UPWORK, INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data UPWORK, 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	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	164	203	253	301	374	503	618	689	769	788
Cost of revenue	62.6	65.4	81.5	0.9	2.9	136	160	170	174	175
Gross profit	102	137	172	212	269	367	458	519	595	613
Research and development	37.9	45.6	55.5	64	83.5	119	155	177	209	186
Selling and marketing	37.4	53	73	95.9	133	183	247	221	185	143
General and administrative	35.4	37.3	49.3	67.3	71.5	113	124	119	129	147
Operating expenses	116	140	184	231	292	422	551	530	530	484
Operating income	-14.5	-3.12	-11.7	-18.7	-22.4	-54.2	-92.6	-11.3	65.2	129
Interest expense	0.86	0.96	2.04	1.31	0.78	2.18	4.48
Interest income							7.9	24.4	28	27.4
Other non-operating income	-0.91	-0.06	-6.14	3.41	0.47	-1.9	3.28	60.1	25.2	23.9
Pre-tax income	-16.2	-4.15	-19.9	-16.6	-22.7	-56.1	-89.3	48.9	90.4	153
Income tax	-0	-0.02	0.02	0.03	0.15	0.12	0.54	1.99	-125	37.8
Net income	-16.2	-4.12	-19.9	-16.7	-22.9	-56.2	-89.9	46.9	216	115
EBITDA	-12.7	-1.62	-9.51	-15.9	-18.8	-50.5	-84.6	-1.81	80	155
EPS, basic	-0.51	-0.32	-0.38	-0.15	-0.19	-0.44	-0.69	0.35	1.61	0.87
EPS, diluted	-0.51	-0.32	-0.38	-0.15	-0.19	-0.44	-0.69	0.06	1.52	0.84
Shares, basic (weighted)	32.1	32.9	52.3	110	119	127	131	135	134	132
Shares, diluted (weighted)	32.1	32.9	52.3	110	119	127	131	137	143	141

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	89.7	21.6	129	48.4	94.1	187	129	79.6	306	294
Short-term investments			0	85.5	75.6	498	557	470	316	378
Receivables		30.8	22.3	30.2	47	66.8	64.9	103	75.5	76.2
Other current assets		4.57	6.25	7.89	9.09	17.2	17.9	17.8	17.7	21.1
Total current assets		144	256	281	361	930	931	883	911	951
Property, plant and equipment		3.51	10.8	21.5	28.1	21.3	22.1	27.1	30.1	44.4
Lease right-of-use assets				21.9	19.7	10.7	7.6	4.33	5.75	5.01
Goodwill		118	118	118	118	118	118	118	121	149
Intangible assets		8.67	6	3.34	0.67	0	0	3.05	13	37.2
Other non-current assets		0.66	0.65	0.83	1.67	1.18	1.45	1.43	1.92	1.47
Total assets		275	392	446	529	1,081	1,080	1,038	1,212	1,300
Accounts payable		0.46	2.07	0.65	6.46	5	7.55	5.06	6.13	7.86
Accrued liabilities		8.4	9.31	5.34	14	23	17.2	25.9	30.7	51.9
Deferred revenue		0.61	0.72	13.8	16.8	22.1	25.1	17.4	7.27	7.77
Short-term debt		10.3	5.67	7.58	7.58	0			0	360
Total current liabilities		115	128	149	199	234	248	293	268	650
Long-term debt		23.5	18.2	10.7	3.14	561	564	356	358	0
Lease liabilities				21.2	20.5	16.8	11.2	6.09	9.57	9.71
Other non-current liabilities		1.94	1.99	5.97	7.52	9.86	8.24	1.29	0.31	9.39
Total liabilities		140	148	187	230	822	831	656	636	669
Total debt		33.8	23.9	18.3	10.7	561	564	356	358	360
Paid-in capital		92.2	387	431	494	511	593	675	654	593
Retained earnings		-124	-143	-172	-195	-251	-341	-294	-78.5	36.9
Treasury stock								0
Other comprehensive income						-0.53	-3.09	0.21	0.26	0.75
Shareholders' equity	-30.1	-31.4	244	259	299	260	249	381	575	630
Total equity	-30.1	-31.4	244	259	299	260	249	381	575	630
Total liabilities and equity		275	392	446	529	1,081	1,080	1,038	1,212	1,300
Shares outstanding		33.7	106	114	125	129	132	137	135	131

