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 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 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 item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 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 item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 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
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 77.8% | 77.4% | 75.3% | 74.1% | 73.0% | 72.1% |
| Operating margin | 16.4% | 8.5% | -1.6% | -15.0% | -10.8% | -6.0% |
| EBITDA margin | 19.7% | 10.4% | -1.2% | -14.5% | -10.0% | -5.0% |
| Net margin | 14.7% | 28.0% | 6.8% | -14.5% | -11.2% | -6.1% |
| Free cash flow margin | 30.8% | 19.5% | 3.8% | 0.9% | 2.0% | 4.3% |
| FCF / Net income | 2.10 | 0.70 | 0.57 | -0.06 | -0.17 | -0.70 |
| R&D / Revenue | 23.6% | 27.2% | 25.7% | 25.0% | 23.7% | 22.3% |
| SG&A / Revenue | 18.6% | 16.7% | 17.3% | 20.0% | 22.5% | 19.1% |
| Effective tax rate | 24.6% | -138.4% | 4.1% | - | - | - |
| Return on assets | 8.9% | 17.8% | 4.5% | -8.3% | -5.2% | -4.3% |
| Return on equity | 18.3% | 37.5% | 12.3% | -36.1% | -21.7% | -7.6% |
| Return on invested capital | 15.5% | 7.0% | -1.5% | -9.0% | -5.2% | -5.9% |
| Liquidity | ||||||
| Current ratio | 1.46 | 3.39 | 3.01 | 3.76 | 3.98 | 1.82 |
| Quick ratio | 1.46 | 3.39 | 3.01 | 3.76 | 3.98 | 1.82 |
| Cash ratio | 0.45 | 1.14 | 0.27 | 0.52 | 0.80 | 0.47 |
| Leverage | ||||||
| Debt / Equity | 0.00 | 0.62 | 0.93 | 2.27 | 2.16 | 0.01 |
| Debt / Assets | 0.00 | 0.30 | 0.34 | 0.52 | 0.52 | 0.01 |
| Debt / EBITDA | 0.00 | 4.47 | - | - | - | - |
| Interest coverage | - | - | - | -20.7x | -24.9x | -28.8x |
| Equity multiplier | 2.06 | 2.11 | 2.72 | 4.34 | 4.17 | 1.77 |
| Liabilities / Assets | 0.51 | 0.53 | 0.63 | 0.77 | 0.76 | 0.43 |
| Efficiency | ||||||
| Asset turnover | 0.61 | 0.63 | 0.66 | 0.57 | 0.47 | 0.71 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 35d | 36d | 55d | 38d | 49d | 46d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | 16d | 13d | 11d | 17d | 13d | 812d |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 23.6x | 10.8x | 247.8x | - | - | - |
| P / B | 4.4x | 4.1x | 5.4x | 5.5x | 15.6x | - |
| P / S | 3.5x | 3.0x | 3.0x | 2.2x | 8.1x | - |
| EV / EBITDA | 16.1x | 29.9x | - | - | - | - |
| 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 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%
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
Comparing UPWORK against the 5 most active filers in the same SIC group.