Upwork financials
$8.16+0.74%
Close Sep 30, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 | FY20 Dec 31 | FY19 Dec 31 | FY18 Dec 31 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $787.8M | $769.3M | $689.1M | $618.3M | $502.8M | $373.6M | $300.6M | $253.4M |
| Gross profit | $613.0M | $595.2M | $518.7M | $457.9M | $367.3M | $269.4M | $212.4M | $171.9M |
| Gross margin | 77.8% | 77.4% | 75.3% | 74.1% | 73.0% | 72.1% | 70.7% | 67.8% |
| Operating income | $129.3M | $65.2M | -$11.3M | -$92.6M | -$54.2M | -$22.4M | -$18.7M | -$11.7M |
| Net income | $115.4M | $215.6M | $46.9M | -$89.9M | -$56.2M | -$22.9M | -$16.7M | -$19.9M |
| Net margin | 14.7% | 28.0% | 6.8% | −14.5% | −11.2% | −6.1% | −5.5% | −7.9% |
| Diluted EPS | $0.84 | $1.52 | $0.06 | $-0.69 | $-0.44 | $-0.19 | $-0.15 | $-0.38 |
| EBITDA | $155.0M | $80.0M | -$1.8M | -$84.6M | -$44.0M | -$12.2M | -$12.1M | -$6.8M |
| Operating cash flow | $248.3M | $153.6M | $52.7M | $11.5M | $10.8M | $22.4M | $1.1M | $13.7M |
| Free cash flow | $242.5M | $150.0M | $52.0M | $10.2M | $9.8M | $16.0M | -$9.7M | $10.7M |
| Diluted shares | 140.7M | 143.2M | 137.3M | 130.5M | 127.2M | 118.7M | 109.8M | 52.3M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $294.4M | $305.8M | $79.6M | $129.4M | $187.2M | $94.1M |
| Short-term investments | $378.4M | $316.3M | $470.5M | $557.2M | $497.6M | $75.6M |
| Total debt | $359.8M | $357.9M | $356.1M | $725.7M | $722.1M | $145.8M |
| Total assets | $1.30B | $1.21B | $1.04B | $1.08B | $1.08B | $529.2M |
| Total liabilities | $669.3M | $636.2M | $656.5M | $831.4M | $821.5M | $229.9M |
| Shareholders' equity | $630.3M | $575.4M | $381.1M | $248.9M | $259.5M | $299.3M |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology