Upwork Inc. (UPWK) quarterly income statement — complete revenue, gross profit & net income 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 |
|---|
| Sales/Revenue | 195.48M | 198.41M | 201.73M | 194.94M | 192.71M | 191.48M | 193.78M | 193.13M | 190.94M | 183.93M | 175.73M | 168.61M | 160.86M | 161.44M | 158.64M | 156.9M | 141.34M | 136.86M | 128.14M | 124.18M |
| Revenue Growth % | 1.44% | 3.62% | 4.1% | 0.94% | 0.93% | 4.1% | 10.27% | 14.54% | 18.7% | 13.93% | 10.77% | 7.47% | 13.81% | 17.96% | 23.8% | 26.35% | 24.4% | 28.92% | 32.45% | 41.87% |
| Cost of Goods Sold | 44.64M | 43.67M | 45.84M | 43.43M | 41.81M | 42.64M | 43.41M | 43.85M | 44.19M | 45.87M | 43.27M | 40.88M | 40.43M | 41.16M | 40.47M | 40.86M | 37.92M | 37.05M | 34.93M | 33.08M |
| COGS % of Revenue | 22.84% | 22.01% | 22.72% | 22.28% | 21.69% | 22.27% | 22.4% | 22.71% | 23.15% | 24.94% | 24.62% | 24.25% | 25.13% | 25.49% | 25.51% | 26.04% | 26.83% | 27.07% | 27.26% | 26.64% |
| Gross Profit | 150.84M | 154.74M | 155.89M | 151.51M | 150.9M | 148.84M | 150.37M | 149.28M | 146.74M | 138.07M | 132.46M | 127.73M | 120.43M | 120.28M | 118.17M | 116.04M | 103.42M | 99.81M | 93.21M | 91.1M |
| Gross Margin % | 77.16% | 77.99% | 77.28% | 77.72% | 78.31% | 77.73% | 77.6% | 77.29% | 76.85% | 75.06% | 75.38% | 75.75% | 74.87% | 74.51% | 74.49% | 73.96% | 73.17% | 72.93% | 72.74% | 73.36% |
| Gross Profit Growth % | -0.04% | 3.96% | 3.67% | 1.49% | 2.83% | 7.8% | 13.52% | 16.87% | 21.85% | 14.78% | 12.09% | 10.07% | 16.45% | 20.52% | 26.78% | 27.38% | 24.34% | 28.99% | 32.87% | 46.64% |
| Operating Expenses | 118.12M | 126.44M | 126.13M | 118.94M | 112.21M | 135.26M | 129.57M | 131.5M | 133.69M | 129.64M | 120.99M | 133.84M | 145.47M | 140.76M | 143.61M | 139.09M | 127.07M | 121.61M | 101.53M | 107.49M |
| OpEx % of Revenue | 60.43% | 63.73% | 62.52% | 61.02% | 58.23% | 70.64% | 66.87% | 68.09% | 70.02% | 70.48% | 68.85% | 79.38% | 90.43% | 87.19% | 90.53% | 88.65% | 89.91% | 88.86% | 79.23% | 86.56% |
| Selling, General & Admin | 72.59M | 77.67M | 74.34M | 72.33M | 63.8M | 79.54M | 77.37M | 77.26M | 79.85M | 81.31M | 75.96M | 88.05M | 94.29M | 92.87M | 94.58M | 96.61M | 86.78M | 85.79M | 69.28M | 78.17M |
| SG&A % of Revenue | 37.14% | 39.15% | 36.85% | 37.1% | 33.11% | 41.54% | 39.93% | 40% | 41.82% | 44.2% | 43.22% | 52.22% | 58.62% | 57.52% | 59.62% | 61.57% | 61.4% | 62.69% | 54.06% | 62.95% |
| Research & Development | 43.31M | 47.05M | 51.29M | 44.84M | 46.15M | 53.49M | 50.41M | 52.47M | 52.92M | 46.22M | 43.42M | 43.25M | 44.48M | 41.66M | 38.9M | 35.83M | 38.16M | 33.47M | 30.87M | 28.12M |
| R&D % of Revenue | 22.15% | 23.72% | 25.43% | 23% | 23.95% | 27.94% | 26.02% | 27.17% | 27.71% | 25.13% | 24.71% | 25.65% | 27.65% | 25.81% | 24.52% | 22.84% | 27% | 24.46% | 24.09% | 22.65% |
| Other Operating Expenses | 1000K | 1000K | 493K | 1000K | 1000K | 1000K | 1000K | 1000K | 927K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Operating Income | 32.72M | 28.29M | 29.76M | 32.56M | 38.69M | 13.58M | 20.79M | 17.78M | 13.05M | 8.43M | 11.47M | -6.12M | -25.04M | -20.48M | -25.44M | -23.05M | -23.65M | -21.81M | -8.32M | -16.39M |
| Operating Margin % | 16.74% | 14.26% | 14.75% | 16.71% | 20.08% | 7.09% | 10.73% | 9.21% | 6.83% | 4.58% | 6.52% | -3.63% | -15.57% | -12.69% | -16.04% | -14.69% | -16.73% | -15.93% | -6.49% | -13.2% |
| Operating Income Growth % | -15.44% | 108.3% | 43.12% | 83.14% | 196.5% | 61.17% | 81.34% | 390.73% | 152.12% | 141.15% | 145.07% | 73.46% | -5.86% | 6.08% | -205.9% | -40.58% | -207.29% | -3424.39% | -174.58% | -49.26% |
| EBITDA | 42.21M | 35.49M | 33.9M | 38.63M | 43.75M | 19.5M | 24.04M | 22.27M | 17.04M | 13.07M | 14.05M | -3.45M | -22.21M | -17.65M | -22.68M | -20.27M | -20.89M | -18.9M | -4.94M | -12.98M |
