NASDAQ : UPLD
Upland Software, Inc. — Financial statements
Technology · Software - Application · United States
Last price 3.98 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 11.77M
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Financial statements
Upland Software, Inc. (UPLD) reported revenue of 197.67M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 197.67M | 216.88M | 274.79M | 297.85M | 317.30M | 302.02M |
| Cost of Revenue | 46.88M | 54.76M | 81.09M | 96.36M | 103.74M | 99.45M |
| Gross Profit | 150.79M | 162.12M | 193.70M | 201.49M | 213.56M | 202.56M |
| Selling, General & Admin | 72.36M | 82.14M | 115.76M | 125.61M | 129.88M | 125.70M |
| Research & Development | 31.00M | 36.51M | 47.37M | 49.38M | 46.19M | 42.69M |
| Operating Expenses | 126.55M | 145.50M | 208.75M | 233.59M | 219.73M | 209.71M |
| Operating Income | 24.24M | 16.62M | -15.05M | -32.10M | -6.17M | -7.14M |
| Interest Expense | -18.19M | -15.79M | -8.94M | -18.68M | -29.14M | -31.63M |
| Currency Exchange Gain (Loss) | 45.00K | -700.00K | 1.10M | -1.00M | 48.60K | |
| Other Non Operating Income (Expenses) | 48.00K | 48.00K | 42.00K | 236.00K | 219.00K | -301.60K |
| EBT Excluding Unusual Items | 6.14M | 182.00K | -22.85M | -50.55M | -36.10M | -39.02M |
| Merger & Restructuring Charges | -9.72M | -9.72M | -19.00K | -3.06M | -21.56M | -21.23M |
| Impairment of Goodwill | -35.25M | -2.47M | -87.23M | -128.75M | -12.50M | |
| Gain (Loss) on Sale of Assets | 8.13M | -24.36M | ||||
| Other Unusual Items | -2.30M | -2.30M | -6.30M | |||
| Pretax Income | -33.00M | -38.67M | -110.09M | -182.37M | -70.15M | -66.56M |
| Income Tax Expense | 3.58M | 232.00K | 2.64M | -2.49M | -1.74M | -8.34M |
| Net Income | -36.58M | -38.90M | -112.73M | -179.87M | -68.41M | -58.21M |
| Preferred Dividends & Other Adjustments | 5.98M | 5.85M | 5.59M | 5.35M | 1.85M | |
| Net Income to Common | -42.55M | -44.75M | -118.32M | -185.22M | -70.26M | -58.21M |
| Shares Outstanding (Basic) | 2.91M | 2.86M | 2.78M | 3.21M | 3.15M | 3.03M |
| Shares Outstanding (Diluted) | 2.91M | 2.86M | 2.78M | 3.21M | 3.15M | 3.03M |
| EPS (Basic) | -14.64 | -15.64 | -42.58 | -57.75 | -22.28 | -19.21 |
| EPS (Diluted) | -14.64 | -15.64 | -42.58 | -57.75 | -22.28 | -19.21 |
| Free Cash Flow | 24.72M | 24.45M | 23.36M | 48.72M | 29.11M | 40.62M |
| Free Cash Flow Per Share | 8.50 | 8.54 | 8.40 | 15.19 | 9.23 | 13.41 |
| Gross Margin | 76.28% | 74.75% | 70.49% | 67.65% | 67.31% | 67.07% |
| Operating Margin | 12.26% | 7.66% | -5.48% | -10.78% | -1.94% | -2.37% |
| Profit Margin | -21.53% | -20.64% | -43.06% | -62.19% | -22.14% | -19.27% |
| Free Cash Flow Margin | 12.50% | 11.27% | 8.50% | 16.36% | 9.18% | 13.45% |
| EBITDA | 51.61M | 48.76M | 39.94M | 39.88M | 49.97M | 45.78M |
| EBITDA Margin | 26.11% | 22.48% | 14.53% | 13.39% | 15.75% | 15.16% |
| D&A For EBITDA | 27.38M | 32.14M | 54.99M | 71.98M | 56.15M | 52.93M |
| EBIT | 24.24M | 16.62M | -15.05M | -32.10M | -6.17M | -7.14M |
| EBIT Margin | 12.26% | 7.66% | -5.48% | -10.78% | -1.94% | -2.37% |
| Revenue as Reported | 197.67M | 216.88M | 274.79M | 297.85M | 317.30M | 302.02M |
| Advertising Expenses | 1.00M | 2.30M | 2.00M | 800.00K | 900.00K |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 31.04M | 29.40M | 56.43M | 236.56M | 248.65M | 189.16M |
| Cash & Short-Term Investments | 31.04M | 29.40M | 56.43M | 236.56M | 248.65M | 189.16M |
| Accounts Receivable | 23.57M | 29.58M | 42.09M | 41.47M | 52.91M | 55.30M |
| Other Receivables | 3.97M | 1.83M | 762.00K | 3.77M | 542.00K | |
| Receivables | 28.04M | 31.92M | 42.85M | 45.24M | 53.45M | 55.30M |
| Prepaid Expenses | 5.06M | 7.65M | 10.13M | 8.00M | 8.23M | 8.71M |
| Restricted Cash | 626.00K | 626.00K | 626.00K | |||
| Other Current Assets | 5.34M | 5.66M | 8.36M | 10.43M | 10.96M | 9.82M |
| Total Current Assets | 70.11M | 75.25M | 118.39M | 300.23M | 321.30M | 262.99M |
| Property, Plant & Equipment | 2.95M | 3.53M | 2.88M | 4.86M | 7.55M | 9.12M |
| Long-Term Investments | 120.00K | 15.00K | 9.74M | 14.27M | 41.17M | |
| Goodwill | 222.69M | 259.63M | 260.98M | 353.78M | 477.04M | 457.47M |
| Other Intangible Assets | 48.81M | 62.32M | 123.90M | 182.35M | 248.85M | 279.92M |
| Long-Term Deferred Charges | 7.57M | 7.87M | 12.15M | 12.57M | 13.79M | 14.81M |
| Other Long-Term Assets | 2.11M | 2.07M | 1.48M | 1.97M | 3.76M | 4.70M |
| Total Assets | 356.57M | 413.18M | 529.52M | 870.02M | 1.11B | 1.03B |
| Accounts Payable | 2.46M | 2.14M | 9.39M | 8.14M | 14.94M | 20.36M |
| Accrued Expenses | 6.89M | 8.30M | 13.10M | 14.22M | 18.04M | 18.91M |
| Current Portion of Long-Term Debt | 4.12M | 7.74M | 3.22M | 3.17M | 3.14M | 3.17M |
| Current Portion of Leases | 646.00K | 817.00K | 1.00M | 2.35M | 3.21M | 3.55M |
| Current Unearned Revenue | 66.10M | 74.77M | 93.71M | 102.76M | 106.47M | 102.85M |
| Other Current Liabilities | 5.43M | 7.61M | ||||
| Total Current Liabilities | 80.22M | 93.76M | 120.42M | 130.65M | 151.21M | 156.44M |
| Long-Term Debt | 219.72M | 224.67M | 286.97M | 473.50M | 511.85M | 523.57M |
| Long-Term Leases | 1.77M | 1.97M | 762.00K | 1.60M | 4.95M | 6.77M |
| Long-Term Unearned Revenue | 5.51M | 4.84M | 4.67M | 3.86M | 4.71M | 2.06M |
| Long-Term Deferred Tax Liabilities | 6.38M | 6.72M | 11.35M | 16.02M | 18.42M | 22.79M |
| Other Long-Term Liabilities | 619.00K | 505.00K | 428.00K | 461.00K | 1.17M | 1.08M |
| Total Liabilities | 314.22M | 332.47M | 424.60M | 626.09M | 692.30M | 712.72M |
| Common Stock | 3.00K | 3.00K | 3.00K | 3.00K | 3.00K | |
| Additional Paid-In Capital | 605.92M | 607.27M | 605.29M | 609.00M | 606.75M | 568.38M |
| Retained Earnings | -677.06M | -640.51M | -601.60M | -488.87M | -309.00M | -240.59M |
| Comprehensive Income & Other | -18.61M | -15.14M | -21.99M | 6.17M | 11.11M | -11.51M |
| Total Common Equity | -89.75M | -48.37M | -18.30M | 126.29M | 308.87M | 316.29M |
| Shareholders' Equity | 42.35M | 80.71M | 104.92M | 243.93M | 421.16M | 316.29M |
| Total Liabilities & Equity | 356.57M | 413.18M | 529.52M | 870.02M | 1.11B | 1.03B |
| Total Debt | 226.26M | 235.19M | 291.96M | 480.62M | 523.13M | 537.06M |
| Net Cash (Debt) | -195.21M | -205.80M | -235.53M | -244.06M | -274.48M | -347.90M |
| Net Cash Per Share | -67.15 | -71.92 | -84.76 | -76.09 | -87.06 | -114.83 |
| Filing Date Shares Outstanding | 2.96M | 2.91M | 2.82M | 2.89M | 3.22M | 3.11M |
| Total Common Shares Outstanding | 2.96M | 2.91M | 2.82M | 2.99M | 3.22M | 3.11M |
| Working Capital | -10.11M | -18.51M | -2.03M | 169.59M | 170.08M | 106.55M |
| Book Value Per Share | -30.35 | -16.61 | -6.50 | 42.23 | 95.86 | 101.71 |
| Tangible Book Value | -361.26M | -370.32M | -403.18M | -409.83M | -417.02M | -421.10M |
| Tangible Book Value Per Share | -122.16 | -127.18 | -143.13 | -137.03 | -129.42 | -135.42 |
| Machinery | 5.12M | 5.62M | 6.00M | 6.57M | 15.99M | |
| Leasehold Improvements | 1.23M | 639.00K | 836.00K | 1.04M | 1.77M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -36.58M | -38.90M | -112.73M | -179.87M | -68.41M | -58.21M |
| Depreciation & Amortization | 27.38M | 32.14M | 54.99M | 71.98M | 56.15M | 52.93M |
| Other Amortization | 6.85M | 8.13M | 12.15M | 13.17M | 12.20M | 8.95M |
| Loss (Gain) From Sale of Assets | 483.00K | 24.42M | 17.00K | 47.00K | 79.00K | |
| Asset Writedown & Restructuring Costs | 35.25M | 2.47M | 87.23M | 128.75M | 12.50M | |
| Stock-Based Compensation | 5.15M | 9.11M | 15.27M | 22.87M | 41.60M | 53.87M |
| Other Operating Activities | -4.74M | -6.79M | -16.64M | -7.72M | -4.91M | -13.41M |
| Change in Accounts Receivable | -262.00K | 5.39M | -328.00K | 8.92M | 9.69M | -1.67M |
| Change in Accounts Payable | -388.00K | -5.72M | 1.34M | -6.90M | -7.17M | 10.87M |
| Change in Unearned Revenue | -4.31M | -1.61M | -6.49M | -5.52M | -4.99M | 5.58M |
| Change in Other Net Operating Assets | -3.65M | -2.84M | -10.57M | 4.21M | -16.75M | -17.16M |
| Operating Cash Flow | 25.18M | 25.80M | 24.24M | 49.94M | 29.98M | 41.74M |
| Capital Expenditures | -462.00K | -1.35M | -882.00K | -1.22M | -866.00K | -1.11M |
| Cash Acquisitions | -62.36M | -92.42M | ||||
| Divestitures | 750.00K | 9.81M | ||||
| Other Investing Activities | 700.00K | 339.00K | ||||
| Investing Cash Flow | 988.00K | 8.80M | -882.00K | -1.22M | -63.22M | -93.53M |
| Long-Term Debt Issued | 234.60M | |||||
| Long-Term Debt Repaid | -295.15M | -188.40M | -40.40M | -5.40M | -5.41M | |
| Net Debt Issued (Repaid) | -33.90M | -60.55M | -188.40M | -40.40M | -5.40M | -5.41M |
| Issuance of Common Stock | 5.00K | 191.00K | 274.00K | |||
| Repurchase of Common Stock | -718.00K | -1.27M | -13.55M | -15.15M | -1.58M | -982.00K |
| Other Financing Activities | -1.86M | -1.62M | -358.00K | -5.84M | -9.51M | -2.06M |
| Financing Cash Flow | -36.48M | -63.45M | -202.31M | -61.38M | 94.15M | -8.18M |
| Foreign Exchange Rate Adjustments | 345.00K | 1.82M | -557.00K | 567.00K | -1.41M | -897.00K |
| Net Cash Flow | -9.97M | -27.03M | -179.51M | -12.09M | 59.49M | -60.87M |
| Free Cash Flow | 24.72M | 24.45M | 23.36M | 48.72M | 29.11M | 40.62M |
| Free Cash Flow Margin | 12.50% | 11.27% | 8.50% | 16.36% | 9.18% | 13.45% |
| Free Cash Flow Per Share | 8.50 | 8.54 | 8.40 | 15.19 | 9.23 | 13.41 |
| Levered Free Cash Flow | 35.86M | 33.66M | 59.31M | 64.29M | 83.34M | 118.87M |
| Unlevered Free Cash Flow | 47.23M | 43.53M | 64.90M | 75.97M | 101.55M | 138.64M |
| Cash Interest Paid | 23.95M | 20.40M | 28.90M | 32.14M | 29.12M | 29.43M |
| Cash Income Tax Paid | 6.85M | 6.95M | 2.02M | 7.11M | 3.88M | 2.85M |
| Change in Working Capital | -8.61M | -4.78M | -16.04M | 709.00K | -19.23M | -2.38M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 11.77M | 41.31M | 119.09M | 132.78M | 226.58M | 547.65M |
| Enterprise Value | 206.98M | 382.93M | 480.57M | 492.29M | 620.79M | 914.03M |
| Last Close Price | 3.98 | 14.30 | 43.40 | 42.30 | 71.30 | 179.40 |
| Forward PE | 0.65 | 1.97 | 5.28 | 5.52 | 5.00 | 9.99 |
| PS Ratio | 0.06 | 0.19 | 0.43 | 0.45 | 0.71 | 1.81 |
| PB Ratio | 0.28 | 0.51 | 1.14 | 0.54 | 0.54 | 1.73 |
| P/FCF Ratio | 0.48 | 1.69 | 5.10 | 2.73 | 7.78 | 13.48 |
| P/OCF Ratio | 0.47 | 1.60 | 4.91 | 2.66 | 7.56 | 13.12 |
| PEG Ratio | 0.80 | 1.06 | 0.55 | 0.25 | 0.50 | |
| EV/Sales Ratio | 1.05 | 1.77 | 1.75 | 1.65 | 1.96 | 3.03 |
| EV/EBITDA Ratio | 4.01 | 7.85 | 12.03 | 12.34 | 12.42 | 19.96 |
| EV/EBIT Ratio | 8.54 | 23.04 | ||||
| EV/FCF Ratio | 8.37 | 15.66 | 20.57 | 10.10 | 21.32 | 22.50 |
| Debt / Equity Ratio | 5.34 | 2.91 | 2.78 | 1.97 | 1.24 | 1.70 |
| Debt / EBITDA Ratio | 4.31 | 4.72 | 7.06 | 11.62 | 9.96 | 10.33 |
| Debt / FCF Ratio | 9.15 | 9.62 | 12.50 | 9.86 | 17.97 | 13.22 |
| Net Debt / Equity Ratio | 4.61 | 2.55 | 2.25 | 1.00 | 0.65 | 1.10 |
| Net Debt / EBITDA Ratio | 3.78 | 4.22 | 5.90 | 6.12 | 5.49 | 7.60 |
| Net Debt / FCF Ratio | 7.90 | 8.42 | 10.08 | 5.01 | 9.43 | 8.56 |
| Asset Turnover | 0.49 | 0.46 | 0.39 | 0.30 | 0.30 | 0.30 |
| Quick Ratio | 0.73 | 0.65 | 0.82 | 2.16 | 2.00 | 1.56 |
| Current Ratio | 0.87 | 0.80 | 0.98 | 2.30 | 2.12 | 1.68 |
| Return on Equity (ROE) | -58.02% | -41.91% | -64.63% | -54.09% | -18.55% | -18.69% |
| Return on Assets (ROA) | 3.79% | 2.20% | -1.34% | -2.02% | -0.36% | -0.44% |
| Return on Capital Employed (ROCE) | 8.80% | 5.20% | -3.70% | -4.30% | -0.60% | -0.80% |
| Earnings Yield | -367.82% | -94.16% | -94.66% | -135.47% | -30.19% | -10.63% |
| FCF Yield | 210.01% | 59.17% | 19.61% | 36.70% | 12.85% | 7.42% |
| Buyback Yield / Dilution | -4.16% | -2.97% | 13.36% | -1.73% | -4.07% | -13.76% |