non-GAAP EPS $0.31-0.33; frozen consensus $0.31 sits at the bottom of the range, and Upwork beat its own EPS midpoint in each of the last 6 quarters by $0.04-0.09.

Revenue $180.9m (guide mid +$0.9m): Marketplace GSV -7.5% Q/Q (about -15% Y/Y) on faster AI automation and SEO erosion, partly offset by a +20bp take rate; Enterprise GSV +2% Q/Q. Peer Fiverr marketplace revenue fell 24.7% Y/Y in 3Q26 but beat its own guide.

Adj. EBITDA $55.4m (guide mid +$3.4m, below the 6-quarter average beat of about $8m): full-quarter savings from the 24% RIF ($70m annualised), offset by the guided +$5-10m 2H26 marketing; non-GAAP tax rate 15.9%; other income falls to $2.8m after the $361m note repayment.

Diluted shares 128.3m: the 0.25% convertible notes matured 15-Aug-26, so their 5.46m if-converted shares count for 46/92 days. The issuer share guide (130-133m) has overshot in recent quarters. At the 131.5m guide midpoint, EPS would be about $0.336.

Non-GAAP EPS $0.345 ($44.2m diluted numerator); GAAP EPS $0.19 after $15.5m SBC, $2.9m intangible amortisation and $3.7m residual restructuring plus warrant cost.

P(beat) 0.85: size/history prior 0.77 (small cap $1.14bn, 6/6 normalized beats, 8 pseudo-obs) plus 8pts for quarter-specific evidence. The main risk is a revenue/GSV shortfall deeper than guided.

On the record.

Reporting period
FQ3 2026 (quarter ended 2026-09-30)
Reporting basis
Non-GAAP (normalized) diluted EPS, USD per diluted common share — issuer non-GAAP definition, equal to normalized EPS; diluted numerator adds back convertible-note interest (if-converted)
Consensus snapshot
November 1, 2026
Model / effort
Opus 5.5 · High effort
Workbook
Original workbook · review incomplete
Record history
Forecast generated
Nov 1, 2026 at 10:17 PM PST
First posted
Nov 2, 2026 at 3:21 PM PST
Result checked
Nov 2, 2026 at 5:15 PM PST
Result basis

Provider 0.40 agrees with issuer diluted nonGAAPEPS0.40, distinct from basic 0.41 and GAAPdiluted 0.25. FrozenStreet 0.31 is retained despite currentproviderestimate 0.32.