Upwork authorizes additional $100 million share repurchase program

PALO ALTO - Upwork Inc. (NASDAQ:UPWK), currently trading at $16.45 and maintaining impressive gross profit margins of 78%, announced Wednesday that its board of directors has approved a new $100 million share repurchase program, marking the company’s third such authorization since November 2023.

The work marketplace platform said the repurchases may be executed through open market transactions, including through Rule 10b5-1 trading plans, or through privately negotiated transactions. The program has no expiration date and can be suspended or terminated at any time.

"Upwork’s financial results continue to exceed expectations, giving us another opportunity to utilize our balance sheet to increase shareholder value," said Hayden Brown, president and CEO of Upwork, in a press release statement. According to InvestingPro data, the company holds more cash than debt and maintains a healthy current ratio of 3.36x, supporting its strong financial position. Seven analysts have recently revised their earnings expectations upward for the upcoming period.

The company noted that the timing and amount of any share repurchases will depend on market conditions and other factors, and the authorization does not obligate Upwork to repurchase any specific dollar amount or number of shares.

Upwork operates a marketplace that connects businesses with independent professionals across various skill categories including software development, AI and machine learning, marketing, and finance. The company reports having facilitated more than $25 billion in talent earnings since its founding.

The announcement comes as Upwork continues to report strong financial performance, with Brown stating that the company’s "operational discipline and rapid execution" is enabling growth in Gross Services Value (GSV) and market share gains.

In other recent news, Upwork Inc. reported its second-quarter 2025 earnings, which surpassed expectations. The company achieved earnings per share of $0.35, beating the projected $0.27, and recorded revenue of $194.9 million, exceeding the anticipated $187.56 million. This performance was driven by strong client activity and solid spending per active client, attributed to Upwork’s AI features, despite broader economic challenges. Additionally, Goldman Sachs adjusted its price target for Upwork to $24, down from $25, while maintaining a Buy rating, reflecting confidence in the company’s trajectory. In another development, Upwork announced the appointment of Anthony Kappus as its first chief operating officer, effective September 2. Kappus, with over a decade of experience at Redfin, will manage several key departments, including legal and customer support. These recent developments highlight Upwork’s strategic moves and operational achievements.

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