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NASDAQ NMS - GLOBAL MARKET · Professional Services · CIK 0001627475
$9.39
+7.31% · delayed ~15 min
Last price from Oct 22, 2026
$1.23B market value
From UPWORK, INC's FY2025 10-K, filed Feb 13, 2026 · read the filing
UPWORK makes and sells software and computing services. It took in $787.8M last year, which makes it a smaller company. Of every dollar it sells, about 15 cents is left as profit.
The financial picture is led by profitability, debt and accounting, with growth worth watching.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Recent open-market selling by 7 insiders, not under a pre-arranged plan.
$892.0K sold in the last 120 days · Read the filing
These are things the company filed or that a published model flagged — not predictions, and not a reason on their own to buy or sell anything.
Financial health
Strong finances across the board.
From UPWORK, INC's FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Operating income
$65.2M → $129.3M
Profit
$215.6M → $115.4M
Profit margin
28.0% → 14.7%
Free cash flow
$150.0M → $242.5M
Measured against FY2024, from the 10-K filed Feb 13, 2026
Improved: +98.3%
$65.2M to $129.3MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: -46.5%
$215.6M to $115.4MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
How the latest move compares (quote delayed ~15 min), and what was published around it
UPWK rose 7.31% on the latest quote. The average Technology company tracked here moved −1.27%, and the S&P 500 −1.04%. That is 8.6 points above its sector and 8.4 points above the market.
No filing from UPWK and no news item about it appeared in the last 3 days.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
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Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
The growth rate someone buying today is paying for, against what the company has delivered
At today's price, the market is paying for free cash flow to shrink by about 13% a year for the next 10 years. Over the last 9 years it grew by about 68% a year.
The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 15 cents of every dollar of sales as profit, earning $115.4M last year.
Barely. Sales were roughly flat, up 2.4%.
No. Its borrowings would take under a year of cash flow to clear. For every $1 it owes, it owns $1.94 in assets.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it earned $115.4M and generated $248.3M of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Feb 13, 2026Filing for FY2025 | FY202410-K · Feb 13, 2026Filing for FY2024 | FY202310-K · Feb 13, 2025Filing for FY2023 | FY202210-K · Feb 13, 2025Filing for FY2022 | FY202110-K · Feb 15, 2022Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $787.8M | $769.3M | $689.1M | $618.3M | $502.8M | +2.4% |
| Cost of revenue | $174.8M | $174.1M | $170.4M | $160.4M | $135.5M | +0.4% |
| Gross profit | $613.0M | $595.2M | $518.7M | $457.9M | $367.3M | +3.0% |
| Gross marginGross profit ÷ revenueWhat is this? | 77.8% | 77.4% | 75.3% | 74.1% | 73.0% | +0.4 pts |
| Selling, general and administrative | $146.6M | $128.8M | $118.9M | $124.0M | $113.1M | +13.8% |
| Operating income | $129.3M | $65.2M | -$11.3M | -$92.6M | -$54.2M | +98.3% |
| Operating marginOperating income ÷ revenueWhat is this? | 16.4% | 8.5% | -1.6% | -15.0% | -10.8% | +7.9 pts |
| Interest expense | — | — | — | $4.5M | $2.2M | — |
| Income before tax | $153.2M | $90.4M | $48.9M | -$89.3M | -$56.1M | +69.4% |
| Net income | $115.4M | $215.6M | $46.9M | -$89.9M | -$56.2M | −46.5% |
| Net marginNet income ÷ revenueWhat is this? | 14.7% | 28.0% | 6.8% | -14.5% | -11.2% | −13.4 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $0.8842 | $1.59 | $0.3416 | $-0.6791 | $-0.4355 | −44.5% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Exercised stock options — 1,413 shares
Holds 77,755 shares after this filing.
Sold on the open market — 559 shares at $8.43 ($4.7K)
Holds 77,196 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Quarterly report for Q2 FY2026
Operating margin −2.0 pts · Cash +63.5% · Profit -22.4% — against Q2 FY2025
Read the filingPublished results
Read the filingWrite down why you are following UPWORK, INC, what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
The 14 subsidiaries named in its 10-K, incorporated across 5 places. A filer lists the significant ones and may leave the rest out, so this is the floor rather than the full count.
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from UPWK's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Feb 13, 2026), reported under the US GAAP taxonomy. View the source filing.
4 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. All four had enough reported figures. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 9 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 9.0 | 6/9 | 10-K, filed Feb 13, 2026 |
| FY2024 | 8.0 | 7/9 | 10-K, filed Feb 13, 2025 |
| FY2023 | 4.0 | 6/9 | 10-K, filed Feb 15, 2024 |
| FY2022 | 6.0 | 4/9 | 10-K, filed Feb 16, 2023 |
| FY2021 | 6.0 | 4/9 | 10-K, filed Feb 15, 2022 |
| FY2020 | 6.0 | 5/9 | 10-K, filed Feb 24, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
6 of 9 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's.
3.27
In the safe zone
For this model, above 2.6 is safe and below 1.1 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
-2.95
Below the threshold — nothing unusual flagged
Scores above -1.78 are the ones the model associates with earnings manipulation.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Deteriorated: −13.4 pts
28.0% to 14.7%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: +61.6%
$150.0M to $242.5MCritical
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Deteriorated: -44.5%
$1.59 to $0.88Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: turned negative
$357.9M to $0.00Critical
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Changed: +64.1%
$3.5M to $5.8MCritical
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Improved: +7.9 pts
8.5% to 16.4%Significant
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: -3.5%
135.3M to 130.5MNotable
Why it matters: The company bought back stock, so each remaining holding owns slightly more of it. Worth checking it was not funded by borrowing.
Q2 FY2026 against Q2 FY2025, from the 10-Q filed Aug 10, 2026 — read it.
Improved: +63.5%
$291.1M to $476.0MCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: -22.4%
$32.7M to $25.4MSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −3.5 pts
16.8% to 13.3%Significant
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: -17.6%
$0.25 to $0.20Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: -5.8%
132.5M to 124.8MSignificant
Why it matters: The company bought back stock, so each remaining holding owns slightly more of it. Worth checking it was not funded by borrowing.
Deteriorated: -13.6%
$32.6M to $28.1MNotable
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: −1.4 pts
77.7% to 76.4%Notable
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Deteriorated: −2.0 pts
16.7% to 14.7%Notable
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Aug 10, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Improved: +45.0%
$328.4M to $476.0MCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: -19.3%
$31.5M to $25.4MSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: -20.0%
$0.25 to $0.20Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: -14.0%
$32.7M to $28.1MNotable
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: −2.1 pts
16.7% to 14.7%Notable
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −2.8 pts
16.1% to 13.3%Notable
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
4 other measures barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
Discounted at 8%–10% a year, with growth settling to 2.5% after 10 years. Those rates are ordinary choices, not measurements: across that range the assumed growth works out between -14% and -11%. This describes what the price implies — it is not a forecast, and not a view on whether the price is right.
Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 13.4% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
The trailing P/E is 10.3x — investors pay $10.3 for each $1 of trailing profit.
Nothing unusual. Its accounting patterns look like those of companies that report earnings straightforwardly.
Exercised stock options — 17,733 shares
Holds 788,809 shares after this filing.
Exercised stock options — 28,677 shares
Holds 817,486 shares after this filing.
Sold on the open market — 23,893 shares at $8.45 ($201.9K)
Holds 793,593 shares after this filing.
Exercised stock options — 8,433 shares
Holds 373,222 shares after this filing.
Exercised stock options — 9,700 shares
Holds 382,922 shares after this filing.
Sold on the open market — 9,336 shares at $8.45 ($78.9K)
Holds 373,586 shares after this filing.
Exercised stock options — 114,860 shares
Holds 122,074 shares after this filing.
Sold on the open market — 45,732 shares at $8.45 ($386.5K)
Holds 76,342 shares after this filing.
Exercised stock options — 3,578 shares
Holds 7,974 shares after this filing.
Sold on the open market — 1,299 shares at $8.45 ($11.0K)
Holds 6,675 shares after this filing.
Exercised stock options — 5,115 shares
Holds 9,178 shares after this filing.
Sold on the open market — 1,964 shares at $8.43 ($16.5K)
Holds 7,214 shares after this filing.
Exercised stock options — 37,500 shares
Holds 379,109 shares after this filing.
Exercised stock options — 8,524 shares
Holds 387,633 shares after this filing.
Sold on the open market — 22,844 shares at $8.43 ($192.5K)
Holds 364,789 shares after this filing.
Exercised stock options — 14,850 shares
Holds 812,345 shares after this filing.
Exercised stock options — 18,333 shares
Holds 830,678 shares after this filing.
Exercised stock options — 13,639 shares
Holds 844,317 shares after this filing.
Sold on the open market — 23,241 shares at $8.43 ($195.8K)
Holds 821,076 shares after this filing.
Sold on the open market — 50,000 shares at $8.43 ($421.4K)
Holds 771,076 shares after this filing.
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
Filed notice to sell 559 shares ($4.7K) on or after .
Shares originally obtained via Restricted Stock.
Filed notice to sell 45,732 shares ($386.5K) on or after .
Shares originally obtained via Restricted Stock.
Filed notice to sell 23,893 shares ($201.9K) on or after .
Shares originally obtained via Restricted Stock.
Filed notice to sell 9,336 shares ($78.9K) on or after .
Shares originally obtained via Restricted Stock.
Filed notice to sell 22,844 shares ($192.5K) on or after .
Shares originally obtained via Restricted Stock.
Filed notice to sell 23,241 shares ($195.8K) on or after .
Shares originally obtained via Performance Shares.
Estimated from how often this has happened before, not a confirmed date.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Had a director or senior officer leave or join
Signed a material agreement · Took on a direct financial obligation
Read the filingHad a director or senior officer leave or join · Held a shareholder vote
Read the filingQuarterly report for Q1 FY2026
Operating margin −3.3 pts · Operating income -15.4% · Profit -16.6% — against Q1 FY2025
Read the filingAnnounced restructuring or exit costs · Published results · Made a Regulation FD disclosure
Read the filingProxy statement for a shareholder meeting
Read the filingHad a director or senior officer leave or join
Read the filingReported another event
Read the filingAnnual report for FY2025
Operating margin +7.9 pts · Operating income +98.3% · Profit -46.5% — against FY2024
Read the filingPublished results · Amended its charter or changed its financial year
Read the filingHad a director or senior officer leave or join
Read the filingQuarterly report for Q3 FY2025
Operating margin +4.0 pts · Operating income +43.1% · Long-term debt turned negative — against Q3 FY2024
Read the filingPublished results
Read the filingMade a Regulation FD disclosure
Read the filingHad a director or senior officer leave or join · Made a Regulation FD disclosure
Read the filingCompleted an acquisition or disposal
Read the filingQuarterly report for Q2 FY2025
Operating margin +7.5 pts · Operating income +83.1% · Profit +47.3% — against Q2 FY2024
Read the filingPublished results
Read the filingSource: Exhibit 21 of the 10-K filed 2026-02-13. These are legal entities, not brands or acquisitions — a company that bought a business may hold it inside an entity named here, or inside one small enough that the rule does not require naming it at all.
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