Upwork, Inc. (UPWK)

Nasdaq Industrials Human Resource & Employment Services S&P SmallCap 600

$10.02

-0.30 (-2.91%)

Close of Nov 06, 2026 · end-of-day data

Source: Upwork, Inc.'s 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 03, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$164.44M	$202.55M	$253.35M	$300.56M	$373.63M	$502.80M	$618.32M	$689.14M	$769.33M	$787.78M
Cost of revenue	$62.58M	$65.44M	$81.46M	$900.00K	$2.90M	$135.51M	$160.40M	$170.45M	$174.09M	$174.75M
Gross profit	$101.87M	$137.11M	$171.90M	$212.42M	$269.36M	$367.29M	$457.92M	$518.69M	$595.23M	$613.03M
Research & development	$37.90M	$45.60M	$55.49M	$64.03M	$83.47M	$119.08M	$154.55M	$177.36M	$209.28M	$185.54M
Operating income	-$14.47M	-$3.12M	-$11.71M	-$18.73M	-$22.41M	-$54.22M	-$92.62M	-$11.26M	$65.21M	$129.31M
Interest expense	$858.00K	$960.00K	$2.04M	$1.31M	$778.00K	$2.18M	$4.48M	—	—	—
Pre-tax income	-$16.23M	-$4.14M	-$19.89M	-$16.63M	-$22.72M	-$56.12M	-$89.35M	$48.88M	$90.43M	$153.18M
Income tax	-$1.00K	-$22.00K	$15.00K	$28.00K	$150.00K	$122.00K	$536.00K	$1.99M	-$125.16M	$37.75M
Net income	-$16.23M	-$4.12M	-$19.91M	-$16.66M	-$22.87M	-$56.24M	-$89.89M	$46.89M	$215.59M	$115.42M
EBITDA	-$12.67M	-$1.62M	-$9.51M	-$15.93M	-$18.81M	-$50.52M	-$84.57M	-$1.81M	$80.02M	$155.02M
EPS (basic)	$-0.51	$-0.32	$-0.38	$-0.15	$-0.19	$-0.44	$-0.69	$0.35	$1.61	$0.87
EPS (diluted)	$-0.51	$-0.32	$-0.38	$-0.15	$-0.19	$-0.44	$-0.69	$0.06	$1.52	$0.84
Diluted shares	32.07M	32.94M	52.33M	109.81M	118.70M	127.16M	130.52M	137.26M	143.15M	140.66M
Gross margin	61.9%	67.7%	67.8%	70.7%	72.1%	73.0%	74.1%	75.3%	77.4%	77.8%
Operating margin	-8.8%	-1.5%	-4.6%	-6.2%	-6.0%	-10.8%	-15.0%	-1.6%	8.5%	16.4%
Net margin	-9.9%	-2.0%	-7.9%	-5.5%	-6.1%	-11.2%	-14.5%	6.8%	28.0%	14.7%

Balance sheet

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$89.68M	$21.59M	$129.13M	$48.39M	$94.08M	$187.21M	$129.38M	$79.64M	$305.76M	$294.36M
Short-term investments	—	—	$0	$85.48M	$75.57M	$497.57M	$557.23M	$470.46M	$316.34M	$378.43M
Receivables	—	$30.76M	$22.32M	$30.16M	$47.02M	$66.83M	$64.89M	$103.06M	$75.49M	$76.24M
Total current assets	—	$144.13M	$255.88M	$280.63M	$360.80M	$929.65M	$930.91M	$883.37M	$911.05M	$950.83M
Goodwill	—	$118.22M	$118.22M	$118.22M	$118.22M	$118.22M	$118.22M	$118.22M	$121.06M	$149.19M
Total assets	—	$275.19M	$391.57M	$446.38M	$529.23M	$1.08B	$1.08B	$1.04B	$1.21B	$1.30B
Total current liabilities	—	$114.64M	$127.60M	$149.10M	$198.75M	$233.63M	$247.69M	$293.00M	$268.43M	$650.17M
Short-term debt	—	$10.34M	$5.67M	$7.58M	$7.58M	$0	—	—	$0	$359.77M
Long-term debt	—	$23.49M	$18.24M	$10.70M	$3.14M	$561.30M	$564.26M	$356.09M	$357.93M	$0
Total debt	—	$33.83M	$23.91M	$18.28M	$10.72M	$561.30M	$564.26M	$356.09M	$357.93M	$359.77M
Total liabilities	—	$140.07M	$147.83M	$186.96M	$229.92M	$821.54M	$831.37M	$656.47M	$636.24M	$669.26M
Shareholders' equity	-$30.13M	-$31.37M	$243.75M	$259.42M	$299.31M	$259.52M	$248.88M	$381.07M	$575.38M	$630.32M

