Upwork Inc. filed its quarterly report on Form 10-Q for the period ended September 30, 2026, with the Securities and Exchange Commission on November 2, 2026, disclosing condensed consolidated financial statements and related management discussion for the three and nine months ended September 30, 2026.

Key Highlights

  • Retained earnings of $125,624 thousand as of September 30, 2026, compared to $36,949 thousand as of December 31, 2025, according to the filing.
  • Total assets declined to $931,097 thousand as of September 30, 2026, from $1,299,580 thousand as of December 31, 2025.
  • Cash and cash equivalents were $227,986 thousand as of September 30, 2026, down from $294,356 thousand at year-end 2025.
  • Marketable securities fell to $76,346 thousand from $378,425 thousand at December 31, 2025.
  • Current debt was zero as of September 30, 2026, compared to $359,770 thousand as of December 31, 2025.
  • Shares outstanding were 125,690,310 as of September 30, 2026, down from 130,545,236 at December 31, 2025; as of October 29, 2026, there were 125,777,139 shares outstanding.
  • A 2026 Restructuring was announced in May 2026, referenced in the filing as a cost-saving initiative whose expected impact and timing are described as forward-looking.

Upwork's Balance Sheet Changes Between December 2025 and September 2026

According to the Form 10-Q filed with the SEC for the quarterly period ended September 30, 2026, Upwork Inc. (NASDAQ:UPWK) reported total assets of $931,097 thousand, a reduction from $1,299,580 thousand reported at December 31, 2025. The company attributed a significant portion of the change in current assets to a decline in marketable securities, which fell from $378,425 thousand to $76,346 thousand over the same period. Cash and cash equivalents also decreased, from $294,356 thousand to $227,986 thousand.

On the liabilities side, the filing shows that current debt was $0 as of September 30, 2026, compared to $359,770 thousand at December 31, 2025, resulting in a notable reduction in total current liabilities from $650,168 thousand to $252,287 thousand. Total liabilities stood at $277,072 thousand at the end of the third quarter, down from $669,265 thousand at year-end 2025, according to the filing.

Stockholders' equity reflects retained earnings of $125,624 thousand as of September 30, 2026, versus $36,949 thousand as of December 31, 2025. Additional paid-in capital was $528,633 thousand, compared to $592,599 thousand at the prior year-end. The company also disclosed the pending acquisition of WorkMotion Software GmbH by a subsidiary, as well as a restructuring announced in May 2026, both referenced as matters subject to forward-looking statement cautionary language in the filing.

What Was Disclosed

Upwork filed its Form 10-Q for the quarter ended September 30, 2026, reporting condensed consolidated balance sheet data showing reduced total assets, elimination of current debt, and growth in retained earnings relative to December 31, 2025. The filing also references a May 2026 restructuring and a pending acquisition.