Upwork (NASDAQ:UPWK) Issues FY 2026 Earnings Guidance

Key Points

• Upwork issued FY 2026 guidance below analyst expectations, forecasting EPS of $1.38–$1.43 versus a $1.52 consensus and revenue of $730 million–$750 million versus an expected $776 million. Q3 2026 EPS guidance was set at $0.31–$0.33.
• Analyst sentiment remains cautious: Upwork has an average “Hold” rating and a consensus price target of $15.50, though recent brokerages have cut price targets and downgraded the stock.
• Shares traded near $9.83, while institutional investors owned 77.71% of the company. The CEO and CFO recently sold shares to cover tax-withholding obligations tied to vested equity awards.

Upwork (NASDAQ:UPWK - Get Free Report) issued an update on its FY 2026 earnings guidance on Monday morning. The company provided EPS guidance of 1.380-1.430 for the period, compared to the consensus estimate of 1.520. The company issued revenue guidance of $730.0 million-$750.0 million, compared to the consensus revenue estimate of $776.0 million. Upwork also updated its Q3 2026 guidance to 0.310-0.330 EPS.

Upwork Price Performance

Shares of UPWK traded up $0.16 during midday trading on Monday, hitting $9.83. The stock had a trading volume of 6,496,018 shares, compared to its average volume of 3,767,414. Upwork has a twelve month low of $7.44 and a twelve month high of $22.84. The company has a 50 day simple moving average of $8.86 and a two-hundred day simple moving average of $11.28. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of 12.14 and a beta of 0.99.

Upwork (NASDAQ:UPWK - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.07. Upwork had a net margin of 13.81% and a return on equity of 17.92%. Upwork has set its FY 2026 guidance at 1.380-1.430 EPS and its Q3 2026 guidance at 0.310-0.330 EPS.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on UPWK. Wall Street Zen cut Upwork from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Weiss Ratings downgraded shares of Upwork from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Wednesday, July 29th. Royal Bank Of Canada lowered their target price on Upwork from $20.00 to $9.00 and set a "sector perform" rating on the stock in a research note on Monday, May 11th. Needham & Company LLC reduced their price target on Upwork from $25.00 to $15.00 and set a "buy" rating on the stock in a research report on Friday, May 8th. Finally, Roth Capital downgraded Upwork from a "buy" rating to a "neutral" rating and set a $10.00 target price for the company. in a research report on Friday, May 8th. Three investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Upwork has an average rating of "Hold" and a consensus target price of $15.50.

Insiders Place Their Bets

In related news, CFO Erica Gessert sold 9,169 shares of Upwork stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $8.15, for a total transaction of $74,727.35. Following the sale, the chief financial officer directly owned 341,609 shares in the company, valued at $2,784,113.35. This trade represents a 2.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Hayden Brown sold 23,468 shares of the firm's stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $8.15, for a total value of $191,264.20. Following the transaction, the chief executive officer owned 797,495 shares of the company's stock, valued at $6,499,584.25. This trade represents a 2.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 34,471 shares of company stock worth $281,446. Insiders own 4.90% of the company's stock.

Institutional Trading of Upwork

Several hedge funds have recently modified their holdings of UPWK. Royal Bank of Canada grew its holdings in Upwork by 68.9% in the first quarter. Royal Bank of Canada now owns 191,587 shares of the company's stock worth $2,501,000 after purchasing an additional 78,123 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Upwork by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,466 shares of the company's stock worth $972,000 after purchasing an additional 3,599 shares in the last quarter. Millennium Management LLC grew its stake in shares of Upwork by 364.0% in the 1st quarter. Millennium Management LLC now owns 789,638 shares of the company's stock valued at $10,305,000 after buying an additional 619,459 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Upwork by 10.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 338,680 shares of the company's stock valued at $4,420,000 after buying an additional 31,378 shares in the last quarter. Finally, Creative Planning raised its stake in Upwork by 16.9% during the 2nd quarter. Creative Planning now owns 29,239 shares of the company's stock worth $393,000 after buying an additional 4,230 shares during the period. Institutional investors own 77.71% of the company's stock.

Upwork Company Profile

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.

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