Cash flow

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	$3.15M	-$4.00M	$13.74M	$1.06M	$22.36M	$10.84M	$11.50M	$52.71M	$153.56M	$248.26M
Capital expenditures	$846.00K	$1.83M	$3.00M	$10.75M	$6.32M	$1.03M	$1.25M	$692.00K	$3.53M	$5.79M
Free cash flow	$2.30M	-$5.83M	$10.74M	-$9.69M	$16.05M	$9.81M	$10.25M	$52.02M	$150.03M	$242.47M
Investing cash flow	-$475.00K	-$2.32M	-$6.84M	-$100.92M	-$4.15M	-$428.98M	-$69.47M	$88.27M	$137.57M	-$136.94M
Financing cash flow	$5.23M	$27.74M	$112.06M	$29.40M	$54.64M	$537.74M	$1.14M	-$139.79M	-$81.96M	-$138.00M
Share buybacks	—	—	—	—	—	—	$0	$0	$100.00M	$135.96M
Stock-based compensation	$7.27M	$6.85M	$10.36M	$18.80M	$25.51M	$53.59M	$75.50M	$74.19M	$68.39M	$65.39M
Depreciation & amortization	$1.80M	$1.50M	$2.20M	$2.80M	$3.60M	$3.70M	$8.06M	$9.45M	$14.81M	$25.71M

Income statement

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	$183.93M	$190.94M	$193.13M	$193.78M	$191.48M	$192.71M	$194.94M	$201.73M	$198.41M	$195.48M	$191.66M	$185.60M
Cost of revenue	$45.87M	$44.19M	$43.85M	$43.41M	$42.64M	$41.81M	$43.43M	$45.84M	$43.67M	$44.64M	$45.29M	$44.30M
Gross profit	$138.07M	$146.74M	$149.28M	$150.37M	$148.84M	$150.90M	$151.51M	$155.89M	$154.74M	$150.84M	$146.37M	$141.29M
Research & development	$46.22M	$52.92M	$52.47M	$50.41M	$53.49M	$46.15M	$44.84M	$47.49M	$47.05M	$43.31M	$43.89M	$34.89M
Operating income	$8.43M	$13.05M	$17.78M	$20.79M	$13.58M	$38.69M	$32.56M	$29.76M	$28.29M	$32.72M	$28.14M	$34.59M
Pre-tax income	$15.82M	$19.77M	$23.40M	$28.88M	$18.37M	$45.01M	$38.44M	$35.67M	$34.05M	$37.71M	$32.10M	$38.54M
Income tax	-$1.56M	$1.33M	$1.18M	$1.13M	-$128.79M	$7.28M	$5.72M	$6.34M	$18.42M	$6.25M	$6.70M	$6.73M
Net income	$17.37M	$18.44M	$22.22M	$27.76M	$147.17M	$37.73M	$32.73M	$29.34M	$15.63M	$31.46M	$25.40M	$31.81M
EBITDA	$9.13M	$16.20M	$21.41M	$24.46M	$17.95M	$43.55M	$38.44M	$37.70M	$35.32M	$41.82M	$36.92M	$45.95M
EPS (basic)	$0.13	$0.14	$0.17	$0.21	$1.10	$0.28	$0.25	$0.22	$0.12	$0.25	$0.21	$0.25
EPS (diluted)	$0.12	$0.13	$0.17	$0.20	$1.02	$0.27	$0.24	$0.21	$0.12	$0.24	$0.20	$0.25
Diluted shares	2.08M	143.66M	138.27M	139.29M	2.60M	142.78M	140.20M	139.67M	-250.41K	135.66M	129.96M	128.26M
Gross margin	75.1%	76.9%	77.3%	77.6%	77.7%	78.3%	77.7%	77.3%	78.0%	77.2%	76.4%	76.1%
Operating margin	4.6%	6.8%	9.2%	10.7%	7.1%	20.1%	16.7%	14.8%	14.3%	16.7%	14.7%	18.6%
Net margin	9.4%	9.7%	11.5%	14.3%	76.9%	19.6%	16.8%	14.5%	7.9%	16.1%	13.3%	17.1%

