Upwork Inc. UPWK R2K
Upwork Inc., together with its subsidiaries, provides platforms and workforce solutions that connect businesses with freelance, agency, fractional, and payrolled talent in the United States, the Philippines, India, Pakistan, and internationally. The company offers Upwork Marketplace, a human and AI-powered work marketplace that connects businesses with on-demand access to independent talent across a range of categories, including AI-related projects, administrative support, sales and marketing, design and creative, and customer service, as well as web, mobile, and software development. Its marketplace also streamlines workflows, such as talent sourcing, outreach, contracting, and engagement management, as well as provides infrastructure for remote collaboration, including communication and collaboration tools, consolidated invoicing, and payment protection; and Upwork Payroll services. It also offers enterprise solutions that provide access to platform capabilities that support contingent workforce solutions, including sourcing, onboarding, classification, compliance and contract management, payments, and reporting. In addition, the company offers managed services that provide a service-led program management and end-to-end project delivery solution that enables enterprise clients to outsource defined functions or projects; Uma, an AI assistant; and escrow services. The company was formerly known as Elance-oDesk, Inc. and changed its name to Upwork Inc. in May 2015. Upwork Inc. was founded in 1998 and is headquartered in Palo Alto, California.
READ MORE ›Market & Price
Valuation
Profitability & Returns
Balance Sheet & Liquidity
Ownership
Financial Snapshot
Growth (CAGR)
PROS
- Profit CAGR of 76.1% over 5 years.
- Generates positive free cash flow.
CONS
- Trading 60.1% below its 52-week high.
- In a downtrend (50-DMA below 200-DMA).
* The pros and cons are auto-generated from financial metrics.
Price Chart
Technical Trend
Computed from daily close history using EMA cross, slope, and RSI signals.
Note: intraday data is not stored locally. “Hourly” uses the most recent 10 daily candles as a short-term proxy.
Fundamental Growth
No fundamental data available for this stock.
Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).
Peer comparison
Peer companies in the same sector (Communication Services).
| # | Name | CMP $ | P/E | Mkt Cap | Div Yld % | ROCE % | ROE % | Rev CAGR 5Y % | Profit CAGR 5Y % |
|---|---|---|---|---|---|---|---|---|---|
| 1 | UPWK Upwork Inc. R2K | 8.82 | 10.89 | $1.09B | - | 19.91% | 18.76% | 8.41% | 76.14% |
| 2 | GOOGL Alphabet Inc. NDXSPXAI | 380.34 | 28.99 | $4.61T | 0.23% | 32.40% | 38.88% | 12.51% | 30.14% |
| 3 | META Meta Platforms, Inc. NDXSPXAI | 632.51 | 22.99 | $1.61T | 0.33% | 26.87% | 32.93% | 19.89% | 37.61% |
| 4 | NFLX Netflix, Inc. NDXSPXAI | 86.02 | 27.75 | $362.21B | - | 30.26% | 48.49% | 12.64% | 34.71% |
| 5 | APP AppLovin Corporation NDXSPXAI | 613.09 | 53.17 | $205.96B | - | 70.20% | - | 24.84% | 609.87% |
| 6 | TMUS T-Mobile US, Inc. NDXSPX | 187.53 | 19.93 | $202.95B | 2.18% | 9.27% | 18.02% | 3.53% | 61.90% |
| 7 | VZ Verizon Communications Inc. SPX | 47.81 | 11.66 | $199.63B | 5.92% | 8.59% | 17.20% | 0.33% | -6.86% |
| 8 | DIS The Walt Disney Company SPX | 101.83 | 16.29 | $176.83B | 1.47% | 8.46% | 11.01% | 4.51% | 58.00% |
| 9 | T AT&T Inc. SPX | 24.80 | 8.16 | $172.32B | 4.48% | 9.23% | 18.37% | 1.34% | 119.18% |
Quarterly Results
Figures in USD.
| Metric | Sep 2017 | Mar 2018 | Jun 2018 | Sep 2018 | Mar 2019 | Jun 2019 | Sep 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 52.26M | 59.22M | 62.68M | 64.11M | 68.48M | 73.78M | 78.02M | 83.20M | 87.53M | 96.75M | 113.62M | 124.18M | 128.14M | 141.34M | 156.90M | 158.64M | 160.86M | 168.61M | 175.73M | 190.94M | 193.13M | 193.78M | 192.71M | 194.94M | 201.73M | 198.41M | 195.48M |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 41.81M | 43.43M | 45.84M | 43.67M | 44.64M |
| Gross Profit | 35.37M | 39.60M | 42.22M | 43.61M | 47.35M | 52.20M | 55.52M | 59.71M | 62.12M | 70.15M | 83.18M | 91.10M | 93.21M | 103.42M | 116.04M | 118.17M | 120.43M | 127.73M | 132.46M | 146.74M | 149.28M | 150.37M | 150.90M | 151.51M | 155.89M | 154.74M | 150.84M |
| Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 112.21M | 118.94M | 126.13M | 126.44M | 118.12M |
| Operating Income | 203.00K | -6.01M | 329.00K | -3.33M | -5.26M | -2.90M | -3.69M | -9.05M | -10.98M | -3.03M | -7.70M | -16.39M | -8.32M | -23.65M | -23.05M | -25.44M | -25.04M | -6.12M | 11.47M | 13.05M | 17.78M | 20.79M | 38.69M | 32.56M | 29.76M | 28.29M | 32.72M |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 43.75M | 38.63M | 30.90M | 42.48M | 42.21M |
| Interest Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 45.01M | 38.44M | 35.67M | 34.05M | 37.71M |
| Tax Provision | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 7.28M | 5.72M | 6.34M | 18.42M | 6.25M |
| Net Income | -301.00K | -6.78M | -412.00K | -7.35M | -5.16M | -2.45M | -3.55M | -10.02M | -11.02M | -2.75M | -7.83M | -16.54M | -9.31M | -24.74M | -23.82M | -24.83M | 17.17M | -3.99M | 16.34M | 18.44M | 22.22M | 27.76M | 37.73M | 32.73M | 29.34M | 15.63M | 31.46M |
| Diluted EPS | - | - | - | - | - | - | - | - | -0.09 | -0.02 | -0.06 | -0.13 | -0.07 | -0.19 | -0.18 | -0.19 | -0.15 | -0.03 | 0.12 | 0.13 | 0.17 | 0.20 | 0.27 | 0.24 | 0.21 | 0.12 | 0.24 |
| R&D Expense | 11.51M | 13.49M | 12.81M | 14.38M | 15.80M | 15.70M | 16.21M | 19.35M | 20.55M | 20.83M | 26.61M | 28.12M | 30.87M | 38.16M | 35.83M | 38.90M | 44.48M | 43.25M | 43.42M | 52.92M | 52.47M | 50.41M | 46.15M | 44.84M | 47.49M | - | 43.31M |
Profit & Loss (Annual)
Figures in USD.
| Metric | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 164.44M | 202.55M | 253.35M | 300.56M | 373.63M | - | 618.32M | 689.14M | 769.33M | 787.78M |
| Cost of Revenue | - | - | - | - | - | - | 160.40M | 170.45M | 174.09M | 174.75M |
| Gross Profit | 101.87M | 137.11M | 171.90M | 212.42M | 269.36M | - | 457.92M | 518.69M | 595.23M | 613.03M |
| Operating Expenses | - | - | - | - | - | - | 550.54M | 529.95M | 530.02M | 483.73M |
| Operating Income | -14.47M | -3.12M | -11.71M | -18.73M | -22.41M | - | -92.62M | -11.26M | 65.21M | 129.31M |
| EBITDA | - | - | - | - | - | - | -81.49M | 1.46M | 82.86M | 155.76M |
| Interest Expense | - | - | - | - | - | 2.18M | 4.48M | - | - | - |
| Pretax Income | - | - | - | - | - | - | -89.35M | 48.88M | 90.43M | 153.18M |
| Tax Provision | - | - | - | - | - | - | 536.00K | 1.99M | -125.16M | 37.75M |
| Net Income | -16.23M | -4.12M | -19.91M | -16.66M | -22.87M | - | -89.89M | 46.89M | 215.59M | 115.42M |
| Diluted EPS | - | - | - | -0.15 | -0.19 | - | -0.69 | 0.06 | 1.52 | 0.84 |
| R&D Expense | 37.90M | 45.60M | 55.49M | 64.03M | 83.47M | 119.08M | 154.55M | 177.36M | 209.28M | 185.54M |
Compounded Sales Growth
| 5 Years: | 8.41% |
| 1 Year: | 1.40% |
Compounded Profit Growth
| 5 Years: | 76.14% |
| 1 Year: | -12.00% |
Stock Price Performance
| 1 Year: | -43.06% |
| 6 Months: | -55.21% |
| 3 Months: | -34.28% |
| 1 Month: | -14.78% |
Balance Sheet (Annual)
Figures in USD.
| Metric | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | - | - | 275.19M | 391.57M | 446.38M | 529.23M | - | 1.08B | 1.04B | 1.21B | 1.30B |
| Current Assets | - | - | - | - | - | - | - | 930.91M | 883.37M | 911.05M | 950.83M |
| Cash & Equivalents | - | - | 21.59M | 129.13M | 48.39M | 94.08M | - | 129.38M | 79.64M | 305.76M | 294.36M |
| Inventory | - | - | - | - | - | - | - | - | - | - | - |
| Receivables | - | - | - | - | - | - | - | 64.89M | 103.06M | 75.49M | 76.24M |
| Total Liabilities | - | - | 140.07M | 147.83M | 186.96M | 229.92M | - | 831.37M | 656.47M | 636.24M | 669.26M |
| Current Liabilities | - | - | 114.64M | 127.60M | 149.10M | 198.75M | - | 247.69M | 293.00M | 268.43M | 650.17M |
| Long Term Debt | - | - | 23.49M | 18.24M | 10.70M | 3.14M | 561.30M | 564.26M | 356.09M | 357.93M | - |
| Total Debt | - | - | - | - | - | - | - | 581.94M | 367.86M | 369.12M | 371.15M |
| Total Equity | -21.43M | -30.13M | -31.37M | 243.75M | 259.42M | 299.31M | - | 248.88M | 381.07M | 575.38M | 630.32M |
| Shares Outstanding | - | - | - | - | - | - | - | 132.48M | 137.27M | 135.35M | 130.55M |
Cash Flows (Annual)
Figures in USD.
| Metric | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 3.15M | -4.00M | 13.74M | 1.06M | 22.36M | - | 11.50M | 52.71M | 153.56M | 248.26M |
| Investing Cash Flow | -475.00K | -2.32M | -6.84M | -100.92M | -4.15M | - | -69.47M | 88.27M | 137.57M | -136.94M |
| Financing Cash Flow | 5.23M | 27.74M | 112.06M | 29.40M | 54.64M | - | 1.14M | -139.79M | -81.96M | -138.00M |
| Capital Expenditure | -846.00K | -1.83M | -3.00M | -10.75M | -6.32M | - | -8.73M | -16.35M | -14.44M | -25.14M |
| Free Cash Flow | 2.30M | -5.83M | 10.74M | -9.69M | 16.05M | - | 2.76M | 36.36M | 139.12M | 223.12M |
| Net Change in Cash | - | - | - | - | - | - | -56.83M | 1.19M | 209.18M | -26.68M |
| Share Buybacks | - | - | - | - | - | - | 0 | 0 | 100.00M | 135.96M |
Ratios (Annual)
Figures in %.
| Metric | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 61.9% | 67.7% | 67.8% | 70.7% | 72.1% | - | 74.1% | 75.3% | 77.4% | 77.8% |
| Operating Margin % | -8.8% | -1.5% | -4.6% | -6.2% | -6.0% | - | -15.0% | -1.6% | 8.5% | 16.4% |
| Net Margin % | -9.9% | -2.0% | -7.9% | -5.5% | -6.1% | - | -14.5% | 6.8% | 28.0% | 14.7% |
| ROE % | 53.9% | 13.1% | -8.2% | -6.4% | -7.6% | - | -36.1% | 12.3% | 37.5% | 18.3% |
| ROCE % | - | -1.9% | -4.4% | -6.3% | -6.8% | - | -11.1% | -1.5% | 6.9% | 19.9% |
Shareholding Pattern
Top Institutional Holders
| # | Holder | % Held | Shares | Value |
|---|---|---|---|---|
| 1 | Blackrock Inc. | 15.27% | 18.86M | $166.31M |
| 2 | Price (T.Rowe) Associates Inc | 14.12% | 17.44M | $153.78M |
| 3 | Vanguard Portfolio Management LLC | 6.29% | 7.77M | $68.57M |
| 4 | LSV Asset Management | 5.50% | 6.79M | $59.91M |
| 5 | Ancient Art, L.P. | 4.83% | 5.96M | $52.57M |
| 6 | Vanguard Capital Management LLC | 4.54% | 5.61M | $49.50M |
| 7 | State Street Corporation | 4.15% | 5.13M | $45.21M |
| 8 | Capital International Investors | 3.82% | 4.72M | $41.66M |
| 9 | Dimensional Fund Advisors LP | 3.01% | 3.72M | $32.77M |
| 10 | Boston Partners | 2.55% | 3.15M | $27.82M |
Analyst View
Analyst aggregate. Targets and ratings update periodically; not investment advice.
Latest News
Recent headlines for UPWK