UPWK · Upwork, Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $195.48M | - | $201.73M | $194.94M | $192.71M | - | $193.78M | $193.13M | $190.94M | - |
| Cost of Revenue | $44.64M | - | $45.84M | $43.43M | $41.81M | - | $43.41M | $43.85M | $44.19M | - |
| Gross Profit | $150.84M | - | $155.89M | $151.51M | $150.90M | - | $150.37M | $149.28M | $146.74M | - |
| R&D | $43.31M | - | $47.49M | $44.84M | $46.15M | - | $50.41M | $52.47M | $52.92M | - |
| SG&A | $35.16M | - | $41.26M | $35.66M | $28.05M | - | $31.28M | $29.92M | $32.00M | - |
| Total Operating Expenses | $118.12M | - | $126.13M | $118.94M | $112.21M | - | $129.57M | $131.50M | $133.69M | - |
| D&A | $9.10M | - | $700.0K | $400.0K | $3.15M | - | $700.0K | $600.0K | $600.0K | - |
| Operating Income | $32.72M | - | $29.76M | $32.56M | $38.69M | - | $20.79M | $17.78M | $13.05M | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | $6.25M | - | $6.34M | $5.72M | $7.28M | - | $1.13M | $1.18M | $1.33M | - |
| Net Income | $31.46M | - | $29.34M | $32.73M | $37.73M | - | $27.76M | $22.22M | $18.44M | - |
| EPS - Basic | $0.25 | - | $0.22 | $0.25 | $0.28 | - | $0.21 | $0.17 | $0.14 | - |
| EPS - Diluted | $0.24 | - | $0.21 | $0.24 | $0.27 | - | $0.20 | $0.17 | $0.13 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $328.40M | $294.36M | $260.84M | $291.07M | $304.45M | $305.76M | $288.46M | $182.80M | $24.67M | $79.64M |
| Accounts Receivable | $75.91M | $76.24M | $76.43M | $71.23M | $77.92M | $75.49M | $69.45M | $116.52M | $114.40M | $103.06M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $11.09M | $7.86M | $8.51M | $1.03M | $4.12M | $6.13M | $5.60M | $5.86M | $5.92M | $5.06M |
| Current Assets | $883.30M | $950.83M | $948.95M | $938.98M | $938.01M | $911.05M | $904.29M | $855.66M | $848.02M | $883.37M |
| Total Assets | $1.24B | $1.30B | $1.31B | $1.26B | $1.24B | $1.21B | $1.06B | $1.01B | $1.00B | $1.04B |
| Current Liabilities | $647.20M | $650.17M | $660.48M | $279.62M | $274.70M | $268.43M | $284.44M | $285.10M | $289.49M | $293.00M |
| Long-term Debt | $360.23M | $0 | $0 | $358.85M | $358.39M | $357.93M | $357.47M | $357.01M | $356.55M | $356.09M |
| Total Liabilities | $672.33M | $669.26M | $683.08M | $653.06M | $645.72M | $636.24M | $651.49M | $647.47M | $651.94M | $656.47M |
| Stockholders' Equity | $569.63M | $630.32M | $628.13M | $608.65M | $594.34M | $575.38M | $411.17M | $361.10M | $348.88M | $381.07M |
| Retained Earnings | $68.41M | $36.95M | $21.32M | ($8.02M) | ($40.75M) | ($78.48M) | ($225.64M) | ($253.40M) | ($275.62M) | ($294.06M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $23.02M | - | - | - | $36.97M | - | - | - | $5.66M | - |
| Investing Cash Flow | $118.21M | - | - | - | ($5.22M) | - | - | - | $6.14M | - |
| Financing Cash Flow | ($84.25M) | - | - | - | ($13.14M) | - | - | - | ($56.22M) | - |
| CapEx | $1.72M | - | - | - | $2.47M | - | - | - | $177.0K | - |
| Free Cash Flow | $21.30M | - | - | - | $34.49M | - | - | - | $5.48M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 77.2% | - | 77.3% | 77.7% | 78.3% | - | 77.6% | 77.3% | 76.9% | - |
| Operating margin | 16.7% | - | 14.8% | 16.7% | 20.1% | - | 10.7% | 9.2% | 6.8% | - |
| EBITDA margin | 21.4% | - | 15.1% | 16.9% | 21.7% | - | 11.1% | 9.5% | 7.1% | - |
| Net margin | 16.1% | - | 14.5% | 16.8% | 19.6% | - | 14.3% | 11.5% | 9.7% | - |
| Free cash flow margin | 10.9% | - | - | - | 17.9% | - | - | - | 2.9% | - |
