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Upwork Inc.(UPWK)Earnings, Financials & Key Ratios
UPWK•NASDAQ
$10.61
$1.38B mkt cap·12.8× P/E·Price updated May 7, 2026
AboutUpwork Inc., together with its subsidiaries, operates a work marketplace that connects businesses with various independent professionals and agencies in the United States, India, the Philippines, and internationally. The company's work marketplace provides access to talent with various skills across a range of categories, including sales and marketing, customer service, data science and analytics, design and creative, web, mobile, and software development. Its work marketplace also enables clients to streamline workflows, such as talent sourcing, outreach, and contracting. The company's work marketplace offers access to various functionalities for remote engagements with talent, including communication and collaboration, ability to receive talent invoices through their work marketplace, and payment protection. Its marketplace offerings include Upwork Basic, Upwork Plus, Upwork Enterprise, and Upwork Payroll, as well as managed and internet escrow agency services. The company was formerly known as Elance-oDesk, Inc. and changed its name to Upwork Inc. in May 2015. Upwork Inc. was incorporated in 2013 and is headquartered in San Francisco, California.Show more
- Revenue$788M+2.4%
- EBITDA$152M+83.2%
- Net Income$115M-46.5%
- EPS (Diluted)0.83-45.4%
- Gross Margin77.82%+0.6%
- EBITDA Margin19.27%+78.9%
- Operating Margin16.41%+93.7%
- Net Margin14.65%-47.7%
- ROE19.15%-57.5%
- ROIC14.35%+91.9%
- Debt/Equity0.60-5.8%
- Interest Coverage201.40+733.9%
UPWK Key Insights
Upwork Inc. (UPWK) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Excellent 3Y average ROE of 26.4%
- ✓FCF machine: 30.8% free cash flow margin
- ✓High quality earnings: Operating CF exceeds net income
- ✓Strong 5Y sales CAGR of 16.1%
- ✓Share count reduced 2.6% through buybacks
✗Weaknesses
- ✗Weak momentum: RS Rating 11 (bottom 11%)
- ✗Trading more than 30% below 52-week high
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
UPWK Price & Volume
Upwork Inc. (UPWK) stock price & volume — 10-year historical chart
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UPWK Growth Metrics
Upwork Inc. (UPWK) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years16.09%
3 Years8.41%
TTM-22.82%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-53.53%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-45.51%
Return on Capital
10 Years-2.78%
5 Years0.46%
3 Years7.51%
Last Year16.24%
UPWK Recent Earnings
Upwork Inc. (UPWK) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 10/12 qtrs (83%)●Beat Revenue 12/12 qtrs (100%)
Q1 2026Latest
Feb 9, 2026EPS
$0.12
Est $0.23
-47.8%
Revenue
$198M
Est $198M
+0.4%
Q4 2025
Nov 3, 2025EPS
$0.21
Est $0.25
-16.0%
Revenue
$202M
Est $198M
+2.1%
Q3 2025
Aug 6, 2025EPS
$0.35
Est $0.26
+34.6%
Revenue
$195M
Est $188M
+4.0%
Q2 2025
May 5, 2025EPS
$0.34
Est $0.25
+36.0%
Revenue
$193M
Est $187M
+3.0%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q1 2026Latest | Feb 9, 2026 | $0.12vs $0.23-47.8% | $198Mvs $198M+0.4% |
| Q4 2025 | Nov 3, 2025 | $0.21vs $0.25-16.0% | $202Mvs $198M+2.1% |
| Q3 2025 | Aug 6, 2025 | $0.35vs $0.26+34.6% | $195Mvs $188M+4.0% |
| Q2 2025 | May 5, 2025 | $0.34vs $0.25+36.0% | $193Mvs $187M+3.0% |
Based on last 12 quarters of dataView full earnings history →
UPWK Peer Comparison
Upwork Inc. (UPWK) competitors in Digital Job and Talent Marketplaces — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 FVRR | 422.42M | 11.75 | 20.98 | 10.07% | 6.7% | 7.03% | 0.01 | |
 TASK | 573.45M | 6.37 | 5.79 | 18.95% | 8.7% | 21.23% | 0.50 | |
 FLNT | 81.77M | 2.77 | -2.64 | -18.01% | -13.01% | -134.23% | 2.07 | |
 RELY | 4.8B | 22.79 | 73.52 | 29.37% | 6.12% | 12.66% | 0.25 | |
 HIMS | 6.63B | 25.67 | 50.32 | 59% | 5.47% | 23.73% | 2.07 | |
 ANGI | 210.15M | 5.24 | 5.57 | -13.04% | 1.93% | 2.06% | 0.54 | |
 TRUP | 1.11B | 25.59 | 56.87 | 11.95% | 1.74% | 6.87% | 0.29 | |
 CWAN | 7.21B | 24.29 | -173.50 | 61.88% | -5.82% | -2.38% | 0.43 |
Compare UPWK vs Peers
Upwork Inc. (UPWK) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
UPWK Income Statement
Upwork Inc. (UPWK) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 202.55M | 253.35M | 300.56M | 373.63M | 502.8M | 618.32M | 689.14M | 769.33M | 787.78M | 595.1M |
| Revenue Growth % | 23.17% | 25.08% | 18.63% | 24.31% | 34.57% | 22.98% | 11.45% | 11.64% | 2.4% | -22.82% |
| Cost of Goods Sold | 65.44M | 81.46M | 88.14M | 104.27M | 135.51M | 160.4M | 170.45M | 174.09M | 174.75M | -17.87M |
| COGS % of Revenue | 32.31% | 32.15% | 29.33% | 27.91% | 26.95% | 25.94% | 24.73% | 22.63% | 22.18% | - |
| Gross Profit | 137.11M▲ 0% | 171.9M▲ 25.4% | 212.42M▲ 23.6% | 269.36M▲ 26.8% | 367.29M▲ 36.4% | 457.92M▲ 24.7% | 518.69M▲ 13.3% | 595.23M▲ 14.8% | 613.03M▲ 3.0% | 612.97M▲ 0% |
| Gross Margin % | 67.69% | 67.85% | 70.67% | 72.09% | 73.05% | 74.06% | 75.27% | 77.37% | 77.82% | 103% |
| Gross Profit Growth % | 34.6% | 25.37% | 23.57% | 26.81% | 36.36% | 24.67% | 13.27% | 14.76% | 2.99% | - |
| Operating Expenses | 140.23M | 183.61M | 231.15M | 291.77M | 421.51M | 550.54M | 529.95M | 530.02M | 483.73M | 640.46M |
| OpEx % of Revenue | 69.23% | 72.47% | 76.91% | 78.09% | 83.83% | 89.04% | 76.9% | 68.89% | 61.4% | - |
| Selling, General & Admin | 90.38M | 122.3M | 163.22M | 204.74M | 296.38M | 370.83M | 339.61M | 314.01M | 288.14M | 296.94M |
