Upwork Inc.
- Open
- 9.30
- Day high
- 9.49
- Day low
- 8.74
- Prev close
- 9.59
- Volume
- 4.6M
- Mkt cap
- $1.1B
- P/E (TTM)
- 10.8
- EPS (TTM)
- $0.84
- P/B
- 2.0
- P/S
- 1.4
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$1.1M over the last 3 months (0 open-market buys, 7 sales)
- 🏛Institutions accumulating (13F)
Upwork Inc. (UPWK) is a Industrials company listed on NASDAQ. The stock is down 32% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 7 sales (SEC Form 4).
Upwork Inc. (UPWK) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
UPWK earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.25 | $0.24 | -4.0% | $195M | -0.1% |
| Aug 6, 2025 | $0.26 | $0.35 | +34.6% | $195M | +4.0% |
| Feb 12, 2025 | $0.24 | $0.30 | +25.0% | $191M | +6.2% |
| May 1, 2024 | $0.19 | $0.22 | +15.8% | $191M | +2.7% |
| Feb 14, 2024 | $0.17 | $0.20 | +17.6% | $184M | +3.2% |
| Aug 2, 2023 | $0.00 | $0.10 | +2231.0% | $169M | +3.7% |
| May 3, 2023 | $-0.06 | $-0.01 | +83.3% | $161M | +1.2% |
| Feb 15, 2023 | $0.01 | $0.04 | +249.7% | $161M | +1.3% |
| Oct 26, 2022 | $-0.08 | $-0.03 | +62.5% | $159M | +0.7% |
| Jul 27, 2022 | $-0.10 | $-0.04 | +60.0% | $157M | +6.2% |
| Feb 10, 2022 | $-0.05 | $-0.05 | +0.0% | $137M | +3.8% |
| Jul 29, 2021 | $-0.11 | $-0.13 | -18.2% | $124M | +0.0% |
UPWK insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 23, 2026 | Gessert Ericaofficer: Chief Financial Officer | Option | 9,700 | — |
| Jun 23, 2026 | Gessert Ericaofficer: Chief Financial Officer | Option | 8,432 | — |
| Jun 23, 2026 | Brown Haydendirector, officer: President & CEO | Option | 17,733 | — |
| Jun 23, 2026 | Brown Haydendirector, officer: President & CEO | Option | 28,678 | — |
| Jun 23, 2026 | Mekhalfa Sabrinaofficer: Chief Accounting Officer | Sell | 1,276 | $8.15 |
| Jun 23, 2026 | Brown Haydendirector, officer: President & CEO | Sell | 23,468 | $8.15 |
| Jun 23, 2026 | Gessert Ericaofficer: Chief Financial Officer | Sell | 9,169 | $8.15 |
| Jun 23, 2026 | Mekhalfa Sabrinaofficer: Chief Accounting Officer | Option | 3,577 | — |
| Jun 8, 2026 | LAYTON THOMASdirector | Grant | 6,772 | — |
| Jun 8, 2026 | Steele Garydirector | Grant | 6,207 | — |
| Jun 8, 2026 | KELMAN GLENNdirector | Grant | 6,207 | — |
| Jun 8, 2026 | LISSY DAVID Hdirector | Grant | 45,146 | — |
| Jun 8, 2026 | KELMAN GLENNdirector | Grant | 20,880 | — |
| Jun 8, 2026 | HARVEY KEVINdirector | Grant | 20,880 | — |
| Jun 8, 2026 | Steele Garydirector | Grant | 20,880 | — |
Source: UPWK SEC Form 4 filings, latest Jun 23, 2026. For informational purposes only — not investment advice.
See the full UPWK insider & 13F page →Upwork Inc. company profile
Overview
Upwork Inc. (NASDAQ:UPWK) is a leading online work marketplace that connects businesses with independent professionals and agencies worldwide. Founded through the 2013 merger of Elance and oDesk (initially called Elance-oDesk), the company rebranded to Upwork in 2015 and went public in October 2018. Headquartered in San Francisco, California, Upwork operates primarily in the United States, India, the Philippines, and internationally, facilitating remote work relationships across a broad spectrum of professional services and skill categories.
Business
Upwork operates in the staffing and employment services industry, specifically within the rapidly growing gig economy and remote work sector. The company runs a digital marketplace platform that serves as an intermediary between businesses seeking talent and independent contractors offering their services. The platform covers an extensive range of professional categories including sales and marketing, customer service, data science and analytics, design and creative work, web development, mobile development, and software development. Notably, AI-related work has become a significant growth driver, with the platform hosting approximately 80,000 AI specialists and experiencing 60% year-over-year growth in AI-related Gross Services Value (GSV). Upwork's core offerings include several service tiers: Upwork Basic for standard marketplace access, Upwork Plus for enhanced features, Upwork Enterprise for large organizations, and Upwork Payroll for payment processing. The company also provides managed services where Upwork handles the entire project management process, and operates internet escrow agency services for secure transactions. The platform facilitates various types of work arrangements, from short-term projects to long-term contracts, and has recently expanded into full-time hiring solutions. Revenue is generated through multiple streams: approximately 85% comes from marketplace transactions (taking a percentage of each transaction), while the remaining 15% comes from enterprise services, managed services, advertising products, and subscription fees from premium plans.
