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Upwork, Inc (UPWK) stock

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NASDAQ: UPWK Nasdaq Interactive Media & Services Next results ~February 8, 2027

B Fundamentals grade

Upwork, Inc is a US-listed company in the interactive media & services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$17

Cash-flow model

Base case. Range ~$13–$21 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 72% above it.

Price used: $9.72, November 2, 2026

Upwork, Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 6 selling0 purchases and 44 sales by directors and officers, last 12 monthsInsider trades
  • Funds170 adding, 131 cuttingOf 53 active managers that changed their stake, 32 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Upwork files

Where Upwork stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $787m, up 1.9% on a year earlier, slower than the 2.5% growth a quarter earlier. Free-cash-flow margin held at 26.0%. The diluted share count is down 4.9% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 4 of our 6 financial-health checks. Our cash-flow model value is $17.41 a share, against a share price of $9.07. At that price, our model says the market is pricing in cash flow shrinking about 9.1% a year for five years, slower than the 9.4% a year revenue growth it has delivered.

Source: 10-Q filed August 10, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 8, 2027 (estimated)

Upwork, Inc's trailing-twelve-month revenue fell 1.2% year on year, with a free-cash-flow margin of 24.8%. Where it stands out: long-term debt as % of assets of 0.0% ranks 1 of 32 interactive media & services companies we cover.

Our discounted-cash-flow model values the business at ~$17 per share in the base case (~$13–$21 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 11.4% while net income fell 57.8%: a 46pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $9.72 is 72% below our value per share of $17.
  • Strong cash generation. 24.8% of revenue turned into free cash flow, against a median of 8.9% for interactive media & services companies we cover.
  • Shrinking share count. Diluted shares fell 7.0% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.2bn.

Things to watch

  • Revenue shrinking. Revenue fell 1.2% over the last 12 months.
  • Volatile shares. Over the past year the shares showed annualised volatility of 60% and a beta of 0.8 against the S&P 500.
  • Insiders selling. 6 insiders sold $16M of stock over the past 365 days and none bought (26% under pre-set trading plans).
  • Growth easing. The growth rate is 3.1 points lower than a quarter earlier.
  • Heavily shorted. 23.4% of the shares available to trade are sold short (7.8 days of average volume to cover).
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 22.7% over 90 days.

Latest results: FY2026 Q3

Filed November 2, 2026
Earnings per share
$0.40 against an average estimate of $0.31: beat by 27.4%
Revenue
$186m, down 8.0% on a year earlier
Next report
November 2, 2026; average EPS estimate $0.32

Upwork's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+6.2%
  • 1 week+2.2%
  • 1 month+20.7%
  • This year-51.0%
  • 1 year-39.0%
  • 5 years-80.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$771M
Operating margin
16.0%
Net margin
13.5%
EPS (TTM, diluted)
$0.78

Growth

Revenue growth
−1.2%
Change in growth rate
−3.1 pts
Share count change
−7.0%

Cash

Free cash flow (TTM)
$192M
FCF margin
24.8%
Stock pay % of revenue
7.7%

Earnings

Last results
November 2, 2026
Next results (est.)
February 8, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Results
  3. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Upwork, Inc valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 10.5% a year for five years.That is slower than the 8.9% a year revenue growth Upwork has delivered.

  • Priced in-10.5%
  • Last 12 months-1.2%
  • 3 years a year5.0%
  • 5 years a year8.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($9.71, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$17
Price used
$9.71close November 3, 2026
Implied change
▲ +72%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Upwork, Inc's free cash flow after stock-based pay with after-tax interest added back ($115M, FY2026 Q3 TTM), growing -2.3% and 1.1% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$13–~$21 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Upwork, Inc's free cash flow after stock-based pay ( $115M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Upwork, Inc as an operating company, with every model that fits that kind of business. Cost of equity 10.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.14 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$17 ~$13–$21 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$13 ~$11–$23 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$5.6 ~$3.8–$8.4 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$5.6 ~$4.9–$6.6 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$12 ~$5.6–$17 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Upwork, Inc with Interactive Media & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▼ −9%
  • Discount rate 1 point higher ▼ −13%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $16$20$27$35$45$59
8.5% $13$16$20$26$34$44
10% $11$13$17$21$27$35