| SG&A % of Revenue | 44.62% | 48.27% | 54.3% | 54.8% | 58.95% | 59.97% | 49.28% | 40.82% | 36.58% | - |
| Research & Development | 45.6M | 55.49M | 64.03M | 83.47M | 119.08M | 154.55M | 177.36M | 209.28M | 189.34M | 186.5M |
| R&D % of Revenue | 22.51% | 21.9% | 21.3% | 22.34% | 23.68% | 25% | 25.74% | 27.2% | 24.04% | - |
| Other Operating Expenses | -62K | -6.14M | 3.9M | 3.56M | 6.05M | 25.15M | 12.98M | 6.73M | 6.24M | 3.49M |
| Operating Income | -3.12M▲ 0% | -11.71M▼ 275.0% | -18.73M▼ 59.9% | -22.41M▼ 19.6% | -54.22M▼ 142.0% | -92.62M▼ 70.8% | -11.26M▲ 87.8% | 65.21M▲ 679.1% | 129.31M▲ 98.3% | 123.33M▲ 0% |
| Operating Margin % | -1.54% | -4.62% | -6.23% | -6% | -10.78% | -14.98% | -1.63% | 8.48% | 16.41% | 20.73% |
| Operating Income Growth % | 78.41% | -275.02% | -59.94% | -19.62% | -141.95% | -70.84% | 87.84% | 679.09% | 98.31% | - |
| EBITDA | 1.06M | -6.76M | -9.29M | -8.38M | -40.41M | -81.49M | 1.46M | 82.86M | 151.78M | 149.84M |
| EBITDA Margin % | 0.52% | -2.67% | -3.09% | -2.24% | -8.04% | -13.18% | 0.21% | 10.77% | 19.27% | 25.18% |
| EBITDA Growth % | 117.7% | -736.22% | -37.32% | 9.81% | -382.46% | -101.65% | 101.79% | 5582.85% | 83.18% | 36.76% |
| D&A (Non-Cash Add-back) | 4.19M | 4.95M | 9.45M | 14.03M | 13.81M | 11.14M | 12.72M | 17.65M | 22.47M | 26.51M |
| EBIT | -3.19M | -17.85M | -15.32M | -21.94M | -53.94M | -92.62M | -11.26M | 65.21M | 140.98M | 102.29M |
| Net Interest Income | -960K | -2.04M | -1.31M | -778K | -2.18M | -4.48M | 0 | 28M | 12.8M | 12.8M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 30.7M | 13.5M | 13.5M |
| Interest Expense | 960K | 2.04M | 1.31M | 778K | 2.18M | 4.48M | 0 | 2.7M | 700K | 700K |
| Other Income/Expense | -1.02M | -8.18M | 2.1M | -309K | -1.9M | 3.27M | 60.14M | 25.22M | 23.87M | 22.54M |
| Pretax Income | -4.14M▲ 0% | -19.89M▼ 379.9% | -16.63M▲ 16.4% | -22.72M▼ 36.6% | -56.12M▼ 147.0% | -89.35M▼ 59.2% | 48.88M▲ 154.7% | 90.43M▲ 85.0% | 153.18M▲ 69.4% | 145.88M▲ 0% |
| Pretax Margin % | -2.05% | -7.85% | -5.53% | -6.08% | -11.16% | -14.45% | 7.09% | 11.75% | 19.44% | 24.51% |
| Income Tax | -22K | 15K | 28K | 150K | 122K | 536K | 1.99M | -125.16M | 37.75M | 36.72M |
| Effective Tax Rate % | 0.53% | -0.08% | -0.17% | -0.66% | -0.22% | -0.6% | 4.07% | -138.41% | 24.65% | 25.17% |
| Net Income | -4.12M▲ 0% | -19.91M▼ 382.8% | -16.66M▲ 16.3% | -22.87M▼ 37.3% | -56.24M▼ 145.9% | -89.89M▼ 59.8% | 46.89M▲ 152.2% | 215.59M▲ 359.8% | 115.42M▼ 46.5% | 109.16M▲ 0% |
| Net Margin % | -2.04% | -7.86% | -5.54% | -6.12% | -11.19% | -14.54% | 6.8% | 28.02% | 14.65% | 18.34% |
| Net Income Growth % | 74.6% | -382.83% | 16.32% | -37.27% | -145.94% | -59.82% | 152.16% | 359.8% | -46.46% | -53.53% |
