Stocks Technology UPWK
NASDAQ · TechnologyUpwork, Inc (UPWK)
Upwork, Inc brought in $771.2M of revenue over the twelve months to September 30, 2026, down 1.2% from a year earlier. Net income was $104.3M, a net margin of 13.5%. Operating cash flow minus capital spending left $242.5M of free cash flow in fiscal 2025. At September 30, 2026 it held $228M in cash. Its latest periodic report to the SEC is the quarterly report (10-Q) filed on November 2, 2026.
Key facts about Upwork, Inc
- Net worth
- Upwork, Inc has a market value (market cap) of $1.2B at the latest share price, and shareholders' equity of $654M on its balance sheet at September 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
- Revenue and profit
- In fiscal 2025 revenue was $787.8M (+2.4% year on year), with net income of $115.4M. Over the 12 months to September 30, 2026: revenue $771.2M, net income $104.3M.
- Cash flow
- In fiscal 2025 operations brought in $248.3M of cash; after $5.8M of capital spending, free cash flow was $242.5M.
- Latest report
- The latest periodic report (quarterly report, 10-Q) was filed with the SEC on November 2, 2026 and covers the period to September 30, 2026. Open on SEC EDGAR
- Next earnings report
- Upwork, Inc's next report is expected around February 8, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
What Upwork, Inc does
Upwork, Inc is registered with the SEC under industry code SIC 7374 (Services-Computer Processing & Data Preparation). Its shares trade on NASDAQ under the ticker UPWK.
Revenue and profit by year
Key figures
| Fiscal year | Revenue | Net income | Diluted EPS | Free cash flow |
|---|---|---|---|---|
| 2025 | $787.8M | $115.4M | $0.84 | $242.5M |
| 2024 | $769.3M | $215.6M | $1.52 | $150M |
| 2023 | $689.1M | $46.9M | $0.06 | $52M |
| 2022 | $618.3M | -$89.9M | -$0.69 | $10.2M |
| 2021 | $502.8M | -$56.2M | -$0.44 | $9.8M |
| 2020 | $373.6M | -$22.9M | -$0.19 | $16M |
Earnings: every quarter and the next report date
Full financial statements: income, balance sheet and cash flow
Where UPWK ranks in Technology
Latest SEC filings
What Upwork, Inc has filed recently, newest first. Each links to the original document on SEC EDGAR.
- November 2, 2026Quarterly report 10-Q · period to September 30, 2026Revenue fell 8% to $185.6M versus the same quarter last year; diluted EPS $0.25 versus $0.21.
- November 2, 2026
- October 30, 2026Passive stake changed SCHEDULE 13G/A
- August 14, 2026Passive stake (5% or more) SCHEDULE 13G
- August 10, 2026Quarterly report 10-Q · period to June 30, 2026Revenue fell 1.7% to $191.7M versus the same quarter last year; diluted EPS $0.20 versus $0.24.
- August 10, 2026
- July 30, 2026Passive stake changed SCHEDULE 13G/A
- July 16, 2026
- June 23, 2026
- June 5, 2026Passive stake changed SCHEDULE 13G/A
What is UPWK worth? A DCF from its reported cash flow
Insider trades
What the people running Upwork, Inc did with its shares, from the Form 4 filings they must send the SEC within two business days.
Insiders sold $1.5M worth of shares in the last 90 days and bought none on the open market. 41% of the selling was pre-planned under Rule 10b5-1 trading plans.
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| October 19, 2026 | Kappus Anthony RayGM & Chief Operating Officer | Sold | 559 | $4.7K |
| October 18, 2026 | Kappus Anthony RayGM & Chief Operating Officer | Exercised options | 1,413 | - |
| September 18, 2026 | Brown HaydenPresident & CEO, Director | Exercised options | 17,733 | - |
| September 18, 2026 | Brown HaydenPresident & CEO, Director | Exercised options | 28,677 | - |
| September 18, 2026 | Brown HaydenPresident & CEO, Director | Sold | 23,893 | $201.9K |
| September 18, 2026 | Kappus Anthony RayGM & Chief Operating Officer | Exercised options | 114,860 | - |
| September 18, 2026 | Kappus Anthony RayGM & Chief Operating Officer | Sold | 45,732 | $386.5K |
| September 18, 2026 | Mekhalfa SabrinaChief Accounting Officer | Exercised options | 3,578 | - |
Who owns UPWK
Three views from three kinds of SEC filings, each with its own date. They overlap and are not added up.
5% holders
| Holder | Of class | Filed |
|---|---|---|
| Quincy J. Lee13G, passive with 2 related filers | 6.2% | August 14, 2026 |
| Vanguard Portfolio Management13G, passive | 6.04% | April 29, 2026 |
| Vanguard Capital Management13G, passive | 5.06% | April 30, 2026 |
| Lsv Asset Management13G, passive | 5% | February 5, 2026 |
Largest institutional holders
Positions that investment managers reported on Form 13F for the quarter ended June 30, 2026, largest first, with the change on the quarter ended March 31, 2026. Managers file 13F up to 45 days after a quarter ends. 297 managers reported a position.
| Holder | Shares | Change on quarter |
|---|---|---|
| BlackRock, Inc. | 19,259,723 | +403,601 |
| Vanguard Portfolio Management LLC | 7,898,745 | +124,397 |
| Ancient Art, L.P. | 7,228,530 | +1,268,621 |
| Vanguard Capital Management LLC | 5,313,767 | -298,931 |
| State Street Corp | 5,195,259 | +69,917 |
| Capital International Investors | 4,857,612 | +134,054 |
| Dimensional Fund Advisors LP | 4,743,484 | +1,027,868 |
| Goldman Sachs Group Inc | 4,270,252 | +1,719,424 |
| Geode Capital Management, LLC | 3,253,955 | +110,675 |
| Rice Hall James & Associates, LLC | 2,776,805 | +1,468,638 |
| Morgan Stanley | 2,463,966 | +1,278,271 |
| Invenomic Capital Management LP | 2,406,922 | +492,421 |
| UBS Group AG | 2,142,846 | +586,335 |
| Millennium Management LLC | 1,853,448 | +818,027 |
| Renaissance Technologies LLC | 1,681,020 | -359,300 |
| Citadel Advisors LLC | 1,655,618 | +1,424,134 |
| Jupiter Asset Management Ltd | 1,578,957 | +150,657 |
| Two Sigma Investments, LP | 1,499,477 | +733,168 |
| Arrowstreet Capital, Limited Partnership | 1,481,789 | +1,250,959 |
| American Century Companies Inc | 1,307,824 | +1,951 |
Insiders
12 insiders reported holding 1,799,885 shares in total, about $17.4M at the last price.
| Holder | Shares |
|---|---|
| Brown HaydenPresident & CEO, Director | 793,593 |
| Gessert EricaChief Financial Officer | 373,586 |
| Harvey KevinDirector | 147,216 |
| Steele GaryDirector | 112,216 |
| Kappus Anthony RayGM & Chief Operating Officer | 77,196 |
| Kelman GlennDirector | 66,422 |
| Lissy David HDirector | 66,026 |
| Evan Dana LDirector | 56,835 |
| Layton ThomasDirector | 52,296 |
| Bramley ClaireDirector | 45,146 |
Questions about UPWK
What does Upwork, Inc do?
Upwork, Inc is a company in the Technology sector, listed on NASDAQ as UPWK. Its shares trade on NASDAQ under the ticker UPWK.
What is Upwork, Inc's net worth?
Upwork, Inc has a market value (market cap) of $1.2B at the latest share price, and shareholders' equity of $654M on its balance sheet at September 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
Is Upwork, Inc profitable?
Yes. Over the twelve months to September 30, 2026 it reported net income of $104.3M on revenue of $771.2M, a net margin of 13.5%.
How much revenue does Upwork, Inc make?
Over the twelve months to September 30, 2026 Upwork, Inc reported revenue of $771.2M. That is 1.2% less than a year earlier.
When did Upwork, Inc last report?
Its most recent periodic report is the quarterly report (10-Q) filed on November 2, 2026. It covers the period to September 30, 2026.
When is Upwork, Inc's next earnings report?
Upwork, Inc's next report is expected around February 8, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
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Where the numbers come from
Financial figures are the values Upwork, Inc tagged in its own SEC filings (XBRL), taken from the latest filing for each period, so restatements replace older figures. Revenue, profit and cash flow are for full fiscal years unless marked as the last twelve months, which is the sum of the four most recent quarters. Where a company reports only the full year, the fourth quarter is the year minus the first three.
Prices are delayed end-of-day market data in the listing currency, and market cap moves with the price. P/E is shown only when earnings per share are positive. Nothing here is investment advice.