Revenue model
Upwork generates revenue through a multi-faceted business model centered around transaction fees and value-added services. The primary revenue source is the marketplace take rate, which has steadily increased to 18.3% as of Q1 2025, up from 15.9% in Q4 2023. This means Upwork takes approximately 18 cents from every dollar of work completed on its platform. The company's paying customers are primarily businesses of all sizes - from individual entrepreneurs to Fortune 500 companies - who pay for access to talent and platform services. Freelancers also contribute through subscription fees for premium features like Freelancer Plus (which grew 58% year-over-year) and advertising spend to promote their profiles and proposals. Secondary revenue streams include enterprise subscription plans, with the newly launched Business Plus plan showing strong adoption among larger clients. The company also generates income from advertising products, where freelancers pay to boost their visibility, and from managed services where Upwork handles entire project lifecycles for clients. Several factors influence Upwork's margins positively: the network effects of a larger talent pool attracting more clients (and vice versa), increasing take rates as the platform adds value through AI tools like Uma, and operational leverage as the platform scales without proportional increases in infrastructure costs. The company has demonstrated strong margin expansion, achieving record adjusted EBITDA margins of 26.2% in Q4 2024. Margin pressures come from macroeconomic headwinds affecting client spending, competitive pressure from other freelancing platforms, and the need for continued investment in AI capabilities and enterprise sales teams. The company also faces the challenge of balancing take rate increases with maintaining platform liquidity and competitiveness.
Competitive moat
Upwork's competitive moat is moderately strong, built primarily on network effects and switching costs. As more talented freelancers join the platform, it becomes more attractive to clients, which in turn draws more freelancers - creating a virtuous cycle. With over 855,000 active clients and millions of registered freelancers, Upwork has achieved significant scale that smaller competitors struggle to match. The company's moat is strengthened by its reputation and trust systems, where both clients and freelancers build ratings and work histories that become valuable assets tied to the platform. The integrated payment protection, dispute resolution, and project management tools create switching costs, as users would need to rebuild their profiles and relationships elsewhere. Upwork's recent investments in AI capabilities, particularly the Uma platform that assists with job matching, proposal writing, and project management, represent an attempt to deepen the moat through superior technology. The company's specialization in complex, higher-value work (average project values have been increasing) also differentiates it from lower-end gig platforms. However, the moat faces several challenges. Competition comes from specialized platforms like Toptal for high-end technical talent, traditional staffing agencies expanding into digital services, and emerging AI-powered platforms. Large enterprises might develop internal talent networks or work directly with agencies, bypassing platforms entirely. The rise of AI tools could also reduce demand for certain types of freelance work, particularly lower-skilled tasks that can be automated. The company's moat is further tested by the relatively low barriers to entry for new platforms and the ongoing need to balance take rates with platform attractiveness. While network effects provide some protection, they are not insurmountable, and Upwork must continue innovating to maintain its competitive position.
Risks & safety
Upwork demonstrates a strong financial position with substantial margin of safety across multiple metrics. **Cash and Solvency:** The company maintains excellent liquidity with $304.4 million in cash and short-term investments as of Q1 2025, representing approximately 25% of annual revenue. With minimal debt (debt-to-equity ratio of just 0.017) and a strong current ratio of 3.41, solvency risk is very low. Free cash flow generation has been consistently positive, reaching $150 million for full year 2024. **Valuation Metrics:** Trading at a P/E ratio of 11.7 and EV/EBITDA of 9.5 based on Q1 2025 metrics, the stock appears reasonably valued relative to its growth prospects and profitability improvements. The company has achieved sustainable profitability with net income of $215.6 million in 2024, a significant turnaround from losses in prior years. **Other Considerations:** The company has demonstrated operational discipline through cost reductions (21% headcount reduction in 2024 while maintaining revenue growth) and margin expansion (targeting 35% adjusted EBITDA margins long-term). Management has authorized $100 million in share repurchases, indicating confidence in the business and commitment to returning capital to shareholders.
Recent development
Over the past few years, Upwork has undergone significant strategic transformation focused on three key areas: AI integration, enterprise expansion, and operational efficiency. The most notable development has been the company's aggressive push into artificial intelligence, both as a service category and as a platform enhancement tool. The launch of Uma, Upwork's AI work companion, represents a major technological advancement that assists with job posting, proposal writing, and project matching. This AI focus has paid dividends, with AI-related work growing 60% year-over-year and the platform now hosting 80,000 AI specialists. The company has also pivoted toward serving larger enterprise clients more effectively. The introduction of Business Plus, a premium enterprise plan, has shown strong early adoption with over 1,000 active users and higher conversion rates. This enterprise strategy includes expanding partnerships with Vendor Management Systems (VMS) and Managed Service Providers (MSP) to reach larger corporate clients more efficiently. Operationally, Upwork has demonstrated significant discipline through a major restructuring in 2024 that reduced headcount by 21% while maintaining revenue growth, resulting in $60 million in annualized cost savings. The company has also made strategic acquisitions, including Objective, an AI search-as-a-service company, to enhance its matching capabilities. The monetization strategy has evolved substantially, with the marketplace take rate increasing from 15.9% to 18.3% over two years through value-added services rather than simple fee increases. New revenue streams from advertising products, premium subscriptions, and managed services have diversified the business model beyond pure transaction fees.
UPWK company profile · for informational purposes only — not investment advice.
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