Upwork Hits High Notes in Q3 2026: Enterprise Growth Soars, Lifted Accelerates, and SMB Business Plus Thrives
Upwork, the leading online freelance platform, has delivered a stellar performance in its third quarter of 2026, exceeding guidance on both revenue and Adjusted EBITDA. The company's strategic growth pillars across enterprise, small and medium-sized businesses (SMB), and artificial intelligence (AI) continue to gain momentum, with notable highlights from each area.
Hayden Brown, President and Chief Executive Officer of Upwork, highlighted the company's success in accelerating customer migrations onto its Lifted platform, a key step towards deeper expansion across the existing client portfolio. In Q3 alone, three net new enterprise logos were signed across healthcare, retail, and tech, while expanding the entire pipeline.
Upwork has also seen strong customer uptake of Lifted's direct employment EOR offering in the U.S. and Canada, with a global solution for employment being the ultimate goal. This momentum is expected to continue, with Lifted GSV exceeding 30% year-over-year growth in 2026, setting the stage for sustained strong momentum into 2027 and beyond.
The acquisition of WorkMotion, a global employer of record provider, further accelerates Upwork's roadmap of delivering comprehensive contingent employment solutions to customers on a global scale. This strategic move is expected to improve win rates and lower Lifted's cost to serve, while setting the stage for sustained strong momentum into 2027 and beyond.
In the SMB segment, Upwork's focus on quality over quantity continues to yield excellent results. The rapid adoption of Business Plus has driven higher spend among new and existing clients, strongly attracting and converting new clients specifically. Business Plus delivered 120% year-over-year revenue growth in Q3, outperforming plan expectations.
Erica Gessert, Chief Financial Officer, emphasized the company's strong profitability engine, which will be critical to ongoing value creation in 2027 and beyond. The execution against Upwork's plan has been solid, with Adjusted EBITDA reaching $63.8 million, exceeding guidance.
Upwork generated $914 million in Gross Services Volume (GSV) and $186 million in revenue, both above the high end of guidance range. This performance highlights the company's ability to execute against its strategic growth pillars and deliver strong financial results.