Valuation multiples over time Market data may be delayed

At fiscal year end 20182019202020212022202320242025Now
Share price$18.11$10.67$34.52$34.16$10.44$14.87$16.35$19.82$9.72
Market value$1.9bn$1.2bn$4.1bn$4.3bn$1.4bn$2.0bn$2.3bn$2.8bn$1.3bn
+ Net debt (− = net cash)−$105m−$30m−$83m$388m$446m$281m$55m$67m−$228m
Enterprise value$1.8bn$1.1bn$4.0bn$4.7bn$1.8bn$2.3bn$2.4bn$2.9bn$1.1bn
Multiples
Price / sales 7.5x3.9x11.0x8.6x2.2x3.0x3.0x3.5x1.7x
Price / earnings —————43.5x10.9x24.2x12.4x
Price / free cash flow 176.4x—n/mn/m133.0x39.2x15.6x11.5x6.8x
EV / EBITDA ——————29.9x18.4x7.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

61 /100

Moderate moat

How hard Upwork's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 19 / 20

    Cash operating profit has been a median 14.2% of total assets over 8 years.

  • Pricing power 19 / 20

    Gross margin has been a median 73.7%, moving by 3.2 percentage points (standard deviation) across 9 years.

  • Durability 10 / 20

    Operating margin has been a median -5.8%; its worst year was -15.8%.

  • Cash conversion 11 / 20

    Free cash flow was positive in 7 of 9 years, at a median 6.7% of revenue.

  • Discipline 7 / 20

    The diluted share count rose 6.1% over five years; stock-based pay has been a median 8.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (66 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.39 −2% $742m −6%
Next $1.35 −3% $734m −1%

Next year's EPS estimate has moved −22.7% in 90 days, across 7 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −10.1% on 90 days ago. In the last 30 days, 0 analysts raised Upwork, Inc's forecast and 8 cut it.

Consensus EPS forecast Upwork, Inc, last 90 days
$1.30 $1.40 $1.50 $1.60 $1.70 $1.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.54 Current fiscal year, 60 days ago: $1.39 Current fiscal year, 30 days ago: $1.39 Current fiscal year, 7 days ago: $1.39 Current fiscal year, Now: $1.39 $1.39 Next fiscal year, 90 days ago: $1.74 Next fiscal year, 60 days ago: $1.36 Next fiscal year, 30 days ago: $1.36 Next fiscal year, 7 days ago: $1.36 Next fiscal year, Now: $1.35 $1.35

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.54$1.74
60 days ago $1.39$1.36
30 days ago $1.39$1.36
7 days ago $1.39$1.36
Now $1.39$1.35

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.31 $0.40 +27.4%
Mar 2026 $0.27 $0.35 +29.0%
Sept 2025 $0.29 $0.36 +25.9%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Upwork, Inc's revenue by -2.3% next year and +1.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-4.5%, weight 66%) and the company's own record (+2.0%, weight 34%) . How the weights are set.

Analyst recommendations

9 analysts, Nov 2026
Buy333%
Hold667%
Sell00%

Monthly trend

  1. Nov 20261269
  2. Oct 202612710

Counts of recommendations published by analysts covering Upwork, Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
23.4%
of tradable shares
Days to cover
7.83
at average volume
Short interest, 1 month
+7%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
5.3%
of shares
Employees
630
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −39.0%

$15.94 on October 31, 2025 to $9.72

ThenNowEffect
Revenue (last 12 months) $773m $787m +1.9%
Net margin 31.7% 12.9% −59.3%
P/E multiple 9.3x 13.0x +39.7%
Share count 143m 136m +5.2%

Biggest factor: net margin.

Last 3 years −13.8%

$11.27 on November 3, 2023 to $9.72

ThenNowEffect
Revenue (last 12 months) $650m $787m +21.2%
P/S multiple 2.3x 1.7x −27.2%
Share count 133m 136m −2.3%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
UPWK−1%−69%+42%+10%+21%−51%
Industry peers (median)−26%−54%−6%−21%−16%−22%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
UPWK58%8%50%42%58%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
UPWK−48%−71%−48%−43%−33%−65%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 3, 2018: 88% from July 13, 2021 to May 25, 2023. Getting back needed a 699% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$7.84 – $22.11
From 52-week high
−56.0%
vs 50-day average
+12.2%
vs 200-day average
−7.9%
Volatility (1 year)
60%
Beta vs S&P 500
0.82

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 4 down
typical move ±14.5%
After a week
7 up, 4 down
typical move ±17.7%
After a month
5 up, 6 down
typical move ±22.2%
Results releasedNext dayS&P 500 next day5 days21 days
August 10, 2026 −13.5% −0.3% −15.3% −14.8%
May 7, 2026 −12.5% +0.5% −19.8% −12.0%
February 9, 2026 −19.7% +0.2% −32.6% −34.4%
November 3, 2025 +11.0% −1.0% +10.4% +23.8%
August 6, 2025 +14.3% +0.7% +18.6% +36.3%
May 5, 2025 +16.6% −1.4% +29.1% +13.1%
February 12, 2025 +8.7% +0.7% +10.0% −17.3%
November 6, 2024 +12.9% +3.3% +9.2% +17.9%
October 23, 2024 +25.9% −0.7% +35.8% +53.0%
August 7, 2024 −13.2% +1.6% −12.4% −11.9%
May 1, 2024 +11.0% +0.6% +1.9% −9.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Upwork, Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Upwork, Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Upwork, Inc
$650M $700M $750M $800M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $689.1M Revenue (TTM), FY24 Q1: $719.2M Revenue (TTM), FY24 Q2: $743.7M Revenue (TTM), FY24 Q3: $761.8M Revenue (TTM), FY24 Q4: $769.3M Revenue (TTM), FY25 Q1: $771.1M Revenue (TTM), FY25 Q2: $772.9M Revenue (TTM), FY25 Q3: $780.9M Revenue (TTM), FY25 Q4: $787.8M Revenue (TTM), FY26 Q1: $790.6M Revenue (TTM), FY26 Q2: $787.3M Revenue (TTM), FY26 Q3: $771.2M $771.2M

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $689.1M
FY24 Q1 $719.2M
FY24 Q2 $743.7M
FY24 Q3 $761.8M
FY24 Q4 $769.3M
FY25 Q1 $771.1M
FY25 Q2 $772.9M
FY25 Q3 $780.9M
FY25 Q4 $787.8M
FY26 Q1 $790.6M
FY26 Q2 $787.3M
FY26 Q3 $771.2M
Revenue growth, TTM YoY Upwork, Inc
-5% 0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 11.5% Revenue growth, TTM YoY, FY24 Q1: 12.8% Revenue growth, TTM YoY, FY24 Q2: 14.5% Revenue growth, TTM YoY, FY24 Q3: 14.3% Revenue growth, TTM YoY, FY24 Q4: 11.6% Revenue growth, TTM YoY, FY25 Q1: 7.2% Revenue growth, TTM YoY, FY25 Q2: 3.9% Revenue growth, TTM YoY, FY25 Q3: 2.5% Revenue growth, TTM YoY, FY25 Q4: 2.4% Revenue growth, TTM YoY, FY26 Q1: 2.5% Revenue growth, TTM YoY, FY26 Q2: 1.9% Revenue growth, TTM YoY, FY26 Q3: -1.2% -1.2%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 11.5%
FY24 Q1 12.8%
FY24 Q2 14.5%
FY24 Q3 14.3%
FY24 Q4 11.6%
FY25 Q1 7.2%
FY25 Q2 3.9%
FY25 Q3 2.5%
FY25 Q4 2.4%
FY26 Q1 2.5%
FY26 Q2 1.9%
FY26 Q3 -1.2%
Operating margin (TTM) Upwork, Inc
-5% 0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -1.6% Operating margin (TTM), FY24 Q1: 3.7% Operating margin (TTM), FY24 Q2: 6.8% Operating margin (TTM), FY24 Q3: 7.9% Operating margin (TTM), FY24 Q4: 8.5% Operating margin (TTM), FY25 Q1: 11.8% Operating margin (TTM), FY25 Q2: 13.7% Operating margin (TTM), FY25 Q3: 14.7% Operating margin (TTM), FY25 Q4: 16.4% Operating margin (TTM), FY26 Q1: 15.6% Operating margin (TTM), FY26 Q2: 15.1% Operating margin (TTM), FY26 Q3: 16.0% 16.0%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -1.6%
FY24 Q1 3.7%
FY24 Q2 6.8%
FY24 Q3 7.9%
FY24 Q4 8.5%
FY25 Q1 11.8%
FY25 Q2 13.7%
FY25 Q3 14.7%
FY25 Q4 16.4%
FY26 Q1 15.6%
FY26 Q2 15.1%
FY26 Q3 16.0%
FCF margin (TTM) Upwork, Inc
0% 10% 20% 30% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 7.5% FCF margin (TTM), FY24 Q1: 10.5% FCF margin (TTM), FY24 Q2: 14.8% FCF margin (TTM), FY24 Q3: 17.5% FCF margin (TTM), FY24 Q4: 19.5% FCF margin (TTM), FY25 Q1: 22.0% FCF margin (TTM), FY25 Q2: 26.1% FCF margin (TTM), FY25 Q3: 27.7% FCF margin (TTM), FY25 Q4: 30.8% FCF margin (TTM), FY26 Q1: 29.0% FCF margin (TTM), FY26 Q2: 26.0% FCF margin (TTM), FY26 Q3: 24.8% 24.8%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 7.5%
FY24 Q1 10.5%
FY24 Q2 14.8%
FY24 Q3 17.5%
FY24 Q4 19.5%
FY25 Q1 22.0%
FY25 Q2 26.1%
FY25 Q3 27.7%
FY25 Q4 30.8%
FY26 Q1 29.0%
FY26 Q2 26.0%
FY26 Q3 24.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Upwork took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $788M
  2. Other income $23.9M · 3.0%
  3. Cost of revenue $175M · 22.2%
  4. Gross profit $613M · 77.8%
  5. Research and development $186M · 23.6%
  6. Selling, general and admin $290M · 36.8%
  7. Other operating costs $8.1M · 1.0%
  8. Operating income $129M · 16.4%
  9. Income tax $37.8M · 4.8%
  10. Net income $115M · 14.7%

