# Upwork Inc. (UPWK)

> Source: Nexqual · https://nexqual.com/UPWK · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Upwork Inc. (UPWK), nexqual.com/UPWK" · informational, not investment advice.

**Price:** USD 9.39 (+7.31% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 8.75 · day 8.81–9.48 · 52w 7.44–22.84 · market cap $1.17B · NMS

## Key facts
- 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)
| 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)
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)
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)
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
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)
|  | 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) |

## Peers (Internet Content & Information)
WBTN (WEBTOON Entertainment Inc.) USD 9.5 -3.46% · WB (Weibo Corporation) USD 6.32 -0.16% · OPRA (Opera Limited) USD 17.74 -1.44% · 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%

## More
Full page: https://nexqual.com/UPWK · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in UPWK's own 10-K filed 2026-02-13 (https://www.sec.gov/Archives/edgar/data/1627475/000162747526000012/upwk-20251231.htm):

| 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." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Marketplace | $166.9M | 87.1% | -2.2% |
| Enterprise | $24.8M | 12.9% | +2.2% |
| Total revenue | $191.7M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.32 | $0.40 | -21.2% | $180.3M | 8 |
| Next quarter (ends 2026-12-31) | $0.33 | $0.44 | -25.7% | $174.7M | 8 |
| Current fiscal year (ends 2026-12-31) | $1.39 | $1.54 | -9.6% | $742.1M | 8 |
| Next fiscal year (ends 2027-12-31) | $1.36 | $1.74 | -21.5% | $736.7M | 8 |