CoverageForm 410-K10-Q8-K13D13G13F

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.

Price · UPWK

Income Statement

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Revenue$787.78M$769.33M$689.14M$618.32M$502.80M$373.63M
Cost of Revenue$174.75M$174.09M$170.45M$160.40M$135.51M$2.90M
Gross Profit$613.03M$595.23M$518.69M$457.92M$367.29M$269.36M
R&D$185.54M$209.28M$177.36M$154.55M$119.08M$83.47M
SG&A$146.63M$128.80M$118.92M$123.95M$113.08M$71.52M
Total Operating Expenses$483.73M$530.02M$529.95M$550.54M$421.51M$291.77M
D&A$25.71M$14.81M$2.90M$3.20M$3.70M$3.60M
Operating Income$129.31M$65.21M($11.26M)($92.62M)($54.22M)($22.41M)
Interest Expense---$4.48M$2.18M$778.0K
Income Tax$37.75M($125.16M)$1.99M$536.0K$122.0K$150.0K
Net Income$115.42M$215.59M$46.89M($89.89M)($56.24M)($22.87M)
EPS - Basic$0.87$1.61$0.35($0.69)($0.19)-
EPS - Diluted$0.84$1.52$0.06($0.69)($0.19)-

Balance Sheet

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Cash & Equivalents$294.36M$305.76M$79.64M$129.38M$187.21M$94.08M
Accounts Receivable$76.24M$75.49M$103.06M$64.89M$66.83M$47.02M
Inventory------
Accounts Payable$7.86M$6.13M$5.06M$7.55M$5.00M$6.46M
Current Assets$950.83M$911.05M$883.37M$930.91M$929.65M$360.80M
Total Assets$1.30B$1.21B$1.04B$1.08B$1.08B$529.23M
Current Liabilities$650.17M$268.43M$293.00M$247.69M$233.63M$198.75M
Long-term Debt$0$357.93M$356.09M$564.26M$561.30M$3.14M
Total Liabilities$669.26M$636.24M$656.47M$831.37M$821.54M$229.92M
Stockholders' Equity$630.32M$575.38M$381.07M$248.88M$259.52M$299.31M
Retained Earnings$36.95M($78.48M)($294.06M)($340.95M)($251.06M)($194.82M)

Cash Flow

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Operating Cash Flow$248.26M$153.56M$27.22M$6.56M$10.84M$22.36M
Investing Cash Flow($136.94M)$137.57M$88.27M($69.47M)($428.98M)($4.15M)
Financing Cash Flow($138.00M)($81.96M)($114.30M)$6.08M$537.74M$54.64M
CapEx$5.79M$3.53M$692.0K$1.25M$1.03M$6.32M
Free Cash Flow$242.47M$150.03M$26.53M$5.31M$9.81M$16.05M

Ratios

MetricFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Profitability
Gross margin77.8%77.4%75.3%74.1%73.0%72.1%
Operating margin16.4%8.5%-1.6%-15.0%-10.8%-6.0%
EBITDA margin19.7%10.4%-1.2%-14.5%-10.0%-5.0%
Net margin14.7%28.0%6.8%-14.5%-11.2%-6.1%
Free cash flow margin30.8%19.5%3.8%0.9%2.0%4.3%
FCF / Net income2.100.700.57-0.06-0.17-0.70
R&D / Revenue23.6%27.2%25.7%25.0%23.7%22.3%
SG&A / Revenue18.6%16.7%17.3%20.0%22.5%19.1%
Effective tax rate24.6%-138.4%4.1%---
Return on assets8.9%17.8%4.5%-8.3%-5.2%-4.3%
Return on equity18.3%37.5%12.3%-36.1%-21.7%-7.6%
Return on invested capital15.5%7.0%-1.5%-9.0%-5.2%-5.9%
Liquidity
Current ratio1.463.393.013.763.981.82
Quick ratio1.463.393.013.763.981.82
Cash ratio0.451.140.270.520.800.47
Leverage
Debt / Equity0.000.620.932.272.160.01
Debt / Assets0.000.300.340.520.520.01
Debt / EBITDA0.004.47----
Interest coverage----20.7x-24.9x-28.8x
Equity multiplier2.062.112.724.344.171.77
Liabilities / Assets0.510.530.630.770.760.43
Efficiency
Asset turnover0.610.630.660.570.470.71
Inventory turnover------
Days sales outstanding35d36d55d38d49d46d
Days inventory outstanding------
Days payable outstanding16d13d11d17d13d812d
Cash conversion cycle------
Valuation
P / E23.6x10.8x247.8x---
P / B4.4x4.1x5.4x5.5x15.6x-
P / S3.5x3.0x3.0x2.2x8.1x-
EV / EBITDA16.1x29.9x----
Growth
Revenue growth (YoY)2.4%11.6%11.5%23.0%34.6%24.3%
Revenue CAGR (3y)8.4%15.2%22.6%27.2%45.1%-
Revenue CAGR (5y)16.1%20.7%33.2%---
Gross profit growth (YoY)3.0%14.8%13.3%24.7%36.4%26.8%
Operating income growth (YoY)98.3%-87.8%-70.8%-142.0%-19.6%
Net income growth (YoY)-46.5%359.8%--59.8%-145.9%-37.3%
EPS growth (YoY)-44.7%2433.3%--263.2%--
EPS CAGR (3y)------
EPS CAGR (5y)------
FCF growth (YoY)61.6%465.6%399.5%-45.9%-38.9%-
FCF CAGR (5y)72.1%-63.1%---
Book value growth (YoY)9.5%51.0%53.1%-4.1%-13.3%15.4%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$787.78M total
Reportable Segment$787.78M · 100.0%

Product / service

$787.78M total
Enterprise$682.88M · 86.7%
Marketplace$104.90M · 13.3%

Geographic

$443.34M total
Rest 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%

Stability scores

Altman Z′

FY 2025 · bankruptcy risk

1.50
Grey zone

Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.

Piotroski F-score

FY 2025 · 9-point quality

6/9
Neutral
  • Net income positive
  • Operating cash flow positive
  • ROA improved YoY
  • Cash flow > net income
  • Long-term debt decreased
  • Current ratio improved
  • No share dilution
  • Gross margin improved
  • Asset turnover improved

Peer comparison

Same SIC group: Services-Computer Processing & Data Preparation

CompanyRevenue (last FY)Net marginROE
TOST$6.15B5.6%16.1%
PEGA$1.75B22.5%50.0%
WDAY$9.55B7.3%8.9%
CARG$906.98M17.2%41.7%
RAMP$812.94M18.0%15.0%

Comparing UPWORK against the 5 most active filers in the same SIC group.