Upwork (NASDAQ:UPWK) Releases Q2 2026 Earnings Guidance

Upwork (NASDAQ:UPWK) issued an update on its second quarter 2026 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 0.350-0.370 for the period, compared to the consensus estimate of 0.330. The company issued revenue guidance of $187.0 million-$193.0 million, compared to the consensus revenue estimate of $204.0 million. Upwork also updated its FY 2026 guidance to 1.500-1.550 EPS.

Upwork Price Performance

NASDAQ: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 3,662,660. The firm’s 50-day moving average is $11.56 and its 200-day moving average is $16.06. The stock has a market cap of $1.31 billion, a P/E ratio of 12.63 and a beta of 1.07. Upwork has a 1-year low of $10.02 and a 1-year high of $22.84.

Upwork (NASDAQ:UPWK) last announced its earnings results on Thursday, May 7th. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.10. The firm had revenue of $195.48 million for the quarter, compared to analysts’ expectations of $195.90 million. Upwork had a return on equity of 18.76% and a net margin of 14.65%.Upwork has set its FY 2026 guidance at 1.500-1.550 EPS and its Q2 2026 guidance at 0.350-0.370 EPS. As a group, research analysts predict that Upwork will post 1.4 earnings per share for the current year.

Upwork announced that its board has initiated a stock repurchase program on Wednesday, February 18th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to buy up to 18% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

UPWK has been the topic of several analyst reports. Scotiabank decreased their price objective on Upwork from $17.00 to $15.00 and set a “sector perform” rating on the stock in a report on Tuesday, February 10th. Weiss Ratings restated a “hold (c+)” rating on shares of Upwork in a report on Wednesday, January 21st. UBS Group decreased their price objective on Upwork from $26.00 to $23.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Canaccord Genuity Group set a $22.00 price objective on Upwork in a report on Tuesday, February 10th. Finally, Needham & Company LLC restated a “buy” rating and set a $25.00 price objective on shares of Upwork in a report on Tuesday, February 10th. Seven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.60.

Insider Buying and Selling

In related news, CFO Erica Gessert sold 26,292 shares of the stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $13.80, for a total value of $362,829.60. Following the transaction, the chief financial officer directly owned 298,386 shares of the company’s stock, valued at approximately $4,117,726.80. This trade represents a 8.10% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Dave Bottoms sold 17,013 shares of the stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $13.80, for a total value of $234,779.40. Following the completion of the transaction, the insider directly owned 15,994 shares in the company, valued at $220,717.20. This trade represents a 51.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 235,186 shares of company stock valued at $3,156,199. 7.50% of the stock is currently owned by company insiders.

Upwork News Roundup

Here are the key news stories impacting Upwork this week:

• Positive Sentiment: Q1 EPS beat consensus — Upwork reported EPS above Street expectations and reiterated/raised full?year adjusted EBITDA and provided FY EPS guidance that topped consensus, which supports profitability improvement. Upwork Reports First Quarter 2026 Financial Results
• Neutral Sentiment: Top?line essentially flat — Q1 revenue was roughly in line with prior quarter/consensus (about $195M), showing slow year?over?year growth; some operational metrics (GSV per active client) improved modestly from SMB and AI work categories. Upwork (NASDAQ:UPWK) Reports Q1 CY2026 In Line With Expectations But Stock Drops 19.3%
• Negative Sentiment: Softer revenue guidance — Management cut Q2 and FY revenue targets (Q2: $187–$193M vs. consensus ~ $204M; FY: $760–$790M vs. consensus ~ $841M), signaling slower demand and driving the sharp after?hours selloff. Upwork Stock Plunges On Q1 Earnings, Softer Revenue Outlook, Restructuring Plan
• Negative Sentiment: Operational and cash flow softness in certain reporting — third?party summaries show declines in operating profit, net income and operating cash flow year?over?year, which may heighten near?term investor concern about growth durability. Upwork Inc. (UPWK) Stock Falls on Q1 2026 Earnings
• Negative Sentiment: Insider selling and mixed institutional moves — notable insider sales over recent months are flagged in data services, which can amplify negative sentiment despite some large institutional buys reported in Q4 2025. Upwork Inc. (UPWK) Stock Falls on Q1 2026 Earnings

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Mcguire Capital Advisors Inc. purchased a new position in shares of Upwork in the 4th quarter worth $66,000. Invesco Ltd. raised its position in shares of Upwork by 19.2% in the 4th quarter. Invesco Ltd. now owns 3,585,846 shares of the company’s stock worth $71,071,000 after buying an additional 576,512 shares during the period. Corient Private Wealth LLC raised its position in shares of Upwork by 25.6% in the 4th quarter. Corient Private Wealth LLC now owns 58,073 shares of the company’s stock worth $1,151,000 after buying an additional 11,829 shares during the period. Mercer Global Advisors Inc. ADV raised its position in shares of Upwork by 16.5% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 36,755 shares of the company’s stock worth $728,000 after buying an additional 5,205 shares during the period. Finally, State of Tennessee Department of Treasury purchased a new position in shares of Upwork in the 4th quarter worth $1,133,000. 77.71% of the stock is owned by hedge funds and other 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.