Upwork
Connects businesses with independent talent, enterprise workforce tools, and AI-assisted hiring workflows.
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Profile
Runs a global work marketplace where clients hire and manage independent professionals, with Lifted extending the model into enterprise contingent-workforce infrastructure. Marketplace remains the main revenue line, while the business depends on trust, compliance, client spending, and competition from staffing firms, freelancer platforms, and AI tools.
Operates Upwork Marketplace for on-demand expert talent and Lifted for enterprises that source, contract, manage, and pay contingent workers across freelance, fractional, and payrolled work types. Business Plus, Freelancer Plus, ads, Managed Services, and Uma add premium client workflows, freelancer monetization, and AI-assisted matching and execution.
Clients range from small businesses to large enterprises, and independent professionals connect globally through the platform. The company was formed from Elance and oDesk, then consolidated those predecessor marketplaces into one Upwork platform.
Marketplace is the core revenue line, while Enterprise is being transitioned around Lifted after the Bubty and Ascen acquisitions. The model depends on marketplace liquidity, trust and compliance workflows, client spend, and competition from staffing providers, freelancer platforms, workforce software, and AI tools.
Company facts
Categories
Key statistics
Year to date −54.5% · Average volume (30d) 3.6M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 14, 2026 | UBS | Reiterate | Neutral | $10 | $9 | |
| Aug 12, 2026 | Canaccord Genuity | Reiterate | Hold | $10 | $9 | |
| Aug 11, 2026 | Scotiabank | Reiterate | Sector Perform | $10 | $8 | |
| Aug 11, 2026 | Goldman Sachs | Target | $27 | $11.50 | ||
| Aug 11, 2026 | Needham | Reiterate | Buy | $15 | $11 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 10, 2026Q2 FY26 | $0.34 | $0.41 | +19.7% | $190.0M | $191.7M | +0.9% | −14.95% |
| May 7, 2026Q1 FY26 | $0.25 | $0.24 | −4.0% | $195.8M | $195.5M | −0.1% | −16.87% |
| Feb 9, 2026Q4 FY25 | $0.23 | $0.12 | −47.8% | $197.5M | $198.4M | +0.4% | −19.05% |
| Nov 3, 2025Q3 FY25 | $0.25 | $0.21 | −16.0% | $197.5M | $201.7M | +2.1% | +13.24% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $192.7M | $194.9M | $201.7M | $198.4M | $195.5M | $191.7M | |
| Gross profit | $150.9M | $151.5M | $155.9M | $154.7M | $150.8M | $146.4M | |
| Operating income | $38.7M | $32.6M | $29.8M | $28.3M | $32.7M | $28.1M | |
| Net income | $37.7M | $32.7M | $29.3M | $15.6M | $31.5M | $25.4M | |
| Diluted EPS | $0.27 | $0.24 | $0.21 | $0.11 | $0.24 | $0.20 | |
| Gross margin | 78.3% | 77.7% | 77.3% | 78.0% | 77.2% | 76.4% | |
| Operating margin | 20.1% | 16.7% | 14.8% | 14.3% | 16.7% | 14.7% |
Fiscal years (4-quarter sums)FY21 $502.8M · FY22 $618.3M · FY23 $689.1M · FY24 $769.3M · FY25 $787.8M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $614.2M · Total debt $375.1M · Total assets $1.27B · Shareholders' equity $611.3M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 123.52M · Float 114.47M · 92.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 19.26M | 15.59% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 7.90M | 6.39% | 13F | Aug 13, 2026 |
| Quincy J. Lee | 7.86M | 5.90% | 13G | Nov 14, 2024 |
| Ancient Art, L.P. | 7.23M | 5.80% | 13G | Aug 14, 2026 |
| LSV Asset Management | 6.38M | 5.17% | 13F | Aug 6, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 18, 2026 | Hayden Brown | director, officer: President & CEO | −73,241 | $8.43 |
| Aug 18, 2026 | Anthony Ray Kappus | officer: GM & Chief Operating Officer | −1,964 | $8.43 |
| Aug 18, 2026 | Erica Gessert | officer: Chief Financial Officer | −22,844 | $8.43 |
| Jul 18, 2026 | Anthony Ray Kappus | officer: GM & Chief Operating Officer | −558 | $9.06 |
| Jun 18, 2026 | Hayden Brown | director, officer: President & CEO | −23,468 | $8.15 |
Peers
- Fiverr International
Direct marketplace rival for packaged freelance services
- Robert Half
Specialized contract talent and consulting rival
- ManpowerGroup
Global staffing, RPO, MSP, and IT resourcing peer
- Microsoft
LinkedIn recruiting and Copilot work-output substitute
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Upwork | $9.04 | +0.22% | $1.11B | 11.9 | 7.0 | 1.4 | −1.7% |
| Fiverr International | $9.43 | −0.74% | $340.5M | 11.7 | 9.5 | 0.8 | −10.0% |
| Robert Half | $45.31 | +0.04% | $4.63B | 39.4 | 28.0 | 0.9 | −2.4% |
| ManpowerGroup | $62.35 | −0.06% | $2.90B | 28.2 | 15.3 | 0.2 | +7.5% |
| Microsoft | $513.06 | −0.06% | $3.81T | 28.6 | 26.2 | 11.5 | +17.8% |
| Median | 28.4 | 20.7 | 0.8 | +2.6% |