Upwork Inc. (UPWK) quarterly balance sheet — complete assets, liabilities & equity history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Total Current Assets | 883.3M | 950.83M | 948.95M | 938.98M | 938.01M | 911.05M | 904.29M | 855.66M | 848.02M | 883.37M | 810.01M | 780.03M | 767.82M | 930.91M | 929.7M | 944.3M | 949.53M | 929.65M | 939.92M | 412.28M |
| Cash & Short-Term Investments | 579.73M | 676.38M | 643.1M | 634.58M | 622.07M | 622.1M | 601.18M | 497.74M | 490.61M | 550.1M | 555.24M | 516.67M | 509.63M | 686.61M | 675.81M | 667.63M | 672.96M | 684.77M | 696.84M | 172.44M |
| Cash Only | 328.4M | 297.96M | 260.84M | 291.07M | 304.45M | 305.76M | 288.46M | 182.8M | 24.67M | 79.64M | 146.83M | 154.11M | 101.98M | 129.38M | 156.42M | 135.37M | 121.17M | 187.21M | 600.08M | 131.45M |
| Short-Term Investments | 251.33M | 378.43M | 382.26M | 343.51M | 317.62M | 316.34M | 312.72M | 314.94M | 465.94M | 470.46M | 408.42M | 362.56M | 407.64M | 557.23M | 519.38M | 532.26M | 551.78M | 497.57M | 96.76M | 40.99M |
| Accounts Receivable | 75.91M | 76.24M | 76.43M | 71.23M | 77.92M | 75.49M | 69.45M | 116.52M | 114.4M | 103.06M | 60.26M | 66.31M | 59.29M | 64.89M | 67.07M | 69.86M | 62.05M | 66.83M | 58.23M | 62.23M |
| Days Sales Outstanding | 35.02 | 35.4 | 33.67 | 34.81 | 35.82 | 34.82 | 44.15 | 54.4 | 51.82 | 40.85 | 33.13 | 33.89 | 34.74 | 37.6 | 39.7 | 38.25 | 41.03 | 42.03 | 43.24 | 41.82 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 227.66M | 201.82M | 229.42M | 233.17M | 238.03M | 213.46M | 233.66M | 241.4M | 243.01M | 230.21M | 194.51M | 197.05M | 198.9M | 161.46M | 169.97M | 188.44M | 196.38M | 160.81M | 172.69M | 165.08M |
| Total Non-Current Assets | 358.65M | 348.75M | 362.26M | 322.73M | 302.05M | 300.56M | 158.37M | 152.9M | 152.8M | 154.17M | 151.43M | 150.54M | 150.25M | 149.34M | 149.52M | 149.71M | 150.74M | 151.41M | 154.57M | 156.98M |
| Property, Plant & Equipment | 61.93M | 49.43M | 45.56M | 43.48M | 40.48M | 35.81M | 36.32M | 30.78M | 30.61M | 31.47M | 31.83M | 30.86M | 29.91M | 29.67M | 29.87M | 29.99M | 30.86M | 32.01M | 35.08M | 37.36M |
| Fixed Asset Turnover | 3.51x | 4.18x | 4.53x | 4.64x | 5.05x | 5.31x | 5.78x | 6.29x | 6.15x | 5.81x | 5.61x | 5.55x | 5.40x | 5.42x | 5.30x | 5.16x | 4.50x | 4.08x | 3.54x | 2.96x |
| Goodwill | 149.19M | 149.19M | 150.47M | 141.47M | 121.06M | 121.06M | 118.22M | 118.22M | 118.22M | 118.22M | 118.22M | 118.22M | 118.22M | 118.22M | 118.22M | 118.22M | 118.22M | 118.22M | 118.22M | 118.22M |
| Intangible Assets | 34.23M | 37.16M | 39.66M | 9.53M | 11.17M | 12.99M | 1.86M | 2.26M | 2.66M | 3.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.89M | 1.47M | 1.5M | 1.54M | 1.58M | 1.92M | 1.97M | 1.65M | 1.31M | 1.43M | 1.38M | 1.47M | 2.12M | 1.45M | 1.43M | 1.5M | 1.66M | 1.18M | 1.27M | 1.41M |
| Total Assets | 1.24B | 1.3B | 1.31B | 1.26B | 1.24B | 1.21B | 1.06B | 1.01B | 1B | 1.04B | 961.44M | 930.57M | 918.07M | 1.08B | 1.08B | 1.09B | 1.1B | 1.08B | 1.09B | 569.26M |
| Asset Turnover | 0.15x | 0.15x | 0.16x | 0.16x | 0.16x | 0.17x | 0.19x | 0.19x | 0.19x | 0.18x | 0.19x | 0.18x | 0.16x | 0.15x | 0.15x | 0.14x | 0.13x | 0.13x | 0.15x | 0.22x |
| Asset Growth % | 0.15% | 7.26% | 23.39% | 25.1% | 23.91% | 16.78% | 10.53% | 8.38% | 9.01% | -3.95% | -10.91% | -14.94% | -16.56% | -0.08% | -1.39% | 92.18% | 96.36% | 104.27% | 118.18% | 16.45% |
| Total Current Liabilities | 647.2M | 650.17M | 660.48M | 279.62M | 274.7M | 268.43M | 284.44M | 285.1M | 289.49M | 293M | 253.06M | 254.73M | 256.82M | 247.69M | 252.01M | 263.39M | 263.29M | 233.63M | 241.85M | 232.43M |
| Accounts Payable | 214.78M | 188.61M | 8.51M | 1.03M | 4.12M | 6.13M | 5.6M | 5.86M | 5.92M | 5.06M | 1.75M | 4.18M | 4.25M | 7.55M | 5.35M | 5.28M | 10.33M | 5M | 3.37M | 8.63M |
| Days Payables Outstanding | 406.63 | 207.64 | 9.57 | 5.39 | 11.03 | 12.65 | 12.15 | 12.22 | 11.3 | 6.83 | 6.3 | 9.38 | 13.13 | 14.42 | 12.09 | 17.38 | 18.19 | 10.39 | 15.8 | 28.48 |
| Short-Term Debt | 360.23M | 359.77M | 359.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.34M |
| Deferred Revenue (Current) | 8.2M | 7.76M | 7.94M | 7.8M | 7.5M | 7.27M | 8.78M | 10.77M | 13.96M | 17.36M | 21.24M | 24.08M | 25.56M | 25.07M | 24.91M | 23.98M | 23.55M | 22.08M | 20.74M | 19.16M |
| Other Current Liabilities | 63.99M | 94.02M | 40.66M | 26.73M | 14.81M | 31.52M | 27.27M | 19.49M | 14.9M | 26.98M | 18.92M | 13.13M | 9.79M | 19.37M | 15.23M | 10.51M | 10.19M | 24.06M | 18.43M | 12.42M |
| Current Ratio | 1.36x | 1.46x | 1.44x | 3.36x | 3.41x | 3.39x | 3.18x | 3.00x | 2.93x | 3.01x | 3.20x | 3.06x | 2.99x | 3.76x | 3.69x | 3.59x | 3.61x | 3.98x | 3.89x | 1.77x |
| Quick Ratio | 1.36x | 1.46x | 1.44x | 3.36x | 3.41x | 3.39x | 3.18x | 3.00x | 2.93x | 3.01x | 3.20x | 3.06x | 2.99x | 3.76x | 3.69x | 3.59x | 3.61x | 3.98x | 3.89x | 1.77x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 25.12M | 19.1M | 22.61M | 373.44M | 371.03M | 367.8M | 367.05M | 362.37M | 362.45M | 363.46M | 365.43M | 368.92M | 372.29M | 583.67M | 584.63M | 584.31M | 587.64M | 587.91M | 587.8M | 28.31M |
| Long-Term Debt | 15.2M | 9.71M | 0 | 358.85M | 358.39M | 357.93M | 357.47M | 357.01M | 356.55M | 356.09M | 355.63M | 355.17M | 354.7M | 564.26M | 563.52M | 562.78M | 562.04M | 561.3M | 560.56M | 633K |
| Capital Lease Obligations | 0 | 9.71M | 10.13M | 10.35M | 10.38M | 9.57M | 9.22M | 4.83M | 5.31M | 6.09M | 6.93M | 8.22M | 9.71M | 11.18M | 12.62M | 14.04M | 15.41M | 16.75M | 18.07M | 18.76M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 9.93M | -317K | 12.48M | 4.24M | 2.25M | 308K | 361K | 528K | 596K | 1.29M | 2.88M | 5.54M | 7.87M | 8.24M | 8.49M | 7.48M | 10.19M | 9.86M | 9.17M | 8.92M |
| Total Liabilities | 672.33M | 669.26M | 683.08M | 653.06M | 645.72M | 636.24M | 651.49M | 647.47M | 651.94M | 656.47M | 618.5M | 623.65M | 629.11M | 831.37M | 836.64M | 847.7M | 850.93M | 821.54M | 829.65M | 260.73M |
| Total Debt | 375.43M | 380.86M | 371.1M | 370.85M | 370.41M | 369.12M | 369.46M | 365.65M | 366.77M | 367.86M | 368.93M | 369.98M | 370.96M | 581.94M | 582.59M | 583.23M | 583.82M | 584.37M | 584.9M | 30.35M |
| Net Debt | 47.03M | 82.9M | 110.26M | 79.78M | 65.96M | 63.36M | 81M | 182.85M | 342.11M | 288.22M | 222.1M | 215.87M | 268.98M | 452.56M | 426.17M | 447.86M | 462.64M | 397.16M | -15.17M | -101.1M |
| Debt / Equity | 0.66x | 0.60x | 0.59x | 0.61x | 0.62x | 0.64x | 0.90x | 1.01x | 1.05x | 0.97x | 1.08x | 1.21x | 1.28x | 2.34x | 2.40x | 2.37x | 2.34x | 2.25x | 2.21x | 0.10x |
| Debt / EBITDA | 8.89x | 10.73x | 10.95x | 9.60x | 8.47x | 18.92x | 15.37x | 16.42x | 21.52x | 28.15x | 26.25x | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.11x | 2.34x | 3.25x | 2.07x | 1.51x | 3.25x | 3.37x | 8.21x | 20.07x | 22.05x | 15.80x | - | - | - | - | - | - | - | - | - |
| Interest Coverage | 46.74x | - | - | 46.52x | - | - | - | - | - | - | 16.13x | -8.58x | -22.74x | -13.33x | -21.19x | -20.24x | -20.96x | -18.99x | -11.45x | -149.20x |
| Total Equity | 569.63M | 630.32M | 628.13M | 608.65M | 594.34M | 575.38M | 411.17M | 361.1M | 348.88M | 381.07M | 342.94M | 306.92M | 288.96M | 248.88M | 242.58M | 246.32M | 249.35M | 259.52M | 264.83M | 308.53M |
| Equity Growth % | -4.16% | 9.55% | 52.77% | 68.56% | 70.36% | 50.99% | 19.9% | 17.65% | 20.74% | 53.12% | 41.37% | 24.6% | 15.88% | -4.1% | -8.4% | -20.16% | -18.38% | -13.29% | -5.95% | 14.21% |
| Book Value per Share | 4.20 | 4.52 | 4.50 | 4.34 | 4.16 | 4.02 | 2.95 | 2.61 | 2.43 | 2.65 | 2.50 | 2.29 | 2.13 | 1.89 | 1.85 | 1.89 | 1.93 | 2.03 | 2.07 | 2.43 |
| Total Shareholders' Equity | 569.63M | 630.32M | 628.13M | 608.65M | 594.34M | 575.38M | 411.17M | 361.1M | 348.88M | 381.07M | 342.94M | 306.92M | 288.96M | 248.88M | 242.58M | 246.32M | 249.35M | 259.52M | 264.83M | 308.53M |
| Common Stock | 12K | 13K | 13K | 13K | 13K | 14K | 13K | 13K | 13K | 14K | 14K | 13K | 13K | 13K | 13K | 13K | 13K | 13K | 13K | 13K |
| Retained Earnings | 68.41M | 36.95M | 21.32M | -8.02M | -40.75M | -78.48M | -225.64M | -253.4M | -275.62M | -294.06M | -311.44M | -327.77M | -323.78M | -340.95M | -324.45M | -299.62M | -275.8M | -251.06M | -228.51M | -219.2M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 139K | 754K | 867K | 724K | 548K | 264K | 1.22M | -529K | -386K | 205K | -393K | -865K | -1.16M | -3.08M | -4.62M | -4.78M | -3.38M | -528K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |