Revenue growth remains in a contractionary phase, with a 23.5% year-over-year decline in 2026Q1, while operating margins continue to exhibit extreme volatility, recently settling at 10.4%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 201.91M | 216.88M | 274.79M | 297.85M | 317.3M | 302.02M | 291.78M | 222.64M | 149.88M | 97.95M | 74.77M | 69.91M | 64.57M | 41.19M | 22.76M |
| Revenue Growth % | -24.58% | -21.08% | -7.74% | -6.13% | 5.06% | 3.51% | 31.06% | 48.54% | 53.02% | 31.01% | 6.95% | 8.26% | 56.76% | 80.96% | - |
| Cost of Goods Sold | 48.64M | 81.61M | 81.09M | 96.36M | 103.74M | 99.45M | 98.45M | 69.12M | 48.59M | 33.65M | 27.57M | 26.67M | 23.12M | 13.47M | 7.31M |
| COGS % of Revenue | - | 37.63% | 29.51% | 32.35% | 32.69% | 32.93% | 33.74% | 31.04% | 32.42% | 34.35% | 36.87% | 38.15% | 35.81% | 32.69% | 32.11% |
| Gross Profit | 153.27M | 135.27M | 193.7M | 201.49M | 213.56M | 202.56M | 193.33M | 153.52M | 101.3M | 64.31M | 47.2M | 43.24M | 41.45M | 27.73M | 15.45M |
| Gross Margin % | 75.91% | 62.37% | 70.49% | 67.65% | 67.31% | 67.07% | 66.26% | 68.96% | 67.58% | 65.65% | 63.13% | 61.85% | 64.19% | 67.31% | 67.89% |
| Gross Profit Growth % | - | -30.17% | -3.87% | -5.65% | 5.43% | 4.77% | 25.93% | 51.56% | 57.52% | 36.23% | 9.16% | 4.31% | 49.51% | 79.42% | - |
| Operating Expenses | 142.74M | 118.65M | 296M | 365.41M | 253.79M | 237.24M | 217.15M | 177.83M | 88.16M | 60.35M | 50.14M | 51.01M | 57.61M | 30.88M | 17.3M |
| OpEx % of Revenue | - | 54.71% | 107.72% | 122.68% | 79.98% | 78.55% | 74.42% | 79.87% | 58.82% | 61.61% | 67.07% | 72.96% | 89.22% | 74.97% | 75.99% |
| Selling, General & Admin | 74.77M | 82.14M | 115.76M | 125.61M | 129.88M | 132M | 114.15M | 83.25M | 52.98M | 38.6M | 30.45M | 31.17M | 28.23M | 17.46M | 10.9M |
| SG&A % of Revenue | - | 37.87% | 42.13% | 42.17% | 40.93% | 43.71% | 39.12% | 37.39% | 35.34% | 39.41% | 40.72% | 44.58% | 43.72% | 42.38% | 47.91% |
| Research & Development | 33.01M | 36.51M | 47.37M | 49.38M | 46.19M | 42.69M | 39M | 29.04M | 21.32M | 15.79M | 14.92M | 15.78M | 26.16M | 10.34M | 5.31M |
| R&D % of Revenue | - | 16.84% | 17.24% | 16.58% | 14.56% | 14.14% | 13.37% | 13.04% | 14.22% | 16.13% | 19.95% | 22.57% | 40.52% | 25.1% | 23.32% |
| Other Operating Expenses | 4M | 0 | 132.87M | 190.43M | 77.72M | 62.55M | 63.99M | 65.54M | -1.78M | 289K | -678K | -544K | 101K | -431K | -65K |
| Operating Income | 10.53M | 16.62M | -102.3M | -163.92M | -40.23M | -34.68M | -23.81M | -24.31M | -4.7M | -11.14M | -8.52M | -10.22M | -18.34M | -4.62M | -3.78M |
| Operating Margin % | 5.22% | 7.66% | -37.23% | -55.03% | -12.68% | -11.48% | -8.16% | -10.92% | -3.14% | -11.37% | -11.4% | -14.62% | -28.41% | -11.21% | -16.59% |
| Operating Income Growth % | - | 116.25% | 37.59% | -307.47% | -16.01% | -45.62% | 2.03% | -416.71% | 57.76% | -30.64% | 16.62% | 44.27% | -297.16% | -22.29% | - |
| EBITDA | 33.35M | 48.76M | -47.31M | -91.93M | 15.92M | 18.25M | 23.35M | 10.31M | 16.64M | 778K | 1.27M | -1.77M | -10.89M | 976K | -960K |
| EBITDA Margin % | 16.52% | 22.48% | -17.22% | -30.87% | 5.02% | 6.04% | 8% | 4.63% | 11.1% | 0.79% | 1.7% | -2.53% | -16.86% | 2.37% | -4.22% |
| EBITDA Growth % | -14.79% | 203.06% | 48.54% | -677.55% | -12.78% | -21.84% | 126.38% | -38.02% | 2039.2% | -38.74% | 171.67% | 83.73% | -1215.57% | 201.67% | - |
| D&A (Non-Cash Add-back) | 22.82M | 32.14M | 54.99M | 71.98M | 56.15M | 52.93M | 47.16M | 34.62M | 21.35M | 11.91M | 9.79M | 8.45M | 7.46M | 5.59M | 2.82M |
| EBIT | 6.79M | -22.89M | -101.15M | -163.68M | -41.01M | -34.93M | -23.92M | -29.86M | -7.78M | -10.85M | -9.81M | -10.77M | -18.24M | -5.05M | -3.84M |
| Net Interest Income | -16.54M | -15.79M | -8.94M | -18.68M | -29.14M | -31.63M | -31.53M | -22.31M | -13.27M | -6.58M | -2.78M | -1.86M | -1.95M | -2.8M | -528K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 16.54M | 15.79M | 8.94M | 18.68M | 29.14M | 31.63M | 31.53M | 22.31M | 13.27M | 6.58M | 2.78M | 1.86M | 1.95M | 2.8M | 528K |
| Other Income/Expense | -22.25M | -55.29M | -7.8M | -18.45M | -29.93M | -31.88M | -31.64M | -27.87M | -15.05M | -6.29M | -3.46M | -2.4M | -1.85M | -3.23M | -1.8M |
| Pretax Income | -11.72M | -38.67M | -110.09M | -182.37M | -70.15M | -66.56M | -55.45M | -52.18M | -19.76M | -17.43M | -11.98M | -12.63M | -20.2M | -7.85M | -4.37M |
| Pretax Margin % | -5.81% | -17.83% | -40.06% | -61.23% | -22.11% | -22.04% | -19.01% | -23.44% | -13.18% | -17.79% | -16.03% | -18.06% | -31.27% | -19.05% | -19.2% |
| Income Tax | 2.56M | 232K | 2.64M | -2.49M | -1.74M | -8.34M | -4.23M | -6.8M | -9.81M | 1.3M | 1.53M | 1.04M | -78K | 708K | -72K |
| Effective Tax Rate % | -21.86% | -0.6% | -2.4% | 1.37% | 2.48% | 12.54% | 7.64% | 13.04% | 49.65% | -7.44% | -12.77% | -8.23% | 0.39% | -9.02% | 1.65% |
| Net Income | -14.29M | -38.9M | -112.73M | -179.87M | -68.41M | -58.21M | -51.22M | -45.37M | -9.95M | -18.73M | -13.51M | -13.66M | -20.12M | -9.2M | -2.51M |
| Net Margin % | -7.08% | -17.94% | -41.02% | -60.39% | -21.56% | -19.27% | -17.55% | -20.38% | -6.64% | -19.12% | -18.07% | -19.54% | -31.15% | -22.33% | -11.01% |
| Net Income Growth % | 66.35% | 65.49% | 37.33% | -162.92% | -17.52% | -13.65% | -12.89% | -356.04% | 46.87% | -38.57% | 1.11% | 32.08% | -118.73% | -266.85% | - |
| Net Income (Continuing) | -14.29M | -38.9M | -112.73M | -179.87M | -68.41M | -58.21M | -51.22M | -45.37M | -10.84M | -18.73M | -13.51M | -13.66M | -20.12M | -8.55M | -4.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.90 | -15.60 | -42.60 | -57.70 | -22.30 | -19.20 | -19.20 | -19.60 | -5.00 | -10.20 | -8.20 | -9.10 | -41.10 | -9.10 | -25.20 |
| EPS Growth % | 59.34% | 63.38% | 26.17% | -158.74% | -16.15% | 0% | 2.04% | -292% | 50.98% | -24.39% | 9.89% | 77.86% | -351.65% | 63.89% | - |
| EPS (Basic) | - | -15.60 | -42.60 | -57.70 | -22.30 | -19.20 | -19.20 | -19.60 | -5.00 | -10.20 | -8.20 | -9.10 | -41.10 | -9.10 | -25.20 |
| Diluted Shares Outstanding | 2.92M | 2.86M | 2.78M | 3.21M | 3.15M | 3.03M | 2.66M | 2.31M | 2M | 1.84M | 1.65M | 1.49M | 488.99K | 1.01M | 99.67K |
| Basic Shares Outstanding | 2.92M | 2.86M | 2.78M | 3.21M | 3.15M | 3.03M | 2.66M | 2.31M | 2M | 1.84M | 1.65M | 1.49M | 488.99K | 1.01M | 99.67K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Structural revenue base erosion
According to recent quarterly filings, UPLD's revenue has experienced a sustained decline, culminating in a 23.5% year-over-year contraction as of 2026Q1, which highlights the company's ongoing struggle to stabilize its legacy software portfolio against significant customer churn and the lack of new organic growth drivers.
The consistent double-digit revenue decay suggests that the company's acquisition-led strategy has failed to create a sustainable growth engine. Investors should monitor whether this trend reflects a deliberate sunsetting of non-core assets or an inability to retain the existing customer base in a competitive landscape.
As reported in financial statements, UPLD's gross margin profile has shown significant instability, fluctuating from a low of 54.1% in 2024Q2 to a recent 75.5% in 2026Q1, indicating that the company's cost of revenue remains highly sensitive to the mix of professional services and legacy infrastructure maintenance.
While the recent expansion in gross margin appears positive, it may be an artifact of reduced professional services activity rather than improved pricing power. The structural reliance on disparate, non-integrated codebases likely prevents the company from achieving the consistent margin expansion typically seen in modern SaaS platforms.
Based on UPLD's reported figures, the company has struggled to demonstrate meaningful operating leverage, with operating margins swinging between -129.6% and 14.5% over the last ten quarters, suggesting that fixed costs are not scaling efficiently against the backdrop of a shrinking top-line revenue base.
The inability to consistently maintain positive operating income implies that the company's overhead remains too high for its current scale. This lack of operating discipline warrants further investigation into whether the current cost structure is fundamentally misaligned with the company's reduced revenue capacity.
As indicated by the provided data, UPLD's net income remains highly erratic, with significant quarterly losses and a net margin of -17.94% on a trailing basis, which suggests that non-operating items and restructuring costs continue to weigh heavily on the company's bottom-line performance and overall earnings quality.
The frequent swings in net income, often exacerbated by large restructuring charges, make it difficult to assess the company's true cash-generative potential. Investors should be cautious of relying on GAAP net income as a proxy for operational health, given the persistent impact of intangible asset amortization and acquisition-related expenses.
Based on the observed financial trajectory, the primary risk to the investment thesis is that UPLD's portfolio of legacy applications may be entering a terminal decline phase where maintenance costs eventually exceed subscription revenue, rendering the company's current business model unsustainable in the long term.
Short-sellers would likely focus on the disconnect between the company's historical M&A strategy and its current inability to generate organic growth. If the company cannot modernize its disparate product offerings, the risk of a structural collapse in the customer base appears to be a material concern for future solvency.
Quick answers to the most common questions about buying UPLD stock.
For fiscal year 2025, Upland Software, Inc. (UPLD) reported total revenue of $216.9M. This represents a 852.8% increase compared to $22.8M in 2012.
Upland Software, Inc. (UPLD) reported a net loss of $38.9M for the fiscal year ending 2025.
Upland Software, Inc. (UPLD) reported an operating income of $16.6M, resulting in an operating profit margin of 7.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Upland Software, Inc. (UPLD) generated $135.3M in gross profit for the year, representing a gross profit margin of 62.4%. This demonstrates the company's core pricing power and production efficiency.