Symbols / UPWK $11.34 +2.35% Upwork Inc.

Communication Services • Internet Content & Information • United States • NMS
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About

Upwork Inc., together with its subsidiaries, provides platforms and workforce solutions that connect businesses with freelance, agency, fractional, and payrolled talent in the United States, the Philippines, India, Pakistan, and internationally. The company offers Upwork Marketplace, a human and AI-powered work marketplace that connects businesses with on-demand access to independent talent across a range of categories, including AI-related projects, administrative support, sales and marketing, design and creative, and customer service, as well as web, mobile, and software development. Its marketplace also streamlines workflows, such as talent sourcing, outreach, contracting, and engagement management, as well as provides infrastructure for remote collaboration, including communication and collaboration tools, consolidated invoicing, and payment protection; and Upwork Payroll services. It also offers enterprise solutions that provide access to platform capabilities that support contingent workforce solutions, including sourcing, onboarding, classification, compliance and contract management, payments, and reporting. In addition, the company offers managed services that provide a service-led program management and end-to-end project delivery solution that enables enterprise clients to outsource defined functions or projects; Uma, an AI assistant; and escrow services. The company was formerly known as Elance-oDesk, Inc. and changed its name to Upwork Inc. in May 2015. Upwork Inc. was founded in 1998 and is headquartered in Palo Alto, California.

Fundamentals
Scroll to Statements
Market Cap 1.48B Enterprise Value 1.14B Income 115.42M Sales 787.78M Book/sh 4.83 Cash/sh 5.16
Dividend Yield — Payout 0.00% Employees 630 IPO — P/E 13.50 Forward P/E 6.55
PEG 0.85 P/S 1.88 P/B 2.35 P/C — EV/EBITDA 7.86 EV/Sales 1.45
Quick Ratio 1.15 Current Ratio 1.46 Debt/Eq 58.88 LT Debt/Eq — EPS (ttm) 0.84 EPS next Y 1.73
EPS Growth -88.90% Revenue Growth 3.60% Earnings 2026-05-07 ROA 6.66% ROE 19.15% ROIC —
Gross Margin 77.82% Oper. Margin 14.26% Profit Margin 14.65% Shs Outstand 130.38M Shs Float 121.46M Short Float 25.04%
Short Ratio 6.82 Short Interest — 52W High 22.84 52W Low 10.27 Beta 1.19 Avg Volume 3.87M
Volume 1.59M Target Price $21.40 Recom Buy Prev Close $11.08 Price $11.34 Change 2.35%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$21.40
Mean price target
2. Current target
$11.34
Latest analyst target
3. DCF / Fair value
$25.26
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$11.34
Low
$15.00
High
$27.00
Mean
$21.40

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-02-10 main UBS Buy → Buy $23
2026-02-10 main Roth Capital Buy → Buy $23
2026-02-10 main Citigroup Neutral → Neutral $17
2026-02-10 main RBC Capital Sector Perform → Sector Perform $20
2026-02-10 main Scotiabank Sector Perform → Sector Perform $15
2026-02-10 reit Needham Buy → Buy $25
2026-01-05 main Jefferies Buy → Buy $27
2025-11-19 main UBS Buy → Buy $24
2025-11-19 reit Citizens Market Outperform → Market Outperform $27
