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Upwork Inc. UPWK

Communication Services — Internet Content & Information
Cash Flow Champion (3y)
Growth Flags show if company had growth for consecutive years

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Insider Decisions

Total sells
15.13
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — 6 3 — 3 4 — 3 3 1 3 —
Insider Ownership
4.38%

Capital & Financial Ratios

Market Cap
1,060.00
Revenue
787.28
Net Income
101.83
Free Cash Flow
175.55
Net Debt
(253.55)
Current Ratio
1.42
Debt/Equity
0.59
P/E ratio
10.44
P/S ratio
1.31
P/B ratio
1.69
Past 5Y EPS Growth
(47.01%)
This Y EPS Growth
(1.44%)
Next Y EPS Growth
(1.81%)
Next 5Y EPS Growth
1.89%
in millions of $

Dividends

Payout Ratio
0.00
Annual Dividend Rate
—
Annual Dividend Yield
—
total individual payouts
2025 ‡‡‡
2024 ‡‡‡
2023 ‡‡‡
2022 ‡‡‡
2021 ‡‡‡
2020 ‡‡‡
2019 ‡‡‡
2017 ‡‡‡
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 550.10 622.10 672.78 614.24
Receivables 103.06 75.49 76.24 76.46
Inventory — — — —
Other 212.39 195.74 180.75 193.27
883.37 911.05 950.83 908.99
2023 2024 2025 Q'26
Payables 5.06 6.13 7.86 7.03
ST’ Debt — — 359.77 360.69
Other — — — —
293.00 268.43 650.17 638.25
in millions of $

Compound Annual Growth

10y 5y 3y
Sales — ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow — ‡‡‡‡‡ ‡‡‡‡‡
Earnings — ‡‡‡ ‡‡‡
Book Value — ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 195.48 191.66 — —
—
’25 192.71 194.94 201.73 198.41
787.78
’24 190.94 193.13 193.78 191.48
769.33
’23 160.86 168.61 175.73 183.93
689.14
’22 141.34 156.90 158.64 161.44
618.32
’21 113.62 124.18 128.14 136.86
502.80
’20 83.20 87.53 96.75 106.15
373.63
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 23.02 46.87 — —
—
’25 36.97 72.51 75.08 63.70
248.26
’24 14.81 39.20 60.96 38.58
153.56
’23 (8.70) 4.31 36.95 20.15
52.71
’22 (11.48) (0.45) 10.03 13.39
11.50
’21 1.88 0.54 20.86 (12.45)
10.84
’20 (1.70) 8.36 6.75 8.95
22.37
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 12.91 35.94 — —
—
’25 30.79 65.63 69.43 57.27
223.12
’24 12.15 35.46 56.80 34.72
139.12
’23 (11.56) 0.96 33.42 13.53
36.36
’22 (12.90) (2.45) 7.40 10.71
2.76
’21 (0.49) (1.00) 19.99 (13.80)
4.70
’20 (4.99) 2.47 4.16 6.37
8.00
in millions of $

EPS

Mar Jun Sep Dec Year
’26 0.24 0.20 — —
—
’25 0.27 0.24 0.21 0.12
0.84
’24 0.13 0.17 0.20 1.03
1.52
’23 (0.15) (0.03) 0.12 0.13
0.06
’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)

Target Price Range

High
‡‡‡‡‡
‡‡‡‡
Average
‡‡‡‡‡
‡‡‡
Low
‡‡‡‡‡
‡‡‡

Recommendation Rating

2.5
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
— — ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ 9.79 6.56 8.43 11.13 — — —
Low Price
— — ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 34.83 15.95 18.14 22.32 — — —
High Price
— ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 850 800 600 630 — — —
Employees
‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.73 0.86 1.28 1.25 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 618.32 689.14 769.33 787.78 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 74.06% 75.27% 77.37% 77.82% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (89.35) 48.88 90.43 153.18 — — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (14.45%) 7.09% 11.75% 19.44% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (89.88) 46.89 215.59 115.43 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 12.61 0.39 7.58 20.10 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.74 5.11 5.76 5.95 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (0.69) 0.35 1.61 0.87 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.09 0.39 1.15 1.87 — — —
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (0.07) (0.12) (0.11) (0.19) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.02 0.27 1.04 1.68 — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.91 2.83 4.31 4.76 ‡‡‡‡ — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 130.52 134.77 133.62 132.49 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ 0.00 40.97 10.09 22.78 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.28 2.80 2.84 3.33 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5.65 5.07 3.80 4.17 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.09 2.53 2.50 3.39 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 467.31 47.99 13.85 11.97 — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 11.50 52.71 153.56 248.26 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (8.73) (16.35) (14.44) (25.14) ‡‡‡‡‡ ‡‡‡‡‡ —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.76 36.36 139.12 223.12 ‡‡‡‡‡ — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 683.21 590.37 642.62 300.67 — — —
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 571.26 356.09 357.93 359.77 — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (115.35) (194.01) (264.17) (313.01) — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 248.88 381.08 575.38 630.32 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (8.32%) 4.43% 19.17% 9.19% — — —
ROA
‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (43.35%) (3.76%) 13.10% 25.47% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (35.36%) 14.89% 45.08% 19.15% — — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

Upwork Inc. (UPWK) has engineered a stunning turnaround, evolving from post-IPO losses in 2018 to a profitability powerhouse by 2024, with revenue compounding at 21% CAGR to $769 million—fueled by gig economy tailwinds and post-pandemic efficiency. Gross margins hit 77%, revenue per employee doubled to $1.28 million amid headcount cuts, and free cash flow exploded from $3 million in 2022 to $139 million, building a cash-rich balance sheet. Yet, the stock languishes 80% below 2021 peaks, trading at rock-bottom valuations (trailing PE ~10x, EV/FCF 14x, PS 2.8x) despite analyst forecasts of 10% revenue CAGR through 2028 and robust EPS growth.

This fundamental renaissance—ROE at 45%, ROIC 13%—clashes with sharp price divergence, echoing historical mean-reversion patterns in tech marketplaces like post-bubble peers. Wall Street’s mean price target signals 70% upside, with AI tools potentially boosting take-rates, but heavy insider selling ($28.7 million, zero buys) and risks from AI disruption to freelance demand or macro headwinds temper the rally.

Quantitative signals point to undervaluation at cycle lows, with Monte Carlo models showing 65% odds of doubling in three years if growth holds—yet insider caution and sentiment drags demand vigilance, mirroring Uber’s post-profitability slumps.

Read full commentary →

Upwork Inc. (UPWK) Latest News

News by impact score

Fine-tune

18 Sep

3 , 7:13 AM
Market scrutiny on Upwork (UPWK) intensifies amid questions over its business trajectory and stock outlook. Increased attention signals moderate investor reassessment of Upwork's positioning and near-term performance.

3 Sep

3 , 12:15 PM
Upwork reports Q2 earnings; analysis weighs buy, sell or hold decision on the stock based on results and outlook. Q2 results and buy/sell/hold guidance can shift near-term investor views and trading activity.

20 Aug

3 , 6:37 AM
Upwork reports a profit beat but lowers its growth outlook. Profit beat offset by reduced growth outlook points to moderate effects on future performance.

3 www.fastcompany.com, 5:11 AM
Upwork's CEO states that AI will not trigger a jobs apocalypse, stressing sustained demand for freelance work on the platform amid technological shifts. CEO statements addressing AI concerns can moderately shape investor sentiment and perceptions of Upwork's long-term demand.

17 Aug

4 transcript www.fool.com, 8:59 PM
Upwork Inc. released its Q2 2026 earnings call transcript covering financial results, operational updates, and management commentary on future outlook. Earnings call transcripts deliver detailed results and guidance that directly shape investor views and stock trajectory.

3 , 1:34 AM
Upwork’s Q2 earnings call featured five insightful analyst questions on performance metrics, AI initiatives, freelancer trends, enterprise growth, and margin outlook. Q2 earnings call analyst questions provide moderate insight into Upwork’s strategic priorities and near-term outlook.

14 Aug

4 , 9:10 AM
Upwork Inc. launches MCP Server integrating hiring into AI workflows. MCP Server launch represents major strategic integration of AI into core hiring platform likely shifting competitive positioning.

13 Aug

4 www.marketbeat.com, 5:04 PM
Upwork Inc. highlighted strong Q2 performance and optimistic future outlook during its earnings call. Bullish Q2 earnings call highlights signal robust results likely to lift investor sentiment and stock trajectory.

3 , 6:05 PM
Upwork (UPWK) stock is nosediving amid negative developments affecting its performance and market position. Stock decline reflects pressures that may influence near-term sentiment and operations but are unlikely to fundamentally shift long-term trajectory.

3 , 5:01 PM
Upwork encounters client acquisition challenges during its Q2 AI transition, shaping the company's outlook. AI transition and client acquisition challenges are expected to moderately influence Upwork's financial performance and competitive positioning.

11 Aug

4 , 7:01 AM
Upwork (UPWK) will report earnings tomorrow. The article covers analyst expectations and potential market reactions to the results. Upcoming earnings releases frequently trigger major stock price movements and shifts in investor sentiment.

4 transcript , 1:02 AM
Upwork Inc reported record Q2 2026 results in its earnings call while addressing AI disruptions to its freelance marketplace operations. Record earnings and AI-focused strategy point to major shifts in company trajectory and investor outlook.

3 www.fool.com, 12:53 PM
Upwork stock is plummeting today on weak investor sentiment and unspecified market pressures hitting valuation. Sharp stock decline signals short-term negative sentiment without evidence of lasting operational change.

3 stocktwits.com, 9:21 AM
Upwork stock heads for its worst single-day fall in three months as Wall Street flags traffic headwinds after a challenging Q2. Traffic headwinds after a challenging quarter signal moderate effects on operations and market sentiment.

3 app.moby.co, 8:30 AM
Upwork Inc. held its Q2 2026 earnings call covering financial results, operational metrics and forward guidance. Earnings results and guidance directly shape near-term stock valuation and investor outlook.

10 Aug

4 transcript www.marketbeat.com, 10:03 PM
Upwork Q2 earnings call highlights include revenue growth, AI-driven product updates, and expanded enterprise adoption driving marketplace activity. Q2 earnings results and forward guidance provide key data on financial trajectory and strategic initiatives that typically move UPWK valuation and sentiment.

4 , 5:08 PM
Upwork Inc. reported its second quarter 2026 financial results. Quarterly earnings releases disclose performance metrics that can significantly move investor sentiment and stock price for Upwork.

4 , 4:51 PM
Upwork posted better-than-expected Q2 CY2026 sales yet its stock fell 20.4%. Sharp 20.4% stock decline after stronger sales signals major investor concerns likely to reshape near-term valuation and sentiment.

4 , 3:00 PM
Upwork positions its freelance talent pool for AI-related work across all platforms and environments. AI-focused talent expansion targets high-growth markets and could materially lift platform usage and revenue.

2 Aug

3 , 11:09 AM
Upwork (UPWK) stock may be 26% undervalued as AI spending narrative builds. AI spending narrative creates moderate upside potential for Upwork valuation and sentiment without altering core operations.

16 Jul

3 www.forbes.com, 6:30 AM
Upwork data shows AI increasing demand and pay for human skills in freelance work. Upwork data on AI boosting human skill value may lift platform activity and sentiment without major strategic shifts.

14 Jul

3 , 9:17 AM
Upwork releases Future Workforce Index 2026, showing AI redefining work value and accelerating skilled freelancing demand. Upwork's AI and freelancing index directly ties to its core platform positioning and market perception.

24 Jun

4 Simply Wall St., 4:09 AM
Upwork secures new credit facility and integrates Claude AI, moves that could alter the investment case for the company. New credit facility adds financial flexibility while Claude integration introduces AI-driven product enhancements that may shift competitive positioning.

17 Jun

3 , 9:00 AM
Upwork integrates with Claude AI to connect businesses with expert freelancers and convert ideas into project outcomes. Claude integration adds AI capability to Upwork talent matching but remains incremental rather than transformative.

24 May

3 Simply Wall St., 10:08 PM
Upwork faces client declines and a Pomerantz Securities investigation, prompting valuation reassessment for UPWK. Client declines combined with securities investigation point to moderate effects on operations and sentiment without guaranteed trajectory shift.

21 May

3 Benzinga, 3:31 PM
Upwork and WeWork CEOs state that AI is creating major pressure on Gen Z hiring. AI effects on hiring may shift freelance demand patterns for Upwork.

15 May

4 StockStory, 6:36 PM
Upwork lowered its Q1 revenue outlook and launched cost cuts while adapting to AI-driven market shifts. Lowered revenue guidance paired with cost reductions and AI adaptation signals major shifts in financial trajectory and strategy.

14 May

4 Simply Wall St., 10:09 PM
Upwork (UPWK) shares dropped 23.8% following announcements of job cuts and a comprehensive AI platform overhaul aimed at streamlining operations, enhancing freelancer tools, and boosting competitiveness in the freelancing market. Job cuts combined with AI platform overhaul represent major strategic restructuring likely to reshape operations, efficiency, and investor sentiment.

4 www.marketbeat.com, 4:05 PM
Upwork Inc. (UPWK) delivered bullish Q1 earnings call highlights, showcasing strong financial performance and positive outlook. Bullish Q1 earnings call signals robust financial results and growth momentum, significantly influencing investor sentiment and stock trajectory.

12 May

4 www.barchart.com, 4:36 PM
Upwork Inc. (UPWK) stock plunges after announcing 24% layoffs. CEO declares 'Two Pizza Teams Are Dead,' signaling shift from small agile teams to larger structures amid cost-cutting. 24% layoffs combined with CEO's overhaul of team structure represent major operational restructuring poised to significantly impact efficiency, morale, and market perception.
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