UPWORK, INC(UPWK)Stock Analysis
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Rank #469 of 2,879 stocksTOP 25%
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
UPWK Stock Analysis & AI Quality Score
AI stock analysis and institutional research for UPWORK, INC (UPWK), a Technology sector company. 13F Pro's AI-powered ranking engine scores UPWK at 67.4/100 on a 32-signal composite quality model, placing it at rank #469 of 2,879 stocks — the top 25% of the AI-ranked universe. UPWK scores in the top quartile across earnings quality (88.2), balance sheet strength (86.6), profitability (85.0). Areas of concern include institutional flow (39.0), which score below median versus the broader universe. Shareholder dilution risk is elevated at 19.1/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), UPWORK, INC reports quarterly revenue of $195.5M, net income of $31.5M, an operating margin of 16.7%. Top institutional holders of UPWK by reported 13-F value include BlackRock,, VANGUARD PORTFOLIO MANAGEMENT, CAMDEN ASSET MANAGEMENT L P /CA, based on the most recent SEC filings. UPWK trades on the Nasdaq exchange and files with the SEC under CIK 1627475. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate UPWK daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for UPWORK, INC directly from SEC EDGAR. UPWORK, INC's 13F Pro composite quality score has ranged between 8 and 75 since 2021, currently 67.4 — an improving long-term trajectory across 56 quarterly and live scoring snapshots.
What's Driving UPWK's Business? Latest 10-Q Breakdown
✓ 23/23 datapoints verifiedAI-extracted from UPWORK, INC's 10-Q filed 2026-05-07 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Total revenue grew 1% YoY to $195.5M; Marketplace revenue up 3% to $170.7M on take-rate expansion, but Enterprise revenue declined 6% to $24.8M as company prioritized Lifted transition.
Biggest Revenue Drivers
Total revenue: $195.5M+1% YoY
Higher revenue from ads and monetization products, plus increased adoption of Business Plus
Reduced client spend from reduced customer acquisition efforts as company focused on Lifted platform transition
Largest Expense Items
$2.9M increase in amortization of capitalized internal-use software, partially offset by $0.2M decrease in Managed Services costs
$2.4M reduction in personnel-related costs, $4.0M higher internal-use software capitalization, partially offset by $1.6M amortization increase
$3.9M increase in marketing spend, partially offset by $2.0M decrease in personnel costs
$4.2M increase in personnel costs (higher stock-based compensation), $2.0M higher contractor and professional service fees related to acquisitions
Margins: Gross margin decreased to 77% from 78% YoY, primarily driven by higher amortization of capitalized internal-use software costs as a percentage of revenue. Management expects gross margin to remain below prior year levels throughout 2026.
Watch Items from the Filing
- Active clients decreased 3% YoY to 784K as of March 31, 2026, reflecting slower new client acquisition and lower retention; GSV essentially flat at $987.1M.
- Convertible senior notes of $361.0M mature August 15, 2026, classified as current liability; company evaluating refinancing options and alternatives.
- Restructuring plan announced May 7, 2026 (after quarter close) targets 24% workforce reduction with estimated $16–23M in pre-tax charges, mostly in Q2 2026.
