UPWORK INC.
boothcheck covers UPWORK INC. (UPWK) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed June 28, 2026.
• Upwork runs a freelance work marketplace and takes a cut of the work that flows through it, a model whose key metric is the take rate, which the company defines as ⟦Marketplace revenue by Marketplace GSV.⟧ [Source: UPWK FY2024 10-K] • The business is profitable and cash-generative but barely growing: Q1 2026 gross services volume of $987 million was flat year over year, revenue of $195.5 million rose 1%, and the company raised its full-year adjusted EBITDA outlook to $250 million to $260 milli
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279 institutional managers reported holding UPWK in 13F filings for the quarter ended 2026-03-31. 48 opened new positions that quarter. Held by BlackRock, T. Rowe Price, Vanguard Group, among others. On the short side, 23.8M shares were sold short as of the 2026-06-15 count, about 18% of shares outstanding (7.5 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
UPWK's share count grew 1.1% over the past five years even with $343.85M spent on repurchases. It pays no dividend. Cash returned over the past three years: $343.85M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
No open-market insider buys on file at UPWK over the trailing three years. Absence is a fact about the company, not a signal. 13 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
UPWK's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-03 | +43.5% | -25.2% |
| 2023-11-08 | +17.3% | +14.3% |
| 2024-02-16 | -0.3% | -18.9% |
| 2024-05-02 | +11.0% | -15.1% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
UPWK's latest 8-K filings: 2026-08-10 (items 2.02, 9.01); 2026-07-16 (items 5.02); 2026-06-23 (items 1.01, 2.03, 9.01); 2026-06-05 (items 5.02, 5.07); 2026-05-07 (items 2.02, 2.05, 7.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 28, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.