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-16.2	-4.12	-19.9	-16.7	-22.9	-56.2	-89.9	46.9	216	115
Depreciation and amortization	1.8	1.5	2.2	2.8	3.6	3.7	8.06	9.45	14.8	25.7
Stock-based compensation	7.27	6.85	10.4	18.8	25.5	53.6	75.5	74.2	68.4	65.4
Deferred income tax	0	0	0	0	0	0	0	0	-129	18.5
Change in receivables	-8.32	-8.86	3.51	-10.9	-20	-24.6	-15.3	-22.2	-4.8	-3.28
Change in payables	-0.58	0.07	1.61	-1.46	5.82	-1.45	2.58	-2.51	0.97	-1.16
Cash from operations	3.15	-4	13.7	1.06	22.4	10.8	11.5	52.7	154	248
Capital expenditures	-0.85	-1.83	-3	-10.8	-6.32	-1.03	-1.25	-0.69	-3.53	-5.79
Acquisitions							0	0	-14.3	-58.4
Purchases of investments		0	0	-169	-107	-525	-582	-709	-362	-485
Sales and maturities of investments		0	0	84.5	118	103	521	649	487	420
Cash from investing	-0.48	-2.32	-6.84	-101	-4.15	-429	-69.5	88.3	138	-137
Debt issued	17	34	15	50	18	0	0
Debt repaid	-12	-17	-25	-55.7	-25.6	-10.8	0	0
Share buybacks							0	0	-100	-136
Cash from financing	5.23	27.7	112	29.4	54.6	538	1.14	-140	-82	-138
Net change in cash	7.91	21.4	119	-70.5	72.9	120	-56.8	1.19	209	-26.7
Free cash flow	2.3	-5.83	10.7	-9.69	16	9.81	10.2	52	150	242
Interest paid	1.33	0.85	1.98	1.29	0.76	0.37	1.54	1.32	0.92	1.23
Income taxes paid	0	0.06	0.01	0.04		0	0	1.98	4.59	13.5

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 $8.15 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	77.2%	Gross profit / revenue.
Operating margin	15.1%	Operating income / revenue.
EBITDA margin	17.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	17.7%	Pre-tax income / revenue.
Net margin	12.9%	Net income / revenue.
FCF margin	26.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	26.5%	Cash from operations / revenue.
Effective tax rate	27.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	16.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.0%	Net income / average total assets.
Return on invested capital (ROIC)	17.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	23.1%	Research and development expense / revenue.
Stock-based pay / revenue	8.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.5%	Capital expenditures / revenue.
D&A / revenue	2.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	3.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	10.2%	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	17.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	98.3%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	93.7%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-46.5%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-44.7%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	61.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	178.5%	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	61.8%	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	61.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	187.1%	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	72.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	9.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	36.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	16.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.4%	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	19.7%	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	-1.7%	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	2.5%	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	3.5%	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	1.42x	Current assets / current liabilities.
Quick ratio	1.08x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.96x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.59x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	28.3%	Total debt / total assets.
Liabilities / assets	52.0%	Total liabilities / total assets.
Net debt	-$253.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-1.86x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$270.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	14.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$430.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.62x	Revenue / average total assets.
Fixed asset turnover	13.4x	Revenue / average property, plant and equipment.
Receivables turnover	10.3x	Revenue / average receivables.
Days sales outstanding	35 days	365 x average receivables / revenue.
Days payables	14 days	365 x average accounts payable / cost of revenue.
FCF conversion	200.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.78	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	$6.06	Revenue / diluted weighted shares.
FCF per share	$1.57	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.61	Cash from operations / diluted weighted shares.
Book value per share	$4.90	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.45	Tangible book value / shares outstanding.
Cash per share	$4.92	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	85.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.02B	Share price x shares outstanding.
Enterprise value	$764.4M	Market cap + total debt - cash - short-term investments.
P/E	10.00x	Market cap / net income. Only when net income is positive.
P/S	1.29x	Market cap / revenue.
P/B	1.67x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.36x	Market cap / tangible book value, when positive.
P/FCF	4.98x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.88x	Market cap / cash from operations, when positive.
EV/Sales	0.97x	Enterprise value / revenue.
EV/EBIT	6.43x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.60x	Enterprise value / EBITDA, when both are positive.
EV/FCF	3.74x	Enterprise value / free cash flow, when both are positive.
FCF yield	20.1%	Free cash flow / market cap.
Earnings yield	10.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	17.2%	(Dividends paid + share buybacks) / market cap.

What was UPWORK, INC's revenue in fiscal 2025?

UPWORK, INC reported revenue of $787.8M for fiscal 2025, 2.4% higher than the year before.

Was UPWORK, INC profitable in fiscal 2025?

Yes. Net income was $115.4M, a net margin of 14.7%.

How much free cash flow did UPWORK, INC generate in fiscal 2025?

Cash from operations of $248.3M minus capital expenditures of $5.8M left free cash flow of $242.5M.

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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