Upwork Inc. Expands Restructuring Plan to Reduce Workforce by Approximately 37%

Upwork Inc. announced that on November 10, 2026, its Board of Directors approved an expansion of its Restructuring Plan. The Restructuring Plan, as expanded, now includes an additional reduction in force that, when aggregated with a separate, independent reduction in force initiated by a subsidiary of the Company, results in an expected reduction of the total workforce by approximately 37%, inclusive of the approximately 24% previously disclosed. The Company now expects execution of the Restructuring Plan to be substantially complete in the first quarter of 2027.

In connection with these actions, the Company estimates that it will incur approximately $27 million to $37 million in total pre-tax restructuring charges under generally accepted accounting principles in the United States, inclusive of the approximately $16 million to $23 million previously disclosed, consisting primarily of severance and other one-time termination costs for the impacted workforces. The Company recognized $18.1 million of these charges through September 30, 2026. The Company expects most of the remaining charges to be cash expenditures and to be recognized over the next three quarters, with the majority of these charges being recognized in the fourth quarter of 2026.

View the company filing on SEC.gov

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