| FCF / Net income | 0.68 | - | - | - | 0.91 | - | - | - | 0.30 | - |
| R&D / Revenue | 22.2% | - | 23.5% | 23.0% | 23.9% | - | 26.0% | 27.2% | 27.7% | - |
| SG&A / Revenue | 18.0% | - | 20.5% | 18.3% | 14.6% | - | 16.1% | 15.5% | 16.8% | - |
| Effective tax rate | 16.6% | - | 17.8% | 14.9% | 16.2% | - | 3.9% | 5.0% | 6.7% | - |
| Return on assets | 2.5% | - | 2.2% | 2.6% | 3.0% | - | 2.6% | 2.2% | 1.8% | - |
| Return on equity | 5.5% | - | 4.7% | 5.4% | 6.3% | - | 6.8% | 6.2% | 5.3% | - |
| Return on invested capital | 2.9% | - | 3.9% | 2.9% | 3.4% | - | 2.6% | 2.4% | 1.7% | - |
| Liquidity | ||||||||||
| Current ratio | 1.36 | 1.46 | 1.44 | 3.36 | 3.41 | 3.39 | 3.18 | 3.00 | 2.93 | 3.01 |
| Quick ratio | 1.36 | 1.46 | 1.44 | 3.36 | 3.41 | 3.39 | 3.18 | 3.00 | 2.93 | 3.01 |
| Cash ratio | 0.51 | 0.45 | 0.39 | 1.04 | 1.11 | 1.14 | 1.01 | 0.64 | 0.09 | 0.27 |
| Leverage | ||||||||||
| Debt / Equity | 0.63 | 0.00 | 0.00 | 0.59 | 0.60 | 0.62 | 0.87 | 0.99 | 1.02 | 0.93 |
| Debt / Assets | 0.29 | 0.00 | 0.00 | 0.28 | 0.29 | 0.30 | 0.34 | 0.35 | 0.36 | 0.34 |
| Debt / EBITDA | 8.61 | - | 0.00 | 10.89 | 8.57 | - | 16.63 | 19.42 | 26.12 | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 2.18 | 2.06 | 2.09 | 2.07 | 2.09 | 2.11 | 2.58 | 2.79 | 2.87 | 2.72 |
| Liabilities / Assets | 0.54 | 0.51 | 0.52 | 0.52 | 0.52 | 0.53 | 0.61 | 0.64 | 0.65 | 0.63 |
| Efficiency | ||||||||||
| Asset turnover | 0.16 | - | 0.15 | 0.15 | 0.16 | - | 0.18 | 0.19 | 0.19 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 142d | - | 138d | 133d | 148d | - | 131d | 220d | 219d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | 91d | - | 68d | 9d | 36d | - | 47d | 49d | 49d | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 45.7x | - | 88.4x | 56.0x | 48.3x | - | 52.2x | 63.2x | 94.3x | - |
| P / B | 2.6x | - | 4.1x | 3.1x | 3.1x | - | 3.5x | 4.1x | 5.0x | - |
| P / S | 7.6x | - | 12.9x | 9.7x | 9.7x | - | 7.5x | 7.7x | 9.2x | - |
| EV / EBITDA | 36.3x | - | 76.6x | 59.2x | 45.8x | - | 70.9x | 90.3x | 153.4x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 1.4% | - | 4.1% | 0.9% | 0.9% | - | 10.3% | 14.5% | 18.7% | - |
| Revenue CAGR (3y) | 6.7% | - | 8.3% | 7.5% | 10.9% | - | 14.8% | 15.9% | 18.9% | - |
| Revenue CAGR (5y) | 11.5% | - | 15.8% | 17.4% | 18.3% | - | 19.7% | 21.1% | 26.4% | - |
| Gross profit growth (YoY) | -0.0% | - | 3.7% | 1.5% | 2.8% | - | 13.5% | 16.9% | 21.8% | - |
| Operating income growth (YoY) | -15.4% | - | 43.1% | 83.1% | 196.5% | - | 81.3% | - | - | - |
| Net income growth (YoY) | -16.6% | - | 5.7% | 47.3% | 104.6% | - | 69.9% | - | 7.4% | - |
| EPS growth (YoY) | -11.1% | - | 5.0% | 41.2% | 107.7% | - | 66.7% | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | -38.3% | - | - | - | 529.5% | - | - | - | - | - |
| FCF CAGR (5y) | 63.8% | - | - | - | - | - | - | - | 3.8% | - |
| Book value growth (YoY) | -4.2% | 9.5% | 52.8% | 68.6% | 70.4% | 51.0% | 19.9% | 17.7% | 20.7% | 53.1% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$787.78M totalReportable Segment$787.78M · 100.0%
Product / service
$787.78M totalEnterprise$682.88M · 86.7%
Marketplace$104.90M · 13.3%
Geographic
$443.34M totalRest Of World$171.71M · 38.7%
US$113.98M · 25.7%
PH$57.87M · 13.1%
IN$53.53M · 12.1%
PK$46.24M · 10.4%
Peer comparison
Same SIC group: Services-Computer Processing & Data Preparation
Comparing UPWORK against the 5 most active filers in the same SIC group.