Shares of revenue. Source: Upwork's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 164 203 253 301 374 503 618 689 769 788 771
Gross profit 102 137 172 212 269 367 458 519 595 613 593
EBITDA −13 −2 −10 −16 −19 −51 −85 −2 80 155 142
Operating income −14 −3 −12 −19 −22 −54 −93 −11 65 129 124
Net income −16 −4 −20 −17 −23 −56 −90 47 216 115 104
Diluted EPS −$0.26 −$0.16 −$0.19 −$0.15 −$0.19 −$0.44 −$0.69 $0.06 $1.52 $0.84 $0.78
Growth (year on year)
Revenue — +23.2% +25.1% +18.6% +24.3% +34.6% +23.0% +11.5% +11.6% +2.4% −1.2%
EBITDA — — — — — — — — — +93.7% +13.5%
Operating income — — — — — — — — — +98.3% +8.0%
Net income — — — — — — — — +359.8% −46.5% −57.8%
Diluted EPS — — — — — — — — +>999% −44.7% −54.6%
Margins
Gross margin 61.9% 67.7% 67.8% 70.7% 72.1% 73.0% 74.1% 75.3% 77.4% 77.8% 76.9%
EBITDA margin −7.7% −0.8% −3.8% −5.3% −5.0% −10.0% −13.7% −0.3% 10.4% 19.7% 18.4%
Operating margin −8.8% −1.5% −4.6% −6.2% −6.0% −10.8% −15.0% −1.6% 8.5% 16.4% 16.0%
Net margin −9.9% −2.0% −7.9% −5.5% −6.1% −11.2% −14.5% 6.8% 28.0% 14.7% 13.5%
Free-cash-flow margin 1.4% −2.9% 4.2% −3.2% 4.3% 2.0% 1.7% 7.5% 19.5% 30.8% 24.8%
Cash flow
Cash from operations 3 −4 14 1 22 11 11 53 154 248 200
Capital spending 1 2 3 11 6 1 1 1 4 6 8
Free cash flow 2 −6 11 −10 16 10 10 52 150 242 192
Stock-based pay 7 7 10 19 26 54 76 74 68 65 59
Free cash flow after stock pay −5 −13 0 −28 −9 −44 −65 −22 82 177 132
Balance sheet
Cash 90 22 129 48 94 187 129 80 306 294 228
Total debt 0 34 24 18 11 575 575 361 361 361 0
Net debt (negative = net cash) −90 12 −105 −30 −83 388 446 281 55 67 −228
Diluted shares 64m 66m 105m 110m 119m 127m 131m 137m 143m 141m 133m
Returned to shareholders
Buybacks — — — — — — 0 0 100 136 144
Total returned — — — — — — 0 0 100 136 144

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

7 of 7 checks passed · September 30, 2026
What it owns · $931m
Short-term assets $568mLonger-term assets $363m
What it owes, and who funded it · $931m
Short-term liabilities $252mLonger-term liabilities $25mShareholders' equity $654m
  • Short-term assets cover short-term liabilities $568m of assets due within a year against $252m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $568m short-term assets against $25m of longer-dated liabilities.
  • More cash than debt $228m of cash against $0 of debt.
  • Debt below 40% of shareholders' equity Debt is 0% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 225% to 0% over five years.
  • A year's operating cash flow covers at least 20% of debt No debt to cover.
  • Operating profit covers interest at least five times over No material interest expense reported.

From Upwork, Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$144M
Returned to shareholders
75%
of free cash flow
Buybacks, last 3 fiscal years
$236M
Diluted share count
−7.0%
year over year
Total shareholder yield
11.8%
dividends 0.0% + buybacks 11.8% of market value
R&D spending
21.9%
of revenue
Days sales outstanding
38 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in interactive media & services
Last 12 months unless stated UPWK EVER CARS NRDS GENI BMBL Median
Revenue, last 12 months $771m $755m $726m $860m $669m $893m $615m
Revenue growth, last 12 months −1.2% 22.7% 1.1% 11.5% 31.0% −13.3% 2.4%
Revenue growth, 3-year average 5.0% 27.0% 2.8% 12.9% — −2.9% 5.0%
Revenue growth, latest quarter −8.0% 24.6% 0.7% 5.6% — −15.2% 2.4%
Gross margin 76.9% 97.6% 84.3% 93.5% 23.0% 72.8% 60.4%
Operating margin 16.0% 11.0% 11.4% 10.2% −22.6% −62.6% 0.3%
Operating margin, 3-year average 12.9% 3.2% 8.7% 4.7% — −52.5% −0.4%
Net margin 13.5% 15.2% 4.7% 7.6% −16.7% −58.0% 3.8%
Cash from operations / revenue 25.9% 13.3% 20.9% 19.1% 12.9% 29.9% 11.4%
Free-cash-flow margin 24.8% 12.6% 20.6% 19.0% 9.6% 27.9% 7.5%
Free-cash-flow margin, 3-year average 23.3% 10.4% 20.0% 15.3% — 17.0% 7.2%
Stock pay / revenue 7.7% 3.1% 4.2% 3.2% 22.3% 4.7% 3.7%
Change in share count −7.0% >999% −8.3% −7.6% 11.0% — 2.0%

Median of all 63 companies we cover in interactive media & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

63 interactive media & services companies
Measure Company Peer median Rank
Revenue growth Growth -1.2% 2.4% 43 of 63
Change in growth rate Growth -3.1pp -0.2pp 44 of 63
Gross margin Profitability 76.9% 60.9% 17 of 54
Operating margin Profitability 16.0% 0.3% 12 of 63
Net margin Profitability 13.5% 3.8% 18 of 63
Free-cash-flow margin Cash generation 24.8% 8.9% 12 of 59
Stock pay as % of revenue Cash generation 7.7% 3.9% 41 of 61
Long-term debt as % of assets Balance sheet 0.0% 16.9% 1 of 32
Change in share count Balance sheet -7.0% 1.7% 15 of 55
Days sales outstanding Balance sheet 38 days 49 days 18 of 54

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Enterprise $683M 86.7% ▲ 3.1%
Marketplace $105M 13.3% ▼ 2.2%

From Upwork, Inc's 10-K filed February 13, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.1B
Institutions reporting
296
Shares held vs prior quarter
▼ 6.4%
Positions opened / closed
53 / 46

Top buyers and sellers, Q2 2026: 170 institutions bought and 131 sold ; the biggest buyer was Goldman Sachs Group Inc (+1.7M shares) and the biggest seller Price T Rowe Associates Inc (−17.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $161M 19.3M 15.2% ▲ 2.1%
Vanguard Portfolio Management LLC $66M 7.9M 6.2% ▲ 1.6%
Ancient Art, L.P. $60.4M 7.2M 5.7% ▲ 21.3%
LSV Asset Management $53.4M 6.4M 5.0% ▼ 6.0%
Vanguard Capital Management LLC $44.4M 5.3M 4.2% ▼ 5.3%
State Street Corp $43.4M 5.2M 4.1% ▲ 1.4%
Capital International Investors $40.6M 4.9M 3.8% ▲ 2.8%
Dimensional Fund Advisors LP $39.7M 4.7M 3.7% ▲ 27.7%
Goldman Sachs Group Inc $35.7M 4.3M 3.4% ▲ 67.4%
Geode Capital Management, LLC $27.2M 3.3M 2.6% ▲ 3.5%
Rice Hall James & Associates, LLC $23.2M 2.8M 2.2% ▲ 112.3%
Morgan Stanley $20.6M 2.5M 1.9% ▲ 107.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Upwork, Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $15.8M 44 trades by 6 insiders · 26% under pre-set plans
Net ▼ $15.8M net selling
Insider Date Trade Shares Price Value
Kappus Anthony Ray GM & Chief Operating Officer October 19, 2026 Sell 559 $8.43 $4,712
Brown Hayden President & CEO September 18, 2026 Sell 23,893 $8.45 $201,896
Gessert Erica Chief Financial Officer September 18, 2026 Sell 9,336 $8.45 $78,889
Kappus Anthony Ray GM & Chief Operating Officer September 18, 2026 Sell 45,732 $8.45 $386,435
Mekhalfa Sabrina Chief Accounting Officer September 18, 2026 Sell 1,299 $8.45 $10,977
Kappus Anthony Ray GM & Chief Operating Officer August 18, 2026 Sell 1,964 $8.43 $16,557
Gessert Erica Chief Financial Officer August 18, 2026 Sell 22,844 $8.43 $192,575
Brown Hayden President & CEO August 18, 2026 Sell pre-set plan 50,000 $8.43 $421,500
Brown Hayden President & CEO August 18, 2026 Sell pre-set plan 23,241 $8.43 $195,922
Kappus Anthony Ray GM & Chief Operating Officer July 18, 2026 Sell 558 $9.06 $5,055
Brown Hayden President & CEO June 18, 2026 Sell 23,468 $8.15 $191,264
Mekhalfa Sabrina Chief Accounting Officer June 18, 2026 Sell 1,276 $8.15 $10,399

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around February 8, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • August 10, 2026
  • May 7, 2026
  • February 9, 2026
  • November 3, 2025
  • August 6, 2025

Recent SEC filings

Data status

When each part of this page on Upwork, Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Upwork, Inc in brief

What does Upwork, Inc do?
Upwork, Inc is a US-listed company in the interactive media & services industry. Its financial year ends in December.
What is Upwork, Inc's stock ticker?
Upwork, Inc trades under the ticker UPWK on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Upwork, Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Upwork, Inc reported revenue of $771M, 1.2% lower than a year earlier, according to its SEC filings.
What is Upwork, Inc's free cash flow?
Upwork, Inc's free-cash-flow margin is 24.8% of revenue over the trailing twelve months, ranking 12 of the 59 interactive media & services companies we cover.
What is Upwork, Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Upwork, Inc's free cash flow after stock-based pay gives ~$17 per share in the base case, and ~$13–$21 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Upwork, Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Ancient Art, L.P. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Upwork, Inc buying back stock, and does it pay a dividend?
Upwork, Inc spent $144M on share repurchases over the trailing twelve months, and its diluted share count fell 7.0% over the year.
What is Upwork, Inc's market cap?
On November 2, 2026, Upwork, Inc's market capitalisation was about $1.3B, with a price-to-earnings ratio of 12.4 and net debt of -$228M. Market figures come from third-party market data and may be delayed.
How much debt does Upwork, Inc have?
Upwork, Inc's debt-to-equity ratio is 0.0%, from its latest balance sheet (225.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are Upwork, Inc's competitors?
In our Interactive Media & Services peer group, the companies closest to Upwork, Inc are Everquote, Inc., Cars.com Inc., Nerdwallet, Inc., Genius Sports Ltd and Bumble Inc. The side-by-side comparison below sets their revenue, margins and growth against Upwork, Inc's.
Are insiders buying or selling Upwork, Inc stock?
Over the last 12 months, Upwork, Inc's directors and officers reported 0 open-market purchases and 44 sales on Form 4. The insider trading page charts every trade.
When is Upwork, Inc's next earnings date?
Around February 8, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Upwork, Inc announces its own schedule.