UPWORK, INC (UPWK)

Nasdaq · Common Stock · Services-Computer Processing & Data Preparation

One email a week from me: what it filed, which 13F holders added or cut, where its scores stand. Free.

Corporate structure

14 entities across 5 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-02-13 — see the exhibit.

Which other public companies file entities in the same places:

Delaware9 Netherlands2 Canada1 Ireland1 California1

Subsidiaries of UPWORK, INC as disclosed in its SEC filing
Entity	Jurisdiction	Note
Ascen Inc.	Delaware
Ascen Workforce Canada Inc.	Canada
Ascen Workforce, LLC	Delaware
Bubty B.V.	Netherlands
Elance Limited	Ireland
Elance LLC	Delaware
Lifted Solutions LLC	Delaware
Lifted Talent Group LLC	Delaware
Payment Escrow Inc.	Delaware
Tallance B.V.	Netherlands
UPW Holdco, Inc.	Delaware
Upwork Global LLC	California
Upwork Payments Inc.	Delaware
Upwork Services LLC	Delaware

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

6 / 9

PASSReturn on assets positiveROA 8.9%
PASSOperating cash flow positiveOCF 248M
FAILReturn on assets improving17.8% → 8.9%
PASSCash flow exceeds earningsOCF 248M vs NI 115M
PASSLong-term debt ratio falling29.5% → 0.0% of assets
FAILCurrent ratio improving3.39 → 1.46
PASSNo share dilution143M → 141M shares
PASSGross margin improving77.4% → 77.8%
FAILAsset turnover improving0.63× → 0.61×

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2020	$373.6M	−$22.9M	$16.0M	72.1%	118,698,567
FY2021	$502.8M	−$56.2M	$9.8M	73.0%	127,163,591
FY2022	$618.3M	−$89.9M	$5.3M	74.1%	130,517,920
FY2023	$689.1M	$46.9M	$26.5M	75.3%	137,263,230
FY2024	$769.3M	$215.6M	$150.0M	77.4%	143,152,029
FY2025	$787.8M	$115.4M	$242.5M	77.8%	140,659,603

Ownership flow

12 institutions tracked — 7 added, 4 reduced, 1 opened a new position, 1 sold out. Index money added 584,193 shares while active managers cut 16,253,790.

Institutional holders of UPWORK, INC and their share-count change
Manager	Kind	Shares	Change	Value
PRICE T ROWE ASSOCIATES INC /MD/	Active fund	238,853	−17,196,610	$2.0M
FMR LLC	Active fund	687,435	−2,382,836	$5.7M
CITADEL ADVISORS LLC	Hedge fund	2,089,118	+1,389,134	$17.5M
MORGAN STANLEY	Active fund	2,463,966	+1,278,271	$20.6M
AQR CAPITAL MANAGEMENT LLC	Hedge fund	1,083,475	+926,910	$9.1M
BlackRock, Inc.	Index	19,259,723	+403,601	$161.0M
RENAISSANCE TECHNOLOGIES LLC	Hedge fund	1,681,020	−359,300	$14.1M
JPMORGAN CHASE & CO	Active fund	726,095	+315,268	$6.1M
BANK OF AMERICA CORP /DE/	Active fund	704,083	−224,627	$5.9M
GEODE CAPITAL MANAGEMENT, LLC	Index	3,253,955	+110,675	$27.2M
STATE STREET CORP	Index	5,195,259	+69,917	$43.4M

Point72 Asset Management, L.P. holds a position with no prior filing to compare against, so its change is unknown rather than zero — and it is left out of the totals above.

From 13F filings, which cover institutions managing over $100m and are filed up to 45 days after the quarter ends — so this is a considered position, not a live one, and it is not the whole shareholder register.

Capital returned

What the company actually paid out and bought back, as reported — the record behind any yield figure.

Shares repurchased

2026Q1: $107.9M
2025Q1: $33.1M
2024Q1: $66.9M
2023Q1: $0

Identity

CIK: 0001627475
LEI: 5493004QJ6WWBXVE2S70
FIGI: BBG00FBJ6390
SIC: 7374 · Services-Computer Processing & Data Preparation
Incorporated: DE
Headquarters: PALO ALTO, CA

Ownership

Institutional: 104.8%
Institutions: 416
Insiders: 5.3%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Other services-computer processing & data preparation companies

UPWORK, INC files under SIC 7374 — all 21 services-computer processing & data preparation companies compared on assets and F-score.

AUTOMATIC DATA PROCESSING INCADP Workday, Inc.WDAY DXC Technology CoDXC CLARIVATE PLCCLVT FIRST ADVANTAGE CORPFA Reddit, Inc.RDDT

Questions about UPWORK, INC

How many subsidiaries does UPWORK, INC file with the SEC?: 14, listed in its most recent exhibit 21. They are incorporated across 5 jurisdictions, led by Delaware, Canada, Netherlands. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.
Is UPWORK, INC financially healthy?: UPWORK, INC scores 6 out of 9 on the Piotroski F-score. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.
Who are the largest institutional holders of UPWORK, INC?: Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), STATE STREET CORP (adding), GEODE CAPITAL MANAGEMENT, LLC (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

This page is one panel of the terminal

The structure map above is the Corporate Blueprint, and in the desktop it is interactive — click any entity to re-centre the map on it and walk the ownership chain. It sits alongside the screener, the scorecard and the filings lab on one desk, on your machine.

Download the terminal See pricing

Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.

Corporate structure

14 entities across 5 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-02-13 — see the exhibit.

Entity

Jurisdiction

Note

Ascen Inc.

Delaware

Ascen Workforce Canada Inc.

Canada

Ascen Workforce, LLC

Delaware

Bubty B.V.

Netherlands

Elance Limited

Ireland

Elance LLC

Delaware

Lifted Solutions LLC

Delaware

Lifted Talent Group LLC

Delaware

Payment Escrow Inc.

Delaware

Tallance B.V.

Netherlands

UPW Holdco, Inc.

Delaware

Upwork Global LLC

California

Upwork Payments Inc.

Delaware

Upwork Services LLC

Delaware

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

6 / 9

PASSReturn on assets positiveROA 8.9%
PASSOperating cash flow positiveOCF 248M
FAILReturn on assets improving17.8% → 8.9%
PASSCash flow exceeds earningsOCF 248M vs NI 115M
PASSLong-term debt ratio falling29.5% → 0.0% of assets
FAILCurrent ratio improving3.39 → 1.46
PASSNo share dilution143M → 141M shares
PASSGross margin improving77.4% → 77.8%
FAILAsset turnover improving0.63× → 0.61×

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2020	$373.6M	−$22.9M	$16.0M	72.1%	118,698,567
FY2021	$502.8M	−$56.2M	$9.8M	73.0%	127,163,591
FY2022	$618.3M	−$89.9M	$5.3M	74.1%	130,517,920
FY2023	$689.1M	$46.9M	$26.5M	75.3%	137,263,230
FY2024	$769.3M	$215.6M	$150.0M	77.4%	143,152,029
FY2025	$787.8M	$115.4M	$242.5M	77.8%	140,659,603

Ownership flow

12 institutions tracked — 7 added, 4 reduced, 1 opened a new position, 1 sold out. Index money added 584,193 shares while active managers cut 16,253,790.

Institutional holders of UPWORK, INC and their share-count change
Manager	Kind	Shares	Change	Value
PRICE T ROWE ASSOCIATES INC /MD/	Active fund	238,853	−17,196,610	$2.0M
FMR LLC	Active fund	687,435	−2,382,836	$5.7M
CITADEL ADVISORS LLC	Hedge fund	2,089,118	+1,389,134	$17.5M
MORGAN STANLEY	Active fund	2,463,966	+1,278,271	$20.6M
AQR CAPITAL MANAGEMENT LLC	Hedge fund	1,083,475	+926,910	$9.1M
BlackRock, Inc.	Index	19,259,723	+403,601	$161.0M
RENAISSANCE TECHNOLOGIES LLC	Hedge fund	1,681,020	−359,300	$14.1M
JPMORGAN CHASE & CO	Active fund	726,095	+315,268	$6.1M
BANK OF AMERICA CORP /DE/	Active fund	704,083	−224,627	$5.9M
GEODE CAPITAL MANAGEMENT, LLC	Index	3,253,955	+110,675	$27.2M
STATE STREET CORP	Index	5,195,259	+69,917	$43.4M

Point72 Asset Management, L.P. holds a position with no prior filing to compare against, so its change is unknown rather than zero — and it is left out of the totals above.

Questions about UPWORK, INC

How many subsidiaries does UPWORK, INC file with the SEC?

14, listed in its most recent exhibit 21. They are incorporated across 5 jurisdictions, led by Delaware, Canada, Netherlands. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.

Is UPWORK, INC financially healthy?

UPWORK, INC scores 6 out of 9 on the Piotroski F-score. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

Who are the largest institutional holders of UPWORK, INC?

Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), STATE STREET CORP (adding), GEODE CAPITAL MANAGEMENT, LLC (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.