LSV Asset Management discloses 5% Upwork (UPWK) stake

Rhea-AI Filing Summary

LSV Asset Management has filed a Schedule 13G reporting beneficial ownership of 6,537,275 shares of Upwork, Inc. Class A common stock, representing 5.0% of the class as of the event date. LSV has sole voting power over 4,546,011 shares and sole dispositive power over all 6,537,275 shares. The filing states the securities are held in the ordinary course of business, not to change or influence control of Upwork, and that LSV’s clients, including funds and managed accounts, have the right to receive dividends or sale proceeds on these securities.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

UPWORK, INC

(Name of Issuer)

Class A Common Stock

(Title of Class of Securities)

91688F104

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 91688F104

1

Names of Reporting Persons

LSV ASSET MANAGEMENT

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 4,546,011.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,537,275.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,537,275.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.0 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: UPWORK, INC
(b)	Address of issuer's principal executive offices: 530 LYTTON AVENUE, SUITE 301, PALO ALTO, CALIFORNIA, 94301
Item 2.
(a)	Name of person filing: LSV Asset Management
(b)	Address or principal business office or, if none, residence: 155 North Wacker Drive, Suite 4600
(c)	Citizenship: United States
(d)	Title of class of securities: Class A Common Stock
(e)	CUSIP No.: 91688F104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 6,537,275
(b)	Percent of class: 5.0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 4,546,011
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 6,537,275
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. THE CLIENTS OF LSV ASSET MANAGEMENT, INCLUDING FUNDS AND/OR MANAGED ACCOUNTS, HAVE THE RIGHT TO RECEIVE OR THE POWER TO DIRECT THE RECEIPT OF DIVIDENDS FROM, OR THE PROCEEDS FROM THE SALE OF, SECURITIES OF THE ISSUER.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

LSV ASSET MANAGEMENT

Signature:	JOSH O'DONNELL
Name/Title:	CHIEF COMPLIANCE OFFICER
Date:	02/05/2026

FAQ

What stake in Upwork (UPWK) does LSV Asset Management report on this Schedule 13G?

LSV Asset Management reports beneficial ownership of 6,537,275 shares of Upwork Class A common stock, representing 5.0% of the class. This makes LSV a significant institutional holder required to disclose its position under beneficial ownership rules.

What voting and dispositive powers over Upwork (UPWK) shares does LSV Asset Management disclose?

LSV Asset Management discloses sole voting power over 4,546,011 shares and sole dispositive power over 6,537,275 shares of Upwork Class A common stock. It reports no shared voting or shared dispositive power over any of these securities in the filing.

Who ultimately benefits from the Upwork (UPWK) shares held by LSV Asset Management?

The filing states that clients of LSV Asset Management, including funds and managed accounts, have the right to receive or direct the receipt of dividends and sale proceeds from the Upwork securities, rather than LSV’s own proprietary economic benefit alone.

How does LSV Asset Management describe the purpose of holding its Upwork (UPWK) stake?

LSV certifies the Upwork securities were acquired and are held in the ordinary course of business. It further states they were not acquired and are not held for the purpose or effect of changing or influencing control of Upwork, Inc.

What type of security in Upwork (UPWK) is covered by this Schedule 13G filing?

The Schedule 13G covers Class A common stock of Upwork, Inc., identified by CUSIP 91688F104. All reported ownership, voting power, and dispositive power figures in the filing relate specifically to this class of Upwork’s equity securities.