Upwork第二季收入跌1.7%淨利潤挫22% 啟動重組並續回購股份

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
________________________________________________
FORM 10-Q
_____________________________________________
(Mark One)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______
Commission File Number: 001-38678
________________________________________________

UPWORK INC.
(Exact Name of Registrant as Specified in its Charter)
________________________________________________

Delaware46-4337682
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
530 Lytton Avenue, Suite 301

Palo Alto,California94301
(Address of principal executive offices)(Zip Code)

(650) 316-7500
(Registrant’s telephone number, including area code)
_______________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, $0.0001 par value per shareUPWKThe Nasdaq Stock Market LLC

_______________________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No ☒
As of July 31, 2026, there were 124,903,365 shares of the registrant’s common stock outstanding.

TABLE OF CONTENTS

Page
Special Note Regarding Forward-Looking Statements1

PART I—FINANCIAL INFORMATION
Item 1.Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025
2

Condensed Consolidated Statements of Operations and Comprehensive Income for the Three and Six Months Ended June 30, 2026 and 2025
3

Condensed Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended June 30, 2026 and 2025
4

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025
5

Notes to Condensed Consolidated Financial Statements6

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations25

Item 3.Quantitative and Qualitative Disclosures About Market Risk41

Item 4.Controls and Procedures42

PART II—OTHER INFORMATION
Item 1.Legal Proceedings43

Item 1A.Risk Factors43

Item 2.Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
70

Item 3.Defaults Upon Senior Securities71

Item 4.Mine Safety Disclosures71

Item 5.Other Information71

Item 6.Exhibits72

Signatures73

Unless otherwise expressly stated or the context otherwise requires, references in this Quarterly Report on Form 10-Q, which we refer to as this Quarterly Report, to “Upwork,” “Company,” “our,” “us,” and “we” and similar references refer to Upwork Inc. and its wholly owned subsidiaries.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements other than statements of historical fact, including any statements regarding our future operating results and financial position, information or predictions concerning the future of our business or strategy, future products, features, or functionality, anticipated events and trends, including future research and development, sales and marketing, and general and administrative expenses, and provision for transaction losses, potential growth or growth prospects, our competitive position, technological and market trends, industry environment, the economy, our plans with respect to share repurchases, and the expected impact and timing of strategic or cost-saving initiatives, including the restructuring announced in May 2026, which we refer to as the 2026 Restructuring, and other future conditions. Words such as “believes,” “may,” “will,” “estimates,” “potential,” “continues,” “anticipates,” “intends,” “expects,” “could,” “would,” “projects,” “plans,” “targets,” and variations of such words and similar expressions are intended to identify forward-looking statements.
We have based these forward-looking statements largely on our current expectations and projections as of the date of this filing about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short- and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in Part II, Item 1A, “Risk Factors” in this Quarterly Report. Readers are urged to carefully review and consider the various disclosures made in this Quarterly Report and in other documents we file from time to time with the Securities and Exchange Commission, which we refer to as the SEC, that disclose risks and uncertainties that may affect our business. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the future events and circumstances discussed in this Quarterly Report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.
You should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. In addition, the forward-looking statements in this Quarterly Report are made as of the date of this filing, and we do not undertake, and expressly disclaim any duty, to update such statements for any reason after the date of this Quarterly Report or to conform statements to actual results or revised expectations, except as required by law.
You should read this Quarterly Report and the documents that we reference herein and have filed with the SEC or incorporated by reference as exhibits to this Quarterly Report with the understanding that our actual future results, performance, and events and circumstances may be materially different from what we expect.

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PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

UPWORK INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(In thousands, except share and per share data)
June 30, 2026December 31, 2025
ASSETS
Current assets
Cash and cash equivalents$476,040 $294,356 
Marketable securities138,204 378,425 
Funds held in escrow, including funds in transit193,269 180,752 
Trade and client receivables – net of allowance of $6,754 and $5,919 as of June 30, 2026 and December 31, 2025, respectively
76,459 76,236 
Prepaid expenses and other current assets25,018 21,064 
Total current assets908,990 950,833 
Property and equipment, net58,605 44,421 
Goodwill149,192 149,192 
Intangible assets, net31,318 37,161 
Operating lease asset12,217 5,011 
Deferred tax asset109,860 111,495 
Other assets, noncurrent4,222 1,467 
Total assets$1,274,404 $1,299,580 

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable$7,030 $7,858 
Escrow funds payable193,269 180,752 
Debt, current360,691 359,770 
Accrued expenses and other current liabilities68,683 94,023 
Deferred revenue8,576 7,765 
Total current liabilities638,249 650,168 

Operating lease liability, noncurrent14,367 9,707 
Other liabilities, noncurrent10,522 9,390 
Total liabilities663,138 669,265 

Commitments and contingencies (Note 8)

Stockholders’ equity
Common stock, $0.0001 par value; 490,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 124,797,586 and 130,545,236 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
12 13 

Additional paid-in capital517,479 592,599 
Accumulated and other comprehensive (loss) income(39)754 
Retained earnings93,814 36,949 
Total stockholders’ equity611,266 630,315 
Total liabilities and stockholders’ equity$1,274,404 $1,299,580 
The accompanying notes are an integral part of these condensed consolidated financial statements.

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UPWORK INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME
(Unaudited)

Three Months Ended
June 30,
Six Months Ended
June 30,

(In thousands, except per share data)
2026202520262025
Revenue$191,660 $194,939 $387,143 $387,645 
Cost of revenue45,288 43,432 89,929 85,238 
Gross profit146,372 151,507 297,214 302,407 
Operating expenses
Research and development43,894 44,843 87,201 90,995 
Sales and marketing34,914 36,671 72,351 72,422 
General and administrative36,878 35,659 72,036 63,707 
Provision for transaction losses2,549 1,769 4,771 4,028 
Total operating expenses118,235 118,942 236,359 231,152 
Income from operations28,137 32,565 60,855 71,255 
Other income, net3,966 5,878 8,958 12,195 
Income before income taxes32,103 38,443 69,813 83,450 
Income tax provision(6,699)(5,717)(12,948)(12,994)
Net income$25,404 $32,726 $56,865 $70,456 

Net income per share:
Basic$0.21 $0.25 $0.45 $0.53 
Diluted$0.20 $0.24 $0.44 $0.50 

Weighted-average shares used to compute net income per share:
Basic123,918 132,183 126,005 133,687 
Diluted129,958 140,198 132,784 141,866 

Other comprehensive income, net of tax:
Net unrealized holding (loss) gain on marketable securities, net$(178)$176 $(793)$460 
Total comprehensive income$25,226 $32,902 $56,072 $70,916 

The accompanying notes are an integral part of these condensed consolidated financial statements.

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UPWORK INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)

(In thousands, except share amounts)
Common StockAdditional Paid-in CapitalAccumulated
Other Comprehensive Income (Loss)Retained EarningsTotal
Stockholders’
Equity
Three Months Ended June 30, 2026SharesAmount
Balances as of March 31, 2026123,574,974 $12 $501,066 $139 $68,410 $569,627 
Issuance of common stock upon exercise of stock options203,625 — 686 — — 686 
Stock-based compensation expense— — 15,650 — — 15,650 
Issuance of common stock for settlement of RSUs943,711 — — — — — 
Tides Foundation common stock warrant expense— — 187 — — 187 
Issuance of common stock in connection with employee stock purchase plan239,586 — 1,646 — — 1,646 
Repurchase of common stock, including excise tax(164,310)— (1,756)— — (1,756)
Unrealized loss on marketable securities— — — (178)— (178)
Net income— — — — 25,404 25,404 
Balances as of June 30, 2026124,797,586 $12 $517,479 $(39)$93,814 $611,266 

(In thousands, except share amounts)
Common StockAdditional Paid-in CapitalAccumulated
Other Comprehensive IncomeAccumulated
DeficitTotal
Stockholders’
Equity
Three Months Ended June 30, 2025SharesAmount
Balances as of March 31, 2025134,048,900 $13 $634,527 $548 $(40,746)$594,342 
Issuance of common stock upon exercise of stock options417 — 1 — — 1 
Stock-based compensation expense— — 17,073 — — 17,073 
Issuance of common stock for settlement of RSUs1,089,684 — — — — — 
Tides Foundation common stock warrant expense— — 187 — — 187 
Issuance of common stock in connection with employee stock purchase plan279,537 — 2,199 — — 2,199 
Repurchase of common stock, including excise tax(2,912,507)— (38,050)— — (38,050)
Unrealized gain on marketable securities— — — 176 — 176 
Net income— — — — 32,726 32,726 
Balances as of June 30, 2025132,506,031 $13 $615,937 $724 $(8,020)$608,654 