Balance sheet

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Cash & equivalents	$79.64M	$24.67M	$182.80M	$288.46M	$305.76M	$304.45M	$291.07M	$260.84M	$294.36M	$328.40M	$476.04M	$227.99M
Short-term investments	$470.46M	$465.94M	$314.94M	$312.72M	$316.34M	$317.62M	$343.51M	$382.26M	$378.43M	$251.33M	$138.20M	$76.35M
Receivables	$103.06M	$114.40M	$116.52M	$69.45M	$75.49M	$77.92M	$71.23M	$76.43M	$76.24M	$75.91M	$76.46M	$79.31M
Total current assets	$883.37M	$848.02M	$855.66M	$904.29M	$911.05M	$938.01M	$938.98M	$948.95M	$950.83M	$883.30M	$908.99M	$567.90M
Goodwill	$118.22M	$118.22M	$118.22M	$118.22M	$121.06M	$121.06M	$141.47M	$150.47M	$149.19M	$149.19M	$149.19M	$149.19M
Total assets	$1.04B	$1.00B	$1.01B	$1.06B	$1.21B	$1.24B	$1.26B	$1.31B	$1.30B	$1.24B	$1.27B	$931.10M
Total current liabilities	$293.00M	$289.49M	$285.10M	$284.44M	$268.43M	$274.70M	$279.62M	$660.48M	$650.17M	$647.20M	$638.25M	$252.29M
Short-term debt	—	—	—	—	$0	—	—	$359.31M	$359.77M	$360.23M	$360.69M	$0
Long-term debt	$356.09M	$356.55M	$357.01M	$357.47M	$357.93M	$358.39M	$358.85M	$0	$0	$360.23M	$360.69M	$0
Total debt	$356.09M	$356.55M	$357.01M	$357.47M	$357.93M	$358.39M	$358.85M	$359.31M	$359.77M	$720.46M	$721.38M	$0
Total liabilities	$656.47M	$651.94M	$647.47M	$651.49M	$636.24M	$645.72M	$653.06M	$683.08M	$669.26M	$672.33M	$663.14M	$277.07M
Shareholders' equity	$381.07M	$348.88M	$361.10M	$411.17M	$575.38M	$594.34M	$608.65M	$628.13M	$630.32M	$569.63M	$611.27M	$654.02M

Cash flow

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Operating cash flow	$20.15M	$14.81M	$39.20M	$60.96M	$38.58M	$36.97M	$72.51M	$75.08M	$63.70M	$23.02M	$46.87M	$65.95M
Capital expenditures	$134.00K	$177.00K	$598.00K	$1.20M	$1.55M	$2.47M	$2.38M	$482.00K	$455.00K	$1.72M	$1.62M	$4.15M
Free cash flow	$20.01M	$14.64M	$38.60M	$59.76M	$37.03M	$34.49M	$70.13M	$74.60M	$63.25M	$21.30M	$45.26M	$61.80M
Investing cash flow	-$63.44M	$6.14M	$150.39M	$2.08M	-$21.04M	-$5.22M	-$51.45M	-$81.50M	$1.23M	$118.21M	$102.94M	$49.55M
Financing cash flow	$10.52M	-$65.38M	-$35.74M	$37.98M	-$18.82M	-$13.14M	-$38.35M	-$24.47M	-$62.03M	-$84.25M	-$12.60M	-$392.21M
Share buybacks	$0	$66.88M	$33.12M	$0	$0	$33.05M	$37.87M	$31.00M	$34.04M	$107.89M	$1.83M	$0
Stock-based compensation	$18.05M	$16.94M	$19.24M	$18.58M	$13.63M	$12.27M	$15.98M	$19.79M	$17.35M	$15.42M	$14.12M	$9.17M
Depreciation & amortization	$700.00K	$3.15M	$3.63M	$3.67M	$4.37M	$4.86M	$5.88M	$7.95M	$7.02M	$9.10M	$8.78M	$11.35M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.