| EBITDA Margin % | 21.59% | 17.89% | 16.81% | 19.81% | 22.7% | 10.19% | 12.41% | 11.53% | 8.93% | 7.11% | 8% | -2.05% | -13.81% | -10.93% | -14.3% | -12.92% | -14.78% | -13.81% | -3.86% | -10.45% |
| EBITDA Growth % | -3.52% | 81.98% | 41.03% | 73.46% | 156.74% | 49.23% | 71.07% | 745.29% | 176.72% | 174.06% | 161.95% | 82.97% | -6.33% | 6.63% | -359.17% | -56.15% | -481.63% | -537.83% | -908.51% | -72.35% |
| D&A (Non-Cash Add-back) | 9.5M | 7.2M | 4.15M | 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 |
| EBIT | 32.72M | 34.05M | 35.67M | 32.56M | 38.69M | 13.58M | 20.79M | 17.78M | 13.05M | -46.84M | 11.47M | -6.12M | -25.04M | -14.94M | -23.67M | -22.67M | -23.58M | -21.37M | -8.54M | -16.41M |
| Net Interest Income | 5.8M | 0 | 6.1M | 6.7M | 0 | 0 | 0 | 0 | 0 | 0 | -711K | -713K | -1.1M | -1.12M | -1.12M | -1.12M | -1.13M | -1.13M | -746K | -110K |
| Interest Income | 6.5M | 0 | 6.1M | 7.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 700K | 0 | 0 | 700K | 0 | 0 | 0 | 0 | 0 | 0 | 711K | 713K | 1.1M | 1.12M | 1.12M | 1.12M | 1.13M | 1.13M | 746K | 110K |
| Other Income/Expense | 4.99M | 5.76M | 5.92M | 5.88M | 6.32M | 4.79M | 8.09M | 5.62M | 6.72M | 7.39M | 5.77M | 3.98M | 43M | 4.42M | 655K | -745K | -1.06M | -685K | -968K | -127K |
| Pretax Income | 37.71M | 34.05M | 35.67M | 38.44M | 45.01M | 18.37M | 28.88M | 23.4M | 19.77M | 15.82M | 17.23M | -2.13M | 17.96M | -16.06M | -24.79M | -23.79M | -24.71M | -22.49M | -9.29M | -16.52M |
| Pretax Margin % | 19.29% | 17.16% | 17.68% | 19.72% | 23.36% | 9.59% | 14.91% | 12.12% | 10.35% | 8.6% | 9.81% | -1.27% | 11.17% | -9.95% | -15.62% | -15.16% | -17.48% | -16.44% | -7.25% | -13.3% |
| Income Tax | 6.25M | 18.42M | 6.34M | 5.72M | 7.28M | -128.79M | 1.13M | 1.18M | 1.33M | -1.56M | 895K | 1.86M | 795K | 440K | 40K | 27K | 29K | 63K | 26K | 16K |
| Effective Tax Rate % | 16.57% | 54.09% | 17.77% | 14.87% | 16.17% | -701.08% | 3.9% | 5.05% | 6.72% | -9.84% | 5.19% | -87.02% | 4.43% | -2.74% | -0.16% | -0.11% | -0.12% | -0.28% | -0.28% | -0.1% |
| 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 |
| Net Margin % | 16.09% | 7.88% | 14.54% | 16.79% | 19.58% | 76.86% | 14.32% | 11.51% | 9.66% | 9.45% | 9.3% | -2.37% | 10.67% | -10.22% | -15.65% | -15.18% | -17.5% | -16.48% | -7.27% | -13.32% |
| Net Income Growth % | -16.62% | -89.38% | 5.68% | 47.28% | 104.59% | 747.05% | 69.91% | 656.75% | 7.43% | 205.3% | 165.8% | 83.25% | 169.4% | 26.85% | -166.64% | -44.03% | -215.74% | -2538.49% | -238.95% | -50.02% |
| Net Income (Continuing) | 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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.24 | 0.11 | 0.21 | 0.24 | 0.27 | 1.03 | 0.20 | 0.17 | 0.13 | 0.13 | 0.12 | -0.03 | -0.15 | -0.13 | -0.19 | -0.18 | -0.19 | -0.18 | -0.07 | -0.13 |
| EPS Growth % | -11.11% | -89.32% | 5% | 41.18% | 107.69% | 692.31% | 66.67% | 666.67% | 186.67% | 200% | 163.16% | 83.33% | 21.05% | 27.78% | -171.43% | -38.46% | -216.67% | -1900% | -207.02% | -37.42% |
| EPS (Basic) | 0.25 | 0.12 | 0.22 | 0.25 | 0.28 | 1.10 | 0.21 | 0.17 | 0.14 | 0.13 | 0.12 | -0.03 | 0.13 | -0.13 | -0.19 | -0.18 | -0.19 | -0.18 | -0.07 | -0.13 |
| Diluted Shares Outstanding | 135.7M | 139.41M | 139.67M | 140.2M | 142.78M | 143.1M | 139.29M | 138.27M | 143.66M | 143.8M | 137.29M | 134.14M | 135.97M | 131.82M | 130.83M | 130.06M | 129.36M | 127.54M | 127.91M | 126.74M |
| Basic Shares Outstanding | 128.1M | 130.62M | 136.98M | 132.18M | 135.21M | 134.26M | 132.6M | 131.44M | 136.36M | 136.62M | 135.45M | 134.14M | 132.84M | 131.82M | 130.67M | 130.06M | 129.36M | 127.54M | 127.91M | 126.74M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |