NASDAQ : UPWK
Upwork Inc. — Financial statements
Communication Services · Internet Content & Information · United States
Last price 9.12 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 1.14B
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Financial statements
Upwork Inc. (UPWK) reported revenue of 787.28M 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 | 787.28M | 787.78M | 769.33M | 689.14M | 618.32M | 502.80M |
| Cost of Revenue | 179.17M | 174.75M | 173.76M | 170.45M | 160.40M | 135.51M |
| Gross Profit | 608.11M | 613.03M | 595.57M | 518.69M | 457.92M | 367.29M |
| Selling, General & Admin | 289.90M | 285.64M | 303.58M | 339.61M | 370.83M | 287.63M |
| Research & Development | 174.86M | 185.54M | 201.13M | 177.36M | 154.55M | 119.08M |
| Other Operating Expenses | 8.88M | 8.14M | 6.73M | 12.98M | 25.15M | 6.05M |
| Operating Expenses | 473.65M | 479.32M | 511.44M | 529.95M | 550.54M | 412.76M |
| Operating Income | 134.47M | 133.71M | 84.13M | -11.26M | -92.62M | -45.48M |
| Interest Expense | -3.19M | -3.15M | -2.76M | -3.22M | -4.48M | |
| Interest & Investment Income | 24.48M | 27.44M | 27.96M | 24.42M | 7.92M | 300.00K |
| Currency Exchange Gain (Loss) | 500.00K | 500.00K | 100.00K | 500.00K | -200.00K | -500.00K |
| Other Non Operating Income (Expenses) | -987.00K | -916.00K | 180.00K | -514.00K | 40.00K | -1.70M |
| EBT Excluding Unusual Items | 155.28M | 157.58M | 109.61M | 9.93M | -89.35M | -47.38M |
| Merger & Restructuring Charges | -15.74M | -4.40M | -19.19M | |||
| Asset Writedown | -8.74M | |||||
| Other Unusual Items | 38.95M | |||||
| Pretax Income | 139.54M | 153.18M | 90.43M | 48.88M | -89.35M | -56.12M |
| Income Tax Expense | 37.70M | 37.75M | -125.16M | 1.99M | 536.00K | 122.00K |
| Net Income | 101.83M | 115.42M | 215.59M | 46.89M | -89.89M | -56.24M |
| Net Income to Common | 101.83M | 115.42M | 215.59M | 46.89M | -89.89M | -56.24M |
| Shares Outstanding (Basic) | 128.64M | 132.49M | 133.62M | 134.77M | 130.52M | 127.16M |
| Shares Outstanding (Diluted) | 136.12M | 140.66M | 143.15M | 137.26M | 130.52M | 127.16M |
| EPS (Basic) | 0.79 | 0.87 | 1.61 | 0.35 | -0.69 | -0.44 |
| EPS (Diluted) | 0.76 | 0.84 | 1.52 | 0.06 | -0.69 | -0.44 |
| Free Cash Flow | 204.40M | 242.47M | 150.03M | 52.02M | 10.25M | 9.81M |
| Free Cash Flow Per Share | 1.50 | 1.72 | 1.05 | 0.38 | 0.08 | 0.08 |
| Gross Margin | 77.24% | 77.82% | 77.41% | 75.27% | 74.06% | 73.05% |
| Operating Margin | 17.08% | 16.97% | 10.94% | -1.63% | -14.98% | -9.04% |
| Profit Margin | 12.93% | 14.65% | 28.02% | 6.80% | -14.54% | -11.19% |
| Free Cash Flow Margin | 25.96% | 30.78% | 19.50% | 7.55% | 1.66% | 1.95% |
| EBITDA | 149.11M | 145.42M | 88.84M | -8.31M | -89.47M | -41.12M |
| EBITDA Margin | 18.94% | 18.46% | 11.55% | -1.21% | -14.47% | -8.18% |
