UPWK at a glance
UPWORK, INC (UPWK, SEC CIK 1627475) filed its latest 10-K annual report on February 13, 2026, a 10-Q quarterly report on August 10, 2026, an 8-K current report on August 10, 2026 and Form 4 insider filings as recently as September 22, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), UPWORK, INC (UPWK) reported revenue of $787.8 million (up 2.4% from FY2024) and net income of $115.4 million. Diluted EPS was $0.84.
- As of June 30, 2026, 32 institutional investment managers tracked by SignalX reported holding UPWORK, INC (UPWK) shares worth $543.8 million in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by Gessert Erica on September 18, 2026 of 9,336 shares at $8.45 per share.
- In the last 90 days, UPWK insiders reported 0 open-market purchases ($0) and 9 open-market sales ($1.5M) on Form 4, a net sale of $1.5M.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $787.8M
- +2.4% vs prior year
- Insiders · 90 days
- 0 buys · 9 sells
- Net −$1.5M
- 13F holders
- 32 funds
- $543.8M · +0 vs prior quarter
- Latest 8-K
- Aug 10, 2026
- Item 2.02
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business model: AI-enabled global platform connecting businesses with freelance, agency, fractional, and payrolled talent across broad skill categories
- NEW emphasis on Lifted subsidiary for enterprise workforce solutions, including Managed Services and diverse contingent labor models (AOR, EOR, outsourcing)
- Strategic shift: Paused some new client acquisition in 2025 to focus on Lifted launch, operational improvements, and cost reduction in enterprise account management
- Quantitative metric: $4.0 billion Gross Services Volume (GSV) transacted in 2025 across 180+ countries; ~630 corporate employees plus 1,600 independent internal contractors
- Noteworthy fact: Integration of AI-driven features throughout platform, including proprietary AI assistant Uma and advanced machine learning models for search, matching, and rate insights
Risk Factors
- Income tax expense $37.8M in 2025 due to valuation allowance on state deferred tax assets reversing $125.2M benefit in 2024
- Geopolitical exposure from global client and talent base; active clients declined 6% YoY to Dec 2025 amid macro slowdown
- Managed Services costs rose $2.9M including $ contract termination charges from reduced client work volume
- Competitive risk from transition to Lifted platform, causing 2% Enterprise revenue decline and requiring further integration investment
- Debt maturity of $ Notes due Aug 15, 2026 poses refinancing risk amid tightening credit markets
Management Discussion & Analysis
- Revenue $787.8M total; Marketplace $682.9M up 3% YoY from $662.1M; Enterprise $104.9M down 2% YoY from $107.2M
- Marketplace take rate 18.7% vs 18.0% in 2024; net income $115.4M down 46% YoY from $215.6M; adjusted EBITDA $225.6M up 35% from $167.6M
- Best segment Marketplace revenue $682.9M up 3%; worst Enterprise revenue $104.9M down 2%
- Management focused on AI capabilities, monetization, and Lifted platform transition; risk due to paused Enterprise client acquisitions
AI summary of the UPWK 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Total revenue $191.7M, down 2% YoY from $194.9M
- Gross margin 76% vs 78% YoY
- Marketplace revenue $166.9M, down 2%; Enterprise revenue $24.8M, up 2%
- Net income $25.4M vs $32.7M; adjusted EBITDA $64.1M vs $57.1M
- GSV $966.4M, down 4%; management expects AI and macroeconomic headwinds to affect revenue through 2026
Risk Factors
- AI-driven demand weakness: GSV declined 4% in Q2 2026 as AI reduced certain freelance-work categories and affected client acquisition
- Regulatory compliance exposure: DFPI or other regulators could require larger cash reserves or action on Upwork’s internet escrow license
- Operational dependence: Banking and payment-partner disruption could impair transaction collection and customer fund disbursement
- Competitive risk: Customers may shift to AI tools replacing traditional talent tasks, reducing platform usage and revenue
- Financial risk: Indebtedness and Credit Agreement covenants could restrict operating flexibility and available cash flow
AI summary of the UPWK 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 2.02: Results of Operations and Financial Condition
- Filing points investors to Exhibit 99.1 for earnings results and GAAP-to-non-GAAP reconciliations
- Management uses investor-relations websites and social-media profiles for earnings announcements and Regulation FD disclosures
Item 5.02: Departure/Appointment of Directors or Principal Officers
- CFO Erica Gessert beginning temporary medical leave July 14, 2026
- CEO Hayden Brown assuming interim principal financial officer responsibilities
Item 1.01: Entry into a Material Definitive Agreement
- $150M secured revolving credit facility, with $10M standby letter-of-credit sublimit
- Additional $50M borrowing capacity available through revolver expansion or term loans
AI summaries of UPWK 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for UPWK
Don't miss the next UPWK filing
- Alerts as it files. A push when UPWK files an 8-K or an insider trades.
- Fund moves. Which tracked funds opened, added or cut UPWK, by share count.
- Ask anything. An AI agent that reads every UPWK filing and answers with sources.
UPWK alerts on your phone. Follow it in the SignalX Android app.
Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Mekhalfa Sabrina | M | Sep 18, 2026 | 3,578 | - |
| Brown Hayden | M | Sep 18, 2026 | 17,733 | - |
| Gessert Erica | Sell | Sep 18, 2026 | 9,336 | $8.45 |
| Gessert Erica | M | Sep 18, 2026 | 9,700 | - |
| Mekhalfa Sabrina | Sell | Sep 18, 2026 | 1,299 | $8.45 |
| Mekhalfa Sabrina | M | Sep 18, 2026 | 3,578 | - |
| Gessert Erica | M | Sep 18, 2026 | 8,433 | - |
| Gessert Erica | M | Sep 18, 2026 | 9,700 | - |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $769.3M | $787.8M |
| Gross Profit | - | $595.2M | $613.0M |
| Operating Income | - | $65.2M | $129.3M |
| Net Income | - | $215.6M | $115.4M |
| Gross Margin | - | 77.4% | 77.8% |
| Op. Margin | - | 8.5% | 16.4% |
| Net Margin | - | 28.0% | 14.7% |
| Balance Sheet | |||
| Total Assets | $1.0B | $1.2B | $1.3B |
| Equity | $381.1M | $575.4M | $630.3M |
| ROE | - | 37.5% | 18.3% |
| Per Share | |||
| EPS | - | $1.52 | $0.84 |
| Cash Flow | |||
| Operating CF | - | $153.6M | $248.3M |
| CapEx | - | $3.5M | $5.8M |
Source: XBRL data in UPWORK, INC (UPWK)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate UPWK share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 32 | $543.8M |
| Q1 2026 | 32 | $836.5M |
| Q4 2025 | 30 | $1.64B |
| Q3 2025 | 30 | $1.25B |
| Q2 2025 | 29 | $881.5M |
| Q1 2025 | 25 | $516.0M |
| Q4 2024 | 21 | $526.4M |
| Q3 2024 | 20 | $115.4M |
- Goldman Sachs Group+1.72M (+67%)
- Citadel Advisors LLC+1.42M (+615%)
- Morgan Stanley+1.28M (+108%)
- Dimensional Fund Advisors+1.03M (+28%)
- AQR Capital Management+926.9K (+592%)
- T. Rowe Price Group−17.20M (-99%)
- FMR LLC (Fidelity)−2.38M (-78%)
- Renaissance Technologies LLC−359.3K (-18%)
- Vanguard Capital Management LLC−298.9K (-5%)
- Invesco Ltd−273.3K (-34%)
- Allstate+57.4K
- Mangrove Partners−61.6K
Source: 13F-HR filings on SEC EDGAR (aggregated from 219 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
UPWK filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Sep 22, 2026 | - | - | - |
| 4 | Sep 22, 2026 | - | - | - |
| 4 | Sep 22, 2026 | - | - | - |
| 4 | Sep 22, 2026 | - | - | - |
| 4 | Aug 20, 2026 | - | - | - |
| 4 | Aug 20, 2026 | - | - | - |
| 4 | Aug 20, 2026 | - | - | - |
| SC 13G | Aug 14, 2026 | - | - | |
| 10-Q | Aug 10, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Aug 10, 2026 | - | Analysis | - |
| 4 | Jul 21, 2026 | - | - | - |
| 8-K | Jul 16, 2026 | - | Analysis | - |
| 8-K | Jun 23, 2026 | - | Analysis | - |
| 4 | Jun 23, 2026 | - | - | - |
| 4 | Jun 23, 2026 | - | - | - |
| 4 | Jun 23, 2026 | - | - | - |
| 4 | Jun 8, 2026 | - | - | |
| 4 | Jun 8, 2026 | - | - | |
| 4 | Jun 8, 2026 | - | - | |
| 4 | Jun 8, 2026 | - | - | |
| 4 | Jun 8, 2026 | - | - | |
| 4 | Jun 8, 2026 | - | - | |
| 4 | Jun 8, 2026 | - | - | |
| 8-K | Jun 5, 2026 | - | Analysis | |
| 4 | May 20, 2026 | - | - |
Related Information Technology companies
- EGHT · 8X8 INC /DE/Services-Computer Processing & Data Preparation
- APLD · Applied Digital Corp.Services-Computer Processing & Data Preparation
- CARG · CarGurus, Inc.Services-Computer Processing & Data Preparation
- CARS · Cars.com Inc.Services-Computer Processing & Data Preparation
- CSGS · CSG SYSTEMS INTERNATIONAL INCServices-Computer Processing & Data Preparation
- QBTS · D-Wave Quantum Inc.Services-Computer Processing & Data Preparation
- FA · FIRST ADVANTAGE CORPServices-Computer Processing & Data Preparation
- FIVN · Five9, Inc.Services-Computer Processing & Data Preparation
UPWK SEC filings: frequently asked questions
Are UPWK insiders buying or selling?
In the last 90 days, UPWORK, INC (UPWK) officers, directors and 10% owners reported no open-market purchases and 9 open-market sales worth $1.5 million by 4 insiders on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold UPWK stock?
As of June 30, 2026, the largest UPWORK, INC (UPWK) holders among the 13F filers tracked by SignalX were BlackRock ($161.0 million), Vanguard Portfolio Management LLC ($66.0 million), Vanguard Capital Management LLC ($44.4 million), State Street Corp ($43.4 million), Dimensional Fund Advisors ($39.7 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was UPWK's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), UPWORK, INC (UPWK) reported revenue of $787.8 million (up 2.4% from FY2024) and net income of $115.4 million. Diluted EPS was $0.84. The figures come from the XBRL data in the 10-K.
What are the main risks in UPWK's latest 10-K?
In the 10-K filed February 13, 2026, UPWORK, INC (UPWK) flagged: Income tax expense $37.8M in 2025 due to valuation allowance on state deferred tax assets reversing $125.2M benefit in 2024. Geopolitical exposure from global client and talent base; active clients declined 6% YoY to Dec 2025 amid macro slowdown. (AI summary of the Risk Factors section.)
What did UPWK report in its latest 8-K?
UPWORK, INC (UPWK) filed an 8-K on August 10, 2026 reporting Item 2.02 (Results of Operations and Financial Condition). Filing points investors to Exhibit 99.1 for earnings results and GAAP-to-non-GAAP reconciliations.
What are the latest UPWK SEC filings?
UPWORK, INC (UPWK) filed its latest 10-K annual report on February 13, 2026, a 10-Q quarterly report on August 10, 2026, an 8-K current report on August 10, 2026 and a Form 4 insider filing on September 22, 2026.
What is UPWK's SEC CIK number?
UPWORK, INC (UPWK)'s SEC Central Index Key (CIK) is 1627475. EDGAR lists every UPWK filing under that number.
Ask anything about UPWK
The research agent reads UPWK's filings, financials, insider trades and 13F holders, then answers with sources.