Upwork Inc. (UPWK) Stock Price & Analysis
Upwork Inc. (UPWK) closed at USD 9.39 on Thursday, October 22, 2026, up 7.31% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 8.75; the Oct 22, 2026 session ranged USD 8.81–9.48 on volume of 5,314,944 shares. Market capitalization is $1.17B, with a 52-week range of USD 7.44–22.84 (NMS). Source: Nexqual, retrieved October 23, 2026 at 09:23 UTC.
Also available as compact Markdown for AI agents: nexqual.com/UPWK.md
Key facts (UPWK)
- Last four reported quarters (through Jun 30, 2026): revenue $787M, net income $102M (12.9% margin), free cash flow $204M (SEC filings).
- Valuation: P/E 11.5x (avg 26.2x at the last 3 fiscal year-ends), EV/EBITDA 9.4x, net debt $107M.
- 1 of 80 tracked superinvestors hold UPWK (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 15 Form 4 filings, $2.6M; 13 not under a Rule 10b5-1 plan ($1.4M); 0 by opportunistic insiders, 4 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.60 on a 1–5 scale) (10 analysts), mean target USD 9.88 (range 8–14).
- Total return with dividends: 1Y -41.8% vs S&P 500 +14.9%; 5Y -84.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 0.32, revenue estimate $180M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (UPWK)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $503M | $618M | $689M | $769M | $788M | $787M |
| Gross profit | $367M | $458M | $519M | $595M | $613M | — |
| Operating income | -$54.2M | -$92.6M | -$11.3M | $65.2M | $129M | $119M |
| Net income | -$56.2M | -$89.9M | $46.9M | $216M | $115M | $102M |
| EPS (diluted) | -$0.44 | -$0.69 | $0.06 | $1.52 | $0.84 | — |
| Free cash flow | $9.8M | $10.2M | $52.0M | $150M | $242M | $204M |
| Gross margin | 73.0% | 74.1% | 75.3% | 77.4% | 77.8% | — |
| Operating margin | -10.8% | -15.0% | -1.6% | 8.5% | 16.4% | 15.1% |
| Net margin | -11.2% | -14.5% | 6.8% | 28.0% | 14.7% | 12.9% |
| Revenue growth | +34.6% | +23.0% | +11.5% | +11.6% | +2.4% | — |
| Cash + short-term investments | $685M | $687M | $550M | $622M | $673M | — |
| Total debt | $561M | $564M | $356M | $358M | $360M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (UPWK)
P/E 11.5x · P/S 1.5x · EV/EBITDA 9.4x · EV/Sales 1.6x · P/FCF 5.7x · P/B 1.9x · FCF yield 17.43% · Earnings yield 8.68% · Buyback yield (TTM) 14.90% · Net debt $107M · EV $1.28B
P/E at fiscal year-ends: Dec 2025 24.2x, Dec 2024 10.9x, Dec 2023 43.5x.
Superinvestors (SEC 13F-HR, Q2 2026) (UPWK)
1 of 80 tracked investors hold UPWK. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Pacific Advisors | 0.01% | $477K | Unchanged |
Insider sales (SEC Form 4, open-market, last ~7 months) (UPWK)
2 of 15 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-19 | Kappus Anthony Ray | GM & Chief Operating Officer | 559 | $5K | 0.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-18 | Mekhalfa Sabrina | Chief Accounting Officer | 1,299 | $11K | 16.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-18 | Kappus Anthony Ray | GM & Chief Operating Officer | 45,732 | $386K | 37.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-18 | Gessert Erica | Chief Financial Officer | 9,336 | $79K | 2.4% | No | Too little history (no open-market trades in 2023) |
| 2026-09-18 | Brown Hayden | President & CEO | 23,893 | $202K | 2.9% | No | Routine (sold in Feb & Mar & May & Jun & Aug & Sep & Nov & Dec each year 2023–2025) |
| 2026-08-18 | Brown Hayden | President & CEO | 73,241 | $617K | 8.7% | Yes (adopted November 19, 2025) | Routine (sold in Feb & Mar & May & Jun & Aug & Sep & Nov & Dec each year 2023–2025) |
| 2026-08-18 | Gessert Erica | Chief Financial Officer | 22,844 | $192K | 5.9% | No | Too little history (no open-market trades in 2023) |
| 2026-08-18 | Kappus Anthony Ray | GM & Chief Operating Officer | 1,964 | $17K | 21.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-18 | Kappus Anthony Ray | GM & Chief Operating Officer | 558 | $5K | 12.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-18 | Gessert Erica | Chief Financial Officer | 9,169 | $75K | 2.6% | No | Too little history (no open-market trades in 2023) |
| 2026-06-18 | Mekhalfa Sabrina | Chief Accounting Officer | 1,276 | $10K | 22.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-18 | Brown Hayden | President & CEO | 23,468 | $191K | 2.9% | No | Routine (sold in Feb & Mar & May & Jun & Aug & Sep & Nov & Dec each year 2023–2025) |
| 2026-05-18 | Kappus Anthony Ray | GM & Chief Operating Officer | 1,905 | $17K | 37.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-18 | Gessert Erica | Chief Financial Officer | 22,162 | $192K | 6.2% | No | Too little history (no open-market trades in 2023) |
| 2026-05-18 | Brown Hayden | President & CEO | 72,546 | $624K | 8.6% | Yes (adopted November 19, 2025) | Routine (sold in Feb & Mar & May & Jun & Aug & Sep & Nov & Dec each year 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (UPWK)
Consensus Hold (mean 2.60 on a 1–5 scale), 10 analysts; mean target USD 9.88 (low 8, high 14).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-14 | UBS | Target lowered | Neutral | $10 → $9 |
| 2026-08-12 | Canaccord Genuity | Target lowered | Hold | $10 → $9 |
| 2026-08-11 | RBC Capital | Target lowered | Sector Perform | $9 → $8 |
| 2026-08-11 | Scotiabank | Target lowered | Sector Perform | $10 → $8 |
| 2026-08-11 | Needham | Target lowered | Buy | $15 → $11 |
Total return (dividends reinvested) (UPWK)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | -41.8% | -84.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -41.9% | -30.6% |
| Volatility (annualized) | 61.8% | 57.8% |
| Max drawdown | -64.5% (Jan 2026→Jun 2026) | -86.6% (Oct 2021→May 2023) |
UPWK revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Marketplace | $166.9M | 87.1% | -2.2% |
| Enterprise | $24.8M | 12.9% | +2.2% |
| Total revenue | $191.7M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
UPWK suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Amazon (AMZN) | “For example, we currently host the Upwork Marketplace, serve its customers, and support its operations using AWS, a provider of cloud infrastructure services.” |
Quoted from the company's 10-K filed Feb 13, 2026.
UPWK analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.32 | $0.40 | -21.2% | $180.3M | 8 |
| Next quarter (ends Dec 2026) | $0.33 | $0.44 | -25.7% | $174.7M | 8 |
| Current fiscal year (ends Dec 2026) | $1.39 | $1.54 | -9.6% | $742.1M | 8 |
| Next fiscal year (ends Dec 2027) | $1.36 | $1.74 | -21.5% | $736.7M | 8 |
Key Statistics (as of October 23, 2026 at 09:23 UTC)
| Price | USD 9.39 |
|---|---|
| Change | ▲ 7.31% (up) |
| Previous Close | USD 8.75 |
| Open | USD 8.81 |
| Day Range | USD 8.81 – 9.48 |
| 52-Week Range | USD 7.44 – 22.84 |
| Volume | 5,314,944 shares |
| Market Cap | $1.17B |
| Exchange | NMS |
Technical Analysis (UPWK)
Nexqual's technical model rates UPWK "BUY" based on 5 bullish and 2 bearish signals across 127 daily candles, as of October 23, 2026 at 09:23 UTC.
| Overall Signal | BUY |
|---|---|
| RSI (14) | 67.13 (neutral) |
| vs SMA50 | Above (USD 8.55) |
| MACD | 0.11 (positive) |
Analyst Ratings (UPWK)
Wall Street analysts rate UPWK "Hold" based on 10 analysts, with a mean price target of USD 9.88 (range USD 8–14), per Nexqual as of October 23, 2026 at 09:23 UTC.
| Consensus Rating | Hold |
|---|---|
| Analyst Count | 10 |
| Mean Target | USD 9.88 |
| High Target | USD 14 |
| Low Target | USD 8 |
| Buy / Hold / Sell | 3 / 7 / 0 |
Earnings (UPWK)
| Next Earnings Date | 2026-11-02 |
|---|---|
| EPS Estimate | USD 0.32 |
| Revenue Estimate | $180.25M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.41 vs est 0.34 ▲ beat |
| 2026-03-31 | USD 0.35 vs est 0.27 ▲ beat |
| 2025-12-31 | USD 0.36 vs est 0.31 ▲ beat |
| 2025-09-30 | USD 0.36 vs est 0.29 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:23 UTC.