| D&A For EBITDA | 14.65M | 11.71M | 4.71M | 2.95M | 3.16M | 4.36M |
| EBIT | 134.47M | 133.71M | 84.13M | -11.26M | -92.62M | -45.48M |
| EBIT Margin | 17.08% | 16.97% | 10.94% | -1.63% | -14.98% | -9.04% |
| Effective Tax Rate | 27.02% | 24.64% | 4.07% | |||
| Advertising Expenses | 51.90M | 57.10M | 83.20M | 121.20M | 90.80M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 476.04M | 294.36M | 305.76M | 79.64M | 129.38M | 187.21M |
| Short-Term Investments | 138.20M | 378.43M | 316.34M | 470.46M | 557.23M | 497.57M |
| Cash & Short-Term Investments | 614.24M | 672.78M | 622.10M | 550.10M | 686.61M | 684.77M |
| Receivables | 76.46M | 76.24M | 75.49M | 103.06M | 64.89M | 66.83M |
| Prepaid Expenses | 25.02M | 17.46M | 14.13M | 14.22M | 14.35M | 14.04M |
| Restricted Cash | 3.60M | 3.60M | 3.60M | 3.60M | 3.20M | |
| Other Current Assets | 193.27M | 180.75M | 195.74M | 212.39M | 161.46M | 160.81M |
| Total Current Assets | 908.99M | 950.83M | 911.05M | 883.37M | 930.91M | 929.65M |
| Property, Plant & Equipment | 70.82M | 49.43M | 35.81M | 31.47M | 29.67M | 32.01M |
| Goodwill | 149.19M | 149.19M | 121.06M | 118.22M | 118.22M | 118.22M |
| Other Intangible Assets | 31.32M | 37.16M | 12.99M | 3.05M | ||
| Long-Term Deferred Tax Assets | 109.86M | 111.50M | 128.78M | |||
| Other Long-Term Assets | 4.22M | 1.47M | 1.92M | 1.43M | 1.45M | 1.18M |
| Total Assets | 1.27B | 1.30B | 1.21B | 1.04B | 1.08B | 1.08B |
| Accounts Payable | 7.03M | 7.86M | 6.13M | 5.06M | 7.55M | 5.00M |
| Accrued Expenses | 63.05M | 90.86M | 56.82M | 54.99M | 44.98M | 38.41M |
| Current Portion of Long-Term Debt | 360.69M | 359.77M | ||||
| Current Portion of Leases | 4.35M | 1.67M | 1.62M | 2.09M | 6.50M | 6.32M |
| Current Unearned Revenue | 8.58M | 7.76M | 7.27M | 17.36M | 25.07M | 22.08M |
| Other Current Liabilities | 194.56M | 182.25M | 196.59M | 213.50M | 163.59M | 161.83M |
| Total Current Liabilities | 638.25M | 650.17M | 268.43M | 293.00M | 247.69M | 233.63M |
| Long-Term Debt | 357.93M | 356.09M | 564.26M | 561.30M | ||
| Long-Term Leases | 14.37M | 9.71M | 9.57M | 6.09M | 11.18M | 16.75M |
| Long-Term Unearned Revenue | 790.00K | 7.61M | 6.35M | |||
| Other Long-Term Liabilities | 10.52M | 9.39M | 308.00K | 498.00K | 622.00K | 3.51M |
| Total Liabilities | 663.14M | 669.26M | 636.24M | 656.47M | 831.37M | 821.54M |
| Common Stock | 12.00K | 13.00K | 14.00K | 14.00K | 13.00K | 13.00K |
| Additional Paid-In Capital | 517.48M | 592.60M | 653.58M | 674.92M | 592.90M | 511.10M |
| Retained Earnings | 93.81M | 36.95M | -78.48M | -294.06M | -340.95M | -251.06M |
| Comprehensive Income & Other | -39.00K | 754.00K | 264.00K | 205.00K | -3.08M | -528.00K |
| Total Common Equity | 611.27M | 630.32M | 575.38M | 381.07M | 248.88M | 259.52M |
| Shareholders' Equity | 611.27M | 630.32M | 575.38M | 381.07M | 248.88M | 259.52M |
| Total Liabilities & Equity | 1.27B | 1.30B | 1.21B | 1.04B | 1.08B | 1.08B |
| Total Debt | 379.41M | 371.15M | 369.12M | 364.26M | 581.94M | 584.37M |
| Net Cash (Debt) | 234.84M | 301.63M | 252.98M | 185.83M | 104.67M | 100.40M |
| Net Cash Per Share | 1.73 | 2.14 | 1.77 | 1.35 | 0.80 | 0.79 |
| Filing Date Shares Outstanding | 124.80M | 130.38M | 135.46M | 137.39M | 132.48M | 129.22M |
| Total Common Shares Outstanding | 135.35M | 130.55M | 135.35M | 137.27M | 132.37M | 129.13M |
| Working Capital | 270.74M | 300.67M | 642.62M | 590.37M | 683.21M | 696.02M |
| Book Value Per Share | 4.52 | 4.83 | 4.25 | 2.78 | 1.88 | 2.01 |
| Tangible Book Value | 430.76M | 443.96M | 441.32M | 259.81M | 130.66M | 141.30M |
| Tangible Book Value Per Share | 3.18 | 3.40 | 3.26 | 1.89 | 0.99 | 1.09 |
| Machinery | 9.78M | 8.71M | 8.57M | 9.35M | 9.99M | 8.86M |
| Leasehold Improvements | 12.23M | 7.75M | 6.03M | 11.64M | 11.64M | 11.64M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 101.83M | 115.42M | 215.59M | 46.89M | -89.89M | -56.24M |
| Depreciation & Amortization | 15.84M | 12.45M | 7.54M | 6.22M | 6.24M | 7.91M |
| Other Amortization | 20.04M | 15.84M | 11.95M | 8.60M | 7.86M | 7.08M |
| Loss (Gain) From Sale of Assets | 178.00K | |||||
| Asset Writedown & Restructuring Costs | 8.74M | |||||
| Loss (Gain) From Sale of Investments | -7.47M | -8.20M | -11.91M | -14.43M | -1.49M | 298.00K |
| Stock-Based Compensation | 66.69M | 65.39M | 68.39M | 74.19M | 75.50M | 53.59M |
| Other Operating Activities | 26.04M | 25.95M | -123.00M | -29.52M | 24.06M | 5.93M |
| Change in Accounts Receivable | -5.03M | -3.28M | -4.80M | -22.18M | -15.29M | -24.61M |
| Change in Accounts Payable | 3.07M | -1.16M | 969.00K | -2.51M | 2.58M | -1.45M |
| Change in Unearned Revenue | 767.00K | 489.00K | -10.88M | -14.54M | 4.26M | 7.45M |
| Change in Other Net Operating Assets | -13.28M | 25.36M | -277.00K | -11.00K | -2.33M | 2.13M |
| Operating Cash Flow | 208.67M | 248.26M | 153.56M | 52.71M | 11.50M | 10.84M |
| Capital Expenditures | -4.28M | -5.79M | -3.53M | -692.00K | -1.25M | -1.03M |
| Cash Acquisitions | -38.00M | -58.41M | -14.33M | |||
| Sale (Purchase) of Intangibles | -28.85M | -19.35M | -10.92M | -15.66M | -7.49M | -5.11M |
| Investment in Securities | 212.01M | -53.39M | 166.34M | 104.62M | -60.73M | -422.84M |
| Investing Cash Flow | 140.89M | -136.94M | 137.57M | 88.27M | -69.47M | -428.98M |
| Long-Term Debt Issued | 575.00M | |||||
| Long-Term Debt Repaid | -10.75M | |||||
| Net Debt Issued (Repaid) | 564.25M | |||||
| Issuance of Common Stock | 4.25M | 4.68M | 8.09M | 6.09M | 5.44M | 11.97M |
| Repurchase of Common Stock | -174.76M | -135.96M | -100.00M | |||
| Other Financing Activities | -12.84M | -6.73M | 9.96M | -145.88M | -4.29M | -38.48M |
| Financing Cash Flow | -183.36M | -138.00M | -81.96M | -139.79M | 1.14M | 537.74M |
| Miscellaneous Cash Flow Adjustments | 1.00K | |||||
| Net Cash Flow | 166.21M | -26.68M | 209.18M | 1.19M | -56.83M | 119.59M |
| Free Cash Flow | 204.40M | 242.47M | 150.03M | 52.02M | 10.25M | 9.81M |
| Free Cash Flow Margin | 25.96% | 30.78% | 19.50% | 7.55% | 1.66% | 1.95% |
| Free Cash Flow Per Share | 1.50 | 1.72 | 1.05 | 0.38 | 0.08 | 0.08 |
| Levered Free Cash Flow | 156.38M | 182.96M | 144.51M | 24.35M | 34.63M | 20.17M |
| Unlevered Free Cash Flow | 156.53M | 183.09M | 144.39M | 24.27M | 34.48M | 18.98M |
| Cash Interest Paid | 1.35M | 1.23M | 920.00K | 1.32M | 1.54M | 373.00K |
| Cash Income Tax Paid | 24.38M | 13.53M | 4.59M | 1.98M | ||
| Change in Working Capital | -14.48M | 21.40M | -14.99M | -39.24M | -10.79M | -16.47M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.14B | 2.59B | 2.19B | 2.02B | 1.37B | 4.38B |
| Enterprise Value | 907.06M | 2.32B | 1.95B | 1.84B | 1.28B | 4.27B |
| Last Close Price | 9.15 | 19.82 | 16.35 | 14.87 | 10.44 | 34.16 |
| PE Ratio | 11.99 | 22.43 | 10.14 | 43.17 | ||
| Forward PE | 7.20 | 14.36 | 14.24 | 21.66 | 136.19 | 281.38 |
| PS Ratio | 1.45 | 3.29 | 2.84 | 2.94 | 2.22 | 8.71 |
| PB Ratio | 2.03 | 4.11 | 3.80 | 5.31 | 5.51 | 16.88 |
| P/TBV Ratio | 2.65 | 5.83 | 4.95 | 7.79 | 10.49 | 31.00 |
| P/FCF Ratio | 5.59 | 10.68 | 14.57 | 38.91 | 133.79 | 446.57 |
| P/OCF Ratio | 5.47 | 10.43 | 14.23 | 38.40 | 119.27 | 404.25 |
| PEG Ratio | 0.22 | 0.22 | 0.22 | 0.74 | 2.24 | |
| EV/Sales Ratio | 1.15 | 2.94 | 2.54 | 2.67 | 2.07 | 8.49 |
| EV/EBITDA Ratio | 6.08 | 15.94 | 21.99 | |||
| EV/EBIT Ratio | 6.75 | 17.33 | 23.22 | |||
| EV/FCF Ratio | 4.44 | 9.56 | 13.02 | 35.33 | 124.69 | 435.16 |
| Debt / Equity Ratio | 0.62 | 0.59 | 0.64 | 0.96 | 2.34 | 2.25 |
| Debt / EBITDA Ratio | 2.54 | 2.53 | 3.98 | |||
| Debt / FCF Ratio | 1.86 | 1.53 | 2.46 | 7.00 | 56.78 | 59.58 |
| Net Debt / Equity Ratio | -0.38 | -0.48 | -0.44 | -0.49 | -0.42 | -0.39 |
| Net Debt / EBITDA Ratio | -1.57 | -2.07 | -2.85 | 22.36 | 1.17 | 2.44 |
| Net Debt / FCF Ratio | -1.15 | -1.24 | -1.69 | -3.57 | -10.21 | -10.24 |
| Asset Turnover | 0.62 | 0.63 | 0.68 | 0.65 | 0.57 | 0.62 |
| Quick Ratio | 1.08 | 1.15 | 2.60 | 2.23 | 3.03 | 3.22 |
| Current Ratio | 1.42 | 1.46 | 3.39 | 3.02 | 3.76 | 3.98 |
| Return on Equity (ROE) | 16.70% | 19.15% | 45.08% | 14.89% | -35.36% | -20.13% |
| Return on Assets (ROA) | 6.63% | 6.66% | 4.68% | -0.66% | -5.36% | -3.53% |
| Return on Invested Capital (ROIC) | 26.32% | 30.95% | 32.51% | -6.36% | -61.07% | -28.09% |
| Return on Capital Employed (ROCE) | 21.10% | 20.60% | 8.90% | -1.50% | -11.10% | -5.40% |
| Earnings Yield | 8.34% | 4.46% | 9.87% | 2.32% | -6.55% | -1.28% |
| FCF Yield | 17.90% | 9.36% | 6.87% | 2.57% | 0.75% | 0.22% |
| Buyback Yield / Dilution | 5.27% | 1.74% | -4.29% | -5.17% | -2.64% | -7.13% |