| Net Income (Continuing) | -4.12M | -19.91M | -16.66M | -22.87M | -56.24M | -89.89M | 46.89M | 215.59M | 115.42M | 109.16M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.04▲ 0% | -0.19▼ 341.9% | -0.15▲ 21.1% | -0.19▼ 26.7% | -0.44▼ 131.6% | -0.69▼ 56.8% | 0.34▲ 149.3% | 1.52▲ 347.1% | 0.83▼ 45.4% | 0.80▲ 0% |
| EPS Growth % | 91.4% | -341.86% | 21.05% | -26.67% | -131.58% | -56.82% | 149.28% | 347.06% | -45.39% | -45.51% |
| EPS (Basic) | -0.04 | -0.19 | -0.15 | -0.19 | -0.44 | -0.69 | 0.35 | 1.61 | 0.87 | - |
| Diluted Shares Outstanding | 95.93M | 103.72M | 109.81M | 118.7M | 127.16M | 130.52M | 137.26M | 143.15M | 139.41M | 135.7M |
| Basic Shares Outstanding | 95.93M | 103.72M | 109.81M | 118.7M | 127.16M | 130.52M | 134.77M | 133.62M | 130.62M | 128.1M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
UPWK Balance Sheet
Upwork Inc. (UPWK) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 144.13M | 255.88M | 280.63M | 360.8M | 929.65M | 930.91M | 883.37M | 911.05M | 950.83M | 883.3M |
| Cash & Short-Term Investments | 21.59M | 129.13M | 133.87M | 169.65M | 684.77M | 686.61M | 550.1M | 622.1M | 676.38M | 579.73M |
| Cash Only | 21.59M | 129.13M | 48.39M | 94.08M | 187.21M | 129.38M | 79.64M | 305.76M | 297.96M | 328.4M |
| Short-Term Investments | 0 | 0 | 85.48M | 75.57M | 497.57M | 557.23M | 470.46M | 316.34M | 378.43M | 251.33M |
| Accounts Receivable | 30.76M | 22.32M | 30.16M | 47.02M | 66.83M | 64.89M | 103.06M | 75.49M | 76.24M | 75.91M |
| Days Sales Outstanding | 55.43 | 32.15 | 36.62 | 45.93 | 48.51 | 38.3 | 54.59 | 35.82 | 35.32 | 45.97 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 89M | 98.19M | 108.72M | 135.04M | 160.81M | 161.46M | 230.21M | 213.46M | 201.82M | 227.66M |
| Total Non-Current Assets | 131.06M | 135.69M | 165.75M | 168.43M | 151.41M | 149.34M | 154.17M | 300.56M | 348.75M | 358.65M |
| Property, Plant & Equipment | 3.51M | 10.81M | 43.36M | 47.87M | 32.01M | 29.67M | 31.47M | 35.81M | 49.43M | 61.93M |
| Fixed Asset Turnover | 57.64x | 23.43x | 6.93x | 7.81x | 15.71x | 20.84x | 21.90x | 21.48x | 15.94x | 11.88x |
| Goodwill | 118.22M | 118.22M | 118.22M | 118.22M | 118.22M | 118.22M | 118.22M | 121.06M | 149.19M | 149.19M |
| Intangible Assets | 8.67M | 6M | 3.33M | 667K | 0 | 0 | 3.05M | 12.99M | 37.16M | 34.23M |
| Long-Term Investments | 0 | 500K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 658K | 653K | 829K | 1.67M | 1.18M | 1.45M | 1.43M | 1.92M | 1.47M | 6.41M |
| Total Assets | 275.19M▲ 0% | 391.57M▲ 42.3% | 446.38M▲ 14.0% | 529.23M▲ 18.6% | 1.08B▲ 104.3% | 1.08B▼ 0.1% | 1.04B▼ 4.0% | 1.21B▲ 16.8% | 1.3B▲ 7.3% | 1.24B▲ 0% |
| Asset Turnover | 0.74x | 0.65x | 0.67x | 0.71x | 0.47x | 0.57x | 0.66x | 0.63x | 0.61x | 0.47x |
| Asset Growth % | 10.25% | 42.29% | 14% | 18.56% | 104.27% | -0.08% | -3.95% | 16.78% | 7.26% | 55.9% |
