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Upwork Inc.

UPWK Communication Services Internet Content & Information

Upwork Inc.’s revenue for fiscal 2025 (year ended December 2025) was $787.8 million, up 2.40% from fiscal 2024.

Revenue
−8.00%
EPS
+15.6%
Free cash flow
−22.4%
Total debt
+0.51%

Quarter to September 2026, against a year earlier

10.03 0.29 −2.81%
Market cap
$1.3B
P/E
12.0×
Fwd P/E
11.1×
Dividend yield
—
F-score
6/9
Altman Z
3.61
Beneish M
−2.95
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 6.87
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 3 — 3 4 — 3 3 1 3 4 1 —
Insider Ownership 4.71%

Capital & Financial Ratios $m

Size
Market Cap 1,300.00
Revenue ttm 771.15
Net income ttm 104.31
Free cash flow ttm 159.97
Net debt Q (304.33)
Valuation
P/E 12.02
Forward P/E 11.10
Price / sales 1.63
Forward P/S Powerpack
Price / FCF 7.84
Price / book 1.92
Financial health
Current ratio Q 2.25 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 16.13
Growth
Revenue growth Q −8.00% (below 0%: shrinking)
Operating income growth Q +16.25% (above 0%: growing)
EPS, this year +3.65%
EPS, next year A −23.93% (below 0%: weak)
Revenue, next year A −5.80% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A −5.17% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.2×, against a ten-year median of 2.8×; over the ten years it ranged from 1.4× in 2026 to 16.7× in 2021.
P/E against its own 10 years 47.75%
10-year low 10-year high
P/S against its own 10 years 6.44%
10-year low 10-year high
P/B against its own 10 years 5.06%
10-year low 10-year high
EV/Sales against its own 10 years 28.30%
10-year low 10-year high
EV/FCF against its own 10 years 19.24%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 550 622 673 304
Receivables 103 75 76 79
Inventory — — — —
Other 212 196 181 165
883 911 951 568
2023 2024 2025 Q'26
Payables 5 6 8 9
ST’ Debt — — 360 —
Other — — — —
293 268 650 252

Compound Annual Growth %

10y 5y 3y
Sales — 16.09% 8.41%
Cash Flow — 61.83% 178.47%
Earnings — 0.00% 0.00%
Book Value — 16.06% 36.31%

Earnings Trends EPS, adjusted, against the consensus

Q1 FY26 Estimate 0.25 Actual 0.24

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q2 FY25 0.26 0.35 Beat by 0.09
Q3 FY25 0.25 0.21 Miss by 0.04
Q4 FY25 0.23 0.12 Miss by 0.11
Q1 FY26 0.25 0.24 Miss by 0.01

EPS $

Mar Jun Sep Dec Year
’26 0.24 0.20 0.25 — —
’25 0.27 0.24 0.21 0.12 0.84
’24 0.13 0.17 0.20 1.03 1.52
’23 0.13 (0.03) 0.12 0.13 0.34
’22 (0.19) (0.18) (0.19) (0.13) (0.69)
’21 (0.06) (0.13) (0.07) (0.18) (0.44)
’20 (0.09) (0.09) (0.02) 0.01 (0.19)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 195 192 186 — —
’25 193 195 202 198 788
’24 191 193 194 191 769
’23 161 169 176 184 689
’22 141 157 159 161 618
’21 114 124 128 137 503
’20 83 88 97 106 374
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 23 47 66 — —
’25 37 73 75 64 248
’24 15 39 61 39 154
’23 (9) 4 37 20 53
’22 (11) 0 10 13 11
’21 2 1 21 (12) 11
’20 (2) 8 7 9 22
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 13 36 54 — —
’25 31 66 69 57 223
’24 12 35 57 35 139
’23 (12) 1 33 14 36
’22 (13) (2) 7 11 3
’21 0 (1) 20 (14) 5
’20 (5) 2 4 6 8
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 164 203 253 301 374 503 618 689 769 788 771 +19.0% 742 737 786 (0.1%)
Gross margin, % 61.95 67.69 67.85 70.67 72.09 73.05 74.06 75.27 77.37 77.82 76.93 +15.9 pt
EBT (16) (4) (20) (17) (23) (56) (89) 49 90 153 142 n/m
EBT margin, % (9.87) (2.05) (7.85) (5.53) (6.08) (11.16) (14.45) 7.09 11.75 19.44 18.47 +29.3 pt
Net income (16) (4) (20) (17) (23) (56) (90) 47 216 115 104 n/m
Per share, $
Per share, $ Revenue 5.13 6.15 4.84 2.74 3.15 3.95 4.74 5.11 5.76 5.95 6.16 +1.7%
Earnings (0.51) (0.32) (0.38) (0.15) (0.19) (0.44) (0.69) 0.35 1.61 0.87 0.83 n/m
Cash flow 0.10 (0.12) 0.26 0.01 0.19 0.09 0.09 0.39 1.15 1.87 1.60 +38.8%
Capex (0.03) (0.07) (0.13) (0.15) (0.12) (0.05) (0.07) (0.12) (0.11) (0.19) (0.32) +24.5%
Free cash flow 0.07 (0.19) 0.13 (0.14) 0.07 0.04 0.02 0.27 1.04 1.68 1.28 +42.0%
Book value (0.94) (0.95) 4.66 2.36 2.52 2.04 1.91 2.83 4.31 4.76 5.23 n/m
Shares, m 32 33 52 110 119 127 131 135 134 132 127 +17.1%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 40.97 10.09 22.78 12.02 7.4
P/S 3.21 3.21 3.74 3.90 10.97 8.64 2.28 2.80 2.84 3.33 1.63 4.5
P/B 0.00 0.00 3.89 4.52 13.69 16.74 5.65 5.07 3.80 4.17 1.92 5.8
EV/Sales 3.30 3.30 3.33 3.51 10.54 8.41 2.09 2.53 2.50 3.39 2.17 4.3
EV/FCF (25.66) (25.66) 122.04 (67.79) 492.32 899.44 467.31 47.99 13.85 11.97 10.44 193.6
Cash, $m
Cash, $m Operating cash flow 3 (4) 14 1 22 11 11 53 154 248 200 +62.5%
Capex (1) (2) (7) (17) (14) (6) (9) (16) (14) (25) (40) +45.8%
Free cash flow 2 (6) 7 (16) 8 5 3 36 139 223 160 +66.2%
Balance, $m
Balance, $m Working capital 31 29 128 132 162 696 683 590 643 301 316 +28.6%
Net debt (10) 12 (105) (116) (159) (117) (115) (194) (264) (313) (304) +46.0%
Shareholders’ equity (30) (31) 244 259 299 260 249 381 575 630 654 n/m
Returns, %
Returns, % ROA (6.19) (4.05) (5.97) (3.98) (4.69) (6.99) (8.32) 4.43 19.17 9.19 9.30 +15.4 pt
ROIC 0.00 0.00 (5.28) (8.14) (9.98) (23.86) (43.35) (3.76) 13.10 25.47 22.12 +25.5 pt
ROE 53.11 34.57 (18.75) (6.62) (8.19) (20.13) (35.36) 14.89 45.08 19.15 16.27 (34.0) pt
People
People Employees — 395 430 570 540 650 850 800 600 630 — +6.0%
Revenue/emp, $m 0.00 0.51 0.59 0.53 0.69 0.77 0.73 0.86 1.28 1.25 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Upwork Inc. vs peers in Internet Content & Information (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
GENI Genius Sports Limited $1.6B — (loss-making) — (loss-making) +64.68% (above 0%: growing) n/m −451.90% (below 0%: shrinking) 32.63% (28.42%) Compare
UPWK Upwork Inc. $1.3B 12.0× 11.1× −8.00% (below 0%: shrinking) +15.59% (above 0%: growing) −22.44% (below 0%: shrinking) 76.13% 18.64%
OPRA Opera Limited Sponsored ADR $1.3B 8.7× 13.1× +24.57% (above 0%: growing) +72.22% (above 0%: growing) −35.11% (below 0%: shrinking) 64.54% 14.55% Compare
WBTN WEBTOON Entertainment Inc. $1.3B — (loss-making) — (loss-making) −2.82% (below 0%: shrinking) n/m −532.72% (below 0%: shrinking) 26.04% (4.60%) Compare
DJT Trump Media & Technology Group Corp. $1.1B — (loss-making) — +89.03% (above 0%: growing) n/m −1,903.38% (below 0%: shrinking) 70.06% (9,792.42%) Compare
YELP Yelp Inc. $1.1B 9.0× 10.8× −1.36% (below 0%: shrinking) +3.23% (above 0%: growing) −28.92% (below 0%: shrinking) 88.63% 13.18% Compare
EVER EverQuote, Inc. $1.1B 9.0× 11.7× +25.37% (above 0%: growing) −1.33% (below 0%: shrinking) +109.31% (above 0%: growing) 97.88% 10.98% Compare
WB Weibo Corporation $1.0B 4.9× 7.3× +2.03% (above 0%: growing) −47.17% (below 0%: shrinking) +231.81% (above 0%: growing) 71.40% 26.19% Compare
MAX MediaAlpha, Inc. $855.3M 6.9× 9.3× +22.65% (above 0%: growing) +112.73% (above 0%: growing) −8.83% (below 0%: shrinking) 14.72% 7.67% Compare
Median of peers $1.1B 8.7× 10.8× +23.61% +3.23% −32.02% 67.30% 9.33%

All 68 Internet Content & Information stocks →

Pay and ownership Proxy statement filed 23 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 17.09m 41.18m 186.00
2024 9.93m 7.72m 153.00
2023 9.51m 10.01m 139.00
2022 8.47m (27.28m) 98.00
2021 34.91m 31.08m 320.00

Ownership

Directors and executive officers, together 4.90%
T. Rowe Price Associates, Inc. 15.60%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Upwork Inc. (UPWK) Latest News

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stockrow.com/UPWK · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com