Upwork Inc. (NASDAQ: UPWK) saw its stock climb 6% on Wednesday after the company disclosed that its board of directors had authorized a new $300 million share repurchase program. The announcement comes on the heels of repurchase activity earlier in 2025.
In 2025 Upwork deployed $136 million to buy back more than 9 million shares. Taken together with prior authorizations, the company has now committed $600 million to share repurchases since November 2023.
"2025 was a pivotal year for Upwork, as we returned to GSV growth and delivered record financial results," said Hayden Brown, president and CEO of Upwork. "Our performance and strong balance sheet position us to return value to shareholders while continuing to invest in the key growth levers already delivering value for our business: SMB, AI, and Enterprise."
Company leadership also indicated that Upwork enters 2026 with a stated plan to accelerate Gross Services Value (GSV) and revenue growth while reinforcing its position in providing skilled talent and AI-powered work solutions.
The freshly approved buyback is presented by management as part of a broader effort to enhance long-term shareholder value while preserving investment in strategic growth areas. Upwork currently carries a market capitalization of $1.67 billion.
The new authorization expands the company’s flexibility to manage its capital structure and return cash to shareholders through open-market repurchases. The board’s approval followed the prior execution of repurchases earlier in the year, and the total authorized program since late 2023 now totals $600 million.
Investors reacted positively to the announcement, lifting the stock by 6% on the session when the program became public. Management emphasized the dual priorities of returning capital and continuing to fund initiatives tied to SMB customers, AI integration, and enterprise engagements.
Summary
Upwork’s board has authorized a $300 million share repurchase program after $136 million was used to repurchase over 9 million shares in 2025. Combined with earlier approvals, the company has committed $600 million to buybacks since November 2023. Management highlighted returning value to shareholders alongside continued investment in SMB, AI and Enterprise initiatives, and the stock rose 6% on the announcement.