| Total Current Liabilities | 114.64M | 127.6M | 149.1M | 198.75M | 233.63M | 247.69M | 293M | 268.43M | 650.17M | 647.2M |
| Accounts Payable | 462K | 2.07M | 652K | 6.46M | 5M | 7.55M | 5.06M | 6.13M | 188.61M | 214.78M |
| Days Payables Outstanding | 2.58 | 9.29 | 2.7 | 22.6 | 13.46 | 17.18 | 10.84 | 12.85 | 393.94 | -2.11K |
| Short-Term Debt | 10.34M | 5.67M | 7.58M | 7.58M | 0 | 0 | 0 | 0 | 359.77M | 360.23M |
| Deferred Revenue (Current) | 614K | 722K | 13.8M | 16.8M | 22.08M | 25.07M | 17.36M | 7.27M | 7.76M | 31.71M |
| Other Current Liabilities | 94.83M | 108.19M | 5.79M | 14.21M | 24.06M | 19.37M | 26.98M | 31.52M | 94.02M | 278.77M |
| Current Ratio | 1.26x | 2.01x | 1.88x | 1.82x | 3.98x | 3.76x | 3.01x | 3.39x | 1.46x | 1.46x |
| Quick Ratio | 1.26x | 2.01x | 1.88x | 1.82x | 3.98x | 3.76x | 3.01x | 3.39x | 1.46x | 1.46x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | 2.15K |
| Total Non-Current Liabilities | 191.91M | 20.23M | 37.86M | 31.17M | 587.91M | 583.67M | 363.46M | 367.8M | 19.1M | 25.12M |
| Long-Term Debt | 23.49M | 18.24M | 10.7M | 3.14M | 561.3M | 564.26M | 356.09M | 357.93M | 9.71M | 15.2M |
| Capital Lease Obligations | 0 | 0 | 21.19M | 20.51M | 16.75M | 11.18M | 6.09M | 9.57M | 9.71M | 30.19M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 168.42M | 1.99M | 5.97M | 7.52M | 9.86M | 8.24M | 1.29M | 308K | -317K | 26.32M |
| Total Liabilities | 306.56M | 147.83M | 186.96M | 229.92M | 821.54M | 831.37M | 656.47M | 636.24M | 669.26M | 672.33M |
| Total Debt | 33.83M | 23.91M | 42.68M | 34.95M | 584.37M | 581.94M | 367.86M | 369.12M | 380.86M | 375.43M |
| Net Debt | 12.24M | -105.22M | -5.71M | -59.13M | 397.16M | 452.56M | 288.22M | 63.36M | 82.9M | 47.03M |
| Debt / Equity | - | 0.10x | 0.16x | 0.12x | 2.25x | 2.34x | 0.97x | 0.64x | 0.60x | 0.60x |
| Debt / EBITDA | 31.83x | - | - | - | - | - | 252.31x | 4.45x | 2.51x | 2.51x |
| Net Debt / EBITDA | 11.51x | - | - | - | - | - | 197.68x | 0.76x | 0.55x | 0.55x |
| Interest Coverage | -3.32x | -8.76x | -11.73x | -28.20x | -24.74x | -20.66x | - | 24.15x | 201.40x | 146.13x |
| Total Equity | -31.37M▲ 0% | 243.75M▲ 877.1% | 259.42M▲ 6.4% | 299.31M▲ 15.4% | 259.52M▼ 13.3% | 248.88M▼ 4.1% | 381.07M▲ 53.1% | 575.38M▲ 51.0% | 630.32M▲ 9.5% | 569.63M▲ 0% |
| Equity Growth % | -4.1% | 877.07% | 6.43% | 15.37% | -13.29% | -4.1% | 53.12% | 50.99% | 9.55% | 126.71% |
| Book Value per Share | -0.33 | 2.35 | 2.36 | 2.52 | 2.04 | 1.91 | 2.78 | 4.02 | 4.52 | 4.20 |
| Total Shareholders' Equity | -31.37M | 243.75M | 259.42M | 299.31M | 259.52M | 248.88M | 381.07M | 575.38M | 630.32M | 569.63M |
| Common Stock | 3K | 11K | 11K | 12K | 13K | 13K | 14K | 14K | 13K | 12K |
| Retained Earnings | -123.59M | -143.5M | -171.96M | -194.82M | -251.06M | -340.95M | -294.06M | -78.48M | 36.95M | 68.41M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -123.59M | -143.5M | -171.96M | 0 | -528K | -3.08M | 205K | 264K | 754K | 139K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
UPWK Cash Flow Statement
Upwork Inc. (UPWK) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | -4M | 13.74M | 1.06M | 22.36M | 10.84M | 11.5M | 52.71M | 153.56M | 248.26M | 248.26M |
| Operating CF Margin % | -1.98% | 5.42% | 0.35% | 5.99% | 2.16% | 1.86% | 7.65% | 19.96% | 31.51% | - |
| Operating CF Growth % | -227.1% | 443.51% | -92.3% | 2013.89% | -51.55% | 6.1% | 358.45% | 191.35% | 61.67% | 680.09% |
| Net Income | -4.12M | -19.91M | -16.66M | -22.87M | -56.24M | -89.89M | 46.89M | 215.59M | 115.42M | 109.16M |
| Depreciation & Amortization | 4.19M | 4.95M | 10.61M | 14.03M | 13.81M | 11.14M | 12.72M | 17.65M | 26.45M | 30.88M |
| Stock-Based Compensation | 6.85M | 10.36M | 18.8M | 25.51M | 53.59M | 75.5M | 74.19M | 68.39M | 65.39M | 48.75M |
| Deferred Taxes | 4.43M | 11.48M | 2.69M | 0 | 0 | 0 | 0 | -129.26M | 18.49M | 18.59M |
| Other Non-Cash Items | 49K | 77K | 52K | 3.45M | 16.15M | 25.53M | -41.85M | -3.81M | 1.1M | -13.33M |
| Working Capital Changes | -15.39M | 6.78M | -14.42M | 2.24M | -16.47M | -10.79M | -39.24M | -14.99M | 21.4M | 40.27M |
| Change in Receivables | -8.86M | 3.51M | -10.92M | -20M | -24.61M | -15.29M | -22.18M | -4.8M | -3.28M | -533K |
| Change in Inventory | -6.63M | 1.56M | -6.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 74K | 1.61M | -1.46M | 5.82M | -1.45M | 2.58M | -2.51M | 969K | -1.16M | 3.95M |
| Cash from Investing | -2.11M | -7.29M | -100.92M | -4.15M | -428.98M | -69.47M | 88.27M | 137.57M | -136.94M | -13.5M |
| Capital Expenditures | -2.32M | -6.84M | -16.64M | -6.32M | -1.03M | -1.25M | -692K | -3.53M | -5.79M | -10.21M |
| CapEx % of Revenue | 1.14% | 2.7% | 5.54% | 1.69% | 0.2% | 0.2% | 0.1% | 0.46% | 0.73% | - |
| Acquisitions | 0 | 0 | 5.89M | 0 | 0 | 0 | 0 | -14.33M | -58.41M | -58.41M |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 208K | -444K | -5.89M | -8.04M | -5.11M | -7.49M | -15.66M | -10.92M | -11.15M | -12.96M |
| Cash from Financing | 381K | 101.07M | 29.4M | 54.64M | 537.74M | 1.14M | -139.79M | -81.96M | -138M | -209.12M |
| Debt Issued (Net) | 16.78M | -10M | -5.68M | -7.62M | 564.25M | 0 | -171.33M | 0 | 0 | 0 |
| Equity Issued (Net) | -16.4M | 111.32M | 0 | 0 | 0 | 0 | 0 | -100M | -131.27M | -96.67M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -19.21M | 0 | 0 | 0 | 0 | 0 | 0 | -100M | -135.96M | -210.8M |
| Other Financing | 0 | 10.74M | 35.08M | 62.26M | -26.51M | 1.14M | 31.54M | 18.04M | -6.73M | -112.44M |
| Net Change in Cash | -5.73M▲ 0% | 107.53M▲ 1976.3% | -70.46M▼ 165.5% | 72.86M▲ 203.4% | 119.59M▲ 64.1% | -56.83M▼ 147.5% | 1.19M▲ 102.1% | 209.18M▲ 17522.2% | -26.68M▼ 112.8% | 12.35M▲ 0% |
| Free Cash Flow | -6.32M▲ 0% | 6.9M▲ 209.2% | -15.58M▼ 325.7% | 8M▲ 151.3% | 4.7M▼ 41.3% | 2.76M▼ 41.2% | 36.36M▲ 1215.4% | 139.12M▲ 282.6% | 242.47M▲ 74.3% | 224.11M▲ 0% |
| FCF Margin % | -3.12% | 2.72% | -5.18% | 2.14% | 0.93% | 0.45% | 5.28% | 18.08% | 30.78% | 37.66% |
| FCF Growth % | -374.54% | 209.22% | -325.7% | 151.35% | -41.26% | -41.18% | 1215.38% | 282.65% | 74.29% | 42.05% |
| FCF per Share | -0.07 | 0.07 | -0.14 | 0.07 | 0.04 | 0.02 | 0.26 | 0.97 | 1.74 | 1.74 |
| FCF Conversion (FCF/Net Income) | 0.97x | -0.69x | -0.06x | -0.98x | -0.19x | -0.13x | 1.12x | 0.71x | 2.15x | 2.05x |
| Interest Paid | 847K | 1.98M | 1.29M | 764K | 373K | 1.54M | 1.32M | 920K | 0 | 448K |
| Taxes Paid | 55K | 13K | 42K | 0 | 0 | 0 | 1.98M | 4.59M | 0 | 4.81M |
UPWK Key Ratios
Upwork Inc. (UPWK) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | - | -18.75% | -6.62% | -8.19% | -20.13% | -35.36% | 14.89% | 45.08% | 19.15% | 17.92% |
| Return on Invested Capital (ROIC) | - | -14.71% | -7.16% | -6.81% | -9.07% | -10.23% | -1.23% | 7.48% | 14.35% | 14.35% |
| Gross Margin | 67.69% | 67.85% | 70.67% | 72.09% | 73.05% | 74.06% | 75.27% | 77.37% | 77.82% | 103% |
| Net Margin | -2.04% | -7.86% | -5.54% | -6.12% | -11.19% | -14.54% | 6.8% | 28.02% | 14.65% | 18.34% |
| Debt / Equity | - | 0.10x | 0.16x | 0.12x | 2.25x | 2.34x | 0.97x | 0.64x | 0.60x | 0.60x |
| Interest Coverage | -3.32x | -8.76x | -11.73x | -28.20x | -24.74x | -20.66x | - | 24.15x | 201.40x | 146.13x |
| FCF Conversion | 0.97x | -0.69x | -0.06x | -0.98x | -0.19x | -0.13x | 1.12x | 0.71x | 2.15x | 2.05x |
| Revenue Growth | 23.17% | 25.08% | 18.63% | 24.31% | 34.57% | 22.98% | 11.45% | 11.64% | 2.4% | -22.82% |
UPWK SEC Filings & Documents
Upwork Inc. (UPWK) SEC filings — annual & quarterly reports (10-K, 10-Q)
UPWK Frequently Asked Questions
Upwork Inc. (UPWK) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Upwork Inc. (UPWK) reported $595.1M in revenue for fiscal year 2025. This represents a 262% increase from $164.4M in 2016.
Upwork Inc. (UPWK) grew revenue by 2.4% over the past year. Growth has been modest.
Yes, Upwork Inc. (UPWK) is profitable, generating $109.2M in net income for fiscal year 2025 (14.7% net margin).
Dividend & Returns
Upwork Inc. (UPWK) has a return on equity (ROE) of 19.1%. This is reasonable for most industries.
Upwork Inc. (UPWK) generated $224.1M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.
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Upwork Inc. (UPWK) financial analysis — history, returns, DCA and operating performance tools
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