2025-11-19 main Canaccord Genuity Buy → Buy $24
2025-11-19 main Goldman Sachs Buy → Buy $28
2025-11-19 reit Needham Buy → Buy $25
2025-11-05 reit Roth Capital Buy → Buy $22
2025-11-04 main Citigroup Neutral → Neutral $19
2025-11-04 main Goldman Sachs Buy → Buy $25
2025-11-04 main RBC Capital Sector Perform → Sector Perform $21
2025-11-04 main Scotiabank Sector Perform → Sector Perform $17
2025-11-04 main UBS Buy → Buy $23
2025-11-04 main Needham Buy → Buy $25
2025-10-28 up UBS Neutral → Buy $21
News
RSS: Latest UPWK news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-03-19 BOTTOMS DAVID TIMOTHY Officer — 18,575 $11.49 $222,957
2026-03-18 GESSERT ERICA Chief Financial Officer — 9,278 $12.31 $114,231
2026-03-18 GESSERT ERICA Chief Financial Officer — 18,132 — —
2026-03-18 BOTTOMS DAVID TIMOTHY Officer — 20,908 — —
2026-03-18 BROWN HAYDEN LARSON Chief Executive Officer — 23,745 $12.31 $292,344
2026-03-18 BROWN HAYDEN LARSON Chief Executive Officer — 46,410 — —
2026-03-18 MEKHALFA SABRINA Officer — 1,482 $12.31 $18,247
2026-03-18 MEKHALFA SABRINA Officer — 3,577 — —
2026-02-19 BOTTOMS DAVID TIMOTHY Officer — 32,662 $13.51 $446,255
2026-02-18 GESSERT ERICA Chief Financial Officer — 26,292 $13.80 $362,887
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
787.78
+2.40%
769.33
+11.64%
689.14
+11.45%
618.32
Operating Revenue
787.78
+2.40%
769.33
+11.64%
689.14
+11.45%
618.32
Cost Of Revenue
174.75
+0.38%
174.09
+2.14%
170.45
+6.26%
160.40
Reconciled Cost Of Revenue
174.75
+0.38%
174.09
+2.14%
170.45
+6.26%
160.40
Gross Profit
613.03
+2.99%
595.23
+14.76%
518.69
+13.27%
457.92
Operating Expense
483.73
-8.74%
530.02
+0.01%
529.95
-3.74%
550.54
Research And Development
185.54
-11.34%
209.28
+18.00%
177.36
+14.76%
154.55
Selling General And Administration
290.04
-7.63%
314.01
-7.54%
339.61
-8.42%
370.83
Selling And Marketing Expense
143.41
-22.57%
185.21
-16.07%
220.68
-10.61%
246.88
General And Administrative Expense
146.63
+13.84%
128.80
+8.31%
118.92
-4.06%
123.95
Other Gand A
146.63
+13.84%
128.80
+8.31%
118.92
-4.06%
123.95
Total Expenses
658.48
-6.48%
704.12
+0.53%
700.40
-1.48%
710.94
Operating Income
129.31
+98.31%
65.21
+679.09%
-11.26
+87.84%
-92.62
Total Operating Income As Reported
129.31
+98.31%
65.21
+679.09%
-11.26
+87.84%
-92.62
EBITDA
155.76
+87.99%
82.86
+5582.85%
1.46
+101.79%
-81.49
Normalized EBITDA
155.76
+87.99%
82.86
+5582.85%
1.46
+101.79%
-81.49
Reconciled Depreciation
26.45
+49.86%
17.65
+38.78%
12.72
+14.21%
11.14
EBIT
129.31
+98.31%
65.21
+679.09%
-11.26
+87.84%
-92.62
Net Income
115.42
-46.46%
215.59
+359.80%
46.89
+152.16%
-89.89
Pretax Income
153.18
+69.39%
90.43
+85.01%
48.88
+154.70%
-89.35
Net Non Operating Interest Income Expense
—
—
—
-4.48
Interest Expense Non Operating
—
—
—
4.48
Net Interest Income
—
—
—
-4.48
Interest Expense
—
—
—
4.48
Other Income Expense
23.87
-5.36%
25.22
-58.06%
60.14
+1736.24%
3.27
Other Non Operating Income Expenses
23.87
-5.36%
25.22
-58.06%
60.14
+1736.24%
3.27
Tax Provision
37.75
+130.16%
-125.16
-6389.40%
1.99
+271.27%
0.54
Tax Rate For Calcs
0.00
+17.14%
0.00
+415.97%
0.00
-80.62%
0.00
Tax Effect Of Unusual Items
0.00
0.00
0.00
0.00
Net Income Including Noncontrolling Interests
115.42
-46.46%
215.59
+359.80%
46.89
+152.16%
-89.89
Net Income From Continuing Operation Net Minority Interest
115.42
-46.46%
215.59
+359.80%
46.89
+152.16%
-89.89
Net Income From Continuing And Discontinued Operation
115.42
-46.46%
215.59
+359.80%
46.89
+152.16%
-89.89
Net Income Continuous Operations
115.42
-46.46%
215.59
+359.80%
46.89
+152.16%
-89.89
Normalized Income
115.42
-46.46%
215.59
+359.80%
46.89
+152.16%
-89.89
Net Income Common Stockholders
115.42
-46.46%
215.59
+359.80%
46.89
+152.16%
-89.89
Diluted EPS
0.84
-44.74%
1.52
+2433.33%
0.06
+108.70%
-0.69
Basic EPS
0.87
-45.96%
1.61
+360.00%
0.35
+150.72%
-0.69
Basic Average Shares
132.49
-0.85%
133.62
-0.86%
134.77
+3.26%
130.52
Diluted Average Shares
140.66
-1.74%
143.15
+4.29%
137.26
+5.17%
130.52
Diluted NI Availto Com Stockholders
117.49
-46.06%
217.82
+2389.14%
8.75
+109.74%
-89.89
Average Dilution Earnings
2.07
-7.59%
2.24
+105.87%
-38.14
0.00
Provision For Doubtful Accounts
8.14
+20.99%
6.73
-48.15%
12.98
-48.41%
25.15
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Assets
1,299.58
+7.26%
1,211.61
+16.78%
1,037.54
-3.95%
1,080.24
Current Assets
950.83
+4.37%
911.05
+3.13%
883.37
-5.11%
930.91
Cash Cash Equivalents And Short Term Investments
672.78
+8.15%
622.10
+13.09%
550.10
-19.88%
686.61
Cash And Cash Equivalents
294.36
-3.73%
305.76
+283.92%
79.64
-38.45%
129.38
Other Short Term Investments
378.43
+19.62%
316.34
-32.76%
470.46
-15.57%
557.23
Receivables
76.24
+0.99%
75.49
-26.75%
103.06
+58.83%
64.89
Accounts Receivable
76.24
+0.99%
75.49
-26.75%
103.06
+58.83%
64.89
Gross Accounts Receivable
82.16
+2.52%
80.14
-25.94%
108.20
+39.88%
77.35
Allowance For Doubtful Accounts Receivable
-5.92
-27.40%
-4.65
+9.63%
-5.14
+58.75%
-12.46
Prepaid Assets
—
—
—
17.95
Restricted Cash
180.75
-7.66%
195.74
-7.84%
212.39
+31.54%
161.46
Other Current Assets
21.06
+18.82%
17.73
-0.55%
17.82
-0.68%
17.95
Total Non Current Assets
348.75
+16.03%
300.56
+94.95%
154.17
+3.23%
149.34
Net PPE
49.43
+38.05%
35.81
+13.77%
31.47
+6.09%
29.67
Gross PPE
104.93
+30.90%
80.16
+10.69%
72.42
+15.86%
62.51
Accumulated Depreciation
-55.50
-25.13%
-44.36
-8.32%
-40.95
-24.68%
-32.84
Properties
0.00
0.00
0.00
0.00
Machinery Furniture Equipment
92.17
+34.77%
68.39
+21.15%
56.45
+30.47%
43.26
Other Properties
5.01
-12.88%
5.75
+32.75%
4.33
-43.01%
7.60
Leases
7.75
+28.71%
6.03
-48.26%
11.64
+0.00%
11.64
Goodwill And Other Intangible Assets
186.35
+39.01%
134.05
+10.54%
121.27
+2.58%
118.22
Goodwill
149.19
+23.23%
121.06
+2.41%
118.22
+0.00%
118.22
Other Intangible Assets
37.16
+186.10%
12.99
+326.15%
3.05
—
Non Current Deferred Assets
111.50
-13.42%
128.78
0.00
—
Non Current Deferred Taxes Assets
111.50
-13.42%
128.78
0.00
—
Other Non Current Assets
1.47
-23.55%
1.92
+34.20%
1.43
-1.65%
1.45
Total Liabilities Net Minority Interest
669.26
+5.19%
636.24
-3.08%
656.47
-21.04%
831.37
Current Liabilities
650.17
+142.21%
268.43
-8.39%
293.00
+18.29%
247.69
Payables And Accrued Expenses
227.61
-0.18%
228.02
-6.15%
242.97
+23.50%
196.74
Payables
208.32
-2.31%
213.26
-7.53%
230.62
+25.95%
183.11
Accounts Payable
7.86
+28.23%
6.13
+21.03%
5.06
-32.93%
7.55
Other Payable
180.75
-7.66%
195.74
-7.84%
212.39
+31.54%
161.46
Current Accrued Expenses
19.29
+30.62%
14.76
+19.56%
12.35
-9.43%
13.63
Pensionand Other Post Retirement Benefit Plans Current
51.86
+69.11%
30.67
+18.53%
25.87
+50.08%
17.24
Total Tax Payable
19.71
+73.03%
11.39
-13.49%
13.17
-6.60%
14.10
Current Debt And Capital Lease Obligation
361.44
+22156.28%
1.62
-71.44%
5.69
-12.53%
6.50
Current Debt
359.77
—
—
—
Other Current Borrowings
359.77
—
—
—
Current Capital Lease Obligation
1.67
+2.96%
1.62
-71.44%
5.69
-12.53%
6.50
Current Deferred Liabilities
7.76
+6.82%
7.27
-58.13%
17.36
-30.76%
25.07
Current Deferred Revenue
7.76
+6.82%
7.27
-58.13%
17.36
-30.76%
25.07
Other Current Liabilities
1.49
+75.23%
0.85
-23.45%
1.11
-47.82%
2.13
Total Non Current Liabilities Net Minority Interest
19.10
-94.81%
367.80
+1.19%
363.46
-37.73%
583.67
Long Term Debt And Capital Lease Obligation
9.71
-97.36%
367.50
+1.47%
362.18
-37.06%
575.44
Long Term Debt
—
357.93
+0.52%
356.09
-36.89%
564.26
Long Term Capital Lease Obligation
9.71
+1.46%
9.57
+57.15%
6.09
-45.53%
11.18
Other Non Current Liabilities
9.39
+2948.70%
0.31
-76.09%
1.29
-84.36%
8.24
Stockholders Equity
630.32
+9.55%
575.38
+50.99%
381.07
+53.12%
248.88
Common Stock Equity
630.32
+9.55%
575.38
+50.99%
381.07
+53.12%
248.88
Capital Stock
0.01
-7.14%
0.01
+0.00%
0.01
+7.69%
0.01
Common Stock
0.01
-7.14%
0.01
+0.00%
0.01
+7.69%
0.01
Share Issued
130.55
-3.55%
135.35
-1.40%
137.27
+3.62%
132.48
Ordinary Shares Number
130.55
-3.55%
135.35
-1.40%
137.27
+3.62%
132.48
Additional Paid In Capital
592.60
-9.33%
653.58
-3.16%
674.92
+13.83%
592.90
Retained Earnings
36.95
+147.08%
-78.48
+73.31%
-294.06
+13.75%
-340.95
Gains Losses Not Affecting Retained Earnings
0.75
+185.61%
0.26
+28.78%
0.20
+106.65%
-3.08
Other Equity Adjustments
0.75
+185.61%
0.26
+28.78%
0.20
+106.65%
-3.08
Total Equity Gross Minority Interest
630.32
+9.55%
575.38
+50.99%
381.07
+53.12%
248.88
Total Capitalization
630.32
-32.46%
933.30
+26.61%
737.16
-9.34%
813.14
Working Capital
300.67
-53.21%
642.62
+8.85%
590.37
-13.59%
683.21
Invested Capital
990.09
+6.08%
933.30
+26.61%
737.16
-9.34%
813.14
Total Debt
371.15
+0.55%
369.12
+0.34%
367.86
-36.79%
581.94
Net Debt
65.41
+25.38%
52.17
-81.13%
276.45
-36.43%
434.88
Capital Lease Obligations
11.38
+1.68%
11.19
-4.96%
11.78
-33.40%
17.68
Net Tangible Assets
443.96
+0.60%
441.32
+69.87%
259.81
+98.84%
130.66
Tangible Book Value
443.96
+0.60%
441.32
+69.87%
259.81
+98.84%
130.66
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
248.26
+61.67%
153.56
+191.35%
52.71
+358.45%
11.50
Cash Flow From Continuing Operating Activities
248.26
+61.67%
153.56
+191.35%
52.71
+358.45%
11.50
Net Income From Continuing Operations
115.42
-46.46%
215.59
+359.80%
46.89
+152.16%
-89.89
Depreciation Amortization Depletion
26.45
+49.86%
17.65
+38.78%
12.72
+14.21%
11.14
Depreciation
26.45
+49.86%
17.65
+38.78%
12.72
+14.21%
11.14
Depreciation And Amortization
26.45
+49.86%
17.65
+38.78%
12.72
+14.21%
11.14
Other Non Cash Items
1.84
+0.00%
1.84
-12.20%
2.10
-29.15%
2.96
Stock Based Compensation
65.39
-4.39%
68.39
-7.82%
74.19
-1.73%
75.50
Provisionand Write Offof Assets
6.71
+21.82%
5.50
-36.53%
8.67
-62.79%
23.31
Asset Impairment Charge
—
—
0.00
0.00
Deferred Tax
18.49
+114.31%
-129.26
0.00
0.00
Deferred Income Tax
18.49
+114.31%
-129.26
0.00
0.00
Operating Gains Losses
0.75
+0.00%
0.75
+101.96%
-38.20
-5192.67%
0.75
Gain Loss On Investment Securities
0.75
+0.00%
0.75
+0.00%
0.75
+0.00%
0.75
Gain Loss On Sale Of PPE
—
—
—
0.00
Change In Working Capital
21.40
+242.74%
-14.99
+61.79%
-39.24
-263.79%
-10.79
Change In Receivables
-3.28
+31.61%
-4.80
+78.35%
-22.18
-45.02%
-15.29
Changes In Account Receivables
—
-4.80
+78.35%
-22.18
-45.02%
-15.29
Change In Prepaid Assets
-2.57
-291.77%
-0.66
-549.32%
0.15
+123.17%
-0.63
Change In Payables And Accrued Expense
26.58
+366.34%
5.70
+76.28%
3.23
-48.42%
6.27
Change In Accrued Expense
27.74
+486.41%
4.73
-17.68%
5.75
+55.76%
3.69
Change In Payable
-1.16
-219.71%
0.97
+138.56%
-2.51
-197.44%
2.58
Change In Account Payable
-1.16
-219.71%
0.97
+138.56%
-2.51
-197.44%
2.58
Change In Other Working Capital
0.49
+104.49%
-10.88
+25.15%
-14.54
-441.51%
4.26
Change In Other Current Liabilities
0.19
+104.32%
-4.35
+26.29%
-5.90
-9.54%
-5.39
Investing Cash Flow
-136.94
-199.54%
137.57
+55.85%
88.27
+227.07%
-69.47
Cash Flow From Continuing Investing Activities
-136.94
-199.54%
137.57
+55.85%
88.27
+227.07%
-69.47
Net PPE Purchase And Sale
-5.79
-64.12%
-3.53
-409.83%
-0.69
+44.55%
-1.25
Purchase Of PPE
-5.79
-64.12%
-3.53
-409.83%
-0.69
+44.55%
-1.25
Capital Expenditure
-25.14
-74.04%
-14.44
+11.66%
-16.35
-87.23%
-8.73
Net Investment Purchase And Sale
-53.39
-132.10%
166.34
+59.00%
104.62
+272.26%
-60.73
Purchase Of Investment
-485.18
-33.91%
-362.32
+48.91%
-709.21
-21.88%
-581.89
Sale Of Investment
431.78
-18.33%
528.67
-35.04%
813.84
+56.16%
521.15
Net Business Purchase And Sale
-58.41
-307.49%
-14.33
0.00
0.00
Purchase Of Business
-58.41
-307.49%
-14.33
0.00
0.00
Net Intangibles Purchase And Sale
-19.35
-77.25%
-10.92
+30.29%
-15.66
-109.21%
-7.49
Purchase Of Intangibles
-19.35
-77.25%
-10.92
+30.29%
-15.66
-109.21%
-7.49
Financing Cash Flow
-138.00
-68.39%
-81.96
+41.37%
-139.79
-12330.18%
1.14
Cash Flow From Continuing Financing Activities
-138.00
-68.39%
-81.96
+41.37%
-139.79
-12330.18%
1.14
Net Issuance Payments Of Debt
—
0.00
0.00
0.00
Issuance Of Debt
—
—
0.00
0.00
Repayment Of Debt
—
0.00
0.00
0.00
Long Term Debt Issuance
—
—
0.00
0.00
Long Term Debt Payments
—
0.00
0.00
0.00
Net Long Term Debt Issuance
—
0.00
0.00
0.00
Net Common Stock Issuance
-135.96
-35.96%
-100.00
0.00
0.00
Common Stock Payments
-135.96
-35.96%
-100.00
0.00
0.00
Repurchase Of Capital Stock
-135.96
-35.96%
-100.00
0.00
0.00
Proceeds From Stock Option Exercised
4.68
-42.07%
8.09
+32.74%
6.09
+12.07%
5.44
Net Other Financing Charges
-6.73
-167.61%
9.96
+106.82%
-145.88
-3297.39%
-4.29
Changes In Cash
-26.68
-112.76%
209.18
+17522.16%
1.19
+102.09%
-56.83
Beginning Cash Position
505.59
+70.57%
296.42
+0.40%
295.23
-16.14%
352.06
End Cash Position
478.91
-5.28%
505.59
+70.57%
296.42
+0.40%
295.23
Free Cash Flow
223.12
+60.38%
139.12
+282.65%
36.36
+1215.38%
2.76
Interest Paid Supplemental Data
1.23
+33.37%
0.92
-30.36%
1.32
-14.28%
1.54
Income Tax Paid Supplemental Data
13.53
+194.75%
4.59
+131.35%
1.98
0.00
Amortization Of Securities
-8.20
+31.17%
-11.91
+17.46%
-14.43
-871.06%
-1.49
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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