Upland Software, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Upland Software, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	74.8	98	150	223	292	302	317	298	275	217
Cost of revenue	27.6	33.6	48.6	69.1	98.4	99.5	104	96.4	81.1	54.8
Gross profit	47.2	64.3	101	154	193	203	214	201	194	162
Research and development	14.9	15.8	20.9	29	39	42.7	46.2	49.4	47.4	36.5
Selling and marketing	12.2	15.3	20.9	35.2	46.1	55.1	59.4	64.3	66.3	44.1
General and administrative	18.3	23.3	32	48.1	68.1	76.9	70.5	61.3	49.5	38
Operating expenses	55.7	75.4	107	178	217	237	254	365	296	158
Operating income	-8.52	-11.1	-5.59	-24.3	-23.8	-34.7	-40.2	-164	-102	4.43
Interest expense							29.1	18.7	8.94
Other non-operating income	-3.46	-6.29	-15.1	-27.9	-31.6	-31.9	-29.9	-18.4	-7.8	-43.1
Pre-tax income	-12	-17.4	-20.6	-52.2	-55.5	-66.6	-70.2	-182	-110	-38.7
Income tax	1.53	1.3	-9.81	-6.81	-4.23	-8.34	-1.74	-2.49	2.64	0.23
Net income	-13.5	-18.7	-10.8	-45.4	-51.2	-58.2	-68.4	-180	-113	-38.9
EBITDA	1.27	0.78	15.8	10.3	23.4	18.3	15.9	-91.9	-47.3	36.6
EPS, basic	-0.82	-1.02	-0.54	-1.96	-1.92	-1.92	-2.23	-5.77	-4.26	-1.56
EPS, diluted	-0.82	-1.02	-0.54	-1.96	-1.92	-1.92	-2.23	-5.77	-4.26	-1.56
Shares, basic (weighted)	16.5	18.4	20	23.1	26.6	30.3	31.5	32.1	27.8	28.6
Shares, diluted (weighted)	16.5	18.4	20	23.1	26.6	30.3	31.5	32.1	27.8	28.6

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	28.8	22.3	16.7	175	250	189	249	237	56.4	29.4
Receivables	15.3	26.5	40.8	50.9	44.5	50.5	47.6	38.8	38.6	25.6
Other current assets	3.29	1.97	3.38	4.75	12.7	8.71	8.23	8	10.1	8.15
Total current assets	47.3	51.7	67.3	239	318	263	321	300	118	75.3
Property, plant and equipment	4.36	2.93	2.83	3.92	2.78	2.67	1.83	1.93	1.52	1.82
Lease right-of-use assets			0	8.06	10.1	6.45	5.72	2.93	1.36	1.71
Goodwill	69.1	155	225	346	384	457	477	354	261	260
Intangible assets	28.5	70	180	283	280	280	249	182	124	62.3
Other non-current assets	0.35	0.8	0.32	4.17	1.82	1.35	1.35	0.31	0.53	3.7
Total assets	151	281	483	897	1,011	1,029	1,113	870	530	413
Accounts payable	1.27	3.89	3.49	5.9	5.4	20.4	14.9	8.14	9.39	2.14
Accrued liabilities	5.51	12.1	16.7	15.3	13.4	9.09	10.6	7.05	6.88	3.94
Deferred revenue	23.6	43.8	57.6	76.6	87.6	103	106	103	93.7	74.8
Short-term debt	2.19	2.3	6.02	3.19	3.17	3.17	3.14	3.17	3.22	7.74
Total current liabilities	39.7	75.1	108	129	121	156	151	131	120	93.8
Long-term debt	45.7	109	274	522	518	515	512	474	287	225
Lease liabilities			0	5.86	8.39	6.77	4.95	1.6	0.76	1.97
Other non-current liabilities	2.13	1.03	0.64	0.68	0.65	1.08	1.17	0.46	0.43	0.51
Total liabilities	91.6	190	396	684	705	713	692	626	425	332
Total debt	47.9	111	280	525	522	518	515	477	290	232
Paid-in capital	125	175	180	345	515	568	607	609	605	607
Retained earnings	-62.4	-81.1	-85.7	-131	-182	-241	-309	-489	-602	-641
Other comprehensive income	-3.15	-2.4	-7.5	-1.22	-26.2	-11.5	11.1	6.17	-22	-15.1
Shareholders' equity	59	91.4	87.3	213	307	316	309	126	-18.3	-48.4
Total equity	59	91.4	87.3	213	307	316	309	126	-18.3	-48.4
Total liabilities and equity	151	281	483	897	1,011	1,029	1,113	870	530	413
Shares outstanding	17.8	20.8	21.5	25.3	30	31.1	32.2	29.9	28.2	2.91

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-13.5	-18.7	-10.8	-45.4	-51.2	-58.2	-68.4	-180	-113	-38.9
Depreciation and amortization	9.79	11.9	21.3	34.6	47.2	52.9	56.1	72	55	32.1
Stock-based compensation	4.33	9.98	14.1	25.8	41.7	53.9	41.6	22.9	15.3	9.11
Deferred income tax	0.53	-0.26	-12.6	-9.18	-7.09	-11.1	-7.49	-5.01	-3.62	-5.31
Change in receivables	-0.36	-4.71	-5.21	3.16	10.4	-1.67	9.69	8.92	-0.33	5.39
Change in payables	-1.45	1.25	-3.4	-0.07	-3.08	10.9	-7.18	-6.9	1.34	-5.72
Cash from operations	3.88	7.72	7.35	12.1	35.6	41.7	30	49.9	24.2	25.8
Capital expenditures	-0.67	-0.4	-0.94	-1.04	-1.11	-1.12	-0.87	-1.22	-0.88	-1.35
Acquisitions	-12.2	-110	-161	-216	-67.7	-92.4	-62.4	0	0
Cash from investing	-13.2	-111	-162	-218	-69	-93.5	-63.2	-1.22	-0.88	8.8
Stock issued	-0.52	43.8	0.81	152	131	0.27	0.19	0.01	0	0
Cash from financing	19.5	96.2	150	364	108	-8.18	94.2	-61.4	-202	-63.4
Exchange rate effect	0.11	0.45	-1.17	0.2	0.46	-0.9	-1.41	0.57	-0.56	1.82
Net change in cash	10.3	-6.43	-5.59	158	75	-60.9	59.5	-12.1	-180	-27
Free cash flow	3.21	7.32	6.41	11	34.5	40.6	29.1	48.7	23.4	24.4
Interest paid	2.46	6.01	12.4	23.9	29.9	29.4	29.1	32.1	28.9	20.4
Income taxes paid	0.49	1.78	3.35	3.56	3.19	2.85	3.88	7.11	2.02	6.95

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.37 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	76.3%	Gross profit / revenue.
Operating margin	-6.1%	Operating income / revenue.
EBITDA margin	6.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-16.7%	Pre-tax income / revenue.
Net margin	-18.5%	Net income / revenue.
FCF margin	12.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.7%	Cash from operations / revenue.
Return on assets (ROA)	-10.3%	Net income / average total assets.
R&D / revenue	15.7%	Research and development expense / revenue.
Stock-based pay / revenue	2.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.2%	Capital expenditures / revenue.
D&A / revenue	12.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-21.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-11.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-5.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-16.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-8.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-3.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 3y	31.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	9.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	6.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-4.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-6.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	4.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-5.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-6.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-22.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-28.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-16.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.87x	Current assets / current liabilities.
Quick ratio	0.63x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.39x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	88.1%	Total liabilities / total assets.
Working capital	-$10.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	76.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$361.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.55x	Revenue / average total assets.
Fixed asset turnover	128x	Revenue / average property, plant and equipment.
Receivables turnover	9.96x	Revenue / average receivables.
Days sales outstanding	37 days	365 x average receivables / revenue.
Days payables	19 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	1.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$12.44	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$67.24	Revenue / diluted weighted shares.
FCF per share	$8.41	Free cash flow / diluted weighted shares.
Operating cash flow per share	$8.57	Cash from operations / diluted weighted shares.
Book value per share	-$30.35	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$122.16	Tangible book value / shares outstanding.
Cash per share	$10.50	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$10.0M	Share price x shares outstanding.
Enterprise value	-$21.1M	Market cap + total debt - cash - short-term investments.
P/S	0.05x	Market cap / revenue.
P/FCF	0.40x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	0.40x	Market cap / cash from operations, when positive.
FCF yield	248.0%	Free cash flow / market cap.
Earnings yield	-367.0%	Net income / market cap (the inverse of P/E).

What was Upland Software, Inc.'s revenue in fiscal 2025?

Upland Software, Inc. reported revenue of $216.9M for fiscal 2025, 21.1% lower than the year before.

Was Upland Software, Inc. profitable in fiscal 2025?

No. It reported a net loss of $38.9M.

How much free cash flow did Upland Software, Inc. generate in fiscal 2025?

Cash from operations of $25.8M minus capital expenditures of $1.4M left free cash flow of $24.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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