(In thousands, except share amounts)
Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTotal
Stockholders’
Equity
Six Months Ended June 30, 2026SharesAmount
Balances as of December 31, 2025130,545,236 $13 $592,599 $754 $36,949 $630,315 
Issuance of common stock upon exercise of stock options224,125 — 769 — — 769 
Stock-based compensation expense— — 32,652 — — 32,652 
Issuance of common stock for settlement of RSUs2,074,689 — — — — — 
Tides Foundation common stock warrant expense— — 375 — — 375 
Issuance of common stock in connection with employee stock purchase plan239,586 — 1,646 — — 1,646 
Repurchase of common stock, including excise tax(8,286,050)(1)(110,562)— — (110,563)
Unrealized loss on marketable securities— — — (793)— (793)
Net income— — — — 56,865 56,865 
Balances as of June 30, 2026124,797,586 $12 $517,479 $(39)$93,814 $611,266 

(In thousands, except share amounts)
Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive IncomeAccumulated
DeficitTotal
Stockholders’
Equity
Six Months Ended June 30, 2025SharesAmount
Balances as of December 31, 2024135,348,453 $14 $653,575 $264 $(78,476)$575,377 
Issuance of common stock upon exercise of stock options163,495 — 653 — — 653 
Stock-based compensation expense— — 30,410 — — 30,410 
Issuance of common stock for settlement of RSUs1,958,825 — — — — — 
Tides Foundation common stock warrant expense— — 375 — — 375 
Issuance of common stock in connection with employee stock purchase plan279,537 — 2,199 — — 2,199 
Repurchase of common stock, including excise tax(5,244,279)(1)(71,275)— — (71,276)
Unrealized gain on marketable securities— — — 460 — 460 
Net income— — — — 70,456 70,456 
Balances as of June 30, 2025132,506,031 $13 $615,937 $724 $(8,020)$608,654 

The accompanying notes are an integral part of these condensed consolidated financial statements.

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UPWORK INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

Six Months Ended
June 30,
(In thousands)20262025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$56,865 $70,456 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for transaction losses4,117 3,594 
Depreciation and amortization17,879 10,740 
Amortization of debt issuance costs921 921 
Accretion of discount on purchases of marketable securities, net(2,779)(3,504)
Amortization of operating lease asset836 385 
Tides Foundation common stock warrant expense375 375 
Stock-based compensation expense29,544 28,249 
Deferred taxes1,635 2,064 
Loss on disposal of fixed assets178 — 

Changes in operating assets and liabilities:
Trade and client receivables(1,389)360 
Prepaid expenses and other assets(5,635)(3,338)
Operating lease liability(556)808 
Accounts payable(845)(5,075)
Accrued expenses and other liabilities(32,064)2,911 
Deferred revenue811 533 
Net cash provided by operating activities69,893 109,479 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities— (259,148)
Proceeds from maturities of marketable securities240,221 232,411 
Proceeds from sale of marketable securities1,986 3,537 

Acquisition of business, net of cash acquired— (20,410)
Purchases of property and equipment(3,341)(4,853)
Internal-use software and platform development costs(17,709)(8,210)
Net cash provided by (used in) investing activities221,157 (56,673)
CASH FLOWS FROM FINANCING ACTIVITIES:
Change in escrow funds payable, net11,684 16,574 
Proceeds from exercises of stock options and common stock warrants769 653 
Proceeds from employee stock purchase plan1,646 2,199 

Repurchase of common stock(109,725)(70,922)

Payment of debt issuance costs(1,223)— 
Net cash used in financing activities(96,849)(51,496)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH194,201 1,310 
Cash, cash equivalents, and restricted cash—beginning of period478,908 505,593 
Cash, cash equivalents, and restricted cash—end of period$673,109 $506,903 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes$16,411 $5,560 
Cash paid for interest576 451 
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES:
Right-of-use asset recognized$8,042 $— 
Property and equipment purchased but not yet paid2,713 51 
Internal-use software and platform development costs incurred but not yet paid691 479 

The accompanying notes are an integral part of these condensed consolidated financial statements.

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UPWORK INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

Note 1—Organization and Description of Business
Upwork Inc., which is referred to as the Company or Upwork, through its complementary, wholly owned subsidiaries, connects businesses with global, AI-enabled talent across every on-demand work type, including freelance, agency, fractional, and payrolled. The Company’s portfolio of platforms and other workforce solutions includes the Upwork Marketplace, the world’s human and AI-powered work marketplace that connects businesses with on-demand access to highly skilled independent talent worldwide, and Lifted, the Company’s wholly owned subsidiary that provides a purpose-built solution for enterprise organizations to source, contract, manage, and pay talent across the full spectrum of contingent work.
The Company’s customers consist of both talent and clients, where talent includes independent professionals and agencies of varying sizes that deliver services through the Upwork Marketplace, Lifted, or other Company workforce solutions. Clients range from small businesses and entrepreneurs to large enterprises that seek and engage with talent through these platforms and other workforce solutions.
Upwork Inc. is incorporated in the state of Delaware and is headquartered in Palo Alto, California.

Unless otherwise expressly stated or the context otherwise requires, the terms “Upwork” and the “Company” in these notes to the condensed consolidated financial statements refer to Upwork Inc. and its wholly owned subsidiaries.

Note 2—Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, which is referred to as U.S. GAAP, and applicable rules and regulations of the SEC regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, which is referred to as the Annual Report, filed with the SEC on February 13, 2026.
The condensed consolidated balance sheet as of December 31, 2025, included herein, was derived from the audited financial statements as of that date but does not include all disclosures, including notes, required by U.S. GAAP.
The condensed consolidated financial statements include the accounts of Upwork and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated.
The accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary for a fair statement of the financial position, results of operations, changes in stockholders’ equity and cash flows for the interim periods, but do not purport to be indicative of the results of operations or financial condition to be anticipated for the full year ending December 31, 2026. Prior period presentation has been revised to conform to the current period presentation as of June 30, 2026.
Use of Estimates
The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods presented. Such estimates include, but are not limited to: valuation of acquired intangible assets; the useful lives of assets; assessment of the recoverability of long-lived assets; goodwill impairment; allowance for expected credit 

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losses; liabilities relating to transaction losses; stock-based compensation; and accounting for income taxes. Management bases its estimates on historical experience and on various other assumptions that management believes to be reasonable under the circumstances. The Company evaluates its estimates, assumptions, and judgments on an ongoing basis using historical experience and other factors and revises them when facts and circumstances dictate.
The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions.
Summary of Significant Accounting Policies
The significant accounting policies applied in the Company’s audited consolidated financial statements, as disclosed in the Annual Report, are applied consistently in these unaudited interim condensed consolidated financial statements.
Recently Adopted Accounting Pronouncements
In July 2025, the FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which is referred to as ASU 2025-05. ASU 2025-05 provides an optional practical expedient to permit entities to assume that the current conditions as of the balance sheet date will remain unchanged for the remaining life of short-term trade receivables and contract assets when developing reasonable and supportable forecasts for estimating expected credit losses. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025. The Company adopted ASU 2025-05. The Company has evaluated the impact of ASU 2025-05 and as a result its adoption did not have a material impact on the consolidated financial statements. The Company’s trade receivables are short-duration in nature and have historically experienced low credit losses, and its existing aging-based allowance methodology is substantially consistent with the practical expedient introduced by ASU 2025-05.
Recent Accounting Pronouncements Not Yet Adopted
With the exception of those discussed below, the Company has reviewed the accounting pronouncements issued prior to or during the six months ended June 30, 2026, and concluded they were either not applicable or not expected to have a material impact on the Company’s condensed consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which is referred to as ASU 2024-03. ASU 2024-03 requires public entities to disclose detailed information about specific types of expenses included within the expense captions presented on the face of the income statement. While ASU 2024-03 does not alter the presentation of expense captions on the face of the income statement, it introduces requirements for disaggregating certain expense captions into specified categories within the footnotes to the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that ASU 2024-03 will have on its consolidated financial statements and accompanying footnotes.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which is referred to as ASU 2025-06. ASU 2025-06 modernizes the accounting for internal-use software by removing all references to prescriptive and sequential software development stages. ASU 2025-06 requires entities to begin capitalizing software costs when management authorizes and commits to funding the software project, and it is probable that the project will be completed and the software will be used for its intended purpose. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and for interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the timing of adoption and the potential impact of this new guidance on its consolidated financial statements.

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Note 3—Revenue
Disaggregation of Revenue
Based on the information provided to and reviewed by the Chief Operating Decision Maker, who is referred to as the CODM, the nature, amount, timing, and uncertainty of revenue and cash flows and how they are affected by economic factors are most appropriately depicted by the type of service and primary geographical markets. Revenues recorded within these categories are earned from similar products and services for which the nature of associated fees and the related revenue recognition models are substantially similar.
The Company disaggregates revenue by two types of services: Marketplace revenue and Enterprise revenue.
The following table sets forth total revenue by type of service for the periods presented:

Three Months Ended
June 30,Six Months Ended
June 30,
(In thousands)2026202520262025
Marketplace
$166,858 $170,660 $337,563 $336,953 
Enterprise
24,802 24,279 49,580 50,692 
Total revenue$191,660 $194,939 $387,143 $387,645 

The following table sets forth total revenue by geographic area based on the billing address of talent and clients for the periods presented:

Three Months Ended
June 30,Six Months Ended
June 30,
(In thousands)2026202520262025
Talent
United States$29,289 $28,245 $59,076 $55,584 
Philippines14,553 14,569 29,137 29,153 
India
12,024 13,766 24,717 27,267 
Pakistan (1)
12,717 10,945 25,928 21,595 
Rest of world (1)(2)
42,268 42,747 85,149 84,468 
Total talent110,851 110,272 224,007 218,067 
Clients
United States57,869 61,714 115,858 120,956 
Rest of world (2)
22,940 22,953 47,278 48,622 
Total clients80,809 84,667 163,136 169,578 
Total revenue$191,660 $194,939 $387,143 $387,645 

(1) For the three and six months ended June 30, 2025, the Company revised the presentation of geographic revenue to separately present Pakistan to conform to the current period presentation. This change in presentation did not impact total talent revenue or total revenue for the periods presented.
(2) During each of the three and six months ended June 30, 2026 and 2025, no single country included in the Rest of world category had revenue that exceeded 10% of total talent revenue, total clients revenue, or total revenue.
Deferred Revenue and Remaining Performance Obligation 
Deferred revenue represents amounts billed in advance for services not yet rendered.
Deferred revenue expected to be recognized within the next twelve months is classified as current deferred revenue.

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The Company has applied the practical expedients and exemptions and does not disclose the value of remaining performance obligations for (i) contracts with an original expected length of one year or less; and (ii) contracts for which the variable consideration is allocated entirely to a wholly unsatisfied promise to transfer a distinct service that forms part of a single performance obligation under the series guidance. 
Contract Balances
The following table provides information about the balances of the Company’s Trade and client receivables, net of allowance and contract liabilities included in deferred revenue and other liabilities, noncurrent as of the dates presented:

(In thousands)June 30, 2026
December 31, 2025

Trade and client receivables, net of allowance$76,459 $76,236 
Contract liabilities
Deferred revenue, current
8,576 7,765 

During the six months ended June 30, 2026, changes in the contract liabilities balances were primarily the result of normal business activity.
Revenue recognized during the three months ended June 30, 2026 that was included in the deferred revenue balance as of March 31, 2026 was $8.2 million. Revenue recognized during the six months ended June 30, 2026 that was included in the deferred revenue balance as of December 31, 2025 was $7.8 million.
Revenue recognized during the three months ended June 30, 2025 that was included in the deferred revenue balance as of March 31, 2025 was $7.5 million. Revenue recognized during the six months ended June 30, 2025 that was included in the deferred revenue balance as of December 31, 2024 was $7.3 million.

Note 4—Fair Value Measurements
The Company defines fair value as the exchange price that would be received from the sale of an asset or paid to trans