- Marketplace take rate expanded 111 bps to 19.4% YoY, driven by monetization product contributions; GSV per active client increased 5% YoY.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Revenue
Q1 2026
$195.5M
Net Income
Q1 2026
$31.5M
Free Cash Flow
Q1 2026
$21.3M
Operating Margin
Q1 2026
16.7%
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
+2.4% YoYNet Income
-46.5% YoYOperating Income
+98.3% YoYEPS (Diluted)
-44.7% YoYTotal Assets
+7.3% YoYTotal Debt
+101.0% YoYOp. Cash Flow
+61.7% YoY| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2019 |
|---|---|---|---|---|---|---|
| Revenue | $787.8M +2.4% | $769.3M +11.6% | $689.1M +11.5% | $618.3M +23.0% | $502.8M +67.3% | $300.6M |
| Net Income | $115.4M -46.5% | $215.6M +359.8% | $46.9M +152.2% | $-89.9M -59.8% | $-56.2M -237.6% | $-16.7M |
| Operating Income | $129.3M +98.3% | $65.2M +679.1% | $-11.3M +87.8% | $-92.6M -70.8% | $-54.2M -189.4% | $-18.7M |
| EPS (Diluted) | $0.84 -44.7% | $1.52 +2433.3% | $0.06 +108.7% | $-0.69 -56.8% | $-0.44 -439900.0% | $-0.00 |
| Total Assets | $1.30B +7.3% | $1.21B +16.8% | $1.04B -4.0% | $1.08B -0.1% | $1.08B +142.2% | $446.4M |
| Total Debt | $719.5M +101.0% | $357.9M +0.5% | $356.1M -36.9% | $564.3M +0.5% | $561.3M +2069.9% | $25.9M |
| Operating Cash Flow | $248.3M +61.7% | $153.6M +191.3% | $52.7M +358.5% | $11.5M +6.1% | $10.8M +924.2% | $1.1M |
AI Insight: UPWK Financial Trends
Revenue growth stalled around $195M with debt doubling from $358M to $720M in Q3-Q4 2025 while equity declined.
• Revenue remained flat at $193-202M range across eight quarters with no clear growth trajectory.
• Operating income improved from $18M in Q2 2024 to $33M in Q1 2026.
• Total debt doubled from $358M to $720M between Q2 2025 and Q3 2025.
⚠ Operating cash flow dropped from $75M in Q3 2025 to $23M in Q1 2026.
⚠ Equity declined from $630M to $570M in the latest quarter after steady growth.
AI Insight: UPWK Ratio Trends
Operating margin surged from 7.1% in Q4 2024 to 20.1% in Q1 2025, but profitability has since normalized while leverage increased meaningfully.
• Operating margin peaked at 20.1% in Q1 2025 before stabilizing around 15-17% in recent quarters.
• ROE collapsed from 102.3% in Q4 2024 to 22.1% in Q1 2026, suggesting Q4 2024 contained extraordinary items.
• Debt-to-equity ratio doubled from 0.60 in Q1 2025 to 1.26 in Q1 2026.
⚠ ROIC declined from 16.2% in Q1 2025 to 10.1% in Q1 2026 despite margin improvements.
⚠ Net margin volatility ranging from 7.9% to 19.6% over the past four quarters signals inconsistent profitability.
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Top Institutional Holders of UPWK
BlackRock, Inc.
$206.7M18,856,122 shVANGUARD PORTFOLIO MANAGEMENT LLC
$85.2M7,774,348 shCAMDEN ASSET MANAGEMENT L P /CA
$77.2M79,023,000 shTENOR CAPITAL MANAGEMENT Co., L.P.
$73.9M75,000,000 shAncient Art, L.P.
$65.3M5,959,909 shVANGUARD CAPITAL MANAGEMENT LLC
$61.5M5,612,698 shSTATE STREET CORP
$56.2M5,125,342 shDeepCurrents Investment Group LLC
$52.4M53,286,000 shCapital International Investors
$51.8M4,723,558 shDIMENSIONAL FUND ADVISORS LP
$40.7M3,715,616 sh
| Fund | Value | Shares |
|---|---|---|
| BlackRock, Inc. | $206.7M | 18,856,122 |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $85.2M | 7,774,348 |
| CAMDEN ASSET MANAGEMENT L P /CA | $77.2M | 79,023,000 |
| TENOR CAPITAL MANAGEMENT Co., L.P. | $73.9M | 75,000,000 |
| Ancient Art, L.P. | $65.3M | 5,959,909 |
| VANGUARD CAPITAL MANAGEMENT LLC | $61.5M | 5,612,698 |
| STATE STREET CORP | $56.2M | 5,125,342 |
| DeepCurrents Investment Group LLC | $52.4M | 53,286,000 |
| Capital International Investors | $51.8M | 4,723,558 |
| DIMENSIONAL FUND ADVISORS LP | $40.7M | 3,715,616 |
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Is UPWK a good stock to buy?
13F Pro's AI-powered analysis of UPWORK, INC (UPWK) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Technology sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for UPWK are available on the UPWK stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own UPWK?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling UPWK. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of UPWORK, INC's investment landscape.