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Upwork Inc.

UPWK

Communication Services · 8.42 +2.3% today

Isolated · not yet confirmedMarket checked 10 Sept, 15:55 GMT-4

Market read

Upwork Inc.'s current read is isolated; its market group is not confirming.

No new filing conclusion is available. 0 of 22 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 3 directly disclosed connections are confirming.

Company+2.3% todayVolume comparison unavailable
Market group0 of 22 activeDigital Experience Software · unavailable
Disclosed network0 of 3 confirmingNo filing-linked name is confirming now
What would change this read
  • UPWK's market-adjusted activity becomes unusual and at least one connected name confirms.

Invalidation: The isolated read changes if UPWK's group or a disclosed connection begins moving with it.

Watch this read

Research brief

The story so far

Communication Services · Internet Content & Information

No new filing conclusion is available. 0 of 22 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 3 directly disclosed connections are confirming.

Evidence that supports

No thresholded supportive filing evidence is available yet.

Evidence that challenges

No thresholded adverse filing evidence is available yet.

What would clarify the read
  • UPWK's market-adjusted activity becomes unusual and at least one connected name confirms.

Company research

Understand the business, not just the ticker

As of Sep 11, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods9
Price observations319
Usable filing statements158
Verified relationships3
Evidence supporting the case
  • Operating margin changed +7.9 percentage points in the latest annual period.
  • Operating cash flow covered net income at 2.15x in the latest annual period.
Evidence challenging the case
  • Net margin changed -13.4 percentage points in the latest annual period.
  • Data center and AI demand has repeated adverse evidence across 3 filings.
Questions before a position
  • P/E is 29% below the available filing-peer median; determine whether growth and quality justify the difference.
  • EV/sales is 55% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context

Price as of Sep 10, 2026

8.42
6m-37.3%12m-43.1%24m
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2021-12-31$502.8M+34.6%$-0.44+7.1%
2022-12-31$618.3M+23.0%$-0.69+2.6%
2023-12-31$689.1M+11.5%$0.06+5.2%
2024-12-31$769.3M+11.6%$1.52+4.3%
2025-12-31$787.8M+2.4%$0.84-1.7%

What management says matters

Persistent and emerging business drivers

Product pipeline and R&Dnegative · 4 filings
The Company continues to maintain a valuation allowance against its California deferred tax assets, as it is more likely than not that these assets will not be realized, primarily due to expected research and development tax credit generation exceeding the Co…
10-Q · May 7, 2026
Data center and AI demandnegative · 3 filings
These increases were partially offset by reductions of $3.6 million in data center and customer support costs and $2.4 million in costs associated with our internal service delivery resources, reflecting hosting optimization efforts and workforce reductions.
10-K · Feb 13, 2026
Restructuring and cost reductionsmixed · 1 filings
Chicago Leases In December 2024, as a result of the restructuring plan announced in October 2024, which is referred to as the Restructuring Plan, the Company entered into an early termination agreement for the Chicago leases, which was effective December 31,…
10-K · Feb 13, 2026

Valuation discipline

Descriptive valuation snapshot

Price/sales 1.5× · EV/sales 1.1×. Comparisons use only industry-matched filing peers.

Scenario scaffold

Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.

Price action

How the market is pricing the story

8.42+2.3% today

Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.

Developments

No sourced recent-development timeline yet

Jodie has not returned a relevant primary source or news item for UPWK. This is an evidence-coverage gap, not a conclusion that nothing material happened.

Business and financial condition

Reported financial figures are not available yet

Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.

Filing analysis

No comparable filing assessment is available yet

Jodie has not yet found a suitable current-versus-prior filing comparison for UPWK. This does not mean the latest filing was neutral or immaterial.

Business ecosystem

The relationships behind UPWK

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Depends on

AMZNAmazon.com, Inc.supplierMay 7, 2026

Cost of revenue consists primarily of the cost of payment processing fees, amounts paid to talent to deliver services for clients under our Managed Services offering, personnel-related costs for our services and support personnel, third-party hosting fees for…

FVRRFiverr International Ltd.competitorMay 7, 2026

Our main competitors fall into the following categories: • traditional contingent workforce and staffing service providers and other outsourcing providers, such as The Adecco Group, Randstad, Recruit, Allegis Group, and Robert Half International; • online fre…

RHIRobert Half Inc.competitorMay 7, 2026

Our main competitors fall into the following categories: • traditional contingent workforce and staffing service providers and other outsourcing providers, such as The Adecco Group, Randstad, Recruit, Allegis Group, and Robert Half International; • online fre…

Filing peers

Companies whose filings use similar operating language.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

UPWK is currently a Follower in the organic co-movement group Digital Experience Software. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.

This group is retained as the last observed read for UPWK; it is not active in the latest market snapshot.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.