Financials & Fundamentals (UPWK)
| Total Revenue | $787.28M |
|---|---|
| Revenue Growth (latest quarter, YoY) | -1.70% |
| Gross Margin | +77.24% |
| Operating Margin | +21.81% |
| Profit Margin | +12.93% |
| ROE | +16.70% |
| Debt / Equity | 0.62 |
| Current Ratio | 1.42 |
| Total Cash | $614.24M |
| Total Debt | $379.41M |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $204.40M (26.0% of revenue) |
Source: Nexqual, October 23, 2026 at 09:23 UTC.
Financial Health Score (UPWK)
Nexqual rates Upwork Inc.'s overall financial health "Solid" across five dimensions, as of October 23, 2026 at 09:23 UTC.
| Growth | Mixed — Revenue +2.4% YoY (annual), slow |
|---|---|
| Profitability | Strong — Gross margin 77%, operating 22% (last 12 months) |
| Balance Sheet | Solid — $614M cash and investments vs $721M debt (Jun 2026, SEC) |
| Cash Flow | Strong — FCF $204M (last 4 quarters to Jun 2026, SEC), 26% margin |
| Efficiency | Solid — ROE 17%, ROA 6.6% |
Ownership (UPWK)
| Insider Ownership | +5.27% |
|---|---|
| Institutional Ownership | +104.08% |
| Shares Outstanding | 124.90M |
| Float | 111.12M |
| Short % of Float | +21.48% |
Source: Nexqual, October 23, 2026 at 09:23 UTC.
Leadership (UPWK)
Upwork Inc. is led by Hayden Brown, President, CEO, Interim Principal Financial Officer & Director, per Nexqual as of October 23, 2026 at 09:23 UTC.
| President, CEO, Interim Principal Financial Officer & Director | Hayden Brown |
|---|---|
| Chief Financial Officer (Leave of Absence) | Erica Gessert |
| GM & COO | Anthony Ray Kappus |
| Vice President of Investor Relations | Gary J. Fuges C.F.A. |
Major Backers & Investors (UPWK)
Notable institutional backers of Upwork Inc. include Ancient Art, L.P., LSV Asset Management, Capital International Investors, according to Nexqual as of October 23, 2026 at 09:23 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Ancient Art, L.P. | 5.79% |
| LSV Asset Management | 5.11% |
| Capital International Investors | 3.89% |
| SmallCap World Fund Inc | 3.78% |
| Goldman Sachs | 3.42% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 15.42% |
| Vanguard Group | 10.57% |
| State Street | 4.16% |
| Dimensional Fund Advisors | 3.8% |
| Geode Capital | 2.61% |
Source: Nexqual, October 23, 2026 at 09:23 UTC.
From Upwork Inc.'s Latest SEC 10-K Filing (filed 2026-02-13)
Key Strengths & Strategy (as disclosed to the SEC)
- For clients seeking a higher level of service, Lifted's Managed Services offerings provide a service-led program management and end-to-end project delivery solution that enables enterprise clients to outsource defined functions or projects.
- We provide a range of advanced tools designed to streamline how talent and clients work together, including our proprietary AI assistant, Uma, which enhances productivity for both talent and clients.
- Our proprietary database maintains detailed and dynamic information, including skills possessed by talent, client feedback, talent work history, and success indicators of talent and clients transacting on our platforms.
- We have built an expansive and unique repository of data on our portfolio of platforms and other workforce solutions.
Partnerships
- Clients benefit from the ability to quickly match with the right talent and leverage built-in collaboration features.
- With ongoing investment in learning and development and our commitment to team enablement, we foster an environment where people can do their best work and drive outsized impact.
Legal & Regulatory Risks (Item 1A, quoted)
- Our business is subject to extensive government regulation and oversight. Any failure to comply with the extensive, complex, overlapping, and frequently changing laws and regulations, both in the United States and internationally, could adversely impact our business, operating results, and financial condition.
- Privacy and Data Protection
- Anti-Corruption, Anti-Money Laundering, and Sanctions
- We may be subject to export controls and similar regulations that prohibit the shipment or provision of certain products and services to certain countries, governments, and persons, and new export controls and similar regulations are promulgated from time to time.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
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| GENI | Genius Sports Limited | USD 6.54 | ▲ 1.71% |
| DJT | Trump Media & Technology Group | USD 6.61 | ▼ 0.75% |
| RUM | RUM Group Inc. | USD 5.54 | ▼ 4.81% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:23 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt