Upwork Inc. (UPWK) quarterly cash flow statement — complete operating, investing & financing 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 |
|---|
| Cash from Operations | 23.02M | 63.7M | 75.08M | 72.51M | 36.97M | 8.49M | 91.06M | 39.2M | 14.81M | -5.34M | 36.95M | 4.31M | -8.7M | 8.46M | 10.03M | -446K | -11.48M | -12.45M | 20.86M | 544K |
| Operating CF Margin % | 11.78% | 32.11% | 37.22% | 37.2% | 19.18% | 4.43% | 46.99% | 20.3% | 7.76% | -2.9% | 21.03% | 2.56% | -5.41% | 5.24% | 6.32% | -0.28% | -8.12% | -9.1% | 16.28% | 0.44% |
| Operating CF Growth % | -37.73% | 650.39% | -17.55% | 84.97% | 149.53% | 259% | 146.42% | 809.79% | 270.26% | -163.15% | 268.56% | 1066.14% | 24.18% | 167.92% | -51.95% | -181.99% | -711.73% | -239.04% | 209.1% | -93.5% |
| Net Income | 31.46M | 15.63M | 29.34M | 32.73M | 37.73M | 147.17M | 27.76M | 22.22M | 18.44M | 17.37M | 16.34M | -3.99M | 17.17M | -16.5M | -24.83M | -23.82M | -24.74M | -22.56M | -9.31M | -16.54M |
| Depreciation & Amortization | 9.5M | 7.2M | 8.13M | 6.06M | 5.06M | 5.92M | 3.25M | 4.49M | 3.99M | 4.64M | 2.59M | 2.67M | 2.82M | 2.83M | 2.76M | 2.78M | 2.76M | 2.91M | 3.38M | 3.42M |
| Stock-Based Compensation | 15.42M | 17.35M | 0 | 15.98M | 12.27M | 13.63M | 18.58M | 19.24M | 16.94M | 18.05M | 17.81M | 18.44M | 19.9M | 19.38M | 20.4M | 18.98M | 16.73M | 14.93M | 13.91M | 13.53M |
| Deferred Taxes | 93K | 18.89M | -2.46M | 2.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 744K | -852K | 20.36M | 615K | 771K | -129.26M | 619K | -998K | -3.43M | -2.08M | -1.67M | -289K | -37.82M | 3.85M | 10.71M | 7.58M | 3.38M | 4.65M | 1.77M | 8.61M |
| Working Capital Changes | -34.2M | 5.47M | 19.73M | 15.07M | -18.87M | -28.97M | 40.85M | -5.75M | -21.13M | -43.32M | 1.88M | -12.51M | -10.78M | -1.11M | 975K | -5.97M | -9.62M | -12.37M | 11.12M | -8.48M |
| Change in Receivables | -784K | -1.63M | -2.01M | 3.9M | -3.54M | -34.66M | 34.94M | -1.86M | -3.23M | -45.02M | 4.32M | -8.95M | 1.99M | -2.47M | -6.9M | -13.85M | 2.99M | -10.64M | 2.87M | -11.25M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 3.12M | -656K | 4.57M | -3.09M | -1.99M | 428K | -160K | -81K | 782K | 3.29M | -2.43M | 9K | -3.38M | 2.3M | -2K | -870K | 1.15M | 1.74M | -5.36M | -3.37M |
| Cash from Investing | 118.21M | 1.23M | -81.5M | -51.45M | -5.22M | -21.04M | 2.08M | 150.39M | 6.14M | -63.44M | -45.24M | 44.81M | 152.14M | -37.03M | 10.74M | 11.87M | -55.04M | -402.87M | -56.73M | 22.96M |
| Capital Expenditures | -1.72M | -455K | -5.65M | -2.38M | -2.47M | -1.55M | -1.2M | -598K | -177K | -134K | -423K | 23K | -158K | -355K | -291K | -409K | -193K | -462K | -231K | -264K |
| CapEx % of Revenue | 0.88% | 0.23% | 2.8% | 1.22% | 1.28% | 0.81% | 0.62% | 0.31% | 0.09% | 0.07% | 0.24% | 0.01% | 0.1% | 0.22% | 0.18% | 0.26% | 0.14% | 0.34% | 0.18% | 0.21% |
| Acquisitions | 0 | 1.44M | -39.44M | -20.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -6.54M | -3.47M | 0 | -2.95M | -3.7M | -16.65M | -2.96M | -3.15M | -2.49M | -6.48M | -3.11M | -3.37M | -2.7M | -2.33M | -2.34M | -1.59M | -1.23M | -889K | -640K | -1.28M |
| Cash from Financing | -84.25M | -62.03M | -24.47M | -38.35M | -13.14M | 11.28M | 7.88M | -35.74M | -65.38M | 36.01M | 1.32M | 400K | -152.03M | -6.87M | -18.19M | -4.92M | 36.05M | -9.24M | 512.31M | 7.61M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -170.75M | 0 | 0 | 0 | 0 | 0 | 568.04M | -1.89M |
| Equity Issued (Net) | -107.81M | -30.08M | -28.73M | -37.87M | -33.05M | 0 | 0 | -33.12M | -66.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -107.89M | -34.04M | -31M | -37.87M | -33.05M | 0 | 0 | -33.12M | -66.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 23.55M | -31.95M | 4.25M | -485K | 19.91M | 11.28M | 7.88M | -2.61M | 1.5M | 36.01M | 1.32M | 400K | 18.72M | -6.87M | -18.19M | -4.92M | 36.05M | -9.24M | -55.73M | 9.5M |
| Net Change in Cash | 56.98M | 2.9M | -30.23M | -17.29M | 18.6M | -1.27M | 101.02M | 153.85M | -44.42M | -32.77M | -6.96M | 49.52M | -8.6M | -35.45M | 2.57M | 6.51M | -30.46M | -424.55M | 476.44M | 31.11M |
| Free Cash Flow | 21.3M | 63.25M | 69.43M | 70.13M | 30.79M | 4.62M | 86.89M | 35.46M | 12.15M | -11.95M | 33.42M | 963K | -11.56M | 5.78M | 7.4M | -2.45M | -12.9M | -13.8M | 19.99M | -1M |
| FCF Margin % | 10.89% | 31.88% | 34.42% | 35.98% | 15.98% | 2.41% | 44.84% | 18.36% | 6.36% | -6.5% | 19.02% | 0.57% | -7.19% | 3.58% | 4.66% | -1.56% | -9.13% | -10.08% | 15.6% | -0.81% |
| FCF Growth % | -30.83% | 1267.78% | -20.09% | 97.8% | 153.44% | 138.68% | 159.98% | 3581.83% | 205.08% | -306.98% | 351.71% | 139.37% | 10.39% | 141.85% | -62.99% | -143.87% | -2522.36% | -316.79% | 380.72% | -140.69% |
| FCF per Share | 0.16 | 0.45 | 0.50 | 0.50 | 0.22 | 0.03 | 0.62 | 0.26 | 0.08 | -0.08 | 0.24 | 0.01 | -0.09 | 0.04 | 0.06 | -0.02 | -0.10 | -0.11 | 0.16 | -0.01 |
| FCF Conversion (FCF/Net Income) | 0.73x | 4.07x | 2.56x | 2.22x | 0.98x | 0.06x | 3.28x | 1.76x | 0.80x | -0.31x | 2.26x | -1.08x | -0.51x | -0.51x | -0.40x | 0.02x | 0.46x | 0.55x | -2.24x | -0.03x |
| Interest Paid | 559K | 0 | 448K | 0 | 451K | 0 | 457K | 5K | 458K | 7K | 477K | 26K | 811K | 21K | 735K | 22K | 763K | 26K | 64K | 178K |
| Taxes Paid | 500K | 0 | 4.81M | 0 | 0 | 1.41M | 2.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |