Upwork (NASDAQ:UPWK) Releases FY 2026 Earnings Guidance

Upwork (NASDAQ:UPWK) updated its FY 2026 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 1.500-1.550 for the period, compared to the consensus estimate of 1.430. The company issued revenue guidance of $760.0 million-$790.0 million, compared to the consensus revenue estimate of $841.4 million. Upwork also updated its Q2 2026 guidance to 0.350-0.370 EPS.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. UBS Group dropped their price target on Upwork from $26.00 to $23.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Citigroup cut their target price on shares of Upwork from $19.00 to $17.00 and set a “neutral” rating for the company in a report on Tuesday, February 10th. Needham & Company LLC reissued a “buy” rating and issued a $25.00 target price on shares of Upwork in a report on Tuesday, February 10th. Scotiabank cut their target price on shares of Upwork from $17.00 to $15.00 and set a “sector perform” rating for the company in a report on Tuesday, February 10th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Upwork in a report on Wednesday, January 21st. Seven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, Upwork currently has a consensus rating of “Moderate Buy” and an average target price of $22.60.

Upwork Trading Up 5.3%

Shares of UPWK traded up $0.53 during trading hours on Thursday, reaching $10.61. 7,947,853 shares of the company traded hands, compared to its average volume of 3,596,897. The firm has a market cap of $1.31 billion, a price-to-earnings ratio of 12.63 and a beta of 1.07. Upwork has a 12-month low of $10.02 and a 12-month high of $22.84. The stock’s fifty day moving average price is $11.51 and its 200 day moving average price is $16.02.

Upwork (NASDAQ:UPWK) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.10. Upwork had a net margin of 14.65% and a return on equity of 18.76%. The company had revenue of $195.48 million during the quarter, compared to analyst estimates of $195.90 million. During the same period in the prior year, the firm earned $0.34 earnings per share. The firm’s revenue for the quarter was up 1.4% compared to the same quarter last year. Upwork has set its FY 2026 guidance at 1.500-1.550 EPS and its Q2 2026 guidance at 0.350-0.370 EPS. On average, research analysts forecast that Upwork will post 1.4 earnings per share for the current year.

Upwork announced that its board has authorized a share buyback program on Wednesday, February 18th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the company to repurchase up to 18% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, insider Dave Bottoms sold 7,000 shares of the company’s stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $11.49, for a total value of $80,430.00. Following the completion of the sale, the insider directly owned 2,678 shares of the company’s stock, valued at $30,770.22. This represents a 72.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Erica Gessert sold 9,278 shares of the company’s stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $12.31, for a total transaction of $114,212.18. Following the completion of the sale, the chief financial officer directly owned 307,240 shares of the company’s stock, valued at approximately $3,782,124.40. This trade represents a 2.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 235,186 shares of company stock valued at $3,156,199 over the last three months. 7.50% of the stock is owned by company insiders.

Upwork News Summary

Here are the key news stories impacting Upwork this week:

• Positive Sentiment: Company reiterated stronger profitability targets — Upwork raised full‑year adjusted EBITDA outlook and issued FY 2026 EPS guidance (1.50–1.55) above consensus, signaling management focus on margins and cash generation. Read More.
• Positive Sentiment: Q2 EPS guidance (0.350–0.370) also came in above consensus, suggesting the company expects continued per‑share profitability improvement even as revenue is softened. Read More.
• Neutral Sentiment: Top-line was essentially flat year‑over‑year: Q1 revenue ~ $195.5M (≈ +1.4% YoY), showing limited growth but not a collapse. Read More.
• Neutral Sentiment: GSV per active client and SMB/AI category initiatives showed some underlying marketplace momentum (management highlighted a 5% increase), which could support longer‑term monetization if execution continues. Read More.
• Negative Sentiment: Revenue guidance materially missed Street expectations — management cut Q2 and FY revenue targets (Q2: $187–193M vs. ~$204M consensus; FY: $760–790M vs. ~$841M consensus), the primary driver of the sharp share decline. Read More.
• Negative Sentiment: Mixed/uncertain Q1 profitability reporting in media: some outlets reported EPS misses (Zacks/Quiver showed diluted EPS ~$0.24 — below estimates) and declines in operating profit and cash from operations, raising concern over near‑term cash flow strength. (Note: some sources reported different EPS figures; the market focused on guidance cuts.) Read More. | Read More.
• Negative Sentiment: Insider selling and headlines about a restructuring plan amplified investor concern; the shares plunged in after‑hours trading (~mid‑to‑high teens percentage move reported) as the market digested weaker revenue guidance. Read More.

Hedge Funds Weigh In On Upwork

Large investors have recently added to or reduced their stakes in the company. Mcguire Capital Advisors Inc. bought a new position in Upwork in the fourth quarter worth about $66,000. EverSource Wealth Advisors LLC raised its holdings in Upwork by 19,361.1% in the second quarter. EverSource Wealth Advisors LLC now owns 3,503 shares of the company’s stock worth $47,000 after purchasing an additional 3,485 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in Upwork by 103.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,103 shares of the company’s stock worth $81,000 after purchasing an additional 2,087 shares in the last quarter. Parkside Financial Bank & Trust raised its holdings in Upwork by 37.2% in the fourth quarter. Parkside Financial Bank & Trust now owns 5,629 shares of the company’s stock worth $112,000 after purchasing an additional 1,527 shares in the last quarter. Finally, Blair William & Co. IL bought a new position in Upwork in the fourth quarter worth about $199,000. 77.71% of the stock is currently owned by institutional investors.

About Upwork

Upwork Inc operates a leading online talent marketplace that connects businesses with independent professionals worldwide. Through its digital platform, the company enables clients across industries—including technology, marketing, creative services and customer support—to source, hire and manage freelance talent on demand. Key features of the Upwork platform include streamlined job posting, proposal evaluation, time-tracking tools, invoicing and secure payment processing, all designed to simplify collaboration between clients and remote workers.

The company traces its roots to the merger of two pioneering freelance marketplaces, Elance (founded in 1998) and oDesk (founded in 2003), which combined in